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Development Bank News

28 Feb 2024

Swedbank Adopts Poseidon Principles

Source: Swedbank

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

26 Dec 2023

Maritime Innovation: Fostering Creativity and Working to Make Bright Ideas Work

© Yellow Boat / Adobe Stock

This is the dawning of the age of AI and Big Data, huge agglomerations of new and transformative energy; almost self-generating, always strengthening and pulling at the reins, seeking to break free and run, a prospect both exciting and terrifying. That image can imply a human is holding the reins. How quaint: these days, AI itself may be holding the reins.In a review of innovation in 2023 – across any industrial or economic sector, not just maritime – AI looms large, a game-changer equivalent to IBM’s programming advances in the 1940s.

18 Dec 2023

Harim Preferred Buyer of HMM

Source: HMM

Harim Holdings on Tuesday said it has been chosen as the preferred bidder to buy control of South Korea's biggest container shipping company HMM in what people with knowledge of the matter said was a 6.4 trillion won ($4.92 billion) deal.Harim and HMM creditors Korea Development Bank and Korea Ocean Business will negotiate a final deal by the first half of 2024 for 58% of the shipper, said the people, declining to be identified as they were not authorised to discuss terms.Harim entered bidding via a consortium led by its bulk shipping unit Pan Ocean.

16 Nov 2023

SWITCH Maritime Raises $10 Million to Grow Its Green Ferry Fleet

Sea Change (Photo: SWITCH Maritime)

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…

19 Jul 2023

Japanese Partners Aim to Promote Standardized Shore Power Systems

Source: MHI

A group of Japanese organisations have claimed a world-first with their initiative to advance standardized, zero emission shore power systems.Japanese ports and coastal industrial zones are responsible for about 60% of the country's CO2 emissions and are therefore a target for decarbonization, with Japan aiming to be carbon neutral by 2050. Shore power is attracting particular attention because approximately 40% of CO2 emissions in ports come from diesel generators on docked ships.

04 Jul 2023

MPA Singapore and LR Sign ‘Silk Alliance’ MoU

Source: LR

Lloyd’s Register Maritime Decarbonisation Hub and the Maritime and Port Authority of Singapore (MPA) have signed a Memorandum of Understanding (MoU) aimed at collaborating on a fleet-specific decarbonisation strategy for ‘The Silk Alliance’ cross-industry initiative to enable zero-emission shipping across the Indian and Pacific Oceans.The collaboration includes driving investments into scalable fuel supply infrastructure to meet the demand of members of The Silk Alliance and potential wider regional bunkering demands for alternative fuels.Launched in May 2022…

22 Mar 2023

China Firm Wins Solomon Islands Port Project as Australia Watches On

The Solomon Islands has awarded a multi-million-dollar contract to a Chinese state company to upgrade an international port in Honiara in a project funded by the Asian Development Bank, an official of the island nation said on Wednesday.The United States and its allies, including Australia, New Zealand and Japan, have held concerns that China has ambitions to build a naval base in the region since the Solomon Islands struck a security pact with Beijing last year."This will be upgrading the old international port in Honiara and two domestic wharves in the provinces…

07 Feb 2023

Brazil Govt Will Promote Recovery in Shipbuilding, Oil & Gas, President Lula Says

Brazilian President Luiz Inacio Lula da Silva - Credit: Palácio do Planalto - CC BY 2.0

Brazilian President Luiz Inacio Lula da Silva said on Monday his government would promote recovery in the country's shipbuilding and oil and gas sectors, with more investment from state-run oil firm Petrobras SA  and development bank BNDES. "Petrobras will return to invest here in Rio de Janeiro and the BNDES will invest more in the country's productive sectors," he said during the inauguration of a health facility in Rio de Janeiro state. (Reuters - Reporting by Rodrigo Viga Gaier; Editing by Sarah Morland)

26 Sep 2022

S.Korea's Hanwha Group to Invest $1.4B for Daewoo Shipbuilding

Credit: IikaJzuchiN/Wikimedia Commons - CC BY-SA 4.0

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

11 Feb 2022

European Group Lifts Funding to $4.6B to Prevent Plastic Pollution in Seas

© Romolo Tavani/AdobeStock

A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday…

09 Feb 2022

Wave Energy Developer Plots Strong Growth Plan in '22, IPO in '23

INGINE Business Development Director Dae Hyun Kim. Photo courtesy INGIE

South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee…

30 Nov 2021

Sea Change Completes US' First Hydrogen Refueling

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…

22 Nov 2021

Marine News' Top Boats of 2021

Sea Change (Photo: All America Marine)

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.

03 Nov 2021

HMP Buys Two 'Eco-friendly' VLCCs

(Photo: APICORP)

The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the National Bank of Fujairah (NBF) signed a five-year $108 million debt finance facility with Hartree Maritime Partners, LLC (HMP), the shipping affiliate of Hartree Partners, a global energy and commodities firm, with the aim to help boost maritime sustainability.The facility, in which APICORP acted as the Mandated Arranger and Facility Agent, will be utilized to finance HMP’s purchase of two eco-friendly very large crude carriers (VLCC).

