LFG
Maritime Ventures Newsletter 3.8
This month in the Maritime Ventures Newsletter
Welcome to the February/March edition of the Maritime Ventures Newsletter, your source of the latest news and insights from the world of maritime tech deals, software, sustainability and innovation. If you have any feedback, questions, or suggestions, please feel free to contact me by replying to this email or follow me on LinkedIn.
Anyways, grab yourself a good cup of coffee, tea or a beer and enjoy a snapshot of the pulsating life of maritime software, sustainability, and innovation. Happy reading!
PS. If you’re reading this in Gmail - open it in your browser, so you don’t have to do it later. It’s long.
Monthly Commentary
Two massive announcements for the maritime(++) VC world this last two months, with Shift4Good announcing the close of their sustainable transportation fund and Motion Ventures unveiling the largest maritime tech fund - who’s next? I have a strong feeling there are more funds brewing and waiting to be unveiled in 2025. What does that mean for ventures in the maritime space? Well, mainly a lot of capital with pressure to find start-ups to invest in - and hopefully a lot of startups being funded!
This marks an inflection point in maritime tech, and 2025 is a continuation of the work done by passionate souls in the industry to build a well-functioning start-up ecosystem - from governments to corporates to VCs and acquirers, and most importantly: the talented people daring to build a company.
This newsletter might be the most packed one to date - as this last two months have possibly been the most packed in my life - but I hope this also marks a step up in the frequency of these newsletters. I’ll let you make the analysis on this one - there are endless nuggets in this newsletter, due to the sheer amount of announcements, so take your time. And for those in Singapore - set a reminder to read this next weekend as Singapore Maritime Week is upon us!
…But I can’t help to mention the possibly craziest story of funding for maritime, looking to bring American shipbuilding out of the ashes: Saronic’s US $600m round, quadrupling their valuation seven months after becoming a unicorn. Maritime is really on the map. LFG.
Maritime Technology Ventures featured in media
On Deals
Early Stage (Seed + A)
Shift4Good raises $230m focused on sustainable transportation - Closes its first fundraise round, from investors such as Renault, BNP Paribas and PSA Ventures - a massive fund focused on sustainable transport solutions, with investments in maritime-related companies such as Pyxis, Bound4Blue, GCK, Sinay and Shippeo. Had an initial close of €100m in 2022, and has invested in 13 companies so far. LFG
Motion Ventures launches $100m maritime tech investment fund - Big month for early stage investing, where I might be a slight bit biased, with Motion Ventures launching the largest maritime tech fund. LFG. Here in Tradewinds.
AI-driven shipping platform Kaiko Systems secures $6.5m growth tonic - Announcing their latest round, led by Hi Inov and Flashpoint, with participation from existing investor Motion Ventures, to move into new areas, boost product development and incorporate more AI. LFG.
Ex-Frontline boss Hvide Macleod invests in ship decarbonisation outfit Siglar Carbon - Shipping executive, now private investor and board member, aims to take Siglar Carbon to the next level. Undisclosed sums.
Turning ships into shops and sports centres: Hoegh Autoliners backs vessel upcycling pioneers - Company looking to “upcycle” ships steel in Norway, got a 10% investment from large construction company and decommissioning yard, AF Gruppen. Undisclosed sums. Signed LoI with Hoegh Autoliners to recycle a car carrier in Norway.
HYDGEN Secures Seed Funding to Scale Decentralized Green Hydrogen Production for Small and Mid-Sized Industries - Early stage Singaporean green hydrogen tech, raised a US$1.5m round led by Cloudberry Pioneer Investments, with participation from National University of Singapore, TK & Partners and strategic angels. Aiming to get green, modular hydrogen production to cost parity with grey hydrogen. While not targeting maritime now, lets see what the future holds?
ADLC gets €2m in new funding for drone programme - Seed round led by Galactic Beacon Ventures and LRM, with NXT II and Port of Antwerp-Bruges joining the round. Developed a drone delivery service, operating for the last few years collaborating with SGS for testing and certifications serving clients such as BASF.
