Beyond Horizons
Trailblazing Tales from Asia
Your exclusive gateway to the latest developments across transportation and space, and most importantly, how to finance it all - debt, equity, and defi! We follow and forecast where the money’s at.
Join us as we navigate through the latest roundup to uncover key developments across the region.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**
Events
Catch us at the Singapore International Energy Week (SIEW)
I will be moderating a panel with Petronas, DNV and the Maritime and Port Authority of Singapore.
October 24, 2024, 1:50 pm - 2:30 pm
Panel Discussion: Fuelling change: integration and expanding alternative fuels for low-carbon transition
Click here for the schedule and for more about the panel.
The 22nd ASEAN Ports and Logistics Exhibition and Conference
The 22nd ASEAN Ports and Logistics Exhibition and Conference will be held from October 22 to 24, 2024, at the DoubleTree by Hilton Johor Bahru, Malaysia. As the region's largest annual trade event, it will gather over 400 industry leaders, decision-makers, and academics to discuss global and regional trade developments. The two-day conference will feature 30 speakers addressing key challenges in transport and logistics. The event also offers commercial opportunities for 50 exhibitors to showcase their brands.
Learn more about the event here.
The Business Aviation Asia Forum and Expo
Experia Events is launching the Business Aviation Asia Forum and Expo (BAAFEx), the first international exhibition dedicated to the business aviation sector in the Asia-Pacific region. The event will be held from March 4-6, 2025, at the Changi Exhibition Centre.
BAAFEx will include an exhibition and industry forum, featuring major participants like TAG Aviation, MedAire, Viasat, and the Bermuda Civil Aviation Authority.
Learn more about the event here.
Watch
Singapore deepens investment in supply chain infrastructure to attract firms expanding into ASEAN
Singapore is increasing its investment in supply chain infrastructure and enhancing its logistics workforce, according to the Economic Development Board (EDB). The move comes as many companies are expanding their manufacturing operations in Southeast Asia. The EDB aims to position Singapore as a strategic base to seize these opportunities. Richa Mathew speaks with the EDB's senior vice-president and head of hub strategy to learn more.
Read
Embracing a human-centered approach in tackling aviation safety challenges
The Asia-Pacific Summit for Aviation Safety, held in Beijing from August 13 to 15, 2024, emphasized the importance of a human-centered approach to improving aviation safety standards. Industry stakeholders were encouraged to focus on the human aspect in efforts to enhance safety culture. With the theme "Shaping Safety Excellence: A Human-Focused Approach," the event brought together over 500 leaders and professionals from 27 countries.
Eni Releases World Energy Review 2024
Eni has published the 23rd edition of its World Energy Review (WER) for 2024, offering an extensive analysis of global energy trends, including oil, gas, renewables, and critical minerals. This year's report also incorporates data on population, GDP, coal, power generation, and CO2 emissions to provide a comprehensive overview of the energy sector.
The report highlights 2023 as a challenging year for the energy market, primarily due to intensified geopolitical tensions that created new uncertainties amidst ongoing transformations. Despite these challenges, global primary energy consumption grew by nearly 2% compared to 2022, maintaining a stable energy mix. However, geopolitical uncertainty and economic weakness continue to threaten future growth prospects and complicate industry dynamics.
Harvard Study Reveals High Costs of Green Hydrogen for Decarbonization
A study from Harvard University, published in Joule, highlights the high costs associated with producing and delivering green hydrogen, despite its potential to decarbonize hard-to-reach sectors like heavy industry and transportation. Researchers found that while production costs may decrease, the significant storage and distribution costs make green hydrogen prohibitively expensive compared to direct CO2 removal methods. Lead author Roxana Shafiee cautioned against viewing hydrogen as a universal solution for decarbonization, suggesting that its application may be limited. Co-author Daniel Schrag emphasized the importance of investing in a diverse range of decarbonization strategies rather than relying solely on hydrogen.
