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K-SURE and Trafigura sign USD200 million financing agreement to support Korean shipping companies

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The agreement marks the first time that an Export Credit Agency (ECA) has offered mid- to long-term financial support grounded in time charter agreements – an innovative approach aimed at expanding Korea’s shipping service exports and enhancing the competitiveness of its mid-sized maritime companies.  

The financing provided through K-SURE will help cover costs such as time charter fees paid by Trafigura to Korean shipping companies as part of its global freight operations. Trafigura charters vessels from around the world and is planning to expand chartering activities with Korean partners in the coming years.

The agreement is expected to play a key role in helping mid-sized Korean shipping companies to strengthen their negotiating power and operational capabilities. It also expands the scope of K-SURE’s export credit programs beyond traditional capital goods into new sectors including consumer goods and services.  

For Trafigura, this landmark facility marks its inaugural transaction with K-SURE and first ECA financing not linked directly to commodity trading volumes. The USD200 million facility was supported by three banks: Crédit Agricole Corporate and Investment Bank, who acted as coordinating and structuring bank for the facility, Barclays Bank Plc and Oversea-Chinese Banking Corporation Limited.  

Jang Young-jin, President of K-SURE, commented:

“This support will be an important turning point for enhancing the competitiveness of the domestic shipping industry. In the future, we will continue to actively identify overseas blue-chip charterers and provide financing solutions that support the expansion of Korea’s shipping service exports. We will also actively explore new financial opportunities in sectors such as services to promote national interests.”  

Andrea Olivi, Global Head of Shipping at Trafigura, said:

“This innovative financing structure with K-SURE underscores our long-term commitment to developing strategic partnerships in Korea. The support enables us to work more closely with Korean shipping companies and contributes to building a more resilient and diversified maritime supply chain. We are proud to support Korean exporters and strengthen our collaboration with K-SURE.”  

Econowind receives repeat order from Terntank for two more vessels

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Econowind has received a repeat order from Terntank for the installation of eight VentoFoil units on two additional methanol-ready hybrid tankers. 

The first vessel, Tern Vik, was delivered in April 2025 by China Merchants Jinling Shipyard (Yangzhou). The entire series is equipped with Kongsberg’s advanced energy and propulsion management system. Under the K-Sail concept, wind can take the lead when conditions are favorable. Combined with battery packs and dual-fuel engines capable of running on methanol or diesel, the vessels are designed for zero-emission operations and fully aligned with the IMO 2050 targets.

Terntank operates in the Nordic region and focuses on the transport of sustainable fuels. Its newbuilds are among the most environmentally advanced in the market. Wind-Assisted Ship Propulsion is a key element of the design. The VentoFoils are lightweight, foldable for safe and efficient port operations, and fully ATEX-certified to meet tanker safety requirements.

“At Terntank, we are always looking for ways to reduce fuel consumption. It’s part of our DNA,” said Claes Möller, CEO of Terntank. “The installation of the VentoFoils and their integration with the Kongsberg system went seamlessly. It’s great to see that the actual fuel savings match what was predicted. We’re very pleased with the results.”

This repeat order follows strong performance results from the first installations, demonstrating the contribution of Wind-Assisted Ship Propulsion to fuel savings and emission reductions. Terntank’s confidence in VentoFoil technology is also a signal to the broader market that wind propulsion is no longer a future concept, but a working solution available today.

Econowind’s engineering team has worked closely with Terntank and Kongsberg to ensure seamless integration of the VentoFoils into the vessel’s overall energy system. The collaborative approach allows real-time optimisation of power sources, where wind, batteries, and fuel-based engines work together to minimise emissions and maximise efficiency.

“We are proud to continue our collaboration with Terntank and support their leadership in sustainable shipping,” said Chiel de Leeuw, CCO of Econowind. “This repeat order confirms the performance of our VentoFoils and the shared ambition to decarbonize maritime transport.” With this latest order, Econowind has now sold over 130 VentoFoil units. These are being deployed across a wide range of vessel types, including dry bulk carriers, tankers, ro-ro and container ships, reflecting growing momentum for Wind-Assisted Ship Propulsion across the industry. 

