Nevada Copper Files for Chapter 11 Bankruptcy Protection

June 10, 2024 – Yerington, NV: Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) and its subsidiaries (collectively, “Nevada Copper” or the “Company”) today announced that they have filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court of the District of Nevada. As disclosed in recent news releases and securities filings, the Company was in discussions with its key stakeholders and other parties to obtain funding and/or enter into a change of control transaction. However, those discussions have failed to result in obtaining such funding or other transaction, and the Company has been unable to secure additional interim funding from its key stakeholders. As a result, the Company is unable to continue carrying on business.

In conjunction with the Chapter 11 filings, the Company requested customary relief to support its employees and critical vendors during the bankruptcy process. As part of this relief, the Company is asking the Court for permission to continue to pay employee salaries and wages, and to continue other benefit programs regardless of whether amounts were owing prior to the commencement of the Chapter 11 case. The Company has received a commitment for US$60 million debtor-in-possession (“DIP”) financing to provide liquidity through the restructuring period, of which the Company is asking that US$20 million would be available on an interim basis. The Company is seeking approval from the U.S. Bankruptcy Court for the DIP financing.

Through the restructuring process, the Company does not expect to continue operations, but does intend to take steps to preserve and protect its assets. The Company plans to conduct its activities as a “debtor in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.

The Company also announced the appointment of Tom Albanese as Chair of its Board of Directors and the resignation of Randy Buffington as President & Chief Executive Officer and as a director. The Board of Directors thanks Mr. Buffington for his service to the Company.

Nevada Copper has retained Allen Overy Shearman Sterling US LLP, Torys LLP and McDonald Carano LLP as legal counsel in connection with these matters. Moelis & Company LLC has been retained as financial advisor and AlixPartners as restructuring advisor.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility and a large-scale open pit PFS stage project.

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations

 

Critical Metals to Acquire Tanbreez, One of the World’s Largest Known Rare Earths Assets

Mr. Tony Sage reports:

• Critical Metals Corp. has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine, one of the largest rare earth deposits in the world
  
• The Tanbreez Project offers a foundational permitted rare earth asset in North America and Europe
• With China dominating more than 90% of the REEs, Critical Metals Corp. acquisition of the mine strategically would establish it as a reliable supplier of critical minerals for the western world
• First significant transaction for Critical Metals Corp. in its strategic M&A roadmap, reflecting another world class addition to its portfolio of assets
• Transaction valued at up to $211 million

NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (“Rimbal”).

The Tanbreez Project is a permitted, globally significant critical minerals asset positioned to unlock a sustainable, reliable and long-term rare earth supply for North America and Europe. Once operational, Tanbreez is expected to supply rare earth elements (REEs) to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defense industry. The Tanbreez Project is expected to possess greater than 27% heavy rare earth elements (HREE), which carry a much higher value than light rare earth elements. In an industry where competitors primarily target light rare earth elements (LREE), Tanbreez is believed to be unique not only due to its significant size, but also because of its HREE asset mix.

“Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies,” said Critical Metals Corp CEO and Chairman, Tony Sage. “With Tanbreez expected to be under the Critical Metals Corp banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market. Critical Metals Corp continues to capitalize on macro-economic tailwinds and government support which are accelerating the demand for critical minerals as we play an essential role in supporting the green energy transition.”

Tanbreez Project Asset Highlights:

• Exploitation License Granted: the project is permitted with a license to mine the asset granted by the Greenland Government in 2020.
• 4.7 billion-ton Multi-Element Management Estimated Resource: S-K 1300 conversion underway.
• Reliable and Long-term REE Supply Unlocked for the West: securing one of the largest rare earth deposits in the world for national defense.
• Strategically Located: the asset is favorably located in Southern Greenland in close proximity to airport and shoreline transportation options with established infrastructure in place for year-round direct shipping of end-products.
• Environmentally Friendly Asset: minimal harmful products expected to be produced in the mineralization of REEs at the project.

Tanbreez Project Asset Overview

The Tanbreez Project is expected to have access to key transportation outlets as the project’s area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean. The outcropping ore body known as Kakortokite covers an area of 8 x 5 km and is approximately 400m thick.

