The ship industry briefing
The latest news, views and numbers you need to know this month
News in Numbers
$10.9bn
Asset manager Atlas Corporation, the parent of containership owner Seaspan, has agreed to a $10.9bn buyout offer by Poseidon Acquisition.
$2.7bn
China-based Cosco Shipping Holdings has agreed to acquire certain port assets from its parent firm Cosco Shipping Corp in a $2.7bn (CNY19.7bn) deal.
$1.5bn
China Habour Engineering Company subsidiary China Habour Engineering LFTZ Enterprise has concluded the construction of the $1.5bn Lekki Deep Sea Port in West Africa.
$1.1bn
Samsung Heavy Industries has received a $1.1bn contract from Seapeak for the construction of five new LNG carriers.
$1bn
US-based Philly Shipyard has received a $1bn contract from Matson Navigation for the construction of three Aloha Class LNG-fuelled containerships.
$800m
AD Ports Group has agreed to buy an 80% equity interest in a Dubai-based container shipping company Global Feeder Shipping for $800m (AED2.9bn).
$500m
DP World has unveiled plans to spend up to $500m across its business to cut CO₂ emissions by around 700,000t within five years.
Projects
US DOT allocates more than $703m for port infrastructure upgrades
The US Department of Transportation (DOT) has earmarked more than $703m for the improvement of port facilities in 22 states and one territory.
Provided through the Maritime Administration’s Port Infrastructure Development Programme (PIDP), the funding will help modernise coastal seaports, Great Lakes ports and inland river ports.
The PIDP programme will offer planning, capital funding, and project management assistance to enhance the capacity and efficiency of ports.
Source: Ship Technology
Construction begins on $789m Colombo West International Terminal
Indian multinational conglomerate Adani Group has started construction on the Colombo West International Terminal in Sri Lanka, marking its foray into the island nation’s port industry.
The project, valued at around $789m, will enable Colombo Port to expand its capacity by an additional three million twenty-foot equivalent units (TEUs).
Source: Ship Technology
Cosco to build new F-class vessel for Cadeler
China-based Cosco Heavy Industries has received a contract from Danish company Cadeler for the construction of a new F-class vessel.
It is Cadeler’s second F-class vessel and the sixth vessel in its jack-up fleet for the offshore wind industry.
Featuring a hybrid design, the new vessel can be transformed from a foundation installation unit to a wind turbine generator installation vessel within a short period.
Source: Ship Technology
Quotes
Ben Murray, CEO of Maritime UK, outlines the green maritime pledges made by the UK at cop27:
“Green Shipping Corridors have the potential to catalyse decarbonisation in the maritime sector by focusing on specific maritime routes.
“Not only can they help to identify and action the solutions needed for a given corridor by aligning vessels with infrastructure, but they can also demonstrate the UK’s leadership and pitch to the rest of the world as we all seek to accelerate our progress toward net-zero. Be that finance, professional services, technology, or manufacturing.
“Maritime UK and its members are committed to developing green corridors and look forward to working closely with partners from the US, Norway, and the Netherlands to make them a reality.”
Speaking at the WOC’s Sustainable Ocean Summit, Thordon Bearing’s Vice-President of Business Development, Craig Carter, slammed oil-lubricated shafts:
“To advance sustainable development and truly zero-emissions ships, we have to get rid of the oil-lubricated shaft line and replace it with one lubricated by seawater. The environmental impact of an oil-lubricated sterntube needs serious consideration.
"Leaks from the global shipping fleet’s propeller shafts resulted last year in more than 60 million gallons of oil. This is about the same as the Amoco Cadiz spill, but it’s happening year after year after year
"Oil-lubricated propeller shafts are often considered to be sealed systems, but they’re not. If they were, then a ship’s oil header tank containing 2000-3000 litres of oil wouldn’t need topping up with oil every few years!”