Summary
Financing & Investments: CALC Secures $400 Million Warehouse Facility to Boost Growth Initiatives; OpenAI to Open Singapore Office, Expanding Presence in Asia-Pacific Region; ZECON Bhd to Develop Kota Petra Green Technology Park; Thailand Launches First Cross-Border Payment System Using Stablecoins; Cambodia Integrates Alipay+ with KHQR for Seamless International Payments; and GMO Payment Gateway Invests $3 Million in Helicap Income Opportunities Fund
Environmental Sustainability: South Korean Government Supports POSCO's $54 Billion Hydrogen Investment Plan; TTCL Secures Contract for SAF Plant in Turkey; Vietnam Conducts First Flights Using SAF; Qantas Faces Greenwashing Allegations Over Environmental Claims; China Energy Launches Major Sustainable Aviation Fuel Project in Heilongjiang; Clariant Partners with DS Dansuk to Boost HVO/SAF Production in Korea; Airbus, Kansai Airports, and Kawasaki Partner to Develop Hydrogen Infrastructure at Kansai Airports; and MHI Invests in Koloma to Advance Geologic Hydrogen Exploration
Aviation: New Zealand's Aviation Sector Faces Critical Workforce Shortages Amid Rising Demand; AirAsia X Shareholders Approve RM6.8 Billion Acquisition; IndiGo Launches Venture Capital Fund; Lingang Special Area Secures Over CNY26 Billion in Aviation Investments; U-Tapao Airport Development Project to Commence in 2025; ADB to Finance Air Niugini Fleet Renewal; Cambodia Approves Gulfstream Aerospace Investment in Aviation; and BCAS Addresses Surge in Bomb Threats
Advanced Air Mobility: PteroDynamics Teams with Cornes Technologies to Launch Transwing VTOL UAS in Japan; Wisk Aero Partners with Airservices Australia to Bring Autonomous Air Taxis to Australian Skies; UI Helijet Partners with AutoFlight to Enhance UAM/AAM Services in South Korea; V-Space Conducts First Test Flight of Autonomous eVTOL 'V Speeder B' in South Korea; and United Aircraft Unveils 6-Ton Lan Ying R6000 Tiltrotor VTOL Aircraft
Marine: Yinson and Wilhelmsen Partner to Build Charging Infrastructure for Singapore's First Electric Cargo Vessel; ORIX and Sumitomo Heavy Industries Launch Feasibility Study for Wind-Powered Bulk Carrier; HD Hyundai Marine Solution Partners with CMA CGM for Carbon Emission Assessment; U-Ming Marine Transport Orders LNG-Ready Bulk Carriers; Hibiscus Petroleum Completes Acquisition of TotalEnergies EP Brunei; Construction Begins on Wuhu's Methanol Dual-Fuel Bulk Carrier; and MPA Singapore Issues EOI for Electric Patrol Craft Development
Space: China Unveils Long-Term Space Science Development Plan Through 2050; China Launches 18 Satellites for Thousand Sails Megaconstellation; India Aims for Global Leadership in Small Satellite Market and Space Data Services; Japanese Startup ArkEdge Space Secures JAXA Contract for LEO-PNT Satellite Constellation Study; and Biden Administration Eases Export Rules for U.S. Space Companies to Allied Nations
Financing & Investments
Hong Kong
China Aircraft Leasing Group Holdings Limited (CALC) has successfully obtained a $400 million warehouse facility aimed at financing its next-generation aircraft orders, refinancing existing assets, and supporting various growth initiatives. The facility, which includes an option for expansion, is led by BNP Paribas, Crédit Agricole CIB (CACIB), MUFG, and Natixis CIB as Mandated Lead Arrangers.
💡The agreement features a five-year term and is structured around a sustainability-linked deposit account, where the interest rate is tied to CALC's environmental, social, and governance (ESG) score from S&P Global Ratings. This marks the first warehouse facility closed by an Asian-based lessor since 2015.
Singapore
OpenAI announced plans to open an office in Singapore this year, marking its second office in Asia after Tokyo. Singapore will serve as a hub for supporting customers and partners in the Asia-Pacific region. The company, which is also expanding into Paris, Brussels, and New York, aims to strengthen relationships with local governments, businesses, and institutions.
💡The company plans to hire five to 10 roles by the end of the year, with positions in sales, security, and customer support.
Malaysia
ZECON Bhd has signed an MoU with Sarawak Digital Economy Corporation Bhd (SDEC) and CENTEXS to create the Kota Petra Green Technology Park (KPGTP). The 1,214-hectare facility will feature a 300-megawatt solar farm and a Battery Energy Storage System (BESS).
