The “Northern Purpose”, built at Dalian Shipbuilding Offshore Co., Ltd. (DSOC) in China, has been custom-designed to transport liquefied CO₂ as part of the Northern Lights project, the world’s first cross-border CO₂ transport and storage infrastructure. Following her delivery, the vessel will enter a long-term time charter and support the safe and efficient transport of captured CO₂ from industrial customers in Northwest Europe to Norway for permanent geological storage.

“Our new LCO₂ carrier marks the exciting expansion of Bernhard Schulte’s fleet portfolio into this innovative tanker segment. We are delighted to be part of Northern Lights’ industry-leading project to provide CO₂ transport and storage infrastructure,” says Johann Schulte, Majority Shareholder of the Schulte Group and Chief Commercial Officer of Bernhard Schulte. “The close collaboration with DSOC as selected shipbuilding partner underscores our long-standing relationships with Chinese shipyards.”

“We welcome the ‘Northern Purpose’ into the world’s first fleet of dedicated CO₂ carriers. The delivery of the ‘Northen Purpose’ marks an important milestone in scaling the transportation capacity needed to support Europe’s decarbonisation. We are looking forward to working with Bernhard Schulte to deliver safe, efficient and reliable operations for many years to come.” says Tim Heijn, Managing Director in Northern Lights.

“The construction of this vessel marks another milestone for Dalian Shipbuilding Offshore Co., Ltd. in the LCO₂ carrier construction domain, standing as a testament to the successful cooperation between DSOC and Bernhard Schulte. We are honoured to bolster Bernhard Schulte’s fleet with this cutting-edge vessel,” says Mr. Sun Yingzhi, Chairman of DSOC. “DSOC remains committed to continue partnerships with Bernhard Schulte and Northern Lights, as we join forces to advance the global green clean energy sector and drive the high-quality development of the international shipping industry.”

The newbuilding is the first vessel of this type for the Bernhard Schulte fleet and the fourth LCO2 carrier for Northern Lights. All four ships are sister vessels with the same design and have a cargo capacity of 7,500 m³ each, distributed across two cylindrical pressure tanks. They are engineered to safely handle CO₂ at low temperatures and medium pressure, ensuring operational reliability across the entire transport chain. The four ships are the first of their kind to safely transport CO₂ from European emitters to Northern Lights’ CO₂ receiving terminal at Øygarden, before it is permanently stored beneath the Norwegian continental shelf.

“Northern Purpose” features a range of technologies aimed at reducing its operational carbon footprint. The vessel is equipped with an LNG dual-fuel propulsion system. Combined with other proven technologies, in particular a wind-assisted rotor sail and an air lubrication system, this results in significantly lower CO₂ emissions.

The vessel is managed by Bernhard Schulte Shipmanagement (BSM), also part of the Schulte Group. The “Northern Purpose” represents BSM’s entry into the management of liquefied CO₂ carriers, adding a new vessel type to its global fleet of more than 670 managed vessels.

Facts about the ship:

Capacity: 7,500 m3  liquid CO₂
Two cylindrical cargo tanks
Length: 130 meters
Cargo transport conditions: maximum 19 bar(g) pressure and minimum -35°C temperature
LNG dual-fuel propulsion system
Wind-assisted rotor sail and air lubrication system installed

About Bernhard Schulte

Bernhard Schulte is the ship owning business of the international, family-owned Schulte Group. Building on the group’s 140 years of experience in the industry, Bernhard Schulte controls a modern and diversified fleet of 80 fully or partly owned vessels, including container and offshore vessels, bulk carriers, tankers and gas carriers. The Schulte Group engages in ship owning, ship management, maritime software solutions, maritime services and asset management. Through its global network of more than 30 offices in major shipping locations, the Schulte Group employs 40,000 crew and over 5,000 people on shore.