19 Aug 2021

US’ First 100% Hydrogen Fuel Cell Powered Commercial Vessel Launched

(Photo: All American Marine)

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.

11 Mar 2021

Governments Join Damen's Fight Against Invasive Species in Ballast Water

(Photo: Damen)

Climate Investor Two has approved an investment that could amount to €24.5 million ($29.4 million) to support the lease of Damen’s portable ballast water treatment solution InvaSave to customers in Africa, Asia and Latin America.Climate Investor Two (CI2) is a financing facility mandated to invest in water, sanitation and ocean infrastructure projects in emerging economies. It enjoys cornerstone support from the EU and the Dutch Fund for Climate and Development (DFCD). The consortium that manages the 160 million DFCD also includes World Wide Fund for Nature Netherlands (WWF-NL)…

08 Dec 2020

Maersk Sells 14 Product Tankers

(Photo: Maersk Tankers)

Maersk Product Tankers said Tuesday it has entered an agreement with China Development Bank Financial Leasing Co., Ltd (CDBL) for the sale of 14 product tankers at a total value of $422 million.Under the terms of the deal, nine of the vessels will be bareboat chartered back to Maersk Product Tankers. All 14 ships will be delivered to CDBL during the coming months and remain under the commercial and technical management of Maersk Tankers.“The sale that we are announcing today is…

11 Jun 2020

Bulk Carriers Orders Down 30%

© yaniv/AdobeStock

The number of Bulker orders were down 30% for 2020 YTD compared to the same period last year. From the 1st of January 2020 when the Chinese market and shipyards closed due to the pandemic, until today, we have only seen USD 1,037 mil spend in the Bulker NB market, down 35% for the same period in 2019. The Chinese government have now started up the economy again and most of the orders placed are by companies like China Development bank and Bank of Communications all being built…

05 Feb 2020

S.Korea Announces $690M Shipping Aid

South Korea' Financial Services Commission has announced 820 billion won ($690 million)  in funding to help modernize aging passenger boats and cargo ships.According to a Yonhap, the package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels.The Financial Services Commission announced that shipping companies will be reimbursed for up to 60 percent of the cost of the new vessels, and South Korea's state-run Korea Ocean Business Corp. will guarantee more than 95 percent of the loans.The Korea Development Bank will also fund 20 percent of the cost needed for building a ship.According to the report…

09 Jan 2020

Georgia Scraps Deal on Major Port Project

© Image'in / Adobe Stock

Georgia has ended an investment agreement with an international consortium for one of the biggest projects in the former Soviet country, the construction of a major deep sea port on the Black Sea coast, its infrastructure minister said on Thursday.The nine-phase project to improve access to Central Asia and the Middle East had received support from Georgia's strategic partner, the United States, as well as the European Union, which had labelled the planned port at Anaklia a priority project."The government discussed this issue and decided that further postponement does not make sense…

17 Dec 2019

Zvezda Shipyards Secures Arc7 Tanker funding

Russian state development bank VEB said on Tuesday it has provided first tranche worth $66 million to Rosneft-led Zvezda shipyard to finance construction of the first Arc7 gas tanker for Novatek's Arctic LNG 2 project.VEB has said its board has approved financing for 15 Arc7 gas tankers for the Arctic LNG 2 project which is expected to start liquefied natural gas (LNG) production in the first part of the next decade in what will be Novatek's second big LNG plant.For its pilot LNG plant, Yamal LNG, Novatek has ordering Arc7 ice-class LNG tankers from South Korea's Daewoo Shipbuilding and Marine Engineering (DSME).Reporting by Darya Korsunskaya

14 Nov 2019

Hyundai Seeks EU's Ok to Acquire Daewoo

South Korea’s leading shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has submitted an application to the European Union for approval for its takeover of the compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).According a Yonhap report,  HHI informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.Hyundai Heavy has been taking prerequisite steps since April to apply for the EU’s mergers and acquisitions approval.In March, Hyundai Heavy signed a formal deal, worth an estimated 2 trillion won (US$1.7 billion) to buy its smaller local rival from the state-run Korea Development Bank (KDB).

29 Oct 2019

HHI Q3 Profit Down 38.3%

South Korea’s Hyundai Heavy Industries Group said that its its consolidated operating income shrink 38.3%  to 219.6 billion won ($187.7 million)  in the July-September quarter against a year-ago period.Its net profit plunged 72% on year amid weak demand for ships and oil rigs.The business ranging from shipbuilding to oil refining took a hit from a slowdown in global economy, HHI said.The group, however, managed to show improvement in the bottom-line against the previous quarter. Its operating profit grew 8.8 percent against the second quarter despite a 4.3 percent fall in sales.In June, HHI was split into two entities — KSOE and a reorganized…