BIMCO to create first CO2 time charter party

BIMCO has started work on developing a new time charter party specifically designed for the maritime transportation of carbon dioxide (CO2). This ‘industry first’ will be particularly relevant for the emerging carbon capture and storage (CCS) market, which is part of global efforts to combat climate change. Christian Hoppe, General Counsel highlights that the target

AYK Energy hails price drop in electrical propulsion tech for ships

Marine battery manufacturer AYK Energy has hailed a significant breakthrough in electric propulsion technology for ships with what it claims is the first battery sold at $300 per kWh. AYK founder Chris Kruger said the milestone will accelerate the adoption of battery powered vessels. He said the previous industry standard price was around $450 to

BPCL to invest Rs 75,000 cr in expanding refining capacity

State-run Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 75,000 crore to expand refining and petrochemicals capacity over the next five years, company chairman G Krishnakumar told shareholders at the company’s annual general meeting.The ethylene cracker project at Bina refinery in Madhya Pradesh, conceived at a gross cost of Rs 49,000 crore, involves brownfield expansion

IAEA to launch ATLAS project on new nuclear for maritime

Rafael Mariano Grossi, Director General of the International Atomic Energy Agency (IAEA), unveiled an exciting new maritime initiative. Grossi announced on his Twitter/X account the kick-off of an initial workshop in London, paving the way for the IAEA’s groundbreaking Atomic Technology Licensed for Applications at Sea (ATLAS) project, slated for launch in 2025. According to

Shipping gears up to debate carbon levies

Ahead of the next session of the Marine Environment Protection Committee (MEPC), scheduled to start at the end of September, proposals are pouring into the International Maritime Organization (IMO). The headline from the global gathering is expected to be the deliberations on some form of carbon levy. Lobby group, the International Chamber of Shipping (ICS),

WinGD and CMA CGM to trial dual-fuel engine

Swiss marine power company WinGD has teamed up with global shipping line CMA CGM to test its Variable Compression Ratio (VCR) technology for dual-fuel engines onboard one of CMA CGM’s vessels. The collaboration marks the first field test for the new dual-fuel engine technology and follows successful factory tests showing significant efficiency improvements with both

Indian steel giant withdraws Trinidad refinery bid

Naveen Jindal, Chairman of Jindal Steel and Power Limited had visited the southern Caribbean federation state with Tobago earlier this year, reciprocating a trip by Rowley to India seeking investment support to revive the Petrotrin Oil Refinery that the very Rowley administration had closed back in late 2018 because of abysmal unprofitability. Thousands had lost

Port of Aberdeen starts construction of commercial shore power system

Construction of Scotland’s largest commercial shore power system started at Port of Aberdeen as part of a £4 million project designed to supply clean electricity to vessels at seven berths. The project is scheduled to deliver its first power in March 2025, according to the company’s release. The ‘Shore Power in Operation’ demonstrator project is

Brunvoll to equip another DP2 Shuttle Tanker

Brunvoll has signed a contract with Samsung Heavy Industries Co., Ltd for the delivery of a manoeuvring package for Tsakos Energy Navigation Ltd new DP2 shuttle tanker. The contract is for equipment for one vessel, with two additional vessels as an option. Tsakos does already have two vessels under construction with the same equipment and

Appointments to Wärtsilä’s Board of Management

Wärtsilä has appointed Anu Sirkiä (49), MBA, as Executive Vice President, Marketing and Communications and a member of the Board of Management. Ms Sirkiä will start in her role latest by the end of November 2024. She will report to Wärtsilä’s President & CEO Håkan Agnevall. Sirkiä will succeed Saara Tahvanainen, who has already started