www.schultegroup.com/bs/

About Northern Lights

Northern Lights offer CO₂ transport and storage as a service and started first injection of liquid CO₂ for permanent storage in August 2025. Our mission is to enable the reduction and removal of industrial emissions in Europe. Liquefied CO₂ from capture sites is shipped to the Northern Lights onshore receiving terminal in Norway, before transported by pipeline for permanent storage in a reservoir 2,600 meters under the seabed. The first phase of Northern Lights is part of Longship, the Norwegian Government’s full-scale carbon capture and storage project. Here Northern Lights transports and stores CO₂ from two Norwegian industries; Heidelberg Materials’ cement factory in Brevik and later from the Hafslund Celsio’ waste-to-energy plant in Oslo. Also, Northern Lights has signed commercial agreements with Yara in the Netherlands, Ørsted in Denmark, Stockholm Exergi in Sweden, and Inherit in Norway. Northern Lights JV is a registered, incorporated General Partnership with Shared Liability (DA) owned by Equinor, TotalEnergies and Shell.
www.norlights.com

About DSOC

Dalian Shipbuilding Offshore Co., Ltd. (DSOC) is the most experienced and prominent EPC shipbuilding and offshore yard in China. With its registered location in Dalian, DSOC stepped into the global oil and gas industry in early 1970s and has become a well-established player in the market. Until now, over 100 offshore products have been delivered to the worldwide clients, including the LNG bunker vessel, liquefied gas carriers (VLEC), wind farm installation platform, and also oil and gas drilling and operation products, such as FPSO topside modules, semi-sub and jack-up drilling rigs. Now with the implementing of a series of CO₂ ships for Bernhard Schulte and Northern Lights, the CO₂ ships are becoming DSOC’s main business.

www.dsoc.cn

Το άρθρο Bernhard Schulte’s first LCO₂ carrier christened in China εμφανίστηκε πρώτα στο Maritimes.

The event was hosted at the premises of the Permanent Representation of Greece to the European Union in Brussels. Opening the workshop, Ambassador Ioannis Vrailas, Permanent Representative of Greece to the EU, delivered welcoming remarks emphasizing that the significance and contribution of shortsea shipping — as well as the role of the ESN itself — are now widely acknowledged and firmly established within the European agenda. The keynote address by Charalampos Simantonis, President of the European Shortsea Network and President of the Hellenic Shortsea Shipowners Association, set the stage for the core issues currently shaping the future of shortsea shipping. He highlighted ESN’s mission as a European platform for cooperation and information exchange, dedicated to promoting and developing shortsea shipping through practical initiatives
and to strengthening its integration within the intermodal transport chain.

Mr. Simantonis explained why shortsea shipping remains essential to the competitiveness, resilience and sustainability of the European economy, while also reinforcing Europe’s security and geopolitical standing. However, on the road to green transition and compliance with multiple — and often overlapping or conflicting — international and European environmental regulations, the sector itself is increasingly facing challenges that directly affect both its competitiveness and long-term viability.

In particular, the “Fit for 55” package and the EU ETS framework are creating a complex operating environment for the shortsea fleet, placing significant financial burdens on operators that are often disproportionate to the expected benefits. Nevertheless, a positive shift is clearly emerging: both European institutions and international bodies increasingly recognize that revenues generated through environmental measures must be reinvested to support the sector’s transition toward decarbonization. In this context, there is growing consensus that shortsea shipping deserves targeted support to successfully navigate this transition.