Major brokers team up to challenge Clarksons’ charterparty management dominance - Sounds more growth stage than early stage - with Arrow, Gibson Shipbrokers, Howe Robinson, Ifchor Galbraiths and SSY teaming up with Signal Group to create Ocean Recap, already produced 1000 charterparties for 75 clients.
Freight Hero exits stealth mode with backing from Dynamo and AI Fund - Undisclosed sums, headline says it all.
Upwell secures $6.5M to automate logistics billing practices - Led by Vertical Venture Partners, with participation from Plug and Play Ventures, Black Dog Ventures, Neverlift Ventures, Automotive Ventures, and previous investors NVP, SaaS Ventures, Rise of the Rest, Invest Nebraska and Motivate Ventures. Long list - to manage invoices, payments and documents for logistics companies.
Desteia Leverages AI and Graph Theory to Alleviate Supply Chain Disruptions - AI = US $8m seed round, to connect emails, messages and logistics documents together - specialised on US/Mexico trade. Round led by Autotech Ventures, Nazca and Village Global, with participation from Foundamental, Bridge Latam and Nido Ventures.
Next Ocean secures investment to scale predictive radar technology - Arches Capital injects an undisclosed sum into a wave/weather-predicting startup - predicts conditions up to 3 minutes in advance, to improve safety of offshore vessels and rigs.
Econowind raises €1m to develop sail tech for deep-sea shipping - Raises funds from Invest International, to develop a 24-30meter steel wind sail, expanding their product offering from coastal vessels - with their existing 10 and 16 meter sails - to deep-sea vessels. Having delivered over 100 sails to smaller seagoing vessels, they will spend the next two years to develop and trial the XL sails.
MOL invests in 13 Mari hull drag reduction technology - Undisclosed funding for the Flowsmart system, aiming to cut fuel by 3-7% through optimising water flow around hulls.
Growth Stage (B+)
Saronic Raises $600M Series C to Take on Autonomous Shipbuilding - Just seven months after becoming a unicorn, quadruples their valuation with a massive raise to build “Port Alpha” - a shipyard focused on building autonomous ships. Now valued at US$4B, the round was led by Elad Gil and with participation from existing investors, including a16z, Caffeinated Capital and 8VC. Well worth the read.
Hydrogen equipment startup H2SITE raises €36 million to industrialise its separation solutions - Series B round co-led by Hy24’s Clean Hydrogen Infrastructure Fund and SC Net Zero Ventures of Soma Capital, with participation from MassMutual Ventures, Enagás Emprende, and Exergon, alongside existing investors Breakthrough Energy Ventures, Equinor Ventures, and Ezten, FCR (the Basque Government). With this funding round aims to achieve “multi-tons-per-day” hydrogen production capacity by 2026 and expand in key markets including maritime decarbonisation.
CargoBeamer Raises up to €65 Million From Orion Infrastructure Capital - Logistics company and intermodal terminal operator, raised up to €65m in a combo of equity and debt - on top of the €50m from existing shareholders and €90m in grants from German and Swiss government agencies raised in 2024. Now gonna build some more terminals.
Seadronix raises $11m to support further development of autonomous vessel tech - Solid Series B from the Korean autonomous navigation company. New investors consist of LB Investment, KB Investment and the Korea Development Bank, with participation from existing backers Wonik Investment Partners and Lighthouse Combined Investment.
M&A
Alfa Laval buys ultrasonic biofouling expert NRG Marine - Acquires firm behind the Sonihull brand, who created the market for ultrasonic biofouling repellants. Undisclosed sums. Adds on to the decarbonisation portfolio they have built in recent years, with air lubrication business Marine Performance Systems and weather routing company StormGeo as notable holdings.
Teco revives hydrogen fuel cell dream with Indian investment after bankruptcy - Not sure which stage - maybe a new category of “Zombie” or “Jesus” round? In any case, Teco 2030 is alive! (As “Teco2030 Energy Solutions”). Although, “unrelated” to the bankrupt businesses and with new money from New Delhi based Advait Energy (owning 51%), to manufacture low-carbon propulsion systems in India.
