Key Bank News

SWITCH Maritime announced plans to grow its U.S. fleet of zero-emission ferries following the completion of a $10 million in a Series A round led by Nexus Development Capital.Founded in 2018, SWITCH’s mission is to enable private and public municipal ferry operators to more easily replace their carbon-intensive, diesel-powered fleets while reducing operating and fueling costs over the lifetime of their vessels.The fundraise comes on the back of the completion of its flagship zero-emission vessel…

The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43%, according to research from Fortune Business Insights.From transportation vessels to workboats to marine construction ships, companies want to grow their business, stay current with new technologies, gain a competitive edge and be good stewards of our environment.Current marine market trends include adoption of alternative fuels, acquiring new construction vessels, retrofitting existing fleet, and determining ideal solutions for procuring these vessels.

The world’s first hydrogen fueling of a commercial marine vessel was successfully completed, and the vessel is now beginning its final sea trials before delivery, SWITCH Maritime announced.The new 75-passenger ferry, called the Sea Change, received hydrogen into its 242 kg tanks on the upper deck on November 18 at All American Marine shipyard. It uses that hydrogen in fuel cells producing electricity to power electric motors for distances up to 300 nautical miles, and speeds up…

Sea Change - America’s first hydrogen powered ferrySWITCH Maritime’s new 70-foot passenger ferry Sea Change is navigating uncharted waters as the United States’ first zero-emissions, hydrogen fuel cell-powered, electric-drive ferry.The pioneering aluminum newbuild, constructed by Bellingham, Wash. shipbuilder All American Marine, Inc. (AAM), has been completed and was launched this summer, though permitting of hydrogen fuel systems for maritime vessels is still being worked out with the U.S. Coast Guard.“Legislation and laws for passenger safety did not exist yet for this type of vessel.

The United States' first zero-emissions, hydrogen fuel cell-powered, electric-drive ferry has been launched and is gearing up for operational trials off the U.S. West Coast.Constructed by Bellingham, Wash. shipbuilder All American Marine, Inc. (AAM), SWITCH Maritime's 70-foot newbuild Sea Change will operate in the California Bay Area as the United States' first hydrogen fuel cell vessel, developed to demonstrate a pathway to commercialization for zero-emission hydrogen fuel cell marine technologies. While still working on permitting of hydrogen fuel systems for maritime vessels with the U.S.

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

Rhode Island's Deepwater Wind will start installing the foundations for North America's first offshore wind farm on Monday, a milestone the company says could pave the way for an industry long established in Europe but that is still struggling with opposition in the United States. The 30-megawatt wind farm, which will include five turbines located three miles (4.8 km) off the coast of the bucolic summer tourist destination of Block Island, will take more than a year to build and is scheduled to produce electricity for the tiny island community and the mainland by the end of next year. "Our belief is once Block Island is up and running…

GMT Composites announced the appointment of Jay Kiley as Director of Sales and Marketing. Kiley comes to GMT after seven years selling superyacht rigging to vessels 79 ft and larger throughout the world for both Global BSI Rigging Service, Inc and OYS Service. Kiley has spent his entire career in the marine industry: prior to his rigging experience he has run a ship chandlery, sold boats and managed marine finance divisions for both John Deere Credit and Key Bank on both a regional and national level.