Floating Wind Centre of Excellence to research key cost saving technology for offshore wind farms

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Floating offshore wind presents unique operations and maintenance challenges, such as monitoring and replacing mooring lines and dynamic cables. For floating wind to successfully transition to commercialisation, the industry needs a stronger understanding of component failure modes, the time and cost of repairs, and their impact on operational expenses.

ORE Catapult’s Floating Offshore Wind Centre of Excellence will deliver the project alongside Apollo Engineering and DOF Subsea UK.

Sean Snee, Floating Offshore Wind Team Leader at ORE Catapult said:

“Operating and maintaining a floating offshore wind farm creates challenges not previously faced in fixed offshore wind, including the monitoring and replacement of mooring lines and dynamic cables.

“More data is required to accurately assess key component failures and what leads to them. In identifying preventative measures and innovative technologies, the learnings from this project could reduce the overall cost of floating offshore wind mooring line and dynamic cable repairs and replacement across the UK and internationally.”

The ‘Mooring line and dynamic cable monitoring and replacement methodologies’ project will provide comprehensive insight into the monitoring and maintenance requirements for floating wind dynamic cable and mooring line components. Historically, mooring repair costs for oil production assets have exceeded £400 million for a single incident, while cable failures have accounted for 70%-80% of UK offshore wind insurance claims.

Will Brindley, Lead Naval Architect, Apollo Engineering said:

“Understanding the specific requirements of mooring and cable repair is essential to minimise floating wind costs. The insight gained from this study will allow the next generation of gigawatt scale arrays to be designed, built, and operated with long-term integrity and maintainability in mind.”

Russians test naval strike drone during July Storm exercises

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The Russian Ministry of Defense released a video showing an unmanned surface vessel (USV) striking and destroying a maritime target. According to the exercise scenario, the target simulated a warship.

In addition to the naval drone, the drills also involved FPV drones and unmanned surface vessels. Their purpose and specifications have not yet been officially disclosed.

All operational-strategic formations of the Russian Navy are participating in the exercises, except for the Black Sea Fleet. They are practicing tasks involving the detection and destruction of maritime and coastal targets.

In May 2024, the Russian Navy announced the formation of specialized naval regiments for unmanned systems, a new element in the structure of Russia’s armed forces.

The new units are expected to be equipped with a variety of robotic platforms, including aerial, ground, surface, and underwater drones. This diversification is intended to expand the tactical capabilities of the Russian Navy.

The tasks of the new regiments include conducting reconnaissance, striking enemy targets, protecting their own vessels, countering enemy drones, and neutralizing naval mines.

The development of naval drones in Russia first became widely known in 2023, when one of the unmanned surface vessels attacked a railway bridge in Odesa in an attempt to destroy strategic infrastructure.

That same year, the Russian company KMZ unveiled a strike naval drone called Oduvanchik (Dandelion), which resembled Ukrainian unmanned boat models in its design.

Two years later, Russia opened a unified center for naval drone production at the Kingisepp Machine-Building Plant in Saint Petersburg. The center became part of Russia’s defense industry.

To support serial production of the drones, a testing facility was established, featuring an indoor pool and equipment for evaluating control and data transmission systems. This setup allows for year-round testing.

The intensified development and deployment of naval drones reflects Russia’s intent to expand its capabilities in unmanned surface vessels, both on the front lines and behind them.

Source: Militarnyi

Unmanned aerial vehicle enables faster, more precise seafloor earthquake monitoring

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Megathrust earthquakes are large earthquakes that occur on faults found along the boundaries between tectonic plates.

The Nankai Trough is a megathrust earthquake zone lying off the southwestern coast of Japan, and experts estimate that this zone could generate a potentially devastating (magnitude 8 or 9) large earthquake sometime in the next 30 years. In addition to the direct catastrophic impact of such powerful ground shaking, a seismic event of this magnitude could trigger cascading hazards such as destructive tsunamis.

Developing the technologies for efficient and reliable seafloor monitoring is paramount when considering the potential for socioeconomic harm represented by megathrust earthquakes. Traditionally, seafloor measurements have been obtained using transponder stations located on the seafloor that communicate with satellites via buoys or ocean-going vessels to produce accurate positional information. However, data collection using such systems has problems such as low efficiency and speed.

