Why traditional insurance structures are no longer sufficient in a shifting geopolitical and market landscape

For decades, marine insurance operated within a framework that, while complex, remained broadly predictable.

Markets moved in cycles.

Losses were absorbed over time.

Risk could be transferred with reasonable certainty.

That framework is now under pressure.

The Nature of Risk Has Changed. The challenge facing shipowners today is not simply higher risk.

It is different risk.

Mr Anastasios Andreas Maraslis
Marasco Marine Ltd – Founder/President/Director

Risk that is:

– interconnected

– influenced by geopolitical.

developments

– sensitive to market capacity and

sentiment.

From the Red Sea to the Black Sea,

from sanctions regimes to evolving trade routes, shipping is no longer operating in a neutral environment.

It is operating in a conditioned one.

Market Reality vs. Market Assumptions.

Many insurance programmes in place today were designed under assumptions that no longer hold.

That:

– capacity will always be available

– pricing will remain competitive

– claims will be absorbed without

structural consequences.

In reality, we are now seeing:

– tightening underwriting discipline

– selective appetite from markets

– increased sensitivity to loss history

and exposure.

Particularly in:

Hull & Machinery

P&I

War Risks

the market is no longer simply quoting.

It is selecting.

The Importance of Positioning

In such an environment, insurance is no longer a transactional exercise. It is a matter of positioning.

How an account is presented.

How risk is articulated.

How claims history is framed.

These elements now influence:

– terms

– pricing

– capacity

as much as the underlying risk itself.

The difference between:

a standard renewal and a strategically managed one is increasingly material.

Claims: The Ultimate Test

At the moment of a major loss, theory disappears.

Only structure remains.

This is where:

– wording clarity

– market selection

– placement strategy

determine whether a claim is:

– efficiently recovered

or

– partially absorbed by the owner

In volatile conditions, the margin for error is minimal.

War Risks and the New Exposure Layer

Perhaps the most visible shift has been in War Risks.

What was once considered a peripheral exposure has now become central to operational planning.

Areas of navigation are reassessed not only for safety, but for insurability.

Premium is no longer the issue.

Access to cover is.

The Strategic Response.

The most resilient operators are not reacting to market conditions.

They are preparing ahead of them.

They are:

– reviewing structures before renewal

pressure

– engaging markets early

– aligning cover with realistic exposure.

Most importantly, they understand that:

insurance is not protection by default.

It is protection by design.

The Marasco Perspective.

At Marasco Marine Ltd, our approach has remained consistent over time:

Risk must be:

– analysed

– structured

– and positioned

before it is transferred.

This applies across:

Hull & Machinery

P&I

War Risks

Our role is not to follow the market.

It is to navigate it.

Shipping has always required judgment under uncertainty.

What has changed is the speed and scale at which conditions evolve.

In this environment, the key question is no longer:

“Do you have cover?”

But:

“Will your structure hold when conditions change?”

Because when the market hardens,

and pressure builds, only well-positioned risks remain protected.

* Marasco Marine Ltd, was founded in 1991, by Mr Anastasios Maraslis. Marasco is specialising in Managing Marine Risks and Risk Prevention Planning, serving the last 35 years, Ship Owners, Ship Managers and Ship Operators, with his experienced marine/ claims insurance team and the company’s Board of Advisors, Internationally Acknowledged. More about Marasco Marine at: www.marasco-marine.com

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LONDON, 27th April 2026 – The Mission to Seafarers, the global maritime welfare charity and publisher of the Seafarers Happiness Index (SHI), has today announced the launch of the Shorebased Hapiness Index (ShoreHI) , a new measure of wellbeing and job satisfaction for shore-based maritime professionals created with the aim of highlighting wellbeing gaps and support welfare policies.

The ShoreHI is based on the methodology of the internationally recognised Seafarers Happiness Index and will consist of a 10-question, 1-to-10-scale survey for those working ashore in maritime roles, including ship management, port operations, maritime law, insurance, logistics, finance, and technology.

The key objectives of ShoreHI are to create industry-wide insights to enable data-driven improvements in workplace culture, retention, and performance; and to provide robust comparative data to support better welfare policies. It has been designed to mirror the Seafarer Happiness Index in structure and purpose, and will provide comparable data to highlight shared challenges and systemic gaps across the shoreside and seafaring workforce.

For nearly a decade, the Seafarers Happiness Index has provided vital insights into the experiences of seafarers worldwide, becoming one of the maritime industry’s most trusted tools for measuring crew welfare and mental health. The new ShoreHI initiative builds on that foundation, capturing perspectives from shore-based personnel who play also play a crucial role in supporting global trade.

Together, the two indices will create the first-ever comprehensive view of happiness across the entire maritime ecosystem, enabling deep comparative insight between life at sea and life ashore.