This shared understanding was also reflected in the interventions of the other participants, including Lorenzo Matacena, Confitarma SSS Committee Chair & ES-ECSA SSS Working Group Chair (online); Evina Fodiadou, Director for Shipping Policy and Communications at ECSA; Cecare Crocini, Head of EU Office at Assarmatori, the Italian Shipowners’ Association; Claudia Vella Casagrande, Secretary of the Malta International Shipowners Association and SPC Malta; Paul Brewster, EU Policy Advisor at the Irish Maritime Development Office and SPC Ireland; Roberto Mencarelli, Head of EU and National Programmes at RAM and SPC Italy; Elissavet Vozemberg-Vrionidi, Member of the European Parliament and Chair of the TRAN Committee; and Foteini Ioannidou, Director of Directorate D – Waterborne Transport at DG MOVE. Ms. Fodiadou underlined that: a) European strategic policies clearly recognize the vital contribution of shortsea shipping to the European economy, particularly in strengthening competitiveness; and b) the green transition comes with substantial costs, making adequate financing mechanisms indispensable for the successful implementation of related initiatives.

Along the same lines, Ms. Vozemberg stressed that shortsea shipping is steadily gaining prominence on the EU public policy agenda and remains a key pillar in Europe’s broader transport and sustainability strategy. Concluding the workshop, ESN President Charalampos Simantonis stated: “We are extremely satisfied with the outcome of the discussions. It is now evident that Europe — its institutions, organizations and the European Commission alike — fully understands the importance of shortsea shipping for the European economy and society. We were particularly encouraged by the convergence of views among all participants, which clearly demonstrates that we share common objectives and strong allies on the challenging path toward green transition. The EU appears more prepared than ever to support the development of a realistic, economically viable and competitive shortsea shipping sector. The next step is to translate these strategies into concrete implementation measures, with measurable results and clear timelines.”

Το άρθρο EU Recognizes the Strategic Contribution of Shortsea Shipping and Moves Forward on Competitiveness, Resilience and Sustainability Goals εμφανίστηκε πρώτα στο Maritimes.

Ambassadors and members of the diplomatic corps are also expected to attend, reflecting the international nature of both the event and the industry it represents.

The reception is being supported by Scandi Trading, Agataz, Coral, Eleven Energy and Flex Commodities.

Adrian Tolson, Chair, IBIA said: “We are firmly committed to expanding IBIA’s presence across the key decision-makers shaping the future of the marine energy sector. It is through the active involvement of our members and the strength of our collaboration that this industry can truly influence its direction of growth. With bunkering playing an increasingly central role in the future of shipping, it is important for IBIA to have a strong presence at Posidonia, one of the industry’s leading global gatherings. I would also like to extend my sincere thanks to the Ambassador of the Republic of South Africa for her warm hospitality, and for kindly hosting this upcoming gathering.”

Dr Lindiwe Msengana-Ndlela, Ambassador of South Africa to the Hellenic Republic said: “South Africa rests between major ocean routes, the Indian and the Atlantic Oceans, as well as the South Sea routes to the Antarctic. Maximizing our strategic location, South Africa has been building a diverse and investor friendly maritime economy, with priority investments in port logistics, energy, shipbuilding, shipping, and renewable energy sectors. We value the partnership that our Embassy in Athens has established with IBIA, through the Chair, Adrian Tolson and look forward to hosting the 2026 Posidonia Reception in the gardens of South Africa’s Official Residence.”

About IBIA

IBIA – The International Bunker Industry Association is the voice of the global marine energy value chain, representing a diverse membership of fuel suppliers, traders, shipowners, brokers, surveyors, port authorities, and maritime professionals across more than 70 countries. Established in 1993, IBIA promotes transparency, quality, and high standards in marine fuel operations and supports the industry’s transition to low and zero-carbon fuels. Through advocacy at the International Maritime Organization (IMO), and its global network of training, events, and working groups, IBIA connects the industry to drive safe, sustainable, and practical solutions for the future of marine energy.

About the Embassy of South Africa on Maritime

The Embassy of South Africa aims to advance and promote collaboration between Greece’s Maritime Sector and the South African maritime industry focusing on maritime higher education and training, Cadetship and employment, Research and innovation, Maritime administration, Marine manufacturing, Shipping decarbonisation, and new business development.

