Finance News

26 Nov 2020

DFDS Seeks EU Support to Build Ferry Powered by Hydrogen Fuel Cells

For illustration; A DFDS Ferry - Credit: Sebastian/AdobeStock

Danish international shipping and logistics firm DFDS has, with its partners, applied for EU support for the development of a ferry powered by electricity from a hydrogen fuel cell system that only emits water. Green hydrogen is to be produced by a projected offshore wind energy-powered electrolyzer plant in Greater Copenhagen.A group of companies has partnered up in order to develop a 100% hydrogen-powered ferry for initially DFDS’ Oslo-Frederikshavn-Copenhagen route.The partners in the project are DFDS, ABB, Ballard Power Systems Europe, Hexagon Purus, Lloyd’s Register, KNUD E.

24 Nov 2020

EU Green Finance Rules Leaky for Ships

© Lina / Adobe Stock

Months of EU deliberation to decide which business activities can be marketed as green investments have produced a set of draft standards some finance officials and NGOs say are lax for the polluting shipping sector and challenging for buildings.In other cases, they strike a fair balance, they say.As the European Union pursues regulation to try to deliver the 2015 Paris Agreement on climate change, a powerful tool in channeling funding over the coming decades will be its financial taxonomy - in other words…

23 Nov 2020

AqualisBraemar to Acquire LOC Group

Credit: AqualisBraemar

Offshore energy and marine consultancy AqualisBraemar will acquire marine and engineering consulting firm LOC Group (London Offshore Consultants).Oslo-listed group AqualisBraemar, which offers consultancy services to the offshore energy industries, said Monday that the acquisition would create "a leading global independent offshore energy and marine consultancy."David Wells, CEO of AqualisBraemar, said: "Our strategy is clear; we want to grow through continued expansion in the rapidly growing offshore renewables industry…

19 Nov 2020

Hanscom Named GM of Willard Marine

Eugene Hanscom (Photo: Willard Marine)

Boatbuilder Willard Marine announced Eugene Hanscom has been appointed general manager.The industry veteran came to Willard in May of 2020 as the director of finance. Prior to that he spent the last six years with Curtin Maritime, a Long Beach-based maritime construction services company, as vice president of finance. Hanscom got his start in the industry by gaining his USCG Masters License and operating charter fishing trips on various vessels berthing at Fisherman’s Landing, San Diego.“I look forward to steering Willard into the next generation of its long history of success.

18 Nov 2020

US Inland Waterways: High Waters & Swirling Currents

(Photo: Ingram Barge)

The inland waterway system, flowing through the United States heartland, is a microcosm of all that has been happening in 2020: trade tensions, infrastructure issues, shifting trends in fuel consumption and the pandemic that has gripped us since the winter months. Shortly after the initial coronavirus outbreak here in the U.S., maritime workers were deemed to be “essential”, paving the way for cargo flows to recover from their springtime nadir. As COVID-19 infections turned up on U.S. shores, the boats continued plying the waterways, albeit with reduced volumes in some cases.

10 Nov 2020

Maersk Names Zero Carbon Shipping Center's Management Team

© NAN / Adobe Stock

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping on Tuesday announced its management team. to join CEO Bo Cerup-Simonsen in building an organization capable of facilitating the transition to a carbon free global shipping industry.Made possible by a DKK 400 million ($63.5 million) donation by the A.P. Møller Foundation, the Center was formed in June by a group of global shipping entities committing themselves to decarbonizing the maritime industry. The Center, which recently revealed its Board of Directors and a location at the heart of the Danish Shipping cluster in Copenhagen…

09 Nov 2020

New CO2 Vessel, Tank and Cargo Handling Concept Unveiled

The bilobe tank has a capacity of 8000cbm and more than doubles the transportation capacity of liquid CO2 over current vessel capacity without the size, weight and stability concerns that would have come with a higher capacity "monolobe" design (Image: Høglund)

A new tank concept for liquefied petroleum gas (LPG) and carbon dioxide (CO2) transportation promises to more than double current vessel cargo capacity, representing a step forward in the development of maritime transport solutions for the expanding carbon capture and storage (CCS) market, which will require maritime transport of liquefied CO2 to scale up rapidly. The new design, which is based on existing, proven technology, has been developed by automation, gas and system integration specialist…