Located near Demak Laut Industrial Park, KPGTP is expected to attract RM12 billion in investments and create 10,000 jobs, including 4,300 direct positions, contributing an estimated RM1.7 billion annually to GDP. The park will also host six AI-driven data centers. ZECON is seeking RM900 million in funding for the project.
💡During the MoU signing, ZECON Bhd also finalized agreements with Huawei Technology (Malaysia) Sdn Bhd and China Energy International Group (Malaysia) Sdn Bhd to collaborate on green technology and renewable energy projects.
Thailand
Siam Commercial Bank (SCB), together with its venture arm SCB 10X and Lightnet, has launched Thailand's first cross-border payment system using stablecoins. The system enhances transaction speed and efficiency by integrating blockchain technology and operates 24/7, offering flexibility for international transactions. It simplifies currency conversion and eliminates the need for pre-funded accounts between banks, which can lower transaction costs and improve capital efficiency. Fireblocks provides the necessary security technology for digital asset transactions.
💡After successful testing in a regulatory sandbox, the service will be rolled out for corporate clients engaged in international trade, aiming to facilitate faster and cheaper cross-border payments.
Cambodia
Cambodia has integrated Alipay+ with its national QR code system, KHQR, facilitating seamless international payments. The rollout allows users of 12 payment apps, including Alipay and GCash, to transact at over one million merchants in Cambodia using KHQR, which supports payments in Cambodian riels.
💡The KHQR system, introduced by the National Bank of Cambodia in 2022, simplifies QR payments for customers and merchants by utilizing a single QR code for various mobile banking apps. The partnership with Alipay+ aims to enhance cross-border payments in the ASEAN region, following a memorandum of understanding signed during the Singapore Fintech Festival 2023.
Japan-Singapore
GMO Payment Gateway, a Japanese payment service provider, has invested $3 million in the Helicap Income Opportunities Fund, managed by Singapore-based fintech Helicap. The credit fund focuses on providing debt financing to fintech companies across Southeast Asia, supporting their growth in a rapidly expanding market. The investment was made through GMO-PG’s Singapore subsidiary, GMO-Z.COM PAYMENT GATEWAY PTE. LTD.
💡Helicap aims to tackle a $500 billion funding gap in Southeast Asia by offering capital to underserved sectors. Over the past six years, it has deployed more than $400 million in capital, indirectly benefiting over 5 million MSMEs and individuals. The company is backed by investors including Kenanga Investment Bank, Credit Saison, Tikehau Capital, PhillipCapital, and East Ventures.
Environmental Sustainability
South Korea
The South Korean government is backing POSCO Group's plan to invest 73 trillion won ($54 billion) by 2030 to lead the clean hydrogen industry. The commitment was announced during a meeting at POSCO's Pohang Steel Works, involving key officials including Deputy Prime Minister Choi Sang-mok.
💡To expedite POSCO's hydrogen reduction ironmaking project, valued at 20 trillion won ($14.8 billion), the government has streamlined administrative procedures, reducing the timeline by 11 months. Financial support will increase green finance from 6 trillion won ($4.4 billion) in 2024 to 9 trillion won ($6.6 billion) in 2025, along with enhanced tax incentives for corporate investments. Infrastructure investments will focus on stabilizing supply chains, particularly for secondary battery materials.
Thailand-Turkey
TTCL Public Company Ltd. has signed a $3.3 million FEED and Cost Estimation Agreement with DB Tarımsal Enerji for Turkey's first Sustainable Aviation Fuel (SAF) plant, utilizing Honeywell UOP’s Ecofining™ technology. The plant aims to produce 100,000 tons of SAF annually from 100% domestically sourced waste and seeds.
💡The project will transition to Engineering, Procurement, and Construction (EPC) after the FEED phase.
Vietnam
Petrolimex Aviation has successfully supplied Sustainable Aviation Fuel (SAF) for two Vietjet Air flights from Ho Chi Minh City to Melbourne, Australia, and Incheon, South Korea. This marks the first time SAF has been used for flights departing from Vietnam.
💡The event highlights Vietnam’s commitment to reducing carbon emissions in aviation, in line with its COP26 pledges.