Stevan Jones, Founder of the Seafarers Happiness Index (SHI) and Shorebased Hapiness Index (ShoreHI) said: “We have spent years measuring happiness at sea. Now it is time to measure the wellbeing of the people ashore whose decisions shape life onboard. The Shorebased Happiness Index is about understand the relationships across the full ecosystem. If we want happier, safer, and more supported seafarers, we need to understand the pressures and realities on both sides of the ship-shore divide.”

Ben Bailey, Director of Programme, The Mission to Seafarers, said: “The Seafarers Happiness Index has given us a clear view of life at sea. What it also shows is that many of those pressures originate ashore. ShoreHI is the next step, connecting both sides of the sector so we can move from anecdote to evidence, and target the changes that will have the greatest impact on wellbeing across the maritime workforce.”

Over time, results from the ShoreHI will be aggregated alongside Seafarers Happiness Index findings to build the most complete picture to date of how work, wellbeing, and organisational culture interact across global maritime operations.

The survey will maintain anonymity and use existing SHI infrastructure to ensure scalability with minimal additional resource requirements.

About The Mission to Seafarers
The Mission to Seafarers provides help and support to the 1.89 million men and women who face danger every day to keep our global economy afloat. The Mission works in over 200 ports in 50 countries caring for seafarers of all ranks, nationalities and beliefs. Through its global network of chaplains, staff and volunteers, we offer practical, emotional and spiritual support to seafarers through ship visits, drop-in seafarers’ centres and a range of welfare and emergency support services.

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New York/Lugano, April 2026 – Azra Tech, through its Swiss-based subsidiary Azra Advanced Materials AG, announces a significant milestone in maritime sustainability.

Following the successful application of its advanced, durable, ultra-low-friction, biocide-free hull coating solution across a diverse range of vessel types—serving 25 customers representing a combined fleet of more than 2,500 vessels—the technology has now been deployed on the Diana Shipping Panamax, m/v Crystalia and Capesize, m/v G.P. Zafirakis.

The system has demonstrated measurable performance gains, enabling the vessel to avoid approximately 1,973 tons of CO₂ emissions between June 2024 and January 31, 2026.

hese results validate the coating’s performance under operational conditions and underscore its role in reducing the maritime sector’s environmental footprint.

The Greek market adoption was enabled through exclusive representative Green Navis, further cementing the role of regional partnerships in sustainable innovation.

Post application sea trials demonstrated an outstanding certified 8% reduction in required power at equivalent speeds compared with the newbuilding sea trial and a 2.7% increase in vessel speed—outcomes that led to the issuance and certification of a new EEXI Vref technical file by Class.

Operational data collected over 22 months further confirm an overall fuel efficiency improvement exceeding 10%. Based on this performance, projections from 2024 to 2029 estimate a total CO₂ emissions reduction of approximately 5,660 tons.

Diana Shipping, a key industry player, highlighted the value of Azra Tech’s technology in its 2024 ESG Report:“During 2024, we further enhanced our collaboration with Azratech… Two of our vessels using Azra coatings saved 526Mt of fuel and reduced CO₂ emissions by 1,641Mt”.

Azra Tech’s management stated: “The Crystalia’s EEXI improvement certify by Class represents an outstanding achievement… a meaningful contribution to the United Nations Sustainable Development Goals—particularly SDG 14: Life Below Water—by protecting marine ecosystems while maintaining high operational performance”.

About Azra Advanced Materials AG (azra-tech.com)
Azra Advanced Materials AG, based in Lugano, develops high-performance patented nanotechnology-based coatings. Its technologies, completely free of biocides and already adopted by international shipowners and charters, help reduce emissions in the maritime sector by lowering fuel consumption, operational impacts, and environmental footprint. The company is part of Azra Tech Inc. group, a U.S.-based Industrial Intellectual Property and Technology Holding Company with a global presence in the United States, Europe, and Switzerland. Azra Tech develops advanced materials and additives based on proprietary patented nanotechnologies that enhance the performance of multifunctional coatings and polymers while reducing their carbon impact. Through its innovations, the group supports global decarbonization efforts and promotes more efficient and sustainable industrial practices.

For media enquiries, please contact Azra Tech Communications
Media Contact:
Azra Tech Communications
Email: media@azratech.us. 

About Green Navis Quest (greenavis.com)
Green Navis is an innovative company founded in 2022 by the Moundreas family, acting as the representative of Azra Tech. Emerging from one of Greece’s oldest shipping companies, George Moundreas & Co. S.A., Green Navis was established to address the urgent need for green solutions within the maritime industry. The company’s mission focuses on integrating green technologies that enhance the sustainability of vessels.