03 Nov 2020

First Flag State Joins Getting to Zero Coalition

© Myvector / Adobe Stock

The Isle of Man Ship Registry has become the first flag state to join the Getting to Zero Coalition, an industry-led alliance working toward decarbonizing the international maritime shipping sector.Established in 2019, the coalition is a partnership between the Global Maritime Forum, the Friends of Ocean Action and the World Economic Forum. Its members include more than 120 organizations from the maritime, energy, infrastructure and finance sectors.The coalition says the development and deployment of commercially viable…

02 Nov 2020

US Sanctions: Spotlight on Russia

© Mikhail Perfilov / Adobe Stock

This article will focus on U.S. sanctions on Russia/Ukraine. The Russia/Ukraine sanctions program is a complex mix of comprehensive, noncomprehensive and “sectoral” sanctions. It includes both primary sanctions aimed at U.S. persons and secondary sanctions aimed at non-U.S. persons. It encompasses broad sectors of the Russian economy and significant dealings with sanctioned individuals and entities, while generally permitting most transactions with Russia. Accordingly, it stands alone in U.S.

29 Oct 2020

Interferry Names New Chair and Board Member

Christophe Mathieu (Photo: Interferry)

Ferry industry trade group Interferry announced Brittany Ferries CEO Christophe Mathieu as the new Chair of its board of directors. He was elected at the association’s annual general meeting on October 27 - held virtually due to COVID-19 travel restrictions - in succession to John Steen-Mikkelsen, former CEO of Denmark’s Danske Faerger. The meeting also confirmed the appointment of a new director extending Southeast Asia representation on the board.Mathieu, an Interferry board member since 2010…

28 Oct 2020

In Beirut Port, All of Lebanon’s Ills Are Laid Bare

© Stphanie / Adobe Stock

The first of many warnings about a deadly cargo in Beirut’s port came in February 2014, about three months after its arrival. It was made by Colonel Joseph Skaf, described by his family as a diligent customs official.Skaf, then the head of the anti-narcotics and money laundering division, informed the customs authority that the shipment of ammonium nitrate was “extremely dangerous” and posed a risk to the public.In his handwritten letter, reviewed by Reuters and authenticated by a source familiar with the case…

22 Oct 2020

Scorpio Sells Another Bulk Carrier

© Max Wei /

Scorpio Bulkers announced it has sold another bulk carrier, marking its seventh ship sale since revealing plans to pivot away from dry bulk shipping toward offshore wind services.The Monoco-based shipowner said on Thursday it reached a deal with an unnamed, unaffiliated third party to sell the 2016-built Ultramax SBI Zeus for approximately $18.5 million.Since September 28, Scorpio Bulkers has also sold SBI Hera, SBI Phoenix, SBI Samson, SBI Conga, SBI Sousta and SBI Rock. Upon delivery of the four Ultramax and three Kamsarmax bulkers to their respective owners in the fourth quarter of 2020…

19 Oct 2020

Interview: Bob Merchent, CEO, Halter Marine

Robert "Bob" Merchent, president and CEO of Halter Marine (Photo: Halter Marine)

Please describe your professional background and what attracted you to your current position.In June 2020, I was named president and chief executive officer of Halter Marine. I had been retired around six years. My wife and I bought a piece of property outside of Brookhaven, Miss., and we were enjoying retired life split between our country property and our home in Gautier, Miss. Earlier this year, I was asked if I would consider a consulting role for Halter Marine, which led…

15 Oct 2020

Scorpio Bulkers Sells Another Ultramax Amid Offshore Wind Pivot

The 200-meter SBI Hera is a Liberian-flagged geared bulker built by Japan's Mitsui Engineering & Shipbuilding Co. (Photo: © Des Upcraft /

Scorpio Bulkers said on Thursday it has sold another Ultramax bulk carrier, the sixth ship to leave its fleet since the Monoco-based shipowner announced plans to pivot away from dry bulk shipping toward offshore wind services. The sale of the 2016-built SBI Hera to an unnamed unaffiliated third party for $18.5 million follows close on the heels of Wednesday's sale of the 2017-built Ultramaxes SBI Phoenix and SBI Samson for $34 million. Since September 28, Scorpio has also sold three Kamsarmax vessels…

14 Oct 2020

Scorpio Bulkers Sells Two Ultramax Vessels

© Basil M Karatzas /

Scorpio Bulkers, Inc. announced Wednesday that it has entered into agreements with an unaffiliated third party to sell two 2017-built Ultramax bulk carriers for approximately $34 million as the dry bulk shipping company continues its transition to offshore wind services.The ships, SBI Phoenix and SBI Samson, are expected to be handed over to the unnamed buyer in the fourth quarter, Scorpio said. Both vessels were built at China's Chengxi Shipyard.The bulk carriers are the fourth…