This foundational rare earth asset is expected to benefit from robust regulatory tailwinds in both Europe and North American and long-term secular trends for next-generation technology for both commercial and government applications. With China dominating more than 90% of the world’s rare earth assets, this acquisition would represent a strategic move for Critical Metals Corp as it continues to position itself as a leading supplier of critical minerals for the western world. By centralizing the supply chain for critical minerals and working with Critical Metals Corp and Tanbreez, western countries can reduce their dependence on foreign imports, thereby bolstering their national security.

Critical Metals Corp’s assessment and estimates of the Tanbreez Project to date have been limited. Critical Metals Corp’s assessment of these assets may not reveal all existing or potential problems, nor will it permit it to become familiar enough with the properties to assess fully their capabilities and deficiencies. Further, Critical Metals Corp may not be able to achieve the expected benefits of the acquisition.

For more information, please see the Critical Metals Corp investor relations website for an updated investor presentation.

Advisors

Jett Capital Advisors, LLC and Cohen & Company Capital Markets, a division of J.V.B Financial Group, LLC are financial advisors to Critical Metals Corp.; White & Case LLP are legal advisors to Critical Metals Corp.

About Critical Metals Corp.

Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.

For more information, please visit https://criticalmetalscorp.com/.

World Bank tribunal rules against Canadian miner in legal dispute with Colombia

Essiy Park, June 10, 2024

The request for arbitration was filed before ICSID in March 2018 and sought compensation of approximately USD 177 million.

According to one PRESS issued by the National Agency for the Judicial Defense of the State of Colombia, the decision of the International Center for the Settlement of Investment Disputes states that the ban on mining is a legitimate regulatory measure and that Colombia has not expropriated nor violated the standard of fair and equitable treatment.

The tribunal found that the South American government had acted in good faith and exercised regulatory powers to protect the marsh (known as páramo in Spanish) ecosystems.

In its decision, ICSID also noted that there was no legitimate reason for Montauk to expect Colombia not to protect the páramos.

“Colombia celebrates the decision of the arbitral tribunal, which recognizes our country’s legitimate efforts and measures to protect the environment and areas of general interest,” the press release said.

Previous

This ICSID decision is in line with a March 2024 ruling by the same court in a similar suit brought by Canada’s Red Eagle Exploration Limited against Colombia to ban mining in the Santurbán springs.

Similar to the Montauk Metals award, ICSID found that Colombia did not breach the alleged reasonable expectation, nor did it act in a lack of transparency, unreasonable or arbitrary, disproportionate or discriminatory manner.

The tribunal concluded that Colombia had not acted in violation of the Minimum Treatment Standard, nor had it been shown that Colombia had indirectly expropriated Red Eagle’s mining concessions, as the company claimed in its claim.

One case remains

In its press statement, the National Agency for Judicial Defense of the State points out that the Montauk and Red Eagle judgments demonstrate that the country did not cause unnecessary uncertainty or take arbitrary measures in a similar case brought before ICSID by another Canadian miner , Eco. Gold Minerals.

In this particular case, the tribunal found in September 2021 that the Andean country acted in violation of investment protection rules enshrined in the Canada-Colombia free trade agreement when it issued new regulations that expanded wetland protection and reduced half the area where Eco Oro. develop the Angostura project.

However, ICSID also recognized that the measure was not discriminatory against Eco Oro’s shareholders and was an effort to legitimately protect the environment. Thus, he asked for more information from both sides.

Páramo de Santurbán is a protected area in the Andes Mountains. It is covered with subalpine forests above the continuous tree line but below the permanent snow mark, where water is naturally stored during the rainy season and released during the dry season.

 

NATO Studies Effects of Warming on Arctic Ocean's Sonar Properties

NRV Alliance (NATO file image)

PUBLISHED JUN 9, 2024 7:19 PM BY THE MARITIME EXECUTIVE

 

 

Courtesy of climate change, the Arctic Ocean is steadily transforming into a geopolitical and military theatre. This shift is central to the evolution of defense alliances such as NATO, with strategic interests of members states in the High North changing.