Australia
Qantas, which contributes to 4% of Australia’s total annual carbon emissions, has been referred to the Australian Competition and Consumer Commission (ACCC) for potential greenwashing. The complaint, filed by Climate Integrity through the Environmental Defenders Office, highlights misleading marketing related to Qantas’ ‘fly carbon neutral’ initiative, its promotion of SAF, and the lack of credible targets for its net-zero transition.
The analysis suggests that Qantas’ marketing may violate consumer protection laws by misrepresenting its environmental impact, which totaled 17.6 million tonnes of CO2 emissions in 2024. Customers opting for the ‘fly carbon neutral’ option may mistakenly believe their flight's climate impact has been offset, a claim not supported by scientific evidence.
💡Climate Integrity argues that the aviation industry, including Qantas, is using misleading sustainability language to maintain its social license to operate while failing to implement immediate solutions like demand management. The organization criticized Qantas for its continued reliance on fossil fuels and called for the airline to commit to a transparent, science-aligned transition to achieve net-zero emissions by 2050.
China
China Energy Engineering Group Co Ltd (Energy China) has initiated construction on a 100,000-ton SAF project in Heilongjiang province. The initiative will utilize a combination of wind, solar, hydrogen, and biomass to produce SAF, aligning with China's efforts to enhance renewable energy integration.
The project represents a significant investment of approximately 20.8 billion yuan ($2.93 billion) and aims to generate 200,000 tons of green methanol and 300,000 tons of SAF annually. The first phase, focusing on producing 100,000 tons of SAF, involves a 6 billion yuan investment and is expected to become operational by 2027. Energy China plans to employ advanced technology with independent intellectual property to optimize biomass conversion and boost large-scale renewable energy development.
💡Currently, China has two operational SAF projects with a total capacity of 368,000 tons per year, while an additional eight projects, expected to produce over 1.5 million tons per year, are under development and anticipated to start within the next two years.
South Korea
Clariant has signed an MOU with DS Dansuk at its Pohang production site in Korea. The partnership marks the launch of Clariant's Tonsil RNF series of adsorbents, which are essential for producing Hydrotreated Vegetable Oil (HVO) and SAF from used cooking oil (UCO).
💡The collaboration aims to address the rising demand for innovative technologies, including specialized adsorbents and catalysts that facilitate sustainable fuel production.
Japan
Airbus, Kansai Airports, and Kawasaki Heavy Industries have signed an MoU to explore the feasibility of hydrogen infrastructure at Kansai International Airport, Osaka International Airport, and Kobe Airport. The initiative, part of the "Hydrogen Hub at Airports" program, aims to establish a hydrogen supply roadmap tailored to the unique characteristics of each airport and specific aircraft requirements.
The study will evaluate technological, economic, legal, and operational aspects, with potential demonstration projects to inform policy recommendations. The partnership seeks to support the introduction of hydrogen-powered aircraft by 2035, aligning with Japan's goal for carbon neutrality by 2050. Airbus forecasts that early operations will require several tons of liquid hydrogen per day, increasing to hundreds of tons by 2050.
💡Since 2022, Airbus and Kansai Airports have collaborated on hydrogen integration in airport infrastructure, with successful implementations like fuel cell buses and forklifts.
Japan-USA
Mitsubishi Heavy Industries, Ltd. (MHI) has announced an investment in Koloma, a Denver-based startup focused on geologic hydrogen exploration. The undisclosed investment was made through Mitsubishi Heavy Industries America, Inc. (MHIA), joining a syndicate that includes Breakthrough Energy Ventures, Amazon's Climate Pledge Fund, United Airlines' Sustainable Flight Fund, and Energy Impact Partners.
💡Koloma utilizes proprietary data and technology to identify and commercialize geologic hydrogen. MHI's investment aligns with its strategy to build a hydrogen ecosystem as part of its energy transition initiatives.
Aviation
New Zealand
New Zealand's aviation sector is facing a workforce crisis, with a report from the Aviation Industry Association of New Zealand (AIANZ) highlighting significant shortages of pilots and engineers that threaten the industry's sustainability. The research indicates that the country needs an additional 100 pilots annually, as demand is growing by 2-3% per year. However, high training costs, which can reach up to $120,000, combined with a low student loan cap of $35,000, are deterring potential new entrants.