Spire Global sues Kpler for $241m to complete purchase of vessel-tracking division - Reverse M&A? A proper saga under development here, with Spire looking to force Kpler to finalise the transaction. The alternative for Spire, seems to be bankruptcy. Kpler on the other side, states they are committed to closing the deal - or speculating to prolong the deal until Spire goes under and they can swoop in for a cheaper price?
Tidalis buys Made Smart Group - Port/coast/waterway authorities software provider acquires provider of SaaS nautical information products, such as charts, bathymetry, weather, tides, etc. Undisclosed sums.
ICT Group acquires logistics software company Modality - Dutch specialist in intermodal container logistics IT provider gets snapped up by also Dutch industrial technology provider ICT Group. Modality were excited about ICTs “no-nonsense mentality” - figures. Undisclosed sums.
MPC Capital buys BestShip stake from Wilhelmsen - Can’t really figure out if MPC is buying out Wilhelmsen as a shareholder (from a 50/50 JV after they both bought Zeaborn together) or if they are becoming a 50/50 JV through acquiring 50% from Wilhelmsen. Is it just a shuffling around of ownership amongst the two big JV partners?
Mintra acquires Moxie Media to expand training services - Expanding their presence in the US market, giving Moxie’s customers access to the wider Mintra tech portfolio and Mintra’s customers access to Moxie’s training content and media productions.
Marcura acquires HubSE to expand demurrage automation - Continued expansion, with a oil and chemical tanker demurrage claims automation platform. Undisclosed sums.
Marcura buys Shipster - Two acquisitions for Marcura this month! Shipster comes in with maritime document processing capabilities, looking to use it on SOFs, LOIs and BLs. Here in Tradewinds for same same but different.
Sedna adds AI capabilities with Flytta acquisition - Sedna with another acquisition following the Nordic IT deal earlier, here with an expansion into AI use cases with the Flytta team leading new AI initiatives with three focus areas: “A Maritime-Specific LLM built on top of Sedna’s email platform; Intelligent Tagging to improve the categorisation and retrieval of critical data; and AI-Powered Automations to streamline workflows across maritime operations.” The first one is for sure the most interesting. Here in Tradewinds for more context.
Star Information Systems acquires Arribatec Marine - Fleet technical management software company buys another fleet management software company - CAC?
On Emissions Transparency
Eitzen-backed Christiania Shipping steps into ‘energy trading’ with bunkering and carbon credits play - Setting up a company to offer pool services to third-party customers for fuelling, EU carbon allowance trading and lubricants, with a team of former Monjasa employees. Expanding beyond their own fleet of 50 vessels.
Glander International Bunkering develops FuelEU compliance calculator - FuelEU Maritime calculator, pulling in data on voyage type, fuel and quantity to provide visibility on potential penalties and savings.
NorthStandard offers FuelEU tools to members with BetterSea partnership - Discounted access to BetterSea’s FuelEU Maritime compliance platform, who offers “end-to-end data handling, internal and external pooling frameworks, and final pool verification.”
ClassNK and OceanScore in emissions data sharing partnership - Customers using ClassNK’s ZETA platform for emissions verification will gain access to OceanScore’s compliance manager.
Gasum’s FuelEU Maritime pool data to be verified by DNV - Finnish gas producer and distributor launches pooling service, I’m guessing to sell off their compliance surplus - as biogas producers and transporters (and with owned vessels as consumers?) - new revenue stream for sure.
Berenberg, DNV and BSM create data integration for EUA trading - Private bank, ship manager and Veracity comes together to automate EUA trading. Is DNV expanding offering - inching towards managing compliance as a whole? Wouldn’t have been surprising.
Nisshin Shipping and Statu Shipping deploy OrbitMI for fleet optimisation - Both deals across their 14 and 20 ships, respectively, for optimising emissions management and regulatory obligations.
Danelec introduces Emissions Compliance Module - Now you can purchase emissions voyage statements from Danelec, based on the data from your already purchased Danelec system.
On Future Crewing & Safety
New AI platform seeks to track rogue cable-cutting ships and prevent sabotage - Not quite safety, but Security - Windward developed a platform to track critical maritime infrastructure, to protect from rouge states’ and vessels’ attempt at sabotage.
