Investment News

07 Jul 2020

Sailors’ Society Names Baade as CEO

Sara Baade (Photo: Sailors' Society)

Global maritime charity Sailors’ Society announced Sara Baade has been appointed as its new chief executive officer, starting in September 2020.Baade has a strong background in management and strategic policy and brings extensive experience in leading an international welfare charity from her current role as CEO of The Army Families Federation. Her career also includes working as a senior civil servant for the Department of Business Innovation and Skills, a directorship at the charity UK Skills and substantial experience in investment banking.Sailors’ Society’s Chair of Trustees…

07 Jul 2020

Jetwave Nelson Point

The success of the first lines boat / utility vessel Dongara Marine built for Jetwave Marine led the Western Australian marine services provider to acquire a second.Jetwave Nelson Point is the latest addition to Jetwave Marine’s owned and operated fleet, which includes nearly 30 specialized commercial vessels including harbor tugs, barges, multi-cats, utility / crew boats, and port service craft. These cater to the requirements of clients in the oil and gas, and resource industries Australia-wide.Designed by Southerly Designs…

07 Jul 2020

CorPower Starts Wave Energy Project in Portugal

Image Credit: CorPower

CorPower, a Swedish developer of wave energy converters, is establishing an R&D, Manufacturing & Service Centre for wave energy converters in Viana do Castelo, Portugal.The location has been chosen to support CorPower’s demonstration project HiWave-5, and for the long-term development of supply and service capacity for commercial wave energy farms. "Several factors have contributed to choosing Viana do Castelo for this investment. A strong competence pool of engineers from adjacent sectors such as offshore wind…

06 Jul 2020

SwiftBulk Opts for Fuel Monitoring Solution on Kamsarmax Thestelia K

Shipping company SwiftBulk Holding Co. Ltd, a subsidiary of Tiptree Inc., has partnered with FUELTRAX to install EFMS (Electronic Fuel Monitoring System) and FUELTRAX Vision on its 2009-built Kamsarmax dry bulk carrier vessel the Thestelia K (82,000 dwt).SwiftBulk is implementing FUELTRAX EFMS to improve operating efficiency, decrease environmental footprint with consumption tracking and improve operating transparency. The EFMS on board includes direct fuel measurements via Coriolis…

06 Jul 2020

Matson's New ConRo Ship Matsonia Christened

(Photo: Matson)

Matsonia, the second of two Kanaloa Class combination container/roll-on, roll-off (con-ro) vessels being built for U.S.-based carrier Matson, was christened at the General Dynamics NASSCO shipyard in San Diego, on Thursday.Peggy Forest, wife of Matson's President Ron Forest, officially christened the vessel by breaking a ceremonial bottle of champagne against its hull. Immediately after the bottle was broken, the vessel was released from its build ways and slid backward into San Diego Bay.

06 Jul 2020

Berg Propulsion Invests in Sweden Manufacturing Campus

Stefan Sedersten, CEO Berg Propulsion says: “This change signifies the consolidation of manufacturing operations currently located in Singapore and Sweden. With this move we will form a single campus operation across all product lines located in Sweden just next to our R&D group.”

Berg Propulsion will invest in the centralization of all manufacturing operations for controllable pitch propellers, azimuthing and transverse thrusters, and associated control systems to a single campus location in Sweden.Currently, manufacturing operations are located across two separate campuses in Sweden and Singapore. Investments made by Berg Propulsion to merge manufacturing operations at one global location will enable increased warehouse capacity for spare parts and swing…

02 Jul 2020

Huisman to Deliver Cranes for First Taiwan-built Offshore Installation Vessel

Green Jade - Credit: DEME

Dutch industrial equipment provider Huisman will deliver cranes for the first Taiwan-built offshore installation vessel.The vessel - to be named Green Jade - will be owned by CDWE, a joint venture company between Taiwanese company CSBC and Belgian offshore contractor DEME.The JV has recently taken the Final Investment Decision (FID) for the construction of ‘Green Jade’, which is the first DP3 heavy lift and installation vessel to be built in Taiwan.Huisman has been contracted by CSBC to deliver a 4…

26 Jun 2020

Partners Aim to Build Zero-emissions Ferries in Belfast

(Image: Artemis Technologies)