💡The report also notes that while the aviation industry is expected to grow at 3%, the engineering workforce will only expand by 1%, exacerbating the skills gap. AIANZ is calling for government intervention to lower training costs and modify immigration policies to address pressing workforce shortages.
Malaysia
AirAsia X (AAX) shareholders overwhelmingly approved the RM6.8 billion acquisition of Capital A’s aviation assets during an Extraordinary General Meeting, with 99.08% voting in favor. Thw deal grants AAX access to over 200 aircraft and 361 future orders, enhancing operational efficiency and service offerings.
💡The meeting also approved a private placement to raise RM1 billion, alongside resolutions for free warrants and share capital reduction. The acquisition is set to complete by year-end, subject to regulatory approvals, and will support AAX's expansion into new markets, including routes to Almaty and Nairobi.
India
According to Bloomberg, IndiGo has received approval to establish IndiGo Ventures, a venture capital fund aimed at enhancing the travel and aviation market in South Asia. The fund will invest in pre-series A, series A, and series B rounds for consumer-focused startups in sectors such as travel, lifestyle, hospitality, and food and beverages.
💡Investments are expected to begin by the end of the current financial year. IndiGo holds a 63% share of India’s domestic market and plans to expand its offerings, including a new premium service, IndiGoStretch, and long-haul international flights using 30 Airbus A350-900 aircraft.
China
The Lingang Special Area within the China Shanghai Pilot Free Trade Zone has signed agreements exceeding CNY26 billion (USD3.7 billion) with various aviation industry leaders. Announced during the Shanghai Civil Aviation Industry Development Conference, the agreements encompass fifteen key projects focused on airframes, composite materials, and onboard systems.
A partnership was also established with the Commercial Aircraft Corporation of China and Shanghai Aircraft Manufacturing to develop large commercial aircraft. The Lingang Special Area aims to create a comprehensive civil aviation industry cluster.
💡Shanghai plans to attract 60 high-end aviation enterprises by 2026, boosting total investments in the sector by CNY70 billion. By 2026, the Lingang area expects to host 100 aviation companies and achieve an output value of CNY40 billion, up from CNY12.7 billion last year.
Thailand
According to Thai media, U-Tapao International Aviation Co Ltd (UTA) plans to begin construction on the U-Tapao Airport Development Project and Eastern Aviation City in early 2025, five years after the initial investment agreement. The first phase, valued at 100 billion baht, aims to transform regional infrastructure and stimulate economic growth.
Puttipong Prasarttong-Osoth, CEO of Bangkok Airways, announced a capital increase from 4.5 billion baht to 15 billion baht to support the project, which has already incurred over 4 billion baht in preparatory costs. The development will span 6,500 rai (1,040 hectares) and include an airport terminal, air cargo and logistics facilities, and an airport city.
💡The project will be executed in six phases, with the first phase expected to handle 12 million passengers by 2028 and ultimately accommodate up to 60 million. A potential challenge is the construction of a high-speed rail tunnel connecting the airports, which may be removed from the plan if uncertainties persist.
Papua New Guinea
The Asian Development Bank (ADB) will finance Air Niugini’s fleet renewal program, which includes the acquisition of two Boeing B787-8s and six Airbus A220-100s.
💡As part of its capital investment program, state-owned Air Niugini is replacing its aging aircraft, including B767-300ERs and F70s/F100s, and consolidating its DHC-8 fleet into a single DHC-8-400 type. The program also includes significant upgrades to maintenance facilities and other infrastructure.
Cambodia
Prime Minister Hun Manet has approved Gulfstream Aerospace Corporation's proposal to invest in Cambodia's aviation sector. The decision was made during a meeting with Julien Nargeot, the company's Regional Vice-President of Sales for Southeast Asia and the Pacific.
💡Nargeot emphasized that Gulfstream aims to enhance flight connectivity and boost tourism in the region. In response, PM Hun Manet highlighted Cambodia's sustainable economic growth and ongoing development projects that prioritize aviation and related sectors. He encouraged Gulfstream to collaborate with relevant ministries and partners to explore investment opportunities within Cambodia’s aviation industry.