       A: 25 Monemvasias str, 15125 Maroussi, Greece 

       T:  +30 212 000 6500

       E:  operations@greennavis.com

       W: www.greennavis.com

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The crisis in the Strait of Hormuz dominated the opening day’s agenda, set against a high-level panel moderated by European affairs analyst Yiannis Koutsomitis. Joining Mr. Tsakiris on stage were Professor Sotiris Serbos, Foreign Policy Advisor to the Greek Prime Minister; Stavriana Asprogiannidou, Managing Director Marine at Howden Hellas; Koray Köse, CEO and Chief Analyst of KŌSE Advisory; and Safeen Ghafour, Senior Advisor to the Deputy Prime Minister of the Kurdistan Regional Government.

The discussion centred on the shifting balance in the wider Middle East, the strategic weight of the Strait of Hormuz as a chokepoint for the world’s energy trade, and the fallout already being felt across shipping, crew safety and the international insurance market.

“We’re already looking at 24 confirmed attacks on commercial vessels, 10 confirmed seafarer deaths, and roughly 20,000 seafarers affected across the region,” said Mr. Tsakiris. “At the same time, damage to energy infrastructure is now estimated at somewhere between 25 and 58 billion dollars. This isn’t theoretical risk. The consequences are already here.”

He was equally direct on how quickly geopolitical tension translates into higher insurance premiums and operating costs for shipowners. Insurance markets, he explained, don’t simply react to what has already happened, they price the possibility of what could come next.

“War creates uncertainty, pushes up operational risk and feeds the fear of sudden escalation. That works its way through every part of shipping, freight rates, voyage planning, crew safety and, of course, insurance costs.”

Even with premiums rising sharply, insurance cover remains available in high-risk waters, he noted, though the terms are tighter and underwriters far more selective.

“The question isn’t whether insurance is available. The real question is whether it can be commercially viable.”

On Washington’s proposal for state-backed insurance schemes covering vessels transiting Hormuz, Mr. Tsakiris offered a historical perspective. Such mechanisms, he pointed out, are hardly new.

“Government-backed schemes for war risks have been around since the 1950s, when governments stepped in to protect their national fleets during times of crisis. But those kinds of initiatives are usually about defending strategic national interests, not the international fleet as a whole.”

On the side of the forum, Mr. Tsakiris also referred to decarbonisation, making adding that the green transition is non-negotiable, but that it has to be grounded in what’s actually achievable.

“Decarbonisation isn’t a choice, it’s a necessity. But the transition has to take account of the real conditions shipping is operating under today, geopolitical tensions, shifting trade routes, sanctions, and the shortages in both fuels and infrastructure.”

He pointed to recent remarks by Melina Travlos, President of the Union of Greek Shipowners, as reflecting the industry’s position. “As the President of the Union of Greek Shipowners said in her statement on April 16, shipping remains firmly committed to the path toward decarbonisation. But that transition can’t be built on ambition alone. It needs realism, technically workable solutions and a common global framework that actually reflects how the market operates.”

“What we need is an international framework that works in practice for the shipping industry. And that conversation becomes all the more important with the IMO meeting coming up on April 27.”

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Lloyd’s Register (LR) has tested Orca AI’s AI-powered navigation system during a live vessel trial.

The assessment focused on how AI-based computer vision can support human decision-making in real operating conditions, particularly in complex navigation scenarios such as congested waters and reduced visibility.

The trial was conducted on a feeder containership during a five-day voyage through some of the Mediterranean’s busiest shipping lanes, from the port of Gioia Tauro in Italy to Marsaxlokk, Malta. The work tested the system’s object detection performance alongside radar, AIS and visual watchkeeping.

During the voyage, the platform detected close-range and low-signature targets that were not always visible on traditional systems, supporting watchkeepers in challenging scenarios such as non-AIS vessel and small craft encounters and night operations.

LR Ship Performance Specialist Han Beng Koe joined the vessel as the onboard assessor, providing real-time feedback on usability and performance while the system was evaluated against established navigation references.

Koe said: “As the onboard assessor, I observed the demonstrated capabilities of AI-based computer vision within the operational environment. This provides a clear indication of the performance potential and scalable application of emerging technologies in maritime navigation systems.”

Dipali Kuchekar, Product Manager (Marine and Offshore) at LR, said: “This significant project serves as an important reference point for data-driven system evaluations. It reflects our shared commitment to the adoption of novel technologies, at a time when decarbonisation and autonomy are becoming increasingly intertwined.”

Dor Raviv, Orca AI CTO and Co-founder, added: “What this trial shows is that AI-assisted navigation is no longer a future concept, it is already delivering measurable value in live operations. More than 1,200 vessels using Orca AI are evidence that earlier and more accurate detection, lead to more-informed decisions on the bridge, which lead to safer navigation. Trials like this pave the way for broader AI adoption in our industry on the journey towards autonomous shipping.”