Seeing the future: Rogue-wave predictor sounds critical three-minute alarm for seafarers - Dutch startup, Next Ocean, featured after being installed on 14 vessels, with names such as Allseas, Boskalis and North Star, after formalising its seed round from Arches Capital and three angel investors. Now working on new products using the same data on waves and weather - to help helicopters land on ships and containerships to avoid parametric rolling.
Crew well-being assessment tool introduced - WiseStella developed, together with HR experts and psychologists, a new tool looking to identify workplace issues and improve safety and wellbeing of crew.
ICS, LR and MARINA launch digital seafarer certification pilot - Aiming to reduce the administrative burden of seafarer verification processes, digitising certifications for the 400k Filipino seafarers in MARINA’s community.
Crew transfer vessels add Sentry safety system - Sea.AI to equip crew transfer vessels from AIRCAT with a surveillance system, including object detection, target tracking and collision avoidance.
How predictive AI is reshaping ship management and crew oversight - JiBe ERP, claims to be able to predict which crew member onboard is most at risk of injury in the next 90 days, with an 81% accuracy, using various statistical models (aka. AI). They provide ship management software to industry majors such as Teekay, Anglo-Eastern and EPS.
On Port Operations Optimisation
Port of Long Beach to Install Hands-Free Chargers for Electric Cargo Handling Equipment - Funded with grants from the California Energy Commission, InductEV is to demonstrate their high-power wireless inductive charging solution, here for five battery-electric cargo handling equipment.
FERNRIDE Launches Comprehensive Driverless Testing - On the path to approved autonomous port trucks.
Brazil’s first autonomous truck starts operations at Portocel - Behind paywall, but headline says it all. Truck for pulp transport.
OpenTug prioritizes its BargeOS suit - Not only limited to barges in ports, more of a hinterland option, however interesting pivot in business model: From marketplace for barges to a platform for barge management.
OKI develops AI to classify ships based on sound - Using underwater acoustics, they can classify ships with up to 90% accuracy, helping classify ships in congested port waters or at night. Fancy tech, look forward to see it commercialise- wonder what use case it will tackle.
Port of Lake Charles moves to new digital platform - The 10th busiest port district and a major LNG export hub, implements the “i-Seaports SuiteApp” from maritime ERP provider Harbour Mastery. Looks to improve visibility across their operations and port stakeholders.
Ashdod Port invests millions to offer start-ups a golden opportunity - Israeli port company launches a CVC with up to $55m in funds, aiming to invest in promising companies who join their “maritime technological hub”. Have invested in Makalu, Salvador, Treedis, Enwize, Cyber 2.0 and Flyz Robotics.
DP World Posorja Joins Portchain network - The continued expansion of Portchain in the DP World terminals continues!
d’Amico adopts GeoServe port disbursement and cash management - Following a three-month evaluation / trial, signed up with them - assuming rolling out across the d’Amico fleet.
Marcura expands AI integration across maritime portfolio - Aiming to connect systems across their portfolio consisting of DA-Desk, ShipServ, MarTrust, ClaimsHub and PortLog, launching AI agents.
HarborLab integrates AI with new disbursement agent tool - After Marcura launched their big AI-powered rebrand, HarborLab follows with AI-powered disbursement accounting - eliminating inefficiencies and tripling the DA review capacity. Currently, a single HarborLab user can oversee more than 1000 port calls per year - efficiency LFG.
On Remote Surveying & Inspection
BV to apply AI to surveyor scheduling - Not quite remote, here using AI agents to dynamically optimise the scheduling of surveyors for the classification giant based on updates to vessel schedules. “Collaboration fostered through ZEBOX” - new incubation model?
On Connected Vessels
Enabling Digital Vessels
P&O Maritime’s Kris Vedat joins start-up SmartSea as tech chief - Corporate-backed Startup, SmartSea, coming out from SITA and Columbia, recruits IT expert.
SES gets €125m loan to add new MEO satellites - The European Investment Bank signs loan agreement for three new MEO satellites, increasing geographical scope of SES to areas across Africa, Asia and Latin America.
Nearshore agrees SIM deal with iOnline Connected Networks - Getting sim-cards when at sea, so you can get connectivity when you’re close to shore.