In a study published in Earth and Space Science, researchers at the Institute of Industrial Science, The University of Tokyo, have addressed the challenge of acquiring reliable, high-precision, real-time seafloor measurements by constructing a seaplane-type unmanned aerial vehicle (UAV) that can withstand ocean currents and wind. This vehicle is intended for use with the Global Navigation Satellite System–Acoustic (GNSS-A)—a system that uses satellites to determine locations on Earth—to provide a communication link with seafloor transponder stations.

“We conducted initial experiments in a water tank,” explains lead author of the study Yuto Yoshizumi, “and found that the proposed system can detect distances to an accuracy within 2.1 cm.”

To further evaluate the system, at-sea trial tests were performed by landing the UAV on the sea surface off the coast of Japan under optimal sea conditions.

“The results were hugely encouraging,” says senior author Yusuke Yokota. “These seafloor positioning measurements are the first ever achieved using a UAV, and we attained a horizontal root mean square error of approximately 1–2 cm, which is easily comparable to that of existing vessel-based systems.”

The rapid real-time acquisition of seafloor information using the UAV system is expected to provide the foundation for advanced research into earthquake disaster prevention. Such data is urgently needed, given the speed and frequency of occurrences of megathrust earthquakes on the Nankai Trough.

Malaysia’s ALAM launches Wärtsilä simulators for alternative fuels training

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ALAM is the training arm of MISC (Malaysia International Shipping Corporation Berhad), a subsidiary of Petronas group. The integration of Wärtsilä’s latest simulator technology significantly raises the level of maritime education for the region, creating a new generation of highly skilled and proficient seafaring professionals. 

ALAM’s new simulation suite features Wärtsilä’s new advanced dual-fuel simulator technology, including the adoption of virtual reality elements to immerse seafarers in realistic training scenarios. There is also training available to educate seafarers in operating with future sustainable fuels – such as methanol or ammonia, for example – and different engine types, which are essential to the industry’s transformation to decarbonised operations.

During the inauguration, it was announced that ALAM has been included in Wärtsilä’s “Maritime Advancement in Simulation, Technology and R&D Services” (MASTERS) program, the first in the Asia Pacific region. The program is dedicated to the identification, recognition and formalisation of Wärtsilä’s relationship with leading global Maritime Training and R&D providers who are not only extensive users of Wärtsilä’s simulation and training products and services, but with whom Wärtsilä collaborates closely to promote advancements in Maritime training.

“The launch of the Maritime Experiential Learning Centre and its recognition as Wärtsilä’s first MASTER centre in Asia, reflects ALAM’s strong commitment to raising the standards of Maritime Education and Training (MET) in Malaysia and the Asia Pacific region. As the industry continues to evolve, we must ensure our students are equipped not just with technical skills, but with the ability to lead, adapt, and thrive in a global maritime environment. This new facility supports our broader ambition to become the Maritime University of Choice in Asia by nurturing the development of future-ready seafarers through hands-on, immersive, and internationally aligned training programmes, including those related to New Energy, Decarbonisation and Digitalisation,” said Ts. Dr. Captain Manivannan Subramaniam, Chief Executive of ALAM. 

The technical simulators provided pertain to full-mission and multi-functional network classroom set-ups, both for engine-room and liquid cargo handling training. The navigation simulators include a full-mission bridge with 270-degree visualisation, three part task bridges, equipped with dynamic positioning and extended reality (XR) training capabilities. The suite also includes GMDSS & ECDIS classroom simulators, as well as Wärtsilä cloud-based simulation for blended learning experiences. 

“First of all, I want to congratulate ALAM for their commitment to providing world-class maritime education and training. The inauguration of these simulators allows ALAM students to achieve a new higher level of competence that they need for today’s highly automated and digital vessels. They can now replicate real-world operational scenarios, enabling students to hone their skills in a controlled, safe setting. A broad range of training needs can now be addressed, from basic navigation and engine room operations to complex procedures, research studies, and integrated emergency response drills,” comments Neil Bennett, General Manager, Simulation & Training, Wärtsilä Marine. “What’s more, I would also like to congratulate ALAM for being the first organisation from this region to join our MASTERS program. Members embody and share our objective of improving safety, whilst advancing optimisation, digitalisation and decarbonisation learning in maritime.” 