The project combined performance metrics with structured human factors input to evaluate both detection accuracy and usability on the bridge. It also introduces a structured approach for evaluating enhanced situational awareness systems, using precision and recall metrics alongside crew feedback to reflect real-world usability. This framework aims to support shipowners, technology developers and regulators as AI becomes increasingly adopted in maritime operations.

The collaboration also included targeted human factors workshops delivered by LR to support Orca AI’s approach to gathering and using crew feedback. The sessions, overseen by Stephanie McLay, Team Lead – Human Factors, LR, focused on best practice in usability research, helping ensure that insights from seafarers operating in demanding conditions are captured, analysed and acted upon effectively.

“From a human factors perspective, it is not just about what the technology can do. It is about how effectively it supports the human operator. These workshops demonstrated how structured feedback and user-centred design can play a critical role in shaping safer and more usable AI-enabled navigation systems,” McLay said.

Trial information:

The evaluation of the Orca AI platform was conducted on a feeder containership sailing from the port of Gioia Tauro in Italy to Marsaxlokk, Malta, by way of Bar in Montenegro. Covering a total distance of 828 nautical miles, it included complex navigation scenarios such as congested waters near ports, the Strait of Messina and the Marsaxlokk anchorage, as well as open-water sailing.

Orca AI’s SeaPod computer-vision units, mounted on top of the vessel’s bridge, features a fixed sensor heads equipped with day and thermal cameras providing up to 360 FOV. The SeaPod serves as digital watchkeeper that detects, classifies and estimates the distance to relevant objects in real time, with the system display positioned centrally in the bridge console.

A total of 98 observations were collected at intervals of roughly 30 minutes in open water, reducing to 5 minutes in heavy-traffic areas. The majority (63%) were conducted under congested conditions. The dataset covered 739 relevant targets including small, unlit or low-Radar-signature vessels that traditional Radar failed to identify. Benchmarking for evaluating detections was provided by ground truth data generated through a combination of the Orca AI system’s screen and recordings, Radar, AIS data via ECDIS and visual observations.

The SeaPod achieved 94% Precision (635 “True Positive” detections out of the 739 targets) and 98.6% Recall, detecting nearly all relevant objects. There was zero system downtime during the voyage.

About Lloyd’s Register

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering, technology and digital solutions. We were created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advisory services and digital solutions, supporting fleet and voyage performance and optimisation.  Through OneOcean, LR delivers integrated digital solutions supporting voyage planning, optimisation, compliance, training and fleet performance across more than 30,000 vessels globally. 

In the race to zero emissions, our research, advisory and technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

www.lr.org

About Orca AI

Orca AI is the leading maritime operations platform utilizing artificial intelligence and computer vision to achieve the most significant change across the shipping industry in centuries. The Orca AI platform empowers shipping companies to maximize operational efficiency and voyage safety for ships and fleets. With Orca AI, crew can now make rapid, data-driven decisions in congested waters or low visibility conditions, while fleet managers and operators gain unprecedented insights into their fleets’ performance.

Orca AI brings autonomous mobility to the shipping industry, having powered the world’s first commercial autonomous voyage in 2022, in partnership with Designing the Future of Full Autonomous Ships (DFFAS) and The Nippon Foundation.

Headquartered in London, UK, Orca AI is trusted by global leaders including Maran Tankers, MSC, Seaspan and NYK. The platform is installed on more than 1,200 vessels worldwide and 500 more in pipeline.

https://www.orca-ai.io/

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Lifting appliances play a vital role in cargo handling and ship operations, yet their limited structural redundancy has long posed safety risks for crews and vessels. To address these hazards, the International Maritime Organization (IMO) has introduced new mandatory requirements for the design, construction, installation, testing, examination, marking, maintenance, inspection and operation of lifting appliances under the SOLAS Convention. These regulations entered into force on 1 January 2026 and aim to prevent failures that have previously resulted in fatalities, injuries, lifting appliances loss and ship damage.

The new SOLAS regulations apply to all new lifting appliances installed on or after 1 January 2026, and to existing lifting appliances and associated loose gear no later than the first renewal survey on or after that date. Regulation II-1/3-13 introduces requirements for classification of standard design and construction, periodic load testing and thorough examinations for both new and existing lifting appliances.

