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- Received Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for nuclear-powered container ship - Unveiled model at U.S. New Nuclear for Maritime Summit - showcasing economic efficiency, performance, and safety - "Developing a business model by 2030 to accelerate the commercialization of marine nuclear technology" SEOUL, South Korea, Feb. 13, 2025 /PRNewswire/ -- HD Korea Shipbuilding & Offshore Engineering (HD KSOE), an intermediary holding company for HD Hyundai's shipbuilding sector, has unveiled a nuclear-powered container ship model utilizing Small Modular Reactor (SMR) technology, accelerating the development of nuclear-powered vessels. A rendering of a 15,000 TEU-class SMR-powered containership unveiled by HD Korea Shipbuilding & Offshore Engineering On the 12th(Wednesday), HD KSOE announced that it had revealed its nuclear-powered container ship design model for the first time at the New Nuclear for Maritime Houston Summit, held at the Asia Society Texas Center in Houston, USA. Previously, HD KSOE had obtained Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for a 15,000 TEU-class container ship design model applying SMR technology. The newly unveiled design model features enhanced economic efficiency and safety by incorporating actual equipment and safety design concepts. Unlike conventional ships, nuclear-powered vessels do not require engine exhaust systems or fuel tanks. HD KSOE has optimized the space previously occupied by large engine room equipment to accommodate additional containers, enhancing economic efficiency. The company has also applied a marine radiation shielding system using a double-tank method with stainless steel and *light water to ensure safety. Furthermore, HD KSOE, in collaboration with global energy technology company Baker Hughes, has applied a *supercritical carbon dioxide-based propulsion system, improving thermal efficiency by approximately 5% compared to existing steam-based propulsion systems. HD KSOE plans to establish a marine nuclear demonstration facility at its Future Technology Test Center in Yongin, Gyeonggi Province, to verify safety designs. "Nuclear-powered vessels can be a game-changer in the current shipbuilding market, where carbon neutrality is emerging," said Patrick Ryan, Chief Technology Officer of ABS. "ABS and HD KSOE will contribute to accelerating the commercialization of marine nuclear technology in the global shipbuilding market." Meanwhile, at the summit, a discussion on 'Maritime Civil Nuclear Propulsion for Large Ships' was held, featuring Park Sangmin, Head of HD KSOE's Green Energy Research Lab; Christopher J. Wiernicki, Chairman, President, and CEO of ABS; and John Michael Richardson, former U.S. Chief of Naval Operations. "HD KSOE is strengthening cooperation not only with major classification societies but also with international regulatory bodies to establish international regulations necessary for the commercialization of nuclear-powered vessels," said Park Sangmin. "Starting with the land-based SMR reactor manufacturing project, we aim to develop a marine nuclear business model by 2030." Since February last year, HD KSOE has been accelerating related technology development through joint research on next-generation SMRs with TerraPower. In December of the same year, the company secured an order to manufacture the main equipment for TerraPower's Natrium reactor, which is being constructed in Wyoming, USA. *Light water: Water used as a coolant and neutron moderator in reactors. *Supercritical carbon dioxide-based propulsion system: A technology that generates energy by heating carbon dioxide in a supercritical state. It enables high-efficiency power generation even at low temperatures and pressures, making it a next-generation power generation technology.