A Belfast Maritime Consortium led by Artemis Technologies has won a £33 million ($41 million) U.K. government innovation grant to develop zero emissions ferries in Northern Ireland’s capital. With further investment from consortium partners, the total project investment will reach close to £60 million ($74.6 million) over the next four years, creating an initial 125 research and development jobs, and leading to more than 1,000 in the region over the next 10 years.The 13 partner syndicate—which is a mix of established and young companies…

25 Jun 2020

For the Royal Australian Navy, Technological Leap Starts Small

Photo: Thales Australia

Driven by the need to organically protect maritime Task Groups from the threat of sea mines, the Royal Australian Navy is introducing a deployable Mine Counter-Measures (MCM) capability under the first phase of Project SEA 1778.The Royal Australian Navy’s (RAN) SEA 1778 deployable Mine Counter-Measures (MCM) capability is both a small step forward in the spiral development process and a “technological leap” into autonomy.”The RAN is looking to replace its four legacy Huon-class minehunter coastal ships (MHCs) with a new deployable MCM capability.

25 Jun 2020

Technology Enhances Crew Well-being -Report

© Fred Pinheiro / Adobe Stock

A new report published by satellite communications provider Inmarsat examines the ways technology can benefit crew safety, health and wellbeing at sea, at a moment when COVID-19 has exposed the welfare of seafarers to global scrutiny.The report, "Welfare 2.0: How can the next generation of technology enable better crew safety, health and wellbeing at sea?", has been prepared by consultancy Thetius and follows an earlier "Trade 2.0" report focusing on the impact new technologies…

25 Jun 2020

CSBC-DEME JV Makes FID for First Taiwan-built Offshore Installation Vessel

Green Jade - Credit: DEME

CDWE, a joint venture company between Taiwanese company CSBC and Belgian offshore contractor DEME has taken the Final Investment Decision (FID) for the construction of ‘Green Jade’, which is the first DP3 heavy lift and installation vessel to be built in Taiwan.The Green Jade, with its 4,000-tonne crane capacity and DP3 capability, will serve the offshore wind market, and according to the JV, will be able to transport a multitude of heaviest monopiles, jackets, wind turbine components and structures in a single shipment."With this exceptional combination of high load and lifting capacity…

24 Jun 2020

SAAM Places $42 Million in Bonds

(Photo: SAAM)

SAAM, operator of port, towage and logistics services in the Americas, placed a total of UF 1.2 million (US$42 million) in bonds on the local market Tuesday. The funds will be used primarily to finance the company’s investment plan, it said.“The placement drew strong demand from local capital market investors. This issuance reinforces the market’s confidence in SAAM even in these times of crisis. The funds will be used primarily to finance our growth plan and consolidate our position in the twelve countries where we operate…

24 Jun 2020

Marine Salvage and SMFF Regulations

THE GOLDEN RAY response project, although still unfinished, provides a stark example of how easily the US spill response program can get off track. U.S. Coast Guard photo by Brian McCrum

The Federal Water Pollution Control Act (FWPCA, often called the Clean Water Act), as amended by the Oil Pollution Act of 1990 (OPA 90), provides:If a discharge, or a substantial threat of a discharge, of oil or a hazardous substance from a vessel, offshore facility, or onshore facility is of such a size or character as to be a substantial threat to the public health or welfare of the United States (including but not limited to fish, shellfish, wildlife, other natural resources…

24 Jun 2020

Carnival's Credit Rating Cut to Junk Status by S&P

File photo: Carnival Corp

Ratings agency Standard & Poor’s on Tuesday downgraded bonds of Carnival Corp to junk status, forecasting continued weak demand for the cruise industry hammered by the COVID-19 pandemic.Standard & Poor’s cut its rating on the world’s biggest cruise operator’s secured bonds to ‘BB+’ from ‘BBB-‘, and its unsecured bonds to ‘BB-‘ from ‘BBB-‘. Both are now regarded as non-investment grade or junk bonds.Carnival’s overall issuer credit rating was also lowered to ‘BB-‘ from ‘BBB-‘.

23 Jun 2020

Keep It Steady

A Southwest Alaska pilot boat equipped with Humphree interceptors (Photo: Humphree USA)

Gothenberg, Sweden based Humphree was founded in 2002 by a team of engineers that sought to leverage their expertise in high-speed marine propulsion – or more specifically, hydrodynamics, electronics and digital controls – to create vessel stabilization packages that would be easy to install and use. And thus, Humphree’s interceptors were created.The compact and robust transom-mounted units feature an adjustable blade that activates vertically into the water stream beneath the hull to create a lift force.