IACS strongly supports the inclusion of lifting appliances within the SOLAS Convention, recognising the substantial improvement this brings to maritime safety. In support of this new framework and to facilitate consistent global implementation of the SOLAS regulations, IACS has developed a comprehensive Recommendation on Onboard Lifting Appliances, providing guidance on, for example:

Distinguishing between new and existing lifting appliances;
Application of SOLAS regulation II-1/3-13 to lifting appliances with a safe working load below 1000 kg;
What information is the prerequisite to account for existing lifting appliances and loose gear that enters into the SOLAS regime (certificates, load test and thorough examination);
Examples of loose gear to which the application of SOLAS regulation II-1/3-13 should be considered and for where it should not and the documentation required for the consideration of existing loose gear in the SOLAS regulation II-1/3-13 regime;
Appliances serving as launching appliances for survival craft or rescue boats and as lifting appliances for cargo handling (dual use);
Necessary documentation and certification procedure for equipment with modification or alteration of major character;
Survey and testing regimes and timeframes, including alignment with the Harmonized System of Survey and Certification (HSSC);
Date of the initial verification of compliance with SOLAS regulation II-1/3-13 regime.

Commenting on the new Regulation, Robert Ashdown, IACS Secretary General, said:

“As the new SOLAS requirements take effect, close cooperation among classification societies, Flag State Administrations and industry stakeholders will be essential. IACS remains committed to providing clear, practical guidance and supporting the maritime sector in achieving safer lifting operations worldwide, and the new IACS Recommendation will help ensure the consistent application of the SOLAS rules and reduce the risks to crew and vessels of lifting appliance failure.”

The new IACS Recommendation builds on the SOLAS regulations by providing detailed reference to relevant aspects of SOLAS and the scenarios relating to the various modes of application of lifting appliances. It also clarifies the classification of lifting appliances to which SOLAS II-1/3-13 applies, as well as clear examples of lifting appliances to which SOLAS II-1 Reg 3-13 May or may not apply.

The Recommendation follows on from prior work by IACS to enhance lifting appliance safety. IACS had already issued a new Unified Interpretation (UI SC310, July 2025) – also published by IMO as MSC.1/Circ.1696 – which introduces a ‘factual statement’ template confirming testing and examination of non-certified existing lifting appliances in accordance with MSC.1/Circ.1663.

The new IACS Recommendations builds on this by suggesting the use of ‘Factual Statements’ and highlights the critical importance of the nomination of a Safe Working Load (to the satisfaction of the Administration), in line with UI SC 310 (MSC.1/Circ.1696), for existing lifting appliances without valid certificates of test and thorough examination.

IACS also published Recommendation No. 191 in 2025 for lifting appliances involved in personnel handling operations.

Full details of the ‘Recommendation on Onboard Lifting Appliances’ can be found on the IACS website at https://iacs.org.uk/resolutions/recommendations/181-200/rec-198.

About IACS
Dedicated to safe ships and clean seas, the International Association of Classification Societies (IACS) makes a unique contribution to maritime safety and regulation through technical support, compliance verification and research and development. More than 90% of the world’s cargo carrying tonnage is covered by the classification design, construction and through-life compliance Rules and standards, including Unified Requirements, set by the twelve Member Societies of IACS.

More information about IACS can be found by visiting www.iacs.org.uk and in our Annual Review available online at https://iacs.org.uk/about-us/annual-review.

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The formal recognition means owners can adopt Methanol Superstorage with confidence that it meets the exacting standards for safety, performance, reliability and compliance required for Type Approval by one of shipping’s leading class societies. RINA awarded Approval in Principle (AiP) status to Methanol Superstorage in March 2025.

Methanol has emerged as a strong contender as an alternative fuel for marine and offshore applications, given its ability to reduce greenhouse gas (GHG) emissions by up to 95% compared with heavy fuel oil (HFO). Ethanol also produces significantly lower greenhouse gas, SOx and particulate emissions than HFO, while being easy to handle and commercially available.

However, both methanol and ethanol also require approximately two times more storage volume than HFO.

To protect the tank from external fire and mechanical impact, and to provide leakage mitigation, conventional shipboard fuel storage tanks feature cofferdams which separate their inner and outer shells. While effective and necessary, the cofferdam is typically a minimum of 600mm-wide and occupies valuable onboard space.

Methanol Superstorage overcomes the space challenge by creating a tank with a sandwich-structure using SPS Technology’s Sandwich Plate System (SPS). The SPS comprises a 25mm solid elastomer core, fully enclosed between two steel plates rated to A60 equivalence. The elastomer acts as a load-transferring, energy-absorbing and sealing layer that creates an oxygen-free atmosphere between the plates, preventing hidden corrosion without the need for the through-life manual inspections required of conventional cofferdams.

The SPS’ fully bonded interface ensures shear transfer and structural continuity while forming a third containment barrier to prevent leaks and emissions. The solid elastomer helps to prevent local buckling and distributes impact and pressure loads effectively while maintaining safety levels equivalent to the prescriptive arrangements for conventional cofferdams, as outlined in IMO MSC.1/Circ. 1621.