Winners Deliver Authentic Experiences, Enhanced Well-Being and Unforgettable Moments ~ FTG Becomes the First Rating System to Honor Cruise Ship Restaurants ATLANTA, Feb. 12, 2025 /PRNewswire/ -- Forbes Travel Guide ("FTG")—the only independent, global rating system for luxury hotels, restaurants, spas and ocean cruises—today revealed its 2025 Star Awards. See the full list of honorees on ForbesTravelGuide.com. Forbes Travel Guide The 67th annual list spans more than 2,100 properties in 90 countries. It features 336 Five-Star, 645 Four-Star and 567 Recommended hotels; 79 Five-Star, 128 Four-Star and 64 Recommended restaurants; 124 Five-Star and 224 Four-Star spas; seven Four-Star and seven Recommended cruise ships; and three Four-Star and three Recommended cruise ship restaurants—a new rating accolade. The ratings expanded into new destinations, including Brunei; Costa Navarino, Greece; Finland; Haikou, Xiamen and Xi'an, China; Kazakhstan; Malaga, Spain; Montenegro; Oualidia and Tamuda Bay, Morocco; Phu Quoc, Vietnam; Romania; and Salzburg, Austria. FTG's inaugural cruise restaurant ratings feature Celebrity (Apex and Ascent's Fine Cut Steakhouse), The Ritz-Carlton Yacht Collection (Evrima's S.E.A.), SeaDream Yacht Club (SeaDream II's Dining Room), Silversea (Silver Origin's The Grill) and Windstar (Star Pride's Candles). Some key trends from FTG's inspections: The boundaries of luxury expand. Hotels are embracing an increasingly adventurous luxury clientele exploring less-traveled locales, as evidenced by new destinations on the 2025 list. Authenticity is key; inspectors noted a sense of place created not only by décor and cuisine, but also through the thoughtful integration of local customs and history. Hotels pave the way to wellness. Health-focused experiences and the demand to feel well after your trip are priorities for today's traveler. FTG data show this trend holding strong among Five-Stars and expanding notably among Four-Star and Recommended properties. Luxury collaborations up the ante. Hotels are partnering with ultra-luxury brands in creative ways to enhance the guest experience. Atlantis The Royal in Dubai, for example, collaborated with Louis Vuitton on a property-wide art installation celebrating the Five-Star hotel's first anniversary. Geographic highlights of the 2025 Awards: For the third straight year, Macau holds strong as the destination with the most Five-Star hotels (24), adding Epic Tower at Studio City Macau and Raffles at Galaxy Macau, as well as seven new Five-Star restaurants: Aurora (Altira Macau), Chef Tam's Seasons (Wynn Palace), Don Alfonso 1890 (Palazzo Versace Macau), The Huaiyang Garden (The Londoner Hotel), Mesa by José Avillez (The Karl Lagerfeld), Yamazato Macau (Hotel Okura Macau) and Zuicho (Grand Lisboa Palace Macau). The U.S. gained new Five-Stars in Arizona (The Canyon Suites at The Phoenician, A Luxury Collection Resort), California (The Maybourne Beverly Hills and Olivella restaurant at Ojai Valley Inn) and Montana (RiverView Ranch and Spa Montage Big Sky). Europe had a strong showing, with new Five-Stars in Azerbaijan (Four Seasons Hotel Baku), France (Carlton Cannes, a Regent Hotel), Greece (Mandarin Oriental, Costa Navarino), Italy (Castelfalfi), Spain (Rosewood Villa Magna) and the U.K. (The Cadogan, A Belmond Hotel, London and Raffles London at The OWO). China is roaring back. In addition to Macau winners, China added Five-Stars in Guangzhou (Rosewood Guangzhou) and Hong Kong (The Ritz-Carlton, Hong Kong). Elsewhere in Asia, new Five-Star hotels arrived in Hanoi, Vietnam (Capella Hanoi), and Singapore (The Paiza Collection at Marina Bay Sands). New Five-Star hotels also came to the Middle East (One&Only Royal Mirage - The Residence in Dubai and The St. Regis Abu Dhabi) and Africa (Waldorf Astoria Seychelles Platte Island). "Forbes Travel Guide's Star Award winners exemplify excellence in hospitality," says Amanda Frasier, FTG's President of Standards & Ratings. "This year's list reflects the changing landscape of luxury with properties setting the standard for authentic experiences, unparalleled amenities, enhanced well-being and the delivery of unforgettable moments. We are thrilled to recognize their dedication to creating world-class experiences for today's discerning guest." For images, click here. Learn how FTG compiles its Star Ratings here. View the complete list of 2025 winners here. Connect with FTG: Instagram: www.instagram.com/ForbesTravelGuideX: www.twitter.com/ForbesInspectorFacebook: www.facebook.com/ForbesTravelGuide About FTG: Forbes Travel Guide is the only global rating system for luxury hotels, restaurants, spas and ocean cruises and their restaurants. Our anonymous inspectors evaluate hundreds of exacting standards, with an emphasis on exceptional service, to help discerning travelers select the world's best experiences. The only way to get a Five-Star, Four-Star or Recommended rating is by earning it through our exacting inspection process. Visit us at ForbesTravelGuide.com.