Το άρθρο IBIA to host reception preceding Posidonia FOR IMMEDIATE RELEASE εμφανίστηκε πρώτα στο Maritimes.

The crude tanker market in 2026 has undergone one of the most violent earnings transformations in recent memory, driven not by demand expansion but by the physical disruption of the world’s most critical oil chokepoint. The first four months of the year tell two sharply distinct stories: a pre-conflict period defined by firm demand and steadily escalating freight, and a conflict-period collapse in seaborne crude volumes that paradoxically drove tanker earnings to historically extreme levels, illustrating, with unusual clarity, the degree to which effective tonnage supply rather than cargo volumes governs short-term rate outcomes.

Through January and February, seaborne crude flows were on a constructive trajectory. January 2026 reached 1,389 million barrels, a 3.2% year-on-year increase versus January 2025’s 1,345 million barrels, while February advanced to 1,332 million barrels, a 6.0% gain over February 2025’s 1,256 million barrels. These were the strongest two-month comparable readings since 2023 and reflected genuine improvement in global crude trade dynamics. Baltic Exchange tanker TCEs had already begun to price in a tighter environment: VLCC rates averaged $78,512/day in January 2026, double the $38,136/day of January 2025, while Suezmax averaged $88,445/day versus $25,556/day, and Aframax $67,957/day against $25,612/day a year earlier. The escalation of US-Iran hostilities fundamentally altered the market from March onwards. Seaborne crude volumes contracted sharply: March 2026 came in at 1,253 million barrels, a 13.2% year-on-year decline versus March 2025’s 1,443 million barrels, while April fell further to 1,244 million barrels, an 8.9% contraction. The four-month crude total for 2026 stands at 5,218 million barrels, a 3.6% reduction from the 5,411 million barrels of the same period in 2025, and broadly erasing the incremental gains accumulated since 2023. The Strait’s de facto constrained status translated directly into the cargo data: barrels that should have been moving were not, and the volumes confirmed what maritime security advisories had already flagged.

Yet the freight market response was unprecedented in modern tanker history. VLCC earnings surged to a monthly average of $242,917/day in March 2026, a 483% increase over March 2025’s $41,633/day, before moderating only marginally to $223,430/day in April and remaining at elevated levels into May at $215,881/day. Suezmax rates reached a monthly average of $204,822/day in March (+329% year-on-year), while Aframax posted $140,398/day, a 345% advance. The mechanics are well understood: constrained transit, war risk premium-driven tonnage withdrawal, and insurance market paralysis reduce effective vessel supply far more sharply than cargo volumes fall, producing outsized earnings for operators maintaining active exposure.

The divergence between physical cargo flows and freight rate dynamics encapsulates the structural tension now defining the crude tanker market. May 2026 data already shows some moderation from the March peaks, suggesting markets have begun pricing in a degree of normalisation. Whether that normalisation becomes a sustained rebalancing or merely a pause before the next escalation remains the defining variable for crude tanker positioning through the remainder of the year and the answer will be shaped less by shipping fundamentals than by the diplomatic and military trajectory of a conflict whose shipping consequences have already been extraordinary.

S&P Activity:

Dry:

Dry S&P activity remained firm this week, with a notable volume of transactions across the, Ultramax/Supramax and Handysize sectors. On the Capesize sector, the “Pigassos” – 176K/2011 SWS was sold to Chinese buyers for USD 31.7 mills, while the “Chin Shan” – 176K/2004 CSBC changed hands for USD 20.3 mills. Moving to the Kamsarmax sector, the resale “Moana” – 82K/2026 Yangzi was sold for USD 36.5 mills, while the “Joy” – 81K/2019 Chengxi achieved USD 31 mills. The “HC Pioneer” – 83K/2010 Sanoyas was also sold for USD 17.7 mills. In the Ultramax segment, the sister vessels “Huayang Rose” and “Huayang Lily” – 64K/2016 China Shipping were sold en bloc for USD 50.4 mills to Chinese buyers. On the Supramax sector, Greek buyers acquired the “Sumaq Queen” – 51K/2017 Imabari for USD 25 mills. On the same sector, the “Xing Ning He” – 53K/2009 Zhejiang was sold for USD 11 mills, while the Scrubber fitted “West Bay” – 52K/2004 Tsuneishi Cebu fetched high USD 9 mills. The “Elpida GR” – 52K/2003 Toyohashi was also sold for low USD 8 mills. In the Handysize sector, significant interest was noted for modern tonnage, with four 40K dwt newbuild resales, the “Clacton”, “Eastbourne”, “Margate” and “Portsmouth” – 40K/2024 JNS, sold en bloc to Norden for USD 120 mills. Finally, the smaller logger “Ken Orchid” – 28K/2011 Imabari was sold for USD 10 mills, while the logger “Gant Flair” – 28K/2010 Imabari achieved USD 9.8 mills.

Tanker:

Tanker S&P activity was robust this week, with a healthy number of transactions. On the Suezmax sector, two resale newbuildings, the Scrubber fitted “Daehan 5111” and “Daehan 5118” – 158K/2027 Daehan, were sold en bloc for USD 190 mills. In the LR2 sector, the Scrubber fitted “STI Condotti” – 110K/2014 Hyundai Samho achieved excess USD 70 mills. Moving down to the MR2 sector, the “High Tide” – 52K/2012 Hyundai Mipo was sold for USD 28.45 mills to Nusantara Maritime basis TC free delivery between August and November. The “Autan” – 51K/2009 SPP was also sold for USD 23.5. Additionally, Turkish buyers acquired the “Royal Jasmine” – 53K/2008 GSI for USD 20.7 mills, while the 3-year-older “Sunny Victory” – 47K/2005 Hyundai Mipo was sold for USD 16 mills basis delivery in the USG/Caribs area in mid-July. Finally, on the small tanker segment, the stainless steel “Easterly Beech Galaxy” – 20K/2007 Usuki was sold for USD 16.35 mills.

Το άρθρο [xclusiv] S&P Report 18th May 2026 εμφανίστηκε πρώτα στο Maritimes.

Ms. Ioseliani represents the Transport and Logistics portfolio within the Ministry of Economy and Sustainable Development of Georgia, a broad multi-sectoral body overseeing, among others, the areas of energy, transport, logistics, tourism and trade. The delegation also included the Ambassador of Georgia to Greece, Mr. Levan Beridze, and the Deputy Head of Mission of the Embassy of Georgia, Mr. David Jalagania.

The visit included a tour of the port facilities and a meeting with the Deputy CEO of PPA S.A., Mr. Angelos Karakostas, during which issues of common interest in the fields of ports, transport and logistics were discussed, as well as the prospects for further cooperation in the field of port infrastructure development.

About PPA S.A.
Piraeus Port Authority SA, a Euronext Athens listed company, is engaged in the management and operation of Piraeus Port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, as well as general cargo, ship repair, logistic and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world.

Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to society.

PPA holds the ”ECO PORT” PERS status, is included in the Euronext Athens ESG index and is one of the “Most Sustainable Compnies in Greece 2026”.

For more information please visit https://olp.gr

Το άρθρο PPA S.A.: Visit of a Delegation from Georgia to the Port of Piraeus εμφανίστηκε πρώτα στο Maritimes.

During the American Hellenic Institute (AHI)’s Official Annual Dinner, which took place on Thursday, May 7th at the Hotel Grande Bretagne in Athens, Ms. Olga Bornozi, Managing Director of Capital Link, was awarded with the “HELLENIC HERITAGE PUBLIC SERVICE AWARD.”

AHI honored Ms. Bornozi in recognition of her contribution, through Capital Link, to strengthening Greek-American relations and promoting Greece as a strategic investment destination within the international investment community.

