Marine fuels supplier Peninsula splits off shipping operations

Marine fuels supplier Peninsula has spun off its shipping operation into a separate entity named Hercules Tanker Management (HTM), a Peninsula press release said on Wednesday, seeking to expand in the tanker freight sector. Hercules will take over Peninsula’s vessel assets and operate as an independent ship owner, trading its vessels in tanker freight markets …

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Lloyd’s Register commissioned research reveals the rapid rise of AI in maritime

New research estimates that the maritime artificial intelligence (AI) market is now valued at USD $4.13 billion, with a projected five-year compound annual growth rate of 23%. This marks a substantial increase from last year’s valuation of USD $1.47 billion, underscoring the rapid adoption of AI technologies across the sector, according to the Beyond the …

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Hungarian presidency seeks to exempt planes and ships from fuel tax for 20 years – T&E reaction

The Hungarian presidency is proposing to exempt aviation and shipping from fuel tax for the next 20 years. The text recommends that the EU, after 15 years, examines “whether all conditions are met to apply the same minimum level of taxation to aviation fuel as motor fuels”. The Hungarian Presidency has put forward a compromise …

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Reed Smith advises CIMC Financial Leasing Shenzhen Qianhai Ltd in landmark arrangement with Arkas Group, Turkey’s largest container ship owner

Global law firm Reed Smith advised CIMC Financial Leasing Shenzhen Qianhai in a landmark lease financing arrangement for six new container vessels in partnership with Arkas Group, Turkey’s largest container ship owner. This significant financing package includes six eco-design panamax container ships, each with a capacity of 4,300 TEU (twenty-foot equivalent unit) constructed by CSSC …

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