The design eliminates key hazards such as asphyxiation, toxic exposure, falls, entrapment and vapour accumulation during inspections. It also reduces structural risks by lowering stress concentrations and fatigue cracking, removing large internal surfaces prone to corrosion/coating breakdown and maximising resistance to high impacts and punctures.

Type Approval demonstrates a class society’s high level of trust in the system’s capabilities. Pino Spadafora, Marine Market Development Vice President at RINA, commented: “SRC Group’s Methanol Superstorage is a practical, space-efficient solution with the potential to accelerate the adoption of green methanol as a marine fuel, delivering increased storage capacity of conventional tank designs while maintaining equivalent safety.”

A range of case studies confirm that vessels incorporating Methanol Superstorage would store nearly twice the volume of methanol or ethanol as would be possible using conventional tanks. Simpler by design and with fewer parts, the solution also removes the need for regular inspections and gas-freeing procedures, thereby extending its service life.

As a scalable solution, Methanol Superstorage is suited to all vessel types, from small workboats and tugs to offshore support vessels, yachts, ferries, cruise ships, tankers and cargo vessels.

Type Approval will make it easier for flag states to issue project-specific approvals for the system, at a time when forecasts suggest a surge in demand for methanol-powered vessels: by 2030, methanol ships are expected to account for nearly 20% of the global order book.

Methanol Superstorage has also obtained AiP from IACS members Lloyd’s Register and ClassNK, as well as from the Panama Maritime Authority. The solution also earned SRC Group the Royal Institution of Naval Architects’ Maritime Innovation Award in 2025.

Alex Vainokivi, Innovation Manager, SRC Group, said: “Obtaining Type Approval from RINA is great news, and an important step forward in building industry-wide confidence in Methanol Superstorage. It provides ship owners with clear validation as they evaluate methanol as a long-term clean fuel that can support their decarbonisation targets, covering a wide range of vessel types.”

About SRC Group

Founded in 2001, SRC is a multi-regional company with 25 years of experience in managing marine & offshore projects that require tailored solutions and short lead times. The company offers EPCI (Engineering Procurement Construction Installation) solutions – design and engineering, technical, electrical and interior refit services in maritime and offshore sectors.

With the successful completion of more than 5,000 projects worldwide, SRC has established an extensive network of dependable collaborators (affiliates, associates, partners) and subcontractors. Its completed projects range from small repairs to major EPCI retrofits with up to 1,000 workers.

SRC Group is a private capital company with offices in Estonia, Italy, Norway, the US and the Netherlands.

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Monday, April 20, 2026

Everllence has announced the successful Factory Acceptance Test (FAT) of its first ammonia-burning engine built by licensee, Engine & Machinery of Hyundai Heavy Industries (HHI-EMD) in South Korea. The dual-fuel Everllence B&W 6G60ME-LGIA (-Liquid Gas Injection Ammonia) type is slated for a vessel for Singapore-based, Eastern Pacific Shipping (EPS) currently under construction at HD Hyundai Heavy Industries (HHI) in Korea. The engine also comes equipped with HPSCR (High Pressure Selective Catalytic Reduction) technology.

This milestone also marks an important step forward for EPS’s ammonia programme. The Very Large Ammonia Carriers (VLACs) under construction at HHI – with first delivery scheduled from October 2026 – will be the first in the world to be equipped with the Everllence 6G60ME-LGIA ammonia engines, positioning them at the forefront of low-carbon propulsion development.

An FAT is a quality-assurance process where newly manufactured equipment is rigorously tested to ensure it meets all specifications, making it ready for installation and operation on the customer side.

Ole Pyndt Hansen – Senior Vice President, Head of Two-Stroke R&D, Everllence – said: “This is a huge milestone that places our ammonia engine on the very brink of its commercial debut. This engine sets new benchmarks in zero-carbon propulsion and digitally connected performance, and has attracted great interest since development began. The speedy execution of this FAT is just the latest step in what we anticipate will be a largely seamless journey from lab to ocean. It stands testament to Everllence’s unique ability to deliver just what the market needs. Bringing new fuels to market is not just innovation – it’s imperative for zero-carbon shipping.”

Everllence first introduced the ME-LGIA at a two-day event in Copenhagen in November 2025. Using the Diesel principle and the well-known, dual-fuel Liquid Gas Injection concept, the engine has many of the same merits as Everllence’s existing ME-LGIM and ME-LGIP units that, respectively, run on methanol and LPG. The new engine also has many, extra safety features such as containment systems, sensors, system ventilation and double-walled piping developed especially for ammonia’s characteristics as a fuel.