Funding secured with UK bank DF Capital to enable production to continue at Fairline Yachts Administrators encourage interest from international as well as domestic investors OUNDLE, England, Feb. 11, 2025 /PRNewswire/ -- The Joint Administrators of Fairline Yachts Limited ("Fairline Yachts"), a luxury yacht manufacturer, have secured funding for the business and are seeking a buyer to take the iconic brand forward. The additional funding, provided by its existing specialist lender DF Capital, will enable the business to continue the production and sale of its yachts for customers worldwide and retain its 250 employees. Fairline Yachts Founded in 1967, Fairline Yachts has built a reputation for crafting best-in-class yachts for its customers, with whom it has established long-term relationships. The company has four yacht ranges, from 33 ft to 68 ft models, which are sold globally both directly and via local dealerships. Fairline's expert team of 250, based across two sites in Oundle and Suffolk, include highly skilled craftsmen with deep experience in the industry. The Administrators are now encouraging any interested parties to contact them to discuss the opportunity to acquire one of the yacht industry's most recognisable brands. Michael Magnay, Joint Administrator to Fairline Yachts, commented: "Fairline Yachts is an iconic brand with a committed and passionate team of experts who have established deep relationships with dealers and end customers over many years. The business is known throughout the world for the quality of its craftsmanship and the innovative design of its yachts. We expect that it could have broad appeal, to international investors as well as domestic. We encourage interested parties to make contact with us to discuss the opportunity to acquire this exciting business." Notes to Editors About Alvarez & Marsal Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems. With over 10,000 people across five continents, we deliver tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M's restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what's really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth. To learn more, visit: AlvarezandMarsal.com. Follow A&M on LinkedIn, Twitter and Facebook.
Hanwha Power Systems and Hanwha Ocean cooperate with global energy technology company Baker Hughes. Leading the decarbonization of the hard-to-abate marine transportation sector through fuel-flexible combustion technology. SEOUL, South Korea, Feb. 3, 2025 /PRNewswire/ -- With the goal of completely carbon-free operation of ships, Hanwha Power Systems and Hanwha Ocean (KRX: 042660) signed a Joint Development and Collaboration Agreement with Baker Hughes (NASDAQ: BKR), a global energy technology company, to design and produce low carbon ammonia gas turbines during the Baker Hughes Annual Meeting 2025 held in Florence, Italy on February 2-4. Hanwha Group declared its vision for the world's first fossil fuel-free ship at the Davos Forum held in Switzerland in January last year. Hanwha Group plans to complete the development of liquefied natural gas carriers and container ships using the ammonia gas turbine propulsion system by 2028. The ammonia gas turbine to be developed through this collaboration will be based upon the proven, small-size world class turbine technology of Baker Hughes, and a newly-developed ammonia combustion system created by PSM, a US-based Hanwha subsidiary. The gas turbine will be capable of 100% ammonia combustion, and dual fuel operation with a natural gas and ammonia blend. It is expected to be a game-changing technology for large ship owners, enabling a completely carbon-free mode of propulsion. In September 2023, Hanwha Power Systems and Hanwha Ocean obtained approval in principle (AIP) from the American Bureau of Shipping (ABS) to apply ammonia gas turbines to LNG carriers. PSM successfully completed an initial high-pressure ammonia combustion test campaign and Baker Hughes completed its initial turbine feasibility studies in 2024. In addition, Hanwha Power Systems signed a memorandum of understanding (MOU) at Gastech 2024 in Houston, U.S., in September last year with a large liquefied natural gas carrier shipping company in Europe to convert its propulsion system to an ammonia gas turbine based system. Through this joint development agreement, Hanwha plans to expand technological cooperation with the goal of developing the world's first completely carbon-free ship and provide innovative solutions that lead the era of fossil fuel elimination. Executive Director Kim Hyeong-seok, head of Hanwha Power Systems' Marine Solutions Business Department, said, "The paradigm of switching to lower carbon fuel for ships is the calling of the times, and Hanwha Power Systems will continue to lead the development of innovative