For 30 years, Capital Link has been dedicated to bridging markets, fostering meaningful dialogue, and bringing people and ideas closer together. Throughout the years, the company has played a leading role in strengthening ties between Greece and the United States while promoting investment and business opportunities internationally.

Through its annual conferences in 11 leading financial and business centers — New York, London, Oslo, Hamburg, Athens, Limassol, Dubai, Shanghai, Tokyo, Singapore, and Hong Kong — Capital Link has built strong relationships across global markets, connecting investors, companies, institutions, and business leaders while fostering trust, collaboration, and long-term partnerships.

In her speech, Ms. Bornozi emphasized that this award is shared equally with Capital Link’s President, her brother Mr. Nicolas Bornozis, the exceptional Capital Link team, and all those who have continuously supported the company’s vision and mission throughout the years.

During the same event, Mr. Ioannis Saracakis, Executive Chairman of the Saracakis Group of Companies and President of the American-Hellenic Chamber of Commerce, was also honored with the “HELLENIC HERITAGE ACHIEVEMENT AWARD.”

U.S. Ambassador to the Hellenic Republic, H.E. Kimberly Guilfoyle, was present at the event, and her remarks underscored the significance of the occasion in further strengthening Greek-American relations.

Opening remarks were delivered by Deputy Minister of Foreign Affairs, Mr. Yiannis Loverdos. The event was also honored by the presence, among others, of the Chief of the Hellenic National Defense General Staff, General Dimitrios Choupis, the Civil Governor of Mount Athos, Mr. Alkiviadis Stefanis, as well as prominent leaders of Greece’s political, business, and institutional leadership.

The American Hellenic Institute (AHI) is a non-profit policy center and think tank founded in 1974 that promotes U.S. interests in foreign affairs involving Greece, the Cyprus, the Eastern Mediterranean, and Southern Europe. Headquartered at Hellenic House, just steps from the White House in Washington, D.C., AHI works closely with Congress, the Department of State, the diplomatic corps, and educational institutions to advance U.S. foreign policy interests while promoting the rule of law, defense cooperation, energy development, national security, religious freedom, and other strategic priorities. Through its deep understanding of regional history and policy, AHI has established itself as a leading voice within the Greek-American community, serving policymakers, stakeholders, and supporters through advocacy, newsletters, conferences, seminars, and publications that provide essential analysis and information for the effective implementation of foreign policy.

https://americanhellenicinstitute.org/our-mission

Το άρθρο OLGA BORNOZI – CAPITAL LINK – Honored by The American Hellenic Institute at the 21st Annual AHI Athens Awards Dinner εμφανίστηκε πρώτα στο Maritimes.

The first year of the programme revealed a number of key learnings from cadets at sea. It was structured around an initial risk assessment of the onboard environment, including crew accommodation and facilities, as well as voyage logistics. Before assigning any female cadets, a decision was made on whether the vessel would provide good training opportunities while also supporting close contact with shore teams to ensure a safe and positive experience for everyone.

Through direct feedback from crew, V. and INSW were able to understand the strengths and gaps of the programme. Their insights shed light on risks and concerns that were not apparent in initial assessments but that only become clear through daily life on board. Regular feedback from the cadets, the master, senior officers, crew members and shore teams guides the development of policies, onboard procedures and training.

Another takeaway was the importance of support from other seafarers, many of whom were adjusting to mixed-gender teams for the first time. V. implemented workplace culture training to help all seafarers feel more confident about working together and be more aware of how to create a respectful and supportive culture.

The V.Cadets pool currently has 6% female representation, and V. has a target of increasing this to 20% by 2030.

René Kofod-Olsen, Chief Executive Officer, V.Group, said: “I am very encouraged by what we are building with INSW – a real and practical pathway for more women to pursue careers at sea. This is about getting the conditions right so that crews can operate safely, comfortably and at the highest level.

