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Seaspan strengthens its creative customer partnership with COSCO SHIPPING Lines by forward fixing contracts for 17 containerships

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Seaspan strengthens its creative customer partnership with COSCO SHIPPING Lines by forward fixing contracts for 17 containerships. Image: Pixabay
Seaspan strengthens its creative customer partnership with COSCO SHIPPING Lines by forward fixing contracts for 17 containerships. Image: Pixabay
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Seaspan Corporation, a wholly-owned subsidiary of Atlas Corp. announced that it has forward fixed contracts, extending current lease terms for 17 containerships with COSCO SHIPPING Lines. The vessels, representing approximately 117,700 TEU, in aggregate, were previously scheduled to conclude current charters with COSCO for two vessels in 2021, 13 vessels in 2022, and two vessels in 2023, which have now all been extended for a three-year term beginning at the end of their current charter period. Over the course of the charter terms between 2023 and 2027, these contracts will generate approximately $0.7 billion of gross contracted cash flow.1

“The forward fixing of these 17 vessels is another milestone of mutual commitment to our long-term partnership throughout the market cycles. The immediate result of forward fixing is that we have a very limited number of vessel redeliveries in 2022 and 2023. I would like to thank both teams for their seamless teamwork in creating a win-win solution. COSCO will continue to enjoy Seaspan’s excellent operational quality, scale, and flexibility, while, at the same time, allowing Seaspan to forward fix material tonnage based on current market conditions to further strengthen our long-term charter business model. The mutually beneficial approach implemented to meet COSCO and other strategic customers’ strong demand has contributed to the stabilization of the market and facilitated our customers’ competitiveness and successes in serving their end customers,” commented, Bing Chen, Chairman, President and CEO of Seaspan.

1. For charter rates that are subject to market variability, MSI forecast rates as of May 31, 2021, were used based on the age and the size of the vessels.

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Container Shipping Lines

Maersk invests in electrofuels startup company

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Maersk invests in electrofuels startup company. Image: Maersk
Maersk invests in electrofuels startup company. Image: Maersk
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Maersk Growth has made a leading venture investment in Prometheus Fuels, a Silicon Valley-based startup with a promising direct air capture-technology to enable cost efficient, carbon neutral eFuels for shipping.

The minority investment in Prometheus Fuels will support A.P. Moller – Maersk’s work to execute on the strategy to decarbonise marine operations.

Maersk expects several fuels to exist alongside in the future fuel mix and has identified 4 potential fuel pathways to decarbonization; biodiesel, alcohols, lignin-enhanced alcohols and ammonia.

The investment supports Maersk’s efforts with electrofuels which include alcohols produced from renewable energy. Along with biodiesel, alcohols including green methanol are feasible fuel technologies.

“Prometheus Fuels is developing a very exciting and innovative technology to produce carbon based electrofuels from direct air capture of CO2. Electrofuels are expected to play a key role for the decarbonisation of shipping and, if scaled successfully, Prometheus Fuels’ technology will address a key constraint for carbon based electrofuels – namely the cost competitiveness of direct air capture”, commented Morten Bo Christiansen Head of Decarbonisation, A.P. Moller – Maersk.

Maersk expects synthetic alcohols and other electrofuels to play a big role in the decarbonisation of shipping, due to its long-term scalability advantages compared to biobased fuels. Produced from renewable energy and water and ambient CO2 from direct air capture, it has the potential to offer infinite availability regardless of geographic scope.

“Our zero net carbon, zero sulphur electrofuel doesn’t compete with food production – it comes from renewable electricity and air so its feedstock is limitless. Our electrofuel offers a truly viable solution to decarbonise shipping – one that can scale and be implemented in time to avoid catastrophic global warming. We’re excited to partner with Maersk, a global leader in decarbonisation in the transportation and shipping industries, to accelerate this transition”, said Rob McGinnis, Founder and CEO of Prometheus Fuels.

Maersk joins a team of investors which includes BMW i Ventures and Metaplanet. Peter Votkjaer Jorgensen, Partner at Maersk Growth, will join the Board of Prometheus Fuels.

“Decarbonization is a strategic imperative of Maersk, so investing in this space is a natural focus point for Maersk Growth and one where we can offer value beyond capital through the expertise and scale of the Maersk organization. Prometheus’ technology has disruptive potential for the green fuel market, and we look forward to contributing as well as learning from this partnership in the years to come” said, Peter Votkjaer Jorgensen Venture Partner in Maersk Growth.

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Wan Hai Lines holds online ship naming ceremony for new vessels

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Wan Hai Lines holds online ship naming ceremony for new vessels. Wan Hai Lines Ltd
Wan Hai Lines holds online ship naming ceremony for new vessels. Wan Hai Lines Ltd
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Wan Hai Lines Ltd. held ship naming ceremonies for WAN HAI 289 and WAN HAI 290 accompanied by a charity donation. Due to the COVID-19 pandemic, a physical ceremony was replaced by an online one.