Founded in 1976, ALAM has provided training for more than 15,000 maritime professionals for both onshore and offshore operations. The training centre is located in Melaka, overlooking the busy Straits of Malacca. Wärtsilä began its partnership with ALAM in 2006 with the launch of the Maritime Simulation and Communication Centre.

Marine Donut is ready for market

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The Marine Donut is a circular closed flow-through facility in the sea, with a volume of 22,000 cubic metres and a capacity of 1,100 tonnes of standing biomass. It is constructed of thermoplastic, has ultraviolet purification of intake water, and sludge collection, and is one of the few sea-based facilities that meets the requirements for moving fish between production zones.

“We have built something completely unique. There is a ‘river’ inside the facility that sets the fish in motion, which reduces stress. The volume is fantastic, and the fish move very nicely. This is not only an environmentally friendly concept, but also economically sound,” says Tufte.

The Marine Donut can be used for both post-smolt and food fish production, and Tufte believes the greatest economic potential lies in its flexibility.

“You can use the Donut for post-smolts, and then send the fish to open cages – or further into a new Donut. This provides more strategic opportunities for the farmers.”

Bluegreen is also involved in the production of FishGlobe – another closed farming concept. 

Bluegreen CEO Nils Johan Tufte does not see this as a conflict, but as a strength.

“The market is big enough for both. We work well together and are building three FishGlobes now – two for overseas and one for Nova Sea.”

The road to this point has not been easy. Since its inception in 2020, Bluegreen has experienced major fluctuations. The first year the company had NOK 56 million in revenue, the second year NOK 172m, but then came the resource tax.

“It’s going to be an adventure. Marine Donut is a ‘proven technology’. Now we will build capacity and help the industry move forward – both in Norway and internationally.”

The company has looked at both Canada and Scotland, but has no doubt that its main market will be in Norway. The boss also highlights the opportunities in artificial intelligence and data collection in closed facilities as the next step.

“With all the sensors and data capture we have in a closed system, everything is in place to use AI to further optimise operations. It’s incredibly exciting – and this is where the future lies.”

Source: FishfarmingExpert

Russian port of Ust-Luga begins inspecting ships after series of tanker explosions

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The decision was made in the wake of a series of explosions on tankers bound for Russia. Bloomberg reported, citing informed sources.

The decision to begin inspecting the underwater parts of ships was made earlier this month. The Ust-Luga port also insists that ships arriving at the port must have Russian insurance against risks, including spills and collisions.

Recall that earlier in the Russian Federation it was decided that every ship heading to Russian seaports from abroad must obtain permission to enter from the FSB. However, the decision to inspect ships in Ust-Luga was made before Putin’s order was issued, and other Russian ports are not currently using this approach, the publication’s sources noted.

Earlier this year, the first explosion on an oil tanker occurred in Ust-Luga. In February, the tanker Koala, anchored in the port, was damaged in a “man-made incident” that resulted in an oil spill. In mid-July, another tanker, the Eco Wizard, reported an ammonia leak while anchored in the same port.

These incidents led to increased security measures in ports, in line with recommendations from the Russian Security Council. As a result, shipowners began checking the hulls of their vessels for mines using divers and special underwater vehicles.

Source: Bloomberg, USM

Corsica Linea ferry gains significant fuel savings with Wärtsilä retrofit package

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This significant gain in energy efficiency on each trip has been made possible by the installation of a new twin screw controllable pitch propeller (CPP) system with blades optimised for the ship’s operating profile, the Wärtsilä EnergoProFin energy saving propeller cap, a controls retrofit, and combinator curves for the ship’s various operating modes. 

These upgrades, which were completed at the end of 2024, were validated through CFD (computational fluid dynamics) open water simulations, and confirmed during sea trials with the chief engineer. In monetary terms, the fuel savings equate to an estimated 7,700 US Dollars per trip. The related reduction in emissions represents a massive step in Corsica Linea’s decarbonisation journey, allowing the company to remain compliant with the stricter requirements on carbon emissions. 