technologies for the entire life cycle of eco-friendly ships." "This collaborative development of a low-carbon ammonia gas turbine will be a significant turning point in the global shipbuilding and shipping industry, accelerating the transition to eco-friendly fuel propulsion for ships," said Son Young-chang, vice president and head of Hanwha Ocean's Product Strategy Technology Institute. Baker Hughes is a global energy technology company operating in more than 120 countries around the world, with a unique strength in small and medium-sized gas turbine technology. The synergy between the two companies is highly anticipated. About Hanwha Power Systems Hanwha Power Systems is a global leader in eco-friendly energy equipment and provides the highest quality products and services by possessing the original technology for the design and production of high-speed rotating equipment. In addition to our 100% oil-free compressor made with our own technology, we have recently been developing solutions for various energy equipment such as sCO2 and hydrogen turbines. In particular, we aim to lead a paradigm shift in the shipping sector by developing technologies to decarbonize the maritime industry. About Hanwha Ocean Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry. Boasting the world's most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drill ships, and warships. Hanwha Ocean will be at the forefront of pioneering advanced marine solutions for decarbonization and further expand Hanwha's green energy ecosystem to create positive, sustainable change worldwide. More information about Hanwha Ocean is available at www.hanwhaocean.com.
Discusses Recent Corporate Developments and Commitment to Sustainability and Transparency SINGAPORE, Jan. 29, 2025 /PRNewswire/ -- Caravelle International Group (NASDAQ: HTCO) ("Caravelle" or the "Company"), a global ocean shipping technology company, today released a letter to shareholders from its CEO, Mr. Shixuan He. Dear employees and shareholders, As the recently appointed CEO of Caravelle, I am pleased to take this opportunity to inform you of the significant steps we have recently taken to strengthen our corporate governance and the strategic initiatives we have taken to further expand our business, which reflect our continued commitment to improve transparency and communication with investors and drive long-term value for our stakeholders. During 2024, we made significant progress in enhancing our corporate governance infrastructure, as well as put in place strategic initiatives to expand our business. We have made a commitment to strengthen our regulatory compliance and financial reporting. Specifically: Strengthening Corporate Governance We recently announced changes to our board of directors and executive management team, whose members are focused on improving our company's information disclosure practices and corporate governance. As part of this commitment, during our Annual General Meeting held on January 3, 2025, we updated our shareholders on the latest developments, underscoring our commitment to open and transparent communication. The new management team of Caravelle International Group has a diversified background, additionally, the new senior management has had extensive experience in collaborating with major global enterprises. We believe that our seasoned management team provides our company with a comprehensive perspective and rich experience, enabling us to effectively advance our sustainable technology development in the complex global market. Strategic Integration and Investment We are currently integrating resources from world-renowned enterprises to elevate our growth potentials. We are continuously exploring investing opportunities in new business ventures by leveraging our access to the best resources globally. A couple of pivotal steps in this direction are its recent initiatives to explore the opportunity of developing a global shipping OCC ("Onboard Carbon Capture") decarbonization system and partnerships with one or more global-leading Web3-based carbon asset management platforms. These initiatives highlight the Company's proactive approach and its commitment to innovation. We will provide additional details on these initiatives shortly. Commitment to Sustainability and Digitalization Caravelle's new focus on developing an OCC system for the shipping industry and investment in web3-based carbon asset management platforms underscores its dedication to sustainability and digital transformation. With that, we are positioning Caravelle to become a leader in the maritime industry's transition towards more sustainable and environmentally friendly practices. Financial Reporting As a foreign private issuer listed on the Nasdaq Stock Market , Caravelle reports its financial results on a