WAN HAI 289 and WAN HAI 290 are the 6th、7th vessels in a series of 2,038 teu containerships built by China Shipbuilding Trading Co., LTD., and Guangzhou Wenchong Shipyard Co., LTD. Ms. Emily Wu, Executive Vice President, Corporate Management of FAR EASTERN NEW CENTURY CORPORATION and Ms. Lily Tan, Executive Vice President of SHENZHEN MUNICIPAL RISING AGRICULTURE I/E CO.,LTD, named these two vessels respectively during the ceremony.

The 2,038 teu series is designed with LOA 175m, deadweight capacity of 23,802 mt on 10.5 m draft and a maximum cruising speed of 20.66 nautical miles. The design of 2,038 teu series takes energy efficiency and environmentally-friendly aspect into account. Moreover, all the ships delivered are certified with “Smart Ship” notations by international well-known classification societies. The newbuildings are part of Wan Hai Lines efforts to ensure their continuous pursuit of fleet upgrade in order to provide most quality service to customers.

WAN HAI 289 will be delivered on September 30th at Guangzhou Wenchong Shipyard. After delivery, she will join Wan Hai Lines’ Japan Kansai-Vietnam Service to provide efficient delivery service among the corridor.

In addition to naming the newbuildings, Wan Hai Lines also made charity donations to Sunflower Social Work Services of ZhongShan and Dongguan Social Donation Receiving Station, two local welfare organizations focusing on care for children in difficulty, people with disabilities and the disadvantaged group. The charity donations represent part of Wan Hai Lines motto, “WE CARRY, WE CARE.”, as the company is committed to fulfill its corporate social responsibility, providing quality service to customers and bringing love to the society.

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Maersk Kanoo UAE signed an agreement with Jafza to set up its first Warehousing & Distribution facility in the UAE

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Maersk Kanoo UAE signed an agreement with Jafza to set up its first Warehousing & Distribution facility in the UAE. Image: Unsplash
Maersk Kanoo UAE signed an agreement with Jafza to set up its first Warehousing & Distribution facility in the UAE. Image: Unsplash
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Maersk Kanoo UAE, an integrator of container logistics, signed an agreement with DP World’s leading trade and logistics hub, Jebel Ali Free Zone to set up its first Warehousing & Distribution facility in the UAE. The agreement was signed by Christopher Cook, Managing Director, Maersk UAE and Abdulla Bin Damithan, CEO & Managing Director, DP World – UAE Region & Jafza, today at Maersk West & Central Asia regional headquarter in Dubai. The 10,000 sq. mt. facility will be located within Jafza in Dubai.

Ocean shipping and inbound logistics & distribution have traditionally been shared amongst multiple stakeholders in the region, resulting in complex logistical requirements. With its new W&D facility, Maersk is taking an important step towards building a truly integrated solution for its customers wherein the customers will get a single window access to multiple logistics requirements, not only for the goods flowing in and out of UAE, but also to other Middle Eastern countries who use Dubai as a gateway to global trade.

“At Maersk, we are committed to connect and simplify our customers’ supply chains. And in today’s times, adding flexibility to their supply chains has become more crucial than ever. I am excited that we are taking a solid step in this direction with the announcement of our first W&D facility in the UAE.” says Christopher Cook Managing Director, Maersk UAE.

“We are proud to welcome Maersk, DP World’s longstanding partner in trade, to set up their first Warehousing & Distribution facility of UAE in Jafza. Our incredible infrastructure combined with proximity to different operations and businesses lays the right foundation for a setup that Maersk has envisaged for its growth ambitions in UAE. Combined with the strength of Jebel Ali Port, Jafza creates the ideal multimodal trade and logistics hub in the region, connecting businesses to more than 3.5 billion consumers. This move is building on the legacy of DP World and Maersk, and we look forward to extending our support through their journey with us.” commented Abdulla Bin Damithan CEO & Managing Director, DP World – UAE Region & Jafza

Maersk’s new W&D facility in Dubai will be an addition to the existing global footprint of over 250 warehouses that cover 1.5 million sq. mt. across 50 countries. The facility will offer a total storage capacity of 80,000 cubic meter and cater to various types of goods across sectors such as petrochemical, retail & lifestyle, fast moving consumer goods, technology and automotive amongst others. The facility is strategically located with not only a close link to seaport operations but also to the Al Maktoum Airport. This will allow the facility to serve consumers requiring air cross-docking and those moving less-than-container-load cargo as well.

The Maersk W&D facility will be powered by state-of-the-art warehouse management system that implements modern technologies and digital solutions for efficient inventory management, track & trace at unit-level and offers rich dashboards for higher visibility and deeper insights. For example, with advanced solutions for expiry date management, wastages in FMCG can be brought down to zero, thus building a cost competitive edge for Maersk’s customers. Christopher Cook added, “Our customers deserve solutions that add value and create efficiencies to their supply chains. With our state-of-the-art W&D facility, I am confident that we are poised well to take on this responsibility.”

The W&D facility from Maersk will be an addition to the existing services provided that include ocean shipping, landside transportation, customs clearance, contract logistics and e-comm solutions. Customers taking advantage of integrated solutions from Maersk will benefit from reduced handovers of their cargo through its journey, leading to potentially faster turnaround times, higher visibility, better control and more predictability of their supply chains.

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