India
The Bureau of Civil Aviation Security (BCAS) held a meeting on Saturday with airline representatives following at least 30 bomb threats received by flights within 24 hours. BCAS Director General Zulfiquar Hasan emphasized the safety of air travel despite the bomb threats, most of which have been confirmed as hoaxes.
💡Last week week alone, over 70 Indian flights have received bomb threats. On Saturday, an Alliance Air flight from Kochi to Bangalore was disrupted after a bomb threat was received via Twitter. Airport authorities conducted thorough inspections of the aircraft and passengers, ultimately finding no explosives. A Bomb Threat Assessment Committee (BTAC) was convened at Kochi airport to evaluate the threat, which was deemed "non-specific," but recommended enhanced security measures.
Advanced Air Mobility
Japan
PteroDynamics Inc. has partnered with Cornes Technologies Limited to introduce its Transwing® VTOL UAS in Japan. Cornes Technologies will be the exclusive distributor for commercial, defense, and government sales, handling marketing, sales, and post-sales support.
💡The collaboration aims to leverage Japan's growing investment in advanced drone technology for defense and commercial sectors, particularly in logistics and disaster relief. The Transwing has already demonstrated its capabilities in maritime resupply missions.
Australia
Wisk Aero has signed an MoU with Airservices Australia to integrate autonomous air taxis into the country's airspace. The MoU sets a framework for evaluating how autonomous air mobility can be integrated into Australia's airspace, with workshops, simulations, and knowledge-sharing activities planned.
💡The partnership will support airspace integration ahead of the 2032 Brisbane Olympic Games and leverage Airservices' airspace reform efforts, including the development of a Flight Information Management System (FIMS).
South Korea
Helicopter operator UI Helijet has inked a strategic partnership with eVTOL developer AutoFlight to advance urban air mobility (UAM) and advanced air mobility (AAM) services in South Korea. The collaboration aims to facilitate the market entry of AutoFlight's Prosperity eVTOL aircraft.
💡The announcement follows a separate collaboration between Dassault Systèmes and AutoFlight. The two sides will establish a collaborative R&D platform covering the entire product development process for AutoFlight, leveraging Dassault Systèmes' 3DEXPERIENCE platform.
South Korea
Korean eVTOL developer V-Space has successfully conducted the first test flight of its new autonomous eVTOL design, the ‘V Speeder B.’ According to co-founder Bumdong Cho, the company plans to deliver the first UAM aircraft to Korea Aviation High School as part of broader initiatives to integrate UAM into various sectors, including commerce and logistics.
💡V-Space aims to create a specialized UAM demonstration city in collaboration with local municipalities in the Donggang region and establish commercial demonstration routes, such as the Donggang tour course. The company has been chosen as the lead organization for the Ministry of Land, Infrastructure, and Transport’s K-UAM Safety Operation System Core Technology Development project.
China
United Aircraft has introduced the Lan Ying R6000, a 6-ton tiltrotor multi-use VTOL aircraft. Announced via WeChat, the aircraft features a top speed of 342 mph (550 km/h) and a range of 2,485 miles (4,000 kilometers) with a maximum payload of 2 tons and a service ceiling of 25,000 feet (7,620 meters). It is available in cargo and passenger configurations, seating 4 to 10 people, and is designed for long-range logistics, emergency response, and commuter travel.
💡The Lan Ying R6000 incorporates a domestic optical fly-by-wire control system and advanced safety features, including de-icing and crash prevention systems. It will debut at the 15th China International Aviation and Aerospace Exhibition (Zhuhai Airshow) from November 12-17, 2024, with live demonstrations.
Marine
Singapore
Yinson GreenTech (YGT) and Wilhelmsen Ships Service (WSS) have signed an agreement to develop charging infrastructure for Singapore’s first fully electric cargo vessel, the Hydromover. The 18.5-meter vessel, equipped with swappable batteries and able to carry up to 25 tonnes of cargo, will use the infrastructure at WSS' Pandan Loop facility. The agreement follows WSS' earlier trials with Hydromover during commercial cargo transfers.
💡The collaboration supports Singapore’s push towards electrifying harbor craft, in line with the Maritime and Port Authority's goal for all vessels to be fully electric or compatible with sustainable fuels by 2030.
Japan
ORIX Corporation and Sumitomo Heavy Industries Marine & Engineering (SHI-ME) have initiated a feasibility study to