“We are extremely happy with the efficiency improvements resulting from this Wärtsilä retrofit package,” says Xavier Esnault, Energy transition project manager at Corsica Linea. “The fuel savings are important, both from a cost perspective, as well as supporting our decarbonisation strategy to reach a reduction of 40% of our CO2 emissions by 2030.” 

The ‘Pascal Paoli’ is a 174-metre long RoPax ferry operating between Marseille and Bastia. Ferries are on the front line of the energy transition and are among the first sectors to target net zero-carbon operations. At the same time, operators are expected to provide a reliable, efficient on-time service, while keeping operating costs under strict control. 

“Ferry operators, such as Corsica Linea, are looking to leverage technologies that offer minimal service disruption and a maximised return on investment, all while reducing their carbon footprint. For this reason, the fuel efficiency upgrade carried out on the ‘Pascal Paoli’ was done with the aim of supporting Corsica Linea with achieving these goals,” comments Andrey Dudko, Product Manager, Propulsion – Wärtsilä Marine. 

The ’Pascal Paoli’ operates with two Wärtsilä 46 engines per shaftline. It has a number of operating modes, including sailing and manoeuvring with one or two engines per shaft line. The changes resulting from the retrofit project did not impact the vessel’s manoeuvrability. 

This upgrade comes at a time when ferry operators are under increasing pressure to decarbonise. The IMO’s new Net-Zero Framework through the GHG fuel intensity (GFI) provides a clear incentive for operators to invest in energy-efficiency solutions, such as the technologies leveraged for this retrofit project. By placing an explicit price on GHG emissions, the IMO has sent a strong market signal that energy efficiency technologies and alternative fuel solutions must be part of every shipowner’s toolkit. This framework encourages industry stakeholders to invest in immediate operational improvements, explore onboard abatement solutions, and accelerate the roll-out of sustainable fuels.

Isotta Fraschini Motori inaugurates new Fuel Cell production line in Bari

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Isotta Fraschini Motori (IFM), a Fincantieri Group company specialized in advanced fuel cell technologies, has inaugurated a new production line at its Bari facility dedicated to the development and testing of hydrogen fuel cell systems.

Among the first applications is the marinized fuel cell module produced by IFM, which will be installed on board the Viking Libra, the world’s first cruise ship powered by hydrogen stored on board and used both for propulsion and for electricity generation. This represents a concrete example of Fincantieri Group’s ability to be the first adopter of its own solutions, implementing a vertical integration model that accelerates the introduction of zero-emission technologies and strengthens its industrial leadership in the ecological transition.

The new line is part of the Innovation and Development Center (CIS) launched in 2023, supported by the European Regional Development Fund – Puglia. It is a key milestone in the transformation of the Bari plant into a cutting-edge Net Zero Technology Hub. Within an integrated industrial ecosystem approach, Isotta Fraschini Motori with an economic commitment of around 30 euro million over five years—partly financed by IPCEI funds—plans to develop innovative zero-emission systems and significantly reduce its carbon footprint, including through energy recovery from production processes.

This commitment is part of Fincantieri Group’s broader focus on sustainable innovation through strategic initiatives such as Wave 2 the Future, part of the Important Project of Common European Interest (IPCEI) “Hy2Tech” on hydrogen. The goal is to develop enabling technologies for the use of hydrogen in the maritime sector, promoting the shift toward decarbonized mobility and contributing to the creation of a competitive European industrial ecosystem.

“With the inauguration of Isotta Fraschini Motori’s new fuel cell production line, Fincantieri takes a decisive step toward the future of naval technology,” said Pierroberto Folgiero, CEO and General Manager of Fincantieri.
“This is a commitment that brings our strategic vision to life: leading the sustainable transformation of the industry through our hallmark innovation capabilities and strong local presence. Our goal is to make hydrogen a tangible lever for competitiveness and decarbonization of the European industrial system, and to consolidate our role as a leader in the adoption of pioneering technologies.”

IFM technologies will initially be adopted within the Group, further confirming Fincantieri’s ability to act as the first user of its solutions—generating added value and accelerating the path toward energy transition.

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