“Better access to female talent means stronger teams, and stronger teams mean better outcomes for everyone at sea. Critically, attracting more women into seafaring will also grow the global talent pool our industry depends on, securing a capable workforce for the future.”

Lois Zabrocky, Chief Executive Officer, International Seaways, added: “On this International Day for Women in Maritime, we salute our first class of female cadets and partners at V. for developing and completing a successful first year of the programme. Passing this milestone and welcoming our second cohort of cadets is a moment to be genuinely proud of. There is still much work to be done across the entire industry to expand the workforce with women on board, and fostering workplaces where everyone feels safe, valued, and able to thrive.”

The project aims to increase gender diversity at sea, to tap into underutilised talent pools, bring in fresh perspectives and skills, and allow V. and INSW to remain competitive at a time when the sector faces an aging workforce and talent competition from other industries.

Το άρθρο V. and International Seaways’ female cadet programme enters second year εμφανίστηκε πρώτα στο Maritimes.

The claim, which was ultimately reduced to just US$250,000 after it was successfully supported by International Transport Intermediaries Club (ITIC), is another example of the exposure ship managers face when inheriting ships with known deficiencies, even where these have been disclosed at the outset.

In June 2023, a ship manager took over a ship with more than 150 known defects, all of which had been acknowledged by the owners. A phased rectification plan was agreed between the parties, including the deployment of additional crew during 2023 and further repair works scheduled for 2024.

However, operational delays, including a drifting period of approximately six weeks, disrupted the agreed programme and postponed key repairs. In March 2024, shortly before additional crew were due to join, the ship was detained following a Port State Control (PSC) inspection.

The shipowners subsequently alleged negligence on the part of both the manager and the crew, pursuing a claim exceeding US$2.5 million, significantly above the contractual liability cap of US$1.5 million under the SHIPMAN terms.

The ship manager rejected the allegations, maintaining that the detention and resulting losses did not arise from their negligence and disputing responsibility for any alleged shortcomings of the crew. At the same time, questions were raised about the effectiveness of the rectification plan, the timing of repairs, and aspects of crew preparedness.

Commenting on the case, Mark Brattman said: “We continue to see instances where substantial claims are advanced against ship managers without clear supporting evidence, often reflecting wider commercial disputes.

“This case underlines the importance of maintaining clear and comprehensive records, as well as taking a considered approach to defending claims where liability is not established to prevent further unjustified claims in the future,” he added.

ITIC noted that disputes of this nature are not uncommon. The UK-based professional indemnity insurance provider emphasised the importance of clear documentation, robust contractual frameworks and proactive claims management when taking on ships with existing defects.About ITIC

International Transport Intermediaries Club (ITIC) is the world’s leading provider of professional indemnity insurance to transport professionals across the globe.

As a mutual insurer, it has 100 years of experience providing cover to companies in the marine, naval architecture, aviation, offshore, renewable and hydrographic industries. With 3,650 members in over 110 countries and a worldwide network of correspondents, ITIC is the acknowledged leader in its field.

ITIC’s insurance has been developed primarily to cover claims of negligence – errors or omissions. Cover can also extend to specialist areas such as debt collection, loss of commission income, cash in transit, and directors’ and officers’ insurance. ITIC’s wide coverage also includes unique discretionary insurance that could support claims not normally paid by other professional indemnity insurers.

ITIC is managed by Thomas Miller. More details about ITIC and the services it offers can be found at www.itic-insure.com.

Το άρθρο Ship managers face rising litigation exposure as US$2.5 million claim highlights risk of inherited ship conditions εμφανίστηκε πρώτα στο Maritimes.

As international pressure to reduce greenhouse gas (GHG) emissions from ships intensifies, ammonia-fueled vessels are gaining traction as a zero-carbon alternative to conventional marine fuels. However, ammonia’s high toxicity means that ammonia effluent can be generated during vessel operation, and the absence of internationally agreed management standards continues to create uncertainty across the industry.

