South Korea’s shipbuilding major Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, has signed an agreement with Avikus, a compatriot startup specializing in autonomous navigation solutions, to conduct a fuel-saving verification project using autonomous navigation systems. The pr
Since the introduction of G7 oil price cap for Russia’s crude oil and refined products there have been speculations on Russia’s so-called shadow fleet being used to evade sanctions. Russia has repeatedly stated that it will not work with the price cap, but the vast majority of seaborne Russian oil s
China’s Wuhu Shipyard has launched construction on SAL Heavy Lift’s first two carbon-neutral heavy lift ships, the shipbuilder revealed. The two 14,600 dwt vessels form part of a fleet of a total of six Orca-class vessels which will be equipped with dual-fuel engines able to run on methanol. SAL Hea
Lloyd’s Register (LR) has awarded Approval in Principle (AiP) to Rotoboost, a Nordic hydrogen production company, for its pre-combustion Carbon Capture System (CCS) Rotobox. Rotobox uses thermocatalytic decomposition process (TCD) onboard marine vessels, where part of the natural gas fuel supply is
Costamare, Monaco-based owner and provider of containerships and dry bulk vessels for charter, has invested $200 million in Neptune Maritime Leasing Limited, becoming the leading investor in the growth-oriented maritime leasing platform. Neptune Leasing, established in 2021 by seasoned financier Har
Greek shipping major Tsakos Energy Navigation (TEN) has placed orders for the construction of two scrubber-fitted environmentally designed Suezmax tankers in South Korea. The company did not disclose the name of the yard, however, previous market reports indicate that the builder is Hyundai Heavy In
Seven new members have joined the Methane Abatement in Maritime Innovation Initiative (MAMII), launched in September 2022. New members of the Methane Abatement in Maritime Innovation Initiative (MAMII) include CoolCo, United Overseas Management, Capital Gas, Celsius Tankers, Global Meridian Holdings
Hutchison Ports, a global port operator, has revealed $700 million investments in two major projects in Egypt – Ain Sokhna Port and B100, a new container terminal in the Port of Alexandria. This investment brings Hutchison Ports’ total investment in Egypt to over $1.5 billion. The company aims to ex
American transportation and logistics company Matson has confirmed plans to convert the main engine of its 2019-built container ship Kaimana Hila to run on LNG. The ship’s engine will be converted from an MAN B&W S90ME-C10.5 unit to a dual-fuel ME-GI unit that can run on LNG. The retrofit of the 3,6
Netherlands-based Elegant Exit Company (EEC) has signed a Memorandum of Understanding (MoU) with Spain’s Astander Shipyard to collaborate on ship recycling initiatives. Located at the southern end of the Port of Santander, Northern coast of Spain, Astander is a shipyard with 130 years of expertise i
A new milestone in the construction of the Icon of the Seas, Royal Caribbean International’s first LNG-powered cruise vessel, has been achieved with the start of the first multi-fuel engine at the Meyer Turku shipyard. Said to be the world’s most advanced and largest ship with environmentally-friend
The governments of California and Japan have formalized a partnership aimed at working together to cut pollution at seaports and establish green shipping corridors. The two sides signed a Letter of Intent (LoI) on port decarbonization and green shipping corridors on Wednesday in Tokyo as part of a w
Danish shipping company TORM has inked a deal to acquire three 2013-built MR eco product tankers, pushing its fleet to 88 vessels. The company said the tankers will be bought for a total cash consideration of $48.5 million and the issuance of 1.42 million shares. As informed, the three vessels are a
Exhaust gas cleaning systems, also known as scrubbers, were installed on 399 ships in 2022, marking a fall of 24% y/y, data from BIMCO shows. The systems are being installed on ships to comply with the IMO 2020 Sulphur Cap as a way of cleaning out sulphur emissions while continuing to burn less expe