In response, NATO has heightened its research expeditions in the Arctic Ocean to help structure an appropriate defense adaptation to the region’s evolving landscape. Last week, scientists and engineers from the NATO Science and Technology Organization’s Centre for Maritime Research and Experimentation (CMRE) arrived at the Norwegian port of Tromsø to begin two new iterations of combined research missions, which will assess the impact of climate change in the Arctic.

In the first research mission, NREP24 (Nordic Recognized Environmental Picture), scientists will focus on changes in sound propagation in the central Barents Sea. A detailed understanding of sound propagation is essential to submarine warfare, and it is the primary military application for physical oceanography. The other mission, ACO24 (Arctic Climate Observatory), will collect data related to long-term environmental conditions in the same area, including marine biology and water movements. The missions will be conducted between June 8 to July 12.

The researchers onboard NATO research ship NRV Alliance will map how the transformation of the Arctic affects sonar performance in the region. The data collected will help adapt the technology for submarines, uncrewed underwater vehicles and other platforms operating in the fast-changing Arctic ocean conditions. Indeed, climate change in the Arctic could potentially affect the resilience of military installations and critical infrastructure, creating harsher conditions for NATO operations in the region.

The area of research for the first time will be the Barents Sea Polar front, a region where the Atlantic and Arctic water masses meet but do not mix. This polar front is highly sensitive to the environmental changes happening in the Arctic, but the full extent of the impact is yet to be known.

In 2017, NATO launched a multi-year oceanographic research project to assess changes in different parts of the Arctic Ocean. This year’s NREP 24 is the latest iteration of the multi-year project. It is funded by NATO’s Allied Command Transformation (ACT) with the participation of partner institutions from France, Norway, the Netherlands, the UK and the US. ACO 24 is the second iteration of a study launched last year in response to NATO’s 2022 Strategic Policy Concept, which identifies climate change as a “crisis and a threat multiplier” in regions such as the Arctic.

 

UK is On Track to Miss its 2030 Offshore Wind Targets by 18 Years

iStock

PUBLISHED JUN 9, 2024 2:27 PM BY THE MARITIME EXECUTIVE

 

 

The UK is second in the world after China in terms of offshore wind capacity, but a new report estimates that it could miss its 2030 offshore wind targets by as much as 18 years. The report - written by the London-based research firm Institute for Public Policy Research (IPPR) - says that the UK must triple installation of offshore wind in the next seven years if it is to achieve its 50 GW ambition by 2030.

The report also singles out wind manufacturing as a missed economic opportunity in the UK’s advanced offshore wind sector. The UK does not have any nacelle manufacturing facilities or any major player specialized in wind towers. If the UK had exploited its huge market for wind installation to the same extent as other leading European nations in wind manufacturing (such as Denmark, Germany and Spain), it would have generated up to an additional $38 billion in economic activity between 2008 and 2022.

Currently, China is leading in wind sector manufacturing, accounting for three-fifths of the world’s manufacturing capacity in wind nacelles and blades. In addition, the main builders of the specialized vessels for offshore wind deployment are also Chinese.

While the global manufacturing capacity meets the current demand for wind turbines, supply chain shortages are projected to start appearing in regions such as Europe from 2026.

IPPR argues that the UK can reduce its import and energy dependence through reviving its manufacturing industry to produce more wind components domestically. The study found that the UK could build at least one additional blade factory, two nacelle and tower factories and two extra foundation factories in less than five years. An investment of $4 billion in UK manufacturing facilities could generate tens of thousands of direct and indirect jobs, particularly in small and medium enterprises.

“The IPPR’s report highlights the extraordinary opportunity that the UK has in new investment in offshore wind manufacturing. It will enable industry, governments across the UK and other funders to better align their investments to boost green jobs and manufacturing in the UK by mobilizing nearly [$3.8 billion] of funding nationwide, with private finance doing the heavy lifting. This will bring a return of [$9 for every $1] invested,” said Ajai Ahluwalia, head of supply chain at Renewable UK.