Maersk to boost Inmarsat satcom bandwidth on 340 ships - Upgrading their Inmarsat service on a bunch of ships, rolling out over this year and next.
Hefring Marine partners with MSRS on GPS-denied navigation - In case of spoofing and jamming of GPS signals, supporting navigation with the joint system.
Alpha Adriatic upgrades comms with Marlink - Hybrid VSAT and Starlink, with additional cybersecurity features.
Knutsen Group upgrades fleet connectivity with hybrid set-up - Opting for two Starlink terminals alongside their onboard VSAT of 59 ships and 19 newbuildings, from Marlink.
AAC Clyde Space to develop satellite constellation for maritime monitoring - Collaboration between multiple UK-based companies and universities, integrating VHF data, signal intelligence and SAR technologies to improve maritime domain awareness - fully operational in 2028.
Inmarsat appoints Pulsar as first Mediterranean reseller for NexusWave - Already secured agreements for NexusWave for the Greek fleet owners Spring Marine, Roswell Tankers and New port. The Greek gatekeepers in action here - startups take note.
Intellian to develop Ka-Band flat panel terminals for Telesat LEO network - Meanwhile, the Canadians are planning to launch a LEO network - competition is firing up!
NexusWave hits 340Mbps in testing - And, Inmarsat is coming in hot! Average speeds of 120-150 Mbps, utilising the combined capacity of all available networks.
Digital Vessel Management
ZeroNorth reveals first signs of profit four years after launching platform - Works with more than 230 vessel operators and energy companies, and achieved its first positive EBITDA for December on the back of ARR approaching US $40m - a 38% increase from 2023. Expecting to be in the black for the entire 2025. Impressive turnaround from a loss of US $40m in 2023 on an income of $10m - I guess with some streamlining of operational costs, we are talking a solid $40m annual burn. Looking forward to the public accounts to come out in the danish registries in H2 :)
‘Consolidator’ ZeroNorth seals $20m debt finance deal to drive new takeovers - Funding from CIBC following the EBITDA-positive month, excited to see what comes out in the next few months as they start spending their cash.
Tullow moves to digitalised reporting for offshore operations in Ghana - Deployed Opsealog’s solutions for reporting and data integration for four offshore support vessels, data ranging from fuel consumption and tracking to freshwater levels and crew certificates.
Baleària to implement digital predictive maintenance - Spanish ferry operator signed a ten-year lifecycle agreement with Wartsila for a new high-speed RoPax ferry, for operational needs, maintenance planning and their predictive maintenance system.
CMA CGM to deploy AI-powered predictive maintenance - The “digital” predictive maintenance suddenly turned AI-powered - LFG.
NMDC to deploy dynamic predictive maintenance for dredging fleet - Well, now its suddenly “dynamic”. Dynamic predictive maintenance, meaning that it predicts differently based on different operational situations? Sounds sketchy - but its at least not AI powered anymore.
NS United Kaiun Kaisha begins data-drive vessel condition assessment programme - To trial UK-based Idwal’s ID system on 40 vessels during the first half of 2025, looking to track vessel conditions over time and benchmark it against global standards.
d’Amico International Shipping implements supplier vetting system - From ShipServ.
Windward launches maritime infrastructure protection platform - AI to assist in protection of infrastructure such as cables, pipelines, rigs and other threats.
Oldendorff Carriers upgrades vessel IT platform - Upgrades their “BlueCORE” system on their fleet of vessels, in partnership with Sea IT of Sweden.
GasLog and Propulsion Analytics partner on digital engine management - Built on data from Kongsberg’s Vessel Insight, using high-frequency data to perform continuous engine performance analysis.
Kaiko Systems and RISK4SEA launch mobile-first PSC preparation tool - Aims to improve inspection readiness with tailored checklists based on the vessel’s risk profile, using next port of call as indicator to custom-make a PSC checklist.
Equinox adds SaaS to streamline FSRU operations - Introducing BASSnet’s fleet management systems to manage vessels and office ops for their FRSU.
Bernhard Dettmer installs NautilusLog for fleet tracking - Automating voyage logging and reducing manual reporting onboard. Unclear how many vessels - but across the fleet.
