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SeaDream Innovation to raise the bar for sustainability at sea

  • Written by Teijo Niemelä
  • Category: Top Headlines

SeaDream Innovation is the world’s most advanced hybrid ship being built today that will sail to all seven continents, SeaDream said in a statement. SeaDream has received a grant for USD $1.8 million for the creation of the revolutionary vessel from Enova, an organization owned by the Norwegian Ministry of Climate and Environment that is responsible for the promotion of environmentally friendly production and consumption of energy. Enova strongly supports SeaDream and this new mega-yacht given its creative and sustainability-focused approach to energy and climate technology.

“We are extremely grateful that Enova supports our environmental efforts. Without this solid support from Enova, this would not have been possible,” said Atle Brynestad, owner of SeaDream. “We are proud to contribute to the cruise industry by taking the lead in developing more environmentally friendly vessels that will also sail with the Norwegian flag. We are committed to having a positive impact on the environment, our employees, our guests, our suppliers and the places we visit. In the future, we all need to make a positive contribution to our environment and the local communities we visit, so guests can continue experiencing different local communities and enjoying the fantastic nature while using local services and making local purchases where possible.”

SeaDream Innovation will be equipped with a large battery pack of approximately 4 MWh, which enables sailing silently and without emissions for up to three hours with no disturbance to surrounding wildlife. The hybrid system will reduce local emissions by supporting the diesel generators in “peak shaving mode”, reducing fuel consumption. The yacht will be able to sail to sensitive areas such as the Norwegian fjords and along the ice edge toward the North Pole because of this system. The batteries also bring an added degree of safety, acting as “spinning reserve,” which in the event of a motor shutdown switches instantaneously to the use of batteries without loss of power.

“Batteries have entered the maritime sector, but until now, there has been little experience to show in practice, especially in cruise ships,” said Enova's CEO Nils Kristian Nakstad. “When it comes to electricity production of surplus heat, land-based industry has shown what is possible, but at sea, such solutions are currently used very little. We depend on more people developing and using these technologies the world needs.”

SeaDream Innovation will also install an "Organic Rankine Cycle" machine that takes waste heat from the engines and converts it to electricity. This can produce up to 150 kW of electrical power, which would otherwise have been wasted energy, and instead reduces fuel consumption and results in lower emissions.

Where available by port, SeaDream Innovation can be plugged into shoreside electrical grids around the world by using a multi-voltage shore connection system reducing local pollution anywhere in the world.

The mega-yacht has four modern diesel engines and a Selective Catalytic Reduction (SCR) system for reducing nitrous oxide (NOx) emissions to the most stringent IMO rules with engines rated to meet the latest and most stringent MARPOL Tier III limits. SeaDream Innovation will be equipped with two podded propulsors providing the highest efficiency and maneuverability. Additionally, SeaDream Innovation will have the high ice class that is designated by PC6.

SeaDream believes in authentic experiences that allow guests to enjoy the world’s natural beauty while preserving its resources and promoting sustainability and responsible travel.

TUI AG’s cruise operations shine, but 737-Max grounds group performance

  • Written by Kari Reinikainen
  • Category: Top Headlines

Continued ban to operate Boeing 737-Max jet airliners has led to deeper losses for the second quarter to 31 March at TUI AG, the German travel group, despite strong performance of its cruise operations.

Net loss widened to €175.1 million from €142.3 million year on, while EBITDA was negative by €240.1 million in the latest quarter, much weaker than the €146.5 million negative figure for the same period last year. Revenues also decreased, to €3.10 billion, from €3.15 billion.

The group’s cruise operations that comprise of 50% stake in TUI Cruises in Germany and the fully owned luxury and expedition unit Hapag-Lloyd Kreuzfahrten in Germany and Marella Cruises in the UK, increased their underlying EBTIDA to €59.4 million from €56.0 million.

TUI AG said it continues to see good demand for cruises. “Load factor and yield performance remain in line with our expectations,” it pointed out, adding that investments in the sector should deliver good performance for the present financial year as a whole.

However, overcapacity in holidays in Spain plus the continued grounding of the Boeing 737-Max aircraft have resulted in a revision of guidance for the full year and the board now says EBITDA should decrease by 26% in the present financial year from €1.18 billion in the previous year. Its previous guidance, issued on 29 March, was a 17% fall in the figure. TUI AG as 150 aircraft, of which 15 are Boeing 737-Max jets.

Helsinki shipyard acquisition will be finalized in May, cruise ship orders expected

  • Written by Teijo Niemelä
  • Category: Top Headlines

The acquisition of Helsinki shipyard will be finalized in May. The parties have agreed on the terms of the transaction on May 9th.
In preparation for the closing, Arctech Helsinki Shipyard Oy (AHS) establishes a new company, Helsinki Shipyard Oy. AHS will transfer its assets and operations to Helsinki Shipyard Oy, which will continue shipbuilding at the Helsinki shipyard. In the transaction, AHS will sell 100% of Helsinki Shipyard Oy’s shares to Algador Holdings Ltd.

Following the transaction AHS will continue its shipbuilding operations as a shareholder of Nevsky Shipyard LLC. The last vessel that will be delivered from Helsinki shipyard under AHS’s ownership is tanker NB515, which completed sea trials on May 12th.

“The transaction will not have any effect on subcontracts. AHS’s personnel will be transferred to Helsinki Shipyard Oy without changes to their contracts. Under the new owners Helsinki shipyard can concentrate on its core expertise, which are strong ice- class vessels and cruise ships," says Viktor Olerskiy, the incoming Chairman of the Board of the Helsinki Shipyard Oy.

Algador Holdings is owned by Rishat Baugatdinov and Vladimir Kasyanenko who have strong backgrounds in the maritime industry. Their companies operate international shipping and shipbuilding businesses including Russia’s largest river cruise ship operator Vodohod Ltd.

Establishing Helsinki Shipyard is an important step in moving forward with tender backlog, which currently total at 1.5 billion EUR. The tenders consist of several cruise ships, icebreakers and LNG tankers. Letters of intent have already been signed for some of the tenders.

CBM 2019 Spring

CBM 2018/2019 Winter