Meanwhile, IPPR also made some policy recommendations to spur the growth of UK’s offshore wind sector. These include a call to government to fix the current demand problem by ensuring developers have long term contracts, with the introduction of non-price criteria in Contracts for Difference (CfDs). An upgrade of infrastructure by renovating ports and maritime assets to deliver and install large-size offshore wind farms would also assist.

Central Atlantic Environmental Assessment Released Preparing for Wind Sale

BOEM is pushing forward toward the sale of two zones in the Central Atlantic region (file photo)

PUBLISHED JUN 6, 2024 3:36 PM BY THE MARITIME EXECUTIVE

 

The Bureau of Ocean Energy Management (BOEM) continues to move at a fast pace to advance the U.S. offshore wind energy sector. Today it is announcing the availability of its final Environmental Assessment for potential offshore wind development off the Delaware, Maryland, and Virginia coasts collectively known as the Central Atlantic region.

The proposal for the offshore wind lease sale for two areas along the Central Atlantic was announced in mid-December 2023. In January and February, BOEM first released its draft of the environmental impact and then ren the mandated public comment period. The review concluded that there would be no significant impacts from lease issuance after reviews including a site assessment and site characterization activities such as geophysical, geological, and archaeological surveys.

The next step in the process would be publishing a final sale notice at least 30 days prior to the proposed auction. BOEM reports that it plans to hold the sale for the Central Atlantic region later this year.

“BOEM is proud to continue to support the clean energy transition in a responsible manner in the Central Atlantic region,”?said BOEM Director Elizabeth Klein. She highlights the approval of the nation’s first eight commercial-scale offshore wind energy projects along with four offshore wind lease auctions, conducted since the Biden administration took office in 2021.

The initiative is mapping out two parcels in the Central Atlantic. The areas include one approximately 26 nautical miles from the Delaware Bay that would potentially serve Maryland and Delaware. The second is 35 nautical miles from the mouth of the Chesapeake Bay to serve Virginia.

Work has already commenced last month on the first wind farm in the region. Dominion Energy has begun offshore work for its wind farm which will be offshore from Virginia Beach and is the largest wind farm so far in the U.S. Once complete in late 2026, Coastal Virginia Offshore Wind will consist of 176 turbines with a capacity of 2.6 GW.

The Department of the Interior defined a total of four areas within the zone of 20 to 60 miles of the coast ranging from Delaware in the north to North Carolina in the south as possible areas in the Central Atlantic. They also targeted two large zones further offshore into the Atlantic for possible future consideration.

In April, they mapped out a new five-year offshore wind leasing schedule, which includes up to 12 potential offshore wind energy lease sales through 2028. The leasing schedule includes four potential offshore lease sales in 2024, one each in 2025 and 2026, two in 2027, and four in 2028. Since then, they have also completed an environmental assessment in the Gulf of Maine and proposed sales for the Gulf of Maine and off the coast of Oregon.

The Gulf of Maine Wind Energy Area proposal would include eight lease areas offshore Maine, Massachusetts, and New Hampshire, totaling nearly one million acres, which have the potential to generate approximately 15 GW of renewable energy. The proposed lease sale in Oregon includes two lease areas totaling 194,995 acres, one in the Coos Bay Wind Energy Area and the other in the Brookings Wind Energy Area. The proposals for Oregon continue to face strong opposition from local groups.

The Department highlights it has approved more than 10 gigawatts of energy from offshore wind projects, enough to power nearly 4 million homes. It is moving forward with the goal of having 30 GW of offshore wind energy capacity by 2030 although many experts believe the setbacks in 2023 mean it is unlikely the goal can be reached on schedule. The department is also looking to advance floating offshore wind as part of the second phase of the industry’s development.