Autonomy
Future Marine partners with Zeabuz to bring autonomous ferry prototype to Canada - LoI to develop a 12-passenger autonomous electric ferry prototype, aiming to commence operations in 2025, with Zeabuz as the sole technology provider for the autonomy systems. Objective to achieve certification for autonomous operations and then ambition to deploy the ferries across Canada.
ZeroUSV to launch first charter fleet of fully autonomous USVs - Following the Mayflower 400 transatlantic autonomous voyage, spent 18 months to design, engineer and construct the new vessel which is to be commissioned and trialled. Following this, plan to build a fleet of 12 USVs capable of doing tasks ranging from asset monitoring, geophysical surveys to border control, fisheries and defence.
Navtech Radar launches new radar designed for autonomous vessels - Operates in fog, heavy rain and darkness, built for integration with autonomous systems and for high-resolution within a 1km range.
MTI autonomous vessel framework gets ABS approval - A step ahead on the journey to full autonomy, with risk framework approved (in principle).
On Connected Cargo Operations
MSC launches iReefer - Container monitoring system for reefer cargo, monetising through different levels - freemium model. So far equipped 210k reefer containers and 500 vessels with the iReefer technology.
Smart Container Alliance launched - A consortium of technology companies has launched an alliance to promote smart containers, pushing for industry standards. Group includes Aviem, ORBCOMM, Traxens, Hoopo, Globe Tracker and Nexxiot.
Folk Maritime adds smart container technology - Saudi feeder and regional liner implements tech from ORBCOMM.
Nowports deploys Coneksion to integrate with client systems - Latin American digital freight forwarder partners with logistics data connectivity company, enabling Nowports to directly integrate with their stakeholders such as the shippers, carriers and other operational systems.
G2 Ocean to digitally optimise fleet planning - Implementing Seaber’s chartering and schedule optimisation system.
Covantis and Secro Announce Partnership - Launching Covantis eBL powered by Secro, complementing existing Covantis offerings for digitising the agri bulk commodities execution process.
Ocean Network Express adopts DCSA eBL standards using GSBN blockchain - Aiming to accelerate adoption amongst their customers, with a mission to reach 100% eBL adoption.
De Well Group completes pilot project with integrated systems for eBL exchange - Looking to use WiseTech’s CargoWise solution, integrated with IQAX’s eBL solution using GSBN’s blockchain, piloting with COSCO is the carrier and De Well Group is the forwarder.
Hapag-Lloyd adopts digital container payment portal - Partners with PayCargo, logistics payment platform, and Gnosis Freight, a visibility software platform, to launch a container payment portal helping to manage demurrage payments in US ports - due to revisions of demurrage and detention rules in the US coming into effect in May 2024.
Vortexa Unveils ‘Anywhere Freight Pricing’: The First Port-to-Port Freight Pricing Platform for Energy - Offering “instant, unlimited pricing for 50k active and 70m possible Clean Petroleum Product freight routes”. Well, its updated/recalculated once a day - but you get whatever that number is instantly, for your chosen vessel class, origin and destination ports.
Shipbrokers combine to launch Ocean Recap charter party platform - Launches competitor to Clarkson’s Sea, claims to have processed more than 1000 charterparties for 75 clients, during testing for the past 18 months - now running an early adopter program, until full market release in mid-2025.
On Reducing Fuel Consumption
Lack of trust hinders uptake of cleantech, says DNV maritime boss Knut Orbeck-Nilssen - “Only 7.9% of the global fleet has an energy-saving device or system installed” (yes, only 7.9% has any). Cites the main reason is lack of proven results hinder adoption, but unfortunately only comes with encouraging words (”rallying cry”) and not a solution to the problem - it is hard to measure the effect of an energy saving device, who steps up to provide the solution? Let me know.
Optimising Navigation & Propulsion
Ultranav targets fuel savings by changing crew routines in new trial - Trialling Signol’s solution for six months across 19 vessels, they look to save fuel by nudging crew to change routines. Signol claims to have reduced fuel by between 4%-12%, and now trialling with Ultranav after they became an investor last year.
