The fund is being pitched as an innovation opportunity that tackles maritime value chain hurdles through a fresh industry consortium. In addition, first-movers such as Wilhelmsen will bring together centuries of industry legacy, capital, resources and insight to ensure start-ups have the best possible chance to commercialise and find a strategic market fit

Ammonia is seen as a leading future fuel as the maritime industry looks to meet its greenhouse gas emissions goals. With the addition of the two latest partners, the alliance now has representation from all areas of the maritime ecosystem

Oil and gas workers will also benefit from the expected growth in offshore wind employment globally, as they share some skillsets and essential offshore knowledge. This should help to cushion some of the blow from the declining sector as the global energy transformation and shift towards decarbonisation plays out over the next few decades

The study will start this year and will assess the social, environmental, logistical, in-country value and economic impacts of any future expansion. Hutchison Ports Sohar has previously announced plans to quadruple current annual capacity of 1.6m teu

The facility consists of world-class, multipurpose terminals within the Jazan City for Primary and Downstream Industries. Hutchison will use its container terminal expertise to develop it further. Saudi Aramco also has a marine terminal and refinery in the area

The vessels will be deployed on NYK Line’s Europe-Middle East services. They will the first in the world to use WinGD’s X-DF2.0 iCER main engine, which consumes less gas and reduces greenhouse gas by cutting methane emissions from exhaust gas by approximately 50%