IRONY

South Africa Commisions Solar Array for Continent's Largest Coal Port

Port of Richards Bay coal and petroleum terminals (Transnet file image)

PUBLISHED JUN 9, 2024 8:28 PM BY THE MARITIME EXECUTIVE

 

 

In a bid to decarbonize South Africa’s major ports, Transnet National Ports Authority (TNPA) has appointed Amulet Group Consortium to construct and operate its first 20 MW solar photovoltaic plant at the Port of Richards Bay. This project is part of the agency’s plans to install about 100 MW of renewable energy across South Africa’s eight commercial seaports.

The appointment of Amulet Group follows an RFP process that TNPA launched in May 2023. The consortium will be responsible for building and operating the 20 MW solar power and battery energy system at the Port of Richards Bay for seven years. TNPA expects that the design and construction of the plant will begin this month and will be operational by May 2026.

“The introduction of a renewable energy solution in the port system will enable the reduction of carbon emissions and greenhouse gas emissions from coal-generated electricity,” said Moshe Motlohi, TNPA Managing Executive for the Eastern Region ports.

Besides renewable energy, TNPA’s energy mix plans include the use of LNG, micro grids and battery energy storage systems (BESS). The operator is also exploring future use of green fuels such as ammonia or hydrogen in its marine fleet.

Last year, TNPA issued a Request for Information (RFI) for the development of a hydrogen fuel terminal and other related facilities at South African ports. The RFI is intended to assess the feasibility of operating and maintaining an import and export terminal for hydrogen at major South African ports.

 

ILA Suspends Talks, Warns of “Little Faith” in Reaching Deal On Time

ILA is citing the use of an Auto Gate system by APM Terminals in Mobile as the cause of the suspension (APM Mobile file photo)

PUBLISHED JUN 10, 2024 12:36 PM BY THE MARITIME EXECUTIVE

 

 

The International Longshoremen’s Association is continuing its tough stance against port automation, announcing today the suspension of contract negotiations due to an issue over automated gates. Noting it is only four months until the master contract expires covering all  the U.S. East Coast and Gulf Coast ports, the ILA said in its statement that it has “very little faith that these issues will be addressed in time.” In the past, the union has said it will not go past the September 30 expiration and would strike.

The suspension came just one day before the ILA and the United States Maritime Alliance (USMX) were scheduled to meet for talks regarding the master contract. Talks have been underway since last year for the local contracts with the goal of having completed that phase and now moving into the master contract. The ILA says it will not meet with USMX until the current automation issue is resolved.

The ILA is citing APM Terminals, Maersk’s port company, for the suspension saying the company is utilizing an Auto Gate system, which processes trucks without ILA labor, at the Port of Mobile, Alabama. The ILA says it has heard reports that the system is being used in other ports as well.

In announcing the suspension, they said this is another example of efforts to circumvent the current contract. They are calling the Auto Gate system “a clear violation,” while also accusing APM Terminals and Maersk of “repeated attempts” to circumvent the contract.

“There’s no point trying to negotiate a new agreement with USMX when one of its major companies continues to violate our current agreement with the sole aim of eliminating ILA jobs through automation,” said International President Harold Daggett, who serves as chief negotiator for the union.

The contract covers at least 45,000 dockworkers along the U.S. East Coast and the Gulf Coast ports. The union claims a total membership of 85,000 members with its reach extending to the Great Lakes ports, inland river ports, and south the Bahamas and Puerto Rico.

The ILA has long expressed deep concern about automation, and the union reiterates it in its statement. They cite President Daggett’s firm stance against any technology that threatens ILA jobs. It is a long-running issue for the East Coast union which in today’s announcement cites, “The ILA lost tens of thousands of jobs in the 1970s due to containerization.”

They are specifically citing Maersk saying the shipping company “has a track record of pushing automation.” In addition, they are also calling on President Joe Biden to recognize the threat to American jobs.

The ILA is saying that it “believes there are many issues that need to be resolved in their current agreement before they resume negotiations.” With less than four months until the contract's expiration, “the ILA has very little faith that these issues will be addressed in time.”

Daggett is saying that he thinks, “This time, it caught up with them." He accuses management of historically dragging its feet during contract negotiations. It is a different position from just a month ago when the union and USMX said they were confident in reaching an agreement in time.