Marcura partners with Weathernews on vessel arrival optimisation - Marcura’s PortLog system to be integrated with Weathernews, including data on vessel performance, bunker management and laytime optimisation, to improve planning of arrival times. First partner, then acquisition? Lets see..
HD Hyundai adds weather data to vessel performance models - ..But wait! Another partnership for Weathernews. Integrating their solutions, providing weather data to one and technical expertise in vessel performance modelling in the other.
G2 Ocean deploys StormGeo system - G2 Ocean is on a roll, first with cargo planning and now with voyage planning - deploying StormGeo’s voyage optimisation system across their 120 vessels.
Optimising Fuel Performance
Hoppe Marine and Syroco in data sharing partnership for vessel optimisation - Sharing real-time sensor data from Hoppe’s systems to Syroco’s dashboards.
CoolCo deploys vessel data system across LNG fleet - Vessel Insight from Kongsberg Digital, across their fleet of nine LNG carriers, following a pilot project.
Assisted Propulsion & Power Generation
Cognac and car parts: CMA CGM-backed wind-powered ro-ro hits the water - Windship, not just WAPS, developer has put a vessel on water - Neoline with their Neoline Origin, a commercial roro ship expecting to be source 60-70% of its propulsion from the wind. First voyage expected in the summer.
Business case for wind technology growing, says DNV’s Knut Orbeck-Nilssen - More data on installations of WAPS: Claims there is 97 vessels with WAPS on order, and 57 in service. Sizeable difference.
Flying Ship Company awarded US patent - Patent granted for their “wing-in-ground” effect vessels for unmanned cargo transportation, covering the design and operation of Flying Ship’s vessels, however interesting that the patent seems to not be granted to the company but to its founder and CEO.. Company claims “$200m in commercial customer commitments”.
Eastern Pacific Shipping marks first move into wind-assisted propulsion - Three bound4blue sails on a tanker, with plans of three more on a MR tanker newbuild later this year.
‘Emotional moment’: The inside story of GT Wings’ first installation - A Carisbrooke ship about to leave the yard with GT Wings’ first installed sail, with funding from the UK’s clean maritime decarbonisation competition. A vessel on charter to Fednav, to sail to the Great Lakes, with its draught, width and air draught limitations.
On Future Fuels
Ammonia
Hanwha Ocean and power associate team with Baker Hughes on ammonia gas turbine technology - Shipbuilder goes together with gas technology provider, aiming to complete the development of LNG and container ships with the turbine system by 2028.
Mitsui E&S kicks off testing of large-bore, low-speed ammonia dual-fuel engine - Meanwhile, Mitsui is slightly further ahead, looking to deliver to bulkers in 2026. Builds under license from MAN Energy Solutions.
MAN Energy Solutions names launch date for commercial sales of ammonia engines - Full sales release in Q4 2026, of five different bore sizes.
Hydrogen
MOL completes first step to building fleet of green ‘power plant’ ships - Using a 100% sailing ship to produce green hydrogen from strong offshore winds. Still early days, but defo a unconventional project.
Lomar puts money behind start-up aiming to retrofit hybrid hydrogen-diesel engines - Lomarlabs is teaming up with Newlight, aiming to accelerate the adoption of lower-emission solutions. Newlight converts traditional engines to run on a diesel-hydrogen mix, reducing fuel consumption by 20% on average and “significantly” lowering emissions. Will conduct a pilot installation onboard a Lomar vessel this summer, after having proven the tech on land.
Methanol
WinGD delivers world’s most powerful methanol dual-fuel engine to Cosco - With current orders, WinGD got 55% share of the methanol dual fuel engine business. While seeing containers moving to LNG at the moment, due to fuel availability and prices - as well as current carbon discussions at IMO levels. Reveals that their first ammonia dual-fueled engine is planned to be assembled in HD Hyundai’s engine building facility in April, with shop test in Q2 and delivery to the yard in June. Worried that IMO will favour LNG and as a result we will not reach our targets in 2050 - while stressing that WinGD is “technology agnostic”.
LNG
Gianluigi Aponte’s MSC splashes $1.76bn on ultra-large container ships - Up to eight LNG-powered ships.