Christian Ludwig – Vice President, Head of Global Sales & Promotion, Two-Stroke Business, Everllence – said: “The ME-LGIA successfully completed its FAT in all operation modes and we can report that the engine is stable and running very well. Special thanks go to HHI-EMD for its central role in the production of this engine, and for its stellar collaboration during testing and the FAT itself. This new success comes off the back of an intense testing programme stretching back three years where safety has always been the prime consideration. Combined with the knowledge we will gather from a number of other pilot projects we are currently engaged in, we are confident that this will ultimately deliver the gold-standard in ammonia engines.”

Everllence reports that the full sales release of the ME-LGIA will initially feature G50, S50, S60, G60, G70 and G80 bore sizes; retrofit options will also be made available as part of the full sales release.

Το άρθρο Ammonia Engine Passes “Huge Milestone” en Route to Commercial Debut εμφανίστηκε πρώτα στο Maritimes.

Even though Iran and the US formally agreed to keep the Strait of Hormuz open, the reality on the water tells a different story. Iranian forces have reasserted tight control over transit, while the ongoing US naval blockade continues to intercept and deter vessels, with ships being turned back or even seized during passage attempts . The result is a clear disconnect between political statements and operational reality: rather than a functioning corridor, the Strait remains effectively constrained, with both sides’ actions reinforcing a de facto closure despite the official narrative of reopening. What is particularly notable in the current environment is that, in contrast to the volatility seen in energy markets, the dry bulk sector is exhibiting a fundamentally different dynamic—one driven less by geopolitics and more by underlying demand resilience. The Baltic Dry Index’s climb to 2,484 points, marking nine consecutive daily gains and the highest level since December 2025, reflects more than just a cyclical rebound. It signals tightening conditions, especially in the Capesize segment, where strong Brazilian iron ore exports and firm Chinese demand are combining with constrained vessel availability to push rates higher. At the same time, the synchronized strengthening across all major indices reinforces the depth of this recovery, with the BDI reaching its highest level since 8/12/2025 (2,694 points), the BCI since 10/12/2025 (4,284 points), and the BSI since 09/12/2025 (1,419 points), highlighting a broad-based tightening across vessel classes rather than an isolated segment-driven rally.

China once again sits at the center of this recovery narrative. The 11% year-on-year increase in iron ore imports is reflected in total volumes rising from 345 million tonnes to 353.5 million tonnes, a +2.5% increase, further strengthening its already dominant position and lifting its share of global imports from 73.7% to 74.4%. On the supply side, Australia continues to lead, increasing exports from 258 million tonnes in 2025 to 267 million tonnes in 2026, a +3.5% rise, with its global share moving from 55.2% to 56.3%. Brazil followed with a more modest increase from 98 million to 98.4 million tonnes, broadly maintaining its 21% share. These figures confirm that the iron ore trade remains not only stable but structurally anchored, with incremental growth reinforcing existing trade patterns rather than reshaping them. Coal trade flows, however, reveal a more differentiated picture. Indonesia, the largest exporter, saw volumes decline sharply from 143 million tonnes to 132.8 million tonnes, a -7.1% drop, reducing its global share from 37.2% to 34.6%. In contrast, Australia increased exports from 90 million to 94.7 million tonnes, a +5.2% rise, lifting its share from 23.4% to 24.7%. On the demand side, China reduced imports significantly from 103 million tonnes to 88.3 million tonnes, a -14.3% contraction, lowering its share from 26.7% to 23%. India also recorded a decline from 74 million to 69.7 million tonnes (-5.8%), while Japan moved in the opposite direction, increasing imports from 42.4 million to 45.7 million tonnes (+7.8%), signaling stronger resilience in non-Chinese demand pockets.

Overall, the market appears to be transitioning into a more structurally driven phase. The easing, but not disappearance, of geopolitical risk provides some short-term visibility, yet it is the steady, differentiated growth in commodity flows, combined with tightening fleet dynamics, that is increasingly shaping a more resilient and fundamentally supported outlook for the dry bulk sector.

Dry S&P Activity:

On the Newcastlemax sector, Chinese buyers acquired the “RTM CARTIER” – 205K/2012 HHIC and the “RTM ZHENG HE” – 205K/2012 HHIC for excess USD 90 mills each. Moving down the sizes, the Post-Panamax “OHSHU MARU” – 92K/2011 Namura was sold for USD 16.2 mills, while the Panamax “ALEXANDROS PETRAKIS” – 76K/2008 Shin Kasado sold for region USD 13.3 mills to Chinese buyers. In the Ultramax sector, two resales the “NEW DAYANG NDY1315” and “NEW DAYANG NDY1316” – 64K/2027 New Dayang changed hands at USD 36.5 mills each. On the Supramax segment, the “SUNNY ROYAL” – 59K/2011 Kawasaki was sold for USD 18.5 mills with SS/DD due 2028/2030, while the “HONOUR” – 57K/2010 Cosco Zhoushan sold for USD 13.3 mills to Chinese buyers. Additionally, the OHBS “PHOENIX K” – 55K/2007 Oshima was sold for USD 14 mills. Finally, in the Handysize sector, Vietnamese buyers acquired the “STRADION” – 37K/2011 HMD and the “DORYSIA” – 37K/2010 HMD enbloc for USD 25.5 mills.

