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The BlackRock-TiL consortium, comprising financial giant BlackRock and Terminal Investment (TiL), will buy CK Hutchison Holdings’ 90% interest in the Panama Ports Company and a total of 43 ports comprising 199 berths in 23 countries, from Hutchison Port Holdings (HPH) $22.8bn.

The deal excludes HPH’s interest in key Chinese ports, including but not limited to Hong Kong and Shenzhen. 

The consortium will undertake customary due diligence and work towards finalising the definitive agreements.

In the interim, CK Hutchison and Hutchison Port Holdings have entered into exclusive negotiations and confidentiality arrangements with the consortium, granting them full access to the required information and documentation.

The parties have agreed on the essential terms, with definitive documentation expected by 2 April 2025.

Swedish-Swiss multinational electrical engineering corporation ABB has secured an order to supply its permanent magnet shaft generator system to 30 liquified natural gas (LNG) carriers from shipbuilders in China and South Korea.

The orders will see 18 Chinese vessels and 12 South Korean vessels fitted with this advanced technology, with deliveries scheduled between 2028 and 2030.

The permanent magnet shaft generator system, developed by ABB, capitalises on power from the main engine to improve fuel economy, offering an efficient alternative to auxiliary engines.

This technology is not only fuel-efficient, but also reduces the need to start high-speed, fuel-intensive auxiliary engines during voyages, enabling ship operators to achieve fuel savings.

ABB’s system is estimated to reduce fuel costs by up to 4% compared to conventional power solutions, according to the company.

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has unveiled a nuclear-powered container ship model using Small Modular Reactor (SMR) technology.

The development was revealed at the New Nuclear for Maritime Houston Summit in the US and is expected to “accelerate” the development of nuclear-powered vessels.

HD KSOE, part of HD Hyundai’s shipbuilding sector, has received approval in principle (AIP) from the American Bureau of Shipping (ABS) for its 15,000 twenty-foot equivalent (TEU) class container ship design.

This model is said to provide enhanced economic efficiency and safety, featuring actual equipment and safety design concepts, according to the company.

HD KSOE’s design model eliminates the need for engine exhaust systems and fuel tanks, typical of conventional ships. By optimising the space for additional containers, the company says it has improved the ship’s economic efficiency.

Swedish shipping company Gotlandsbolaget has awarded a contract, worth between A$265m ($166.5m) and A$275m, to Austal Australasia for the design and construction of a 130m hydrogen-ready high-speed roll-on/roll-off passenger vehicle (RoPax) catamaran ferry.

The vessel, part of the Gotlandsbolaget’s ‘Horizon X‘ series, is expected to be the largest ever constructed by Austal.

It is set to feature a unique combined cycle propulsion system incorporating both gas and steam turbines, a “first” for high-speed craft globally.

The high-speed RoPax catamaran is designed to carry up to 1,500 passengers, cargo, and 400 vehicles.

It will further shorten travel times between the island of Gotland and the Swedish mainland, with a top speed of 35 knots and a crossing time of under three hours.

The catamaran, the second in the Horizon class, is expected to be deployed on the Gotland route during peak season to meet high demand.

Maersk, part of A.P. Moller – Maersk, together with Hapag-Lloyd, have announced the launch of their partnership named Gemini Cooperation.

This operational collaboration is set to provide a “flexible and interconnected ocean network”, aiming to achieve “industry-leading schedule reliability” of above 90% once it is fully operational.

Approximately 340 vessels will be integrated into the shared Maersk and Hapag-Lloyd ocean network. The network will see a gradual increase in vessels adhering to the new schedules.

The transition period is expected to conclude by late May. During this time, vessels will be transitioning into the new network and out of the current agreements that Maersk and Hapag-Lloyd hold with other carriers.

The collaboration’s ocean network will encompass East/West trades, comprising 29 mainliner services. These will be supported by a comprehensive array of 28 agile, intraregional shuttle services, ensuring “extensive” coverage and connectivity.