To proactively address this regulatory gap, KR established a joint working group in June 2025 in collaboration with the Ministry of Oceans and Fisheries (MOF), the Korea Testing & Research Institute (KTR), and five major Korean shipbuilders — HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Samho, Samsung Heavy Industries, and Hanwha Ocean — to build the necessary technical and regulatory foundations.

Building on this groundwork, KR partnered with MOF to present relevant technical considerations and lead expert session discussions at the 13th session of the IMO Sub-Committee on Pollution Prevention and Response (PPR 13) in February 2026. As a result, IMO decided to advance the formal consideration of ammonia effluent to 2027, ahead of its originally scheduled timeline.

Following the outcomes of PPR 13, a new expert group on ammonia effluent management has been established. Senior Surveyor KIM Joonghun of KR’s Convention & Legislation Service Team was appointed as the Coordinator, and the group held its kick-off meeting on May 7, 2026, with approximately 100 experts from government agencies, research institutions, as well as the shipbuilding and shipping industries participating from around the world.

The group will operate until PPR 14 as a preparatory body for the development of international guidelines. KR, in cooperation with MOF, will lead discussions on key agenda items including: the definition and scope of ammonia effluent; marine environmental impact assessment criteria; monitoring and record-keeping frameworks; data collection and sharing arrangements.

In parallel, KR also serves as the Coordinator of a separate expert group focused on developing guidelines for NOx reduction strategy failures and associated response procedures.

Deputy Senior Surveyor, KIM Changkyu of KR’s Convention & Legislation Service Team leads the discussions, providing practical support to shipowners and port authorities in implementing international regulations.

The outcomes of both groups are expected to serve as foundational references for the development of international guidelines at future IMO PPR sessions.

KIM Kyungbok, Executive Vice President of KR, stated: “KR will continue to work closely with the Korean Ministry of Oceans and Fisheries, industry partners, and research institutions to actively drive the establishment of safe and effective international standards.”KR

KR (Korean Register) was established in 1960 with the purpose of promoting safety of life, property and the protection of the marine environment. KR currently classes an international fleet of 3,250 vessels totalling 92 million GT. It is headquartered in Busan, South Korea with a network of 80 offices around the world. KR is authorized to perform statutory and certification services in 80 countries around the world.

Το άρθρο KR Drives IMO’s Marine Environmental Agenda on Ammonia Effluent Management and NOx Reduction Technology εμφανίστηκε πρώτα στο Maritimes.

The 2026 edition of the Getting to Zero Coalition Action Framework assesses and scores the progress of Coalition members across five transition categories: creating enabling conditions; incentives and market-making; first-mover and niche-market development; transition investments; and the deployment of zero-emission shipping. These are further broken down into 25 individual actions, with five in each category. Progress was scored as a percentage of the maximum possible score:

Creating enabling conditions (average score: 56%)
Actions include transition planning, progress reporting, and policy engagement
Incentives and market-making (average score: 47%)
Actions include green loans, port incentives, and zero-emission fuel matchmaking
First movers and niche market development (average score: 24%)
Actions include green corridors, pilot and demonstration projects, and book-and-claim systems
Transition investments (average score: 33%)
Actions include zero-emission engines and ships, infrastructure, retrofits, and finance
Deployment of zero-emission shipping (average score: 24%)
Actions include fuel production facilities, fuel offtake, and vessel orders

Submitted actions revealed that Getting to Zero Coalition members tend to lead the wider maritime industry in areas like progress reporting, policy engagement, and financial transparency. However, much like the wider maritime sector, the Coalition faces systemic bottlenecks that require deeper commercial commitments.

To address these bottlenecks and other challenges, the report offers several recommendations for industry actors and policymakers.

Read the Report:

Το άρθρο Getting to Zero Coalition report highlights members’ progress and systemic bottlenecks εμφανίστηκε πρώτα στο Maritimes.