Evergreen finalises $3bn orders for 11 LNG-fuel ultra-large boxships - And more ultra-large LNG-powered container vessels, six built in Korean and the rest in China.
CMA CGM tops up orderbook with 12 LNG dual-fuel neo-panamax container ships - And more huge LNG-powered container vessels!
Nuclear
Hyundai unveils nuclear-powered container ship model - Using SMR technology, building on an approval-in-principle from ABS for a 15k TEU vessel. Plans to build a marine nuclear demonstration facility in Korea, aiming to build a marine nuclear business model by 2030. Collaborating with TerraPower on next-gen SMR since February last year, and secured an order in December to manufacture key components for their Natrium reactor, under construction in the US currently.
Core Power launches US nuclear floating power programme to tap $2.6trn market - Aiming to have units operational by the middle of the next decade, “laying the foundation for the use of nuclear power in the civil maritime sector”.
Lloyd’s Register and Microsoft to apply generative AI to maritime nuclear power - Speeding up regulatory processes for nuclear ships through LLMs, so licensing engineers can work more efficiently.
Emissions Capture
This technology sucks ships’ emissions. Its developers want to bring it from California to Europe - Stax Engineering has developed a barge that captures emissions for ships in port, offers an alternative to shore-power as an emissions-reduction measure. Just financed US $150m worth of units to cater for demand after California expanded the regulation in ports this year.
Funding helps UK carbon capture start-up forge partnership with California tech firm - Some details around STAX’s US $70m round coming out, where $60m was debt and $10m was a SAFE. Now signed an agreement with Seabound and started trials in the Port of LA to capture CO2 on STAX’s barges. Aiming to expand to Europe as regulations kick in around 2030.
Fuel Quality & Procurement
Hafnia-backed digital accelerator Studio 30 50 reveals major course change with bunker platform launch - Emerging on its own out of the merger with Flagship Founders in July last year, Studio 30 50 redefines itself as a “venture growth team” and launches a new bunkering platform for Hafnia while at it: FuelSure. Now looking at building bespoke solutions for specific companies who could be useful for the wider industry - deciding on how to build the venture only after fully understanding the problem, as “not every solution requires building a new venture”. FuelSure, combines data on bunkering operations and suppliers, with chemical analysis of the fuel itself, and tracks the financial impact in terms of engine damage or operational delays, to give a rating to each supplier. Trustpilot for bunkering. LFG.
ICYMI
Laskaridis Shipping teams up with UK university on sustainability research - Greek shipowner teams up with Liverpool John Moores University, aimed at “advancing technological innovation and sustainability in the maritime sector”.
Mitsui OSK Lines links executive pay to greenhouse gas emission reduction - References their annual sustainability report, where the GHG emission intensity reduction rate is part of the performance-linked variable renumeration.
‘Brilliant’: CMA CGM and MSC jostle for favour with dealmaker-in-chief Donald Trump - The battle to be Trump’s favourite child?
CMA CGM to research robotics and automation as part of $20bn US investment - A gem inside the buzz of the above-mentioned announcement: Setting up a robotics and automation hub in Boston, lets go MIT.
MPA and CMA CGM renew digitalisation MoU - Less buzz when Mr Saade went to Singapore to sign a paper - not a $20bn investment, but similarly a promise to increase the fleet under the Singapore flag. MoU covers not only digitalisation efforts, boosting the Singaporean innovation ecosystem, but also sustainable shipping and bunkering of low-carbon fuels.
MAN Energy Solutions set to re-emerge as ‘Everllence’ in rebranding move - Not announced yet, but to be announced in June - the solid corporate name and rebranding exercise, combining two words: “Ever” and “Excellence”. I kinda want to know if it was ChatGPT, a conference room full of executives or a branding agency that made that up. Any takers? Whichever it might have been, sounds like the same as the ones who made up “Accelleron”
Tidbits and food for thought around start-ups and ventures
An Evolving Investment Decision Framework - If you want to better understand how a VC thinks, here you get a view of Gil Dibner’s brain (who invested in Portchain).
Happy (Singapore Maritime) Week!