Experts have warned of devastating consequences to the U.S. economy from a strike that would come in the final stretch of the presidential elections. In March, the trade group representing the U.S. apparel, footwear, and accessories industry called for “immediate engagement” by the Biden Administration similar to its efforts a year ago to complete the agreement for the West Coast port. 

Six years ago in 2018, the ILA and USMX reached tentative terms in June 2018, well ahead of the expiration. Final ratification took place in early September with a signing ceremony four days before the end of the contract. Both in 2012 and again in 2018 a contract agreement was reached without any disruption or delays at the ports. Since 1977, USMX and its predecessor organizations said it has successfully negotiated 10 new contracts with the ILA without a coast?wide work stoppage.
 

 

DFDS Sells Historic Passenger Route to Focus on Logistics

Pearl Seaways and her running mate will be acquired by the Swedish ferry company along with the route (DFDS)

PUBLISHED JUN 10, 2024 3:20 PM BY THE MARITIME EXECUTIVE

 

 

Denmark’s famed ferry operator DFDS Seaways announced that it is selling one of its original routes that has been in service since 1866 and the founding of the company. Sweden’s Gotlandsbolaget is acquiring the route, including two ships, terminals, and employees for the mini-cruise service between Oslo, Norway and Frederikshavn and Copenhagen in Denmark.

The service is being described as a “cherished public institution in Denmark and Norway,” with both companies reporting service will continue uninterrupted. The Swedish ferry operator is paying approximately $57.6 million and expects to close the transaction in October. DFDS will continue to operate the route will October 31.

DFDS reports the route carries more than 700,000 passengers annually. Revenue in 2023 was approximately $130 million, which was about three percent of DFDS overall.

Explaining the reasoning for selling the route, DFDS says it is mostly a passenger route with cruise ferries and limited freight capacity and market size. The route operates primarily for leisure travel offering a mini-cruise lasting up to approximately 19 hours overnight between the two countries traveling approximately 275 nautical miles. 

“DFDS is however today a transport and logistics company bridging Europe and the route deserves a new owner that can continue to invest in and develop the great maritime experience the route offers for passengers,” said Torben Carlsen, CEO of DFDS.  He said the route “deserves a new owner that can continue to invest in it.” After the transaction, DFDS will have 21 Danish-flagged vessels employing around 1,100 seafarers.

Gotlandsbolaget is acquiring the Ro-Ro cruise ferries Pearl Seaways and Crown Seaways. Introduced in 1994, Crown Seaways (35,500 gt) has space for 1,790 passengers and 450 cars. Pearl Seaways was built in 1989. She is 40,000 gt with accommodations for 1,800 passengers and 320 cars. The company also is buying the port and terminal agreements and will take on approximately 800 sea and land-based employees.

“We see great potential in this business," said Håkan Johansson, CEO of Gotlandsbolaget. "We are doubling the number of employees within the group, so it is a big step for us. Gotlandsbolaget aims to expand within passenger shipping and cruises and this is a very attractive combination of the two."

Gotlandsbolaget has four ferries currently and operates the sea route between Gotland and the mainland with terminals in Visby, Nynäshamn, and Oskarshamn. The two acquired vessels will remain registered in Denmark and the company reports it will launch a new brand for the operation. This year they also relaunched the operations of Birka Stockholm, another cruise ferry. The ship was acquired after Birka closed its cruise operations during the pandemic.

 

Experts Discuss Port City Smart Sustainability at 2024 Smart Harbors Forum

Image 1. At the opening of the Smart Port Vision Pavilion, TIPC Chairman Hsien-yi Lee (4 th from right) joined telecom industry representatives to share and promote the latest smart-port application developments with pavilion visitors.