09 Oct 2020

Greece Puts Largest Shipyard Up for Sale

Credit: Hellenic Shipyards

Greece launched a tender on Friday to sell Hellenic Shipyards SA, the country's biggest shipyard which has been under special administration, the Finance Ministry said.The conservative government has promised to overhaul the loss-making Greek defence industry while boosting the country's defence capabilities, amid rising tension between Greece and Turkey over offshore gas resources in the eastern Mediterranean.It has said its plans include overhauling the military division of Hellenic Shipyards, which is based in Skaramangas, near Athens.Greece has said U.S.

08 Oct 2020

MARAD Launches Port Planning and Investment Toolkit

© Nataliya Hora / Adobe Stock

The U.S. Department of Transportation’s Maritime Administration (MARAD) has set up a new online resource intended to help U.S. ports plan, evaluate and finance freight transportation projects.The new Marine Highway module of the Port Planning & Investment Toolkit (Toolkit) was produced as part of a cooperative agreement between MARAD and the American Association of Port Authorities (AAPA) and is designed to be easy-to-read, easy-to-understand and easy-to-execute, helping to guide ports toward fruitful investments.The goal of the Port Planning & Investment Toolkit is to provide U.S.

07 Oct 2020

Top Global Traders Push to Cut Shipping Emissions

(File photo: Helge Hansen / Equinor)

Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.About 90% of world trade is transported by sea, and the UN shipping agency the International Maritime Organization (IMO) aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the

01 Oct 2020

Seaspan Buys Two 12,000 TEU Containerships

© Mariusz / Adobe Stock

Seaspan Corporation announced on Thursday that it has agreed to purchase two 12,000 TEU containerships from an unnamed seller for approximately $176 million in cash.The Hong Kong-headquartered owner and operator is scheduled to take delivery of the 2018-built vessels in October, subject to customary closing conditions, it said. Both ships will operate under long-term charters with leading global liners.Seaspan, a wholly owned subsidiary of Atlas Corp., said it plans to finance the acquisitions from additional borrowings as well as cash on hand.With the addition of the two newest box ships…

24 Sep 2020

Will Customers Redefine Design and the Science of Marine Propulsion?

First Harvest.

It is “pre-COVID ” April of 2018, and 174 member states of IMO adopt a new strategy to reduce greenhouse gases from shipping. The meetings are considered “urgent” and the target is to reduce carbon emissions in half by 2050. Prior to those “targets” shipping dealt with regulations to address SOx and NOx reductions. Most of which have resulted in limited success due to infrastructure problems and a consideration as a temporary fix.The technical world has responded with low sulfur fuels, LNG, and methanol to work towards the target.

17 Sep 2020

TUI Plans Capital Increase, Germany Could Help

(Photo: TUI Group)

TUI is planning a share sale to raise up to 1 billion euros ($1.2 billion), as the world's largest holiday company looks to ride out the coronavirus-linked travel slump, people close to the matter said.No decisions have been taken and a number of options are still on the table, the people said, adding a possible equity injection by a German government rescue fund was being discussed.Russian billionaire Alexey Mordashov, who owns 25% of the London-listed firm, is expected to invest pro-rata in any rights issue, which could be decided in the coming weeks, the sources said.TUI and the German fina

17 Sep 2020

Wilson Sons Names New CEO of Operations in Brazil

A Wilson Sons offshore vessel -Credit: Damen (File Photo)

Brazilian maritime logistics and port operator Wilson Sons has accepted the resignation of Cezar Baião from the position of CEO of Operations in Brazil, effective from March 5, 2021. The company has this week said that its board has accepted the nomination and decided to appoint Fernando Fleury Salek as CEO of Operations in Brazil.Salek has acted as CFO of the company's Brazilian subsidiaries and Head of Investors Relations for the past five years. He is an economist having graduated from PUC-Rio with a specialization in Corporate Finance, International Finance, and Marketing.

16 Sep 2020

Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions

© Nord Stream 2 / Axel Schmidt

Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported on Wednesday.The weekly paper said Finance Minister Olaf Scholz made the proposal in an Aug. 7 letter before Washington imposed sanctions on companies involved in building the Baltic Sea pipeline, effectively freezing its…

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