semi-annual basis. With a fiscal year ending October 31, Caravelle expects to file its Annual Report on Form 20-F for fiscal year 2024 on or before February 28, 2025. As part of its commitment towards improving transparency and providing greater visibility into its business, the Company is also working towards providing key business and financial metrics on a timely basis. Looking Ahead We believe that the steps we have recently taken signal our strong commitment towards improved corporate governance, sustainability, innovation, and growth; all designed to support our long-term revenue and profit growth. On behalf of our board of directors and management team, I would like to thank you for your continued interest and trust in Caravelle. Although we are proud of our accomplishments to date, we acknowledge that there is still much work to be done. We are committed to this effort and appreciate your ongoing support. Thank you. Mr. Shixuan HeCEO About Caravelle International Group Caravelle is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company is committed to improving shipping efficiency through innovative technologies and promoting sustainable development in the industry. Forward Looking Statements This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
CANGZHOU, China, Jan. 25, 2025 /PRNewswire/ -- A news report from xinhuanet: In 2024, Huanghua Port, located in Cangzhou, Hebei Province, underscored its growing importance in China's maritime logistics by handling a record 355 million tons of cargo, a 7.35% increase from the previous year. This milestone marks the fifth year the port has surpassed the 300-million-ton mark, reinforcing its strategic significance in the Bohai Economic Rim. Strategically located on China's Bohai Bay and at the core of the Bohai Economic Rim, Huanghua Port serves as the most accessible seaport for northwest China and the central and southern areas of Hebei. It has risen as one of the country's leading ports with extensive transport links to China's interior and connections to major ports worldwide. The port engages in trade with over 200 ports across more than 50 countries and regions. Notably, Huanghua Port is also the world's first fully automated bulk cargo facility, consistently ranking among the top in China's port industry in terms of labor productivity and per capita benefits. Strategic Expansion and Global Connectivity Huanghua Port has opened up five new international trade routes including connections to the U.S. West Coast, India, and Pakistan, bringing the total to 20 routes. The introduction of an express container line to the U.S. West Coast last November is particularly significant, offering the quickest maritime connection from northern China to a key American economic region Moreover, the port's leadership convened the Cangzhou Huanghua Port-Dubai Investment and Cooperation Promotion Meeting in Dubai in May 2024, signaling a robust push towards global market integration. This initiative is part of a broader strategy to attract international partnerships and expand its influence beyond Asia. Fostering Growth Through the Ongoing Development of Coastal Industries The rapid development of local industries tied to the region's proximity to the sea is driving significant economic advancements. The city of Cangzhou is actively supporting an innovative coastal economy, with efforts to enhance, expand, and strengthen the industrial chain. This initiative has attracted key projects and expanded the cluster of coastal industries, significantly contributing to regional economic growth. Building Momentum with New Opportunities On January 10, the inaugural 2025 Sino-Europe train service from Huanghua Port to Almaty, Kazakhstan was launched, with nine trains now regularly operating on two routes: Huanghua Port - Moscow and Huanghua Port - Almaty. As Cangzhou Huanghua Port moves into 2025, it will solidify its status as a diverse, comprehensive, and modern major port, capitalizing on the opportunities presented by the development of the coastal economic belt. The port aims to support key industries including green chemicals, biomedicine, high-end equipment manufacturing, and modern logistics, further promoting the integration and mutual prosperity of the port and its industrial sectors. Looking ahead, Cangzhou is focused on reinforcing its role as a resilient coastal economic hub. This includes expanding the capabilities of Huanghua Port, enhancing the productivity of local industrial clusters, and promoting competitive market practices. The city aims to boost the port's profile on the international stage, which it believes will contribute significantly to the economic growth of northern China and the Beijing-Tianjin-Hebei region.
Maritime/Shipbuilding
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