Tanker S&P Activity:

On the VLCC sector, Chinese buyers acquired the “KASAGISAN” – 302K/2006 Mitsui for USD 58 mills. On the LR1 segment, the “CAPE TAMPA” – 74K/2009 New Times was sold for low/mid USD 20s, and the one-year older “CAPE TAFT” – 74K/2008 New Times was sold for low USD 20s. Additionally, the “PAN CAKE” – 73K/2006 Dalian was sold for USD 19 mills. In the MR2 sector,  the “OPTIMAL ACE” – 50K/2006 STX changed hands for USD 16.5 mills, while the “GT FREEDOM” – 46K/2003 Shin Kurushima was sold for USD 8.5 mills. On the MR1 sector, Greek buyers acquired the “EASTERLY CANYON” – 37K/2009 HMD for USD 19 mills. Finally, in the small tanker segment, the sister vessels “BRO NISSUM” and “BRO NUUK” – 17K/2008 Chinese built were sold enbloc for USD 12 mills each. The stainless steel “GINGA SAKER” – 20K/2003 Shin Kurushima was also sold to Chinese buyers for USD 10.8 mills.

Το άρθρο [xclusiv] S&P Report 20th April 2026 εμφανίστηκε πρώτα στο Maritimes.

A new collaboration between Lloyd’s Register (LR) and Pusan National University (PNU) Hydrogen Ship Technology Center aims to create the first internationally recognised joint performance evaluation and certification framework for liquid hydrogen carriers and onboard systems.

The partnership was formalised through a memorandum of understanding (MOU) agreed  by PNU President Jae-Won Choi and LR CEO Nick Brown in Seoul.

While hydrogen continues to attract attention as a potential zero-carbon fuel option, progress in the maritime sector has been slowed by a lack of agreed standards for testing and verification. Liquid hydrogen presents specific technical challenges, requiring storage at around –253°C and placing extreme demands on materials, containment systems and safety design.

The new framework is intended to provide a consistent, globally applicable basis for evaluating performance, safety and reliability, helping to reduce uncertainty at the design and approval stages of projects.

The collaboration combines LR’s maritime classification and assurance expertise with PNU’s research capabilities in cryogenic engineering, to deliver a structured certification regime covering containment systems, materials and onboard infrastructure for liquid hydrogen storage and transport. The framework is expected to support early-stage vessel and containment projects moving from concept design towards approval and construction.

Under the agreement, the two organisations will jointly evaluate the cryogenic and insulation performance of storage tanks and associated piping systems, verify structural integrity under operational loads, and carry out detailed safety and risk assessments for onboard storage and transport systems.

The collaboration will also define testing methodologies and certification procedures tailored specifically to marine environments, with the aim of informing future class rules and international regulatory development.

Claudene Sharp‑Patel, Global Technical Director at Lloyd’s Register, said: “As pressure mounts on shipping to decarbonise, the introduction of a clear and technically robust certification pathway for liquid hydrogen systems is expected to accelerate project development and reduce barriers to entry. By aligning testing, verification and certification under a recognised framework, our partnership with PNU aims to provide the level of assurance required for shipowners, yards and regulators to advance liquid hydrogen from concept to commercial reality.”

Dr Jae-Myung Lee, Director of the PNU Hydrogen Ship Technology Center, said: “This agreement effectively designates PNU’s Hydrogen Ship Technology Center as a liquid hydrogen performance evaluation and certification institution by Lloyd’s Register, the world’s leading classification and technical certification organization in the maritime sector. It marks the establishment of the world’s first certification body in the liquid hydrogen field.”

The collaboration builds on an existing programme of joint research between LR and PNU into cryogenic engineering for liquid hydrogen carriers and technical knowledge exchange between specialists from both organisations.

About Lloyd’s Register    

Trusted maritime and energy sector advisors, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine and offshore engineering, technology and digital solutions. We were created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advisory services and digital solutions, supporting fleet and voyage performance and optimisation.  Through OneOcean, LR delivers integrated digital solutions supporting voyage planning, optimisation, compliance, training and fleet performance across more than 30,000 vessels globally.

In the race to zero emissions, our research, advisory and technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

For more information, go to www.lr.org

Το άρθρο Pusan National University and LR to establish first global certification framework for liquid hydrogen shipping εμφανίστηκε πρώτα στο Maritimes.