PUBLISHED JUN 10, 2024 12:49 PM BY THE MARITIME EXECUTIVE

 

[By: Taiwan International Ports Corporation]

Taiwan International Ports Corporation (TIPC)’s Smart Port Vision Pavilion at this year’s 2024 Smart City Summit and Expo exhibition, held from March 21st to 23rd at the Kaohsiung Exhibition Center, reflected the exhibition’s digital x green transformation theme. The pavilion shared the results of the Taiwan ports’ Trans-SMART 2.0 Plan, introduced the joint TIPC Chunghwa Telecom 5G AIoT-based 24/7 Smart Harbor & Coastal Surveillance System Verification Project, presented new sensor technology for a 5G-integrated logistics network, and demonstrated a 24/7 IoT-based oil pollution surveillance system and an autonomous surface vehicle designed to collect and dispose of waste floating in harbor waters. These innovations would help to raise the effectiveness of port water area management and infuse new vitality into port city sustainability.

During the Summit and Expo, TIPC participated in the 2024 Smart Harbors Forum held by the Kaohsiung City Government on March 22nd in the exhibition center’s 301a conference
room. To address trends in smart transformation and net zero sustainability, forum organizers invited TIPC Executive Vice President Chin-jung Wang, Deputy Director of the MODA Administration of Digital Industries Jiunn-Shiow Lin, Chunghwa Telecom Chairman Shui-yi Guo, Far EasTone President Ching Chee, Gorilla Technology Group Vice President Feng-Xu Song, NSYSU College of Marine Sciences Vice Dean Dr. Shiau-Yun Lu to deliver presentations on topics addressing digital net zero, sustainable development, and smart applications in the context of port cities. The presentations and associated workshops, which centered on smart, sustainable harbor development, attracted over 200 attendees in all.

In his presentation, TIPC Executive Vice President Chin-jung Wang discussed the important role that smart application and system integration is playing in enhancing TIPC port competitiveness. New and innovative digital solutions, he emphasized, have been steadily introduced and integrated in the four critical areas of work safety, operational efficiency, service quality, and sustainable development. Under the forum theme “Digital Twin: Realizing a Sustainable Future for Smart Ports”, VP Wang discussed the results of Port of Kaohsiung’s transformation over the past several years as well as how the port has addressed the brisk pace of smart technology development and worked to achieve port digital resilience and then to partner with port industries to achieving smart port development. He also updated forum attendees on his company’s progress with installing intelligent berth status e-billboards, the Port-168 system, the 3D smart operations map base, and KPCT operations management platform. Looking ahead, smart port efforts at TIPC will focus on leveraging “Digital Twin” functionality and installing IoT-connected sensing equipment to collect real-time dynamic data on TIPC ports and on leveraging AI- enabled technologies coupled with VR analytics to model and predict actual port operation conditions to raise operational efficiency. Furthermore, with regard to TIPC’s industry partnerships, VP Wang discussed his company’s policies encouraging firms to use TIPC ports as test beds for innovative new technologies and incentivizing port industries to digitally transform their operations. In the spirit of SDG 17, TIPC is committed to working in partnership with other port stakeholders to promote sustainable smart-port development and to make the entire maritime and ports sector smarter, safer, and more efficient.

The products and services herein described in this press release are not endorsed by The Maritime Executive.

 

Auramarine Wins Methanol Fuel Supply System Order for Mein Schiff 7 Vessel

PUBLISHED JUN 10, 2024 12:44 PM BY THE MARITIME EXECUTIVE

 

[By: Auramarine Ltd.]

Auramarine Ltd, the leading fuel supply systems pioneer for the marine, process and power industries, has announced that it has won an order from Meyer Turku shipyard for a methanol fuel supply system and associated equipment for the luxury Mein Schiff 7 cruise vessel owned by TUI Cruises. 

Auramarine’s equipment deliveries began in 2023 and continued over the spring of 2024.  Sea trials were conducted in May 2024, and the vessel is scheduled for delivery over the summer this year. The newbuild is the first of its kind in the maritime industry and aligns with TUI Cruises’ sustainability strategy of offering the first climate-neutral cruises by 2030. In conjunction with this, TUI Cruises’ fleet is reducing CO2 emissions by 27.5 per cent in absolute terms by 2030.

Mein Schiff 7 is a state-of-the-art vessel that prioritises sustainability and efficiency. With a length of 316 meters and a width of 35.8 meters, it can accommodate nearly 2,900 passengers and 1,000 crew members. The cruise ship’s operations will be powered by low-emission marine diesel oil, with a sulphur content of 0.1 per cent, and a shore power connection for almost zero-emission operation in port (which accounts for 40 per cent of its operating time).