17 Jun 2020

New Report Outlines Big Potential for Offshore Wind

(Photo: Ørsted)

Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities—being unlocked by shrinking costs and technological advances, as outlined in a recent comprehensive market report.In the coming two decades, the rapidly maturing offshore wind market is expected to become a trillion-dollar business as the pace of installed capacity growth accelerates…

15 Jun 2020

MarAd Insights: “In peace and war” -- Even Against a Virus

The U.S. maritime industry takes great pride in our motto: “In Peace and War.” It sums what we’re all about. From colonial times, through the Revolution, the Civil War, two World Wars, several regional conflicts, and many natural and humanitarian disasters, we got the cargo delivered because our economic security and our national security depend on it.Today, we confront a new kind of enemy: an invisible, debilitating, and too often deadly disease. Yet, just as the courageous merchant…

16 Jun 2020

Waterways Council, Inc.’s 2020 Vision

© PeekCC/AdobeStock

Waterways Council, Inc. (WCI) is the national public policy organization that advocates for a modern, efficient inland waterways system. Abiding by our mission has meant success over our 17-year history. In 2020, WCI’s top priority is to conform the cost-share for Inland Waterways Trust Fund (IWTF)-financed construction projects to require 25% of the project cost be derived from the IWTF and the remaining 75% from General Revenues. The policy vehicle for this adjustment is the Water Resources Development Act (WRDA)…

19 Jun 2020

HamiltonJet Unveils Electro-Hybrid Drive (EHX)

(Image: HamiltonJet)

Waterjet propulsion specialist HamiltonJet unveiled its new Electro-Hybrid Drive (EHX) system, which it says offers all the advantages of electric drive with the full capabilities of diesel.The system delivers lower fossil fuel consumption (reduced further when dock charging, as infrastructure allows) combined with the speed, maneuverability, efficiency and safety of waterjets, the manufacturer says.With EHX, HamiltonJet delivers the electric motors, power electronics and control system seamlessly integrated with the waterjets, engines, gearboxes or clutches.

19 Jun 2020

'Strong Interest' in China's New Marine Fuel Contract

Illustration by tawatchai1990 - AdobeStock

China's marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity futures product - and second oil contract after Shanghai crude - open to foreign investment. With few competitors…

19 Jun 2020

Damen-led Consortium Awarded Contract to Build German Navy Frigates

(Image: Damen)

Damen Shipyards Group and the German Bundesamt fur Ausrüstung, Informationstechnik und Nutzung der Bundeswehr on Friday signed the contract for the construction of four MKS-180 frigates for the German Navy. Damen is the main contractor for this complex project which it is undertaking, together with partners Blohm+Voss and Thales, in Germany.The combination of companies was previously declared the winner of a European tender; the largest in the history of the German Navy. On June 17, the necessary financial resources were released by the German Bundestag budget committee.

22 Jun 2020

China to Be Self-reliant in IMO-compliant Fuel

© masterskuz55 / Adobe Stock

Chinese refiners have the capacity to produce 18.1 million tonnes of low-sulphur fuel oil (LSFO) this year, which would make the country self-sufficient in the new shipping fuel, an official with state major PetroChina said on Monday.China has been striving to reduce its reliance on bunker fuel imports and is aiming to create its own marine fuel hub to supply northern Asia.About 20 refineries, mostly under state-run Sinopec Corp, PetroChina, CNOOC and Sinochem, installed equipment to produce 0.5% sulfur fuel that meets International Maritime Organization (IMO) rules that came into force at the

22 Jun 2020

Carnival Extends Operations Pause to Sept. 30

© Tamme / Adobe Stock

Carnival Cruise Line said on Monday it has extended its pause in operations for North American voyages until September 30, as it determines how to safely resume service amid the COVID-19 pandemic.The cruise line, owned by Carnival Corp, had previously said it would resume some voyages on August 1.Industry trade group Cruise Lines International Association (CLIA) said on Friday its ocean-going cruise line members, which include Carnival, Royal Caribbean Cruises Ltd, and Norwegian Cruise Line Holdings Ltd, would voluntarily extend their pause in operations from U.S. ports until Sept.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News