Tapani Pulli, Deputy CEO at Meyer Turku, said: “With the building of Mein Schiff 7, TUI Cruises is setting new standards for driving sustainability and emissions reduction within the cruise market. As the first methanol-ready cruise vessel, having the right technology and infrastructure to successfully and safely deliver the new fuel is central to efficient and sustainable operations.  Auramarine is pioneering the development of systems that meet the shipping industry’s requirements within the energy transition, and we are delighted to have them onboard supporting Meyer Turku and our customers.”

Auramarine’s methanol fuel supply system ensures the safe delivery of methanol from the service tank to the master fuel valve, regulating the flow, pressure and temperature of the methanol to meet the specific requirements of the engine. The system actively maintains the supply pressure within the specified tolerances during load changes and filters the fuel to prevent any impurities from entering the engine. As part of the order, Auramarine will supply the methanol bunker and transfer systems including the vital automation and safety systems that ensure safe and reliable operations. A gas detection system and a methanol bilge system are also included.

“We have worked very closely with Meyer Turku throughout the development and design of this methanol fuel supply system for this project,” said John Bergman, CEO at Auramarine.

“We have spent a significant amount of time, using our 50 years of experience, to bring to market new supply solutions that empower our customers to deliver on their sustainability strategies while meeting shipping’s decarbonisation targets.  We are honoured that Meyer Turku and TUI Cruises have selected and entrusted us to deliver our methanol supply system and to play a part in the development of this pioneering cruise vessel.”

The products and services herein described in this press release are not endorsed by The Maritime Executive.

Auramarine and Specs Corporation to Strengthen Presence in South Korea

John Bergman, CEO of Auramarine & Leeman Lee, President of Specs Corporation Ltd.

PUBLISHED JUN 9, 2024 11:14 PM BY THE MARITIME EXECUTIVE

 

[By: Auramarine]

Auramarine, the renowned provider of fuel supply systems for the marine, power and process industries, has announced that it has signed a representative agreement with Specs Corporation Ltd., a leading Korean marine equipment and services provider. This strategic partnership underscores Auramarine’s commitment to delivering unparalleled solutions to the maritime sector and strengthens the company’s presence in the South Korean market.

Under the terms of the agreement, Specs Corporation will serve as an official Auramarine sales representative for its fuel supply units. This includes its conventional systems, as well as its specialist solutions for methanol and ammonia, and will be applicable for newbuildings, retrofits, commissioning and maintenance services. The collaboration will enable Auramarine to leverage Specs Corporation’s extensive network and expertise in providing services to South Korean shipyards, engine manufacturers and ship owners.

Commenting on the announcement, John Bergman, CEO of Auramarine said, “We are delighted to embark on this journey with Specs Corporation as our trusted partner in the important South Korean market. They have been serving engine manufacturers for a long time, have close and collaborative relationships with shipowners and shipyards and a deep knowledge of exactly what is required from fuel supply systems. Importantly, Specs’s established reputation and forward-thinking vision align seamlessly with our own, making them an ideal partner.”

Mr. Leeman Lee, President of Specs Corporation Ltd, also stated, “Specs Corporation’s mission is based on providing superior performance, service, and solutions to ensure customer satisfaction. We are delighted to welcome Auramarine to our portfolio of market-leading technologies. We both share the drive to be a part of the energy transition within the industry and this collaboration, which includes fuel supply systems for methanol and ammonia, represents a clear step forward in our commitment to offering cutting-edge solutions to the South Korean maritime industry that drive increased sustainability. We look forward to a successful and prosperous partnership with Auramarine.”

Both Auramarine and Specs Corporation boast a legacy of excellence spanning five decades. The new alliance signifies a union of expertise, innovation, and customer-centric values and a commitment to setting new benchmarks for excellence in the South Korean maritime market and beyond.

The products and services herein described in this press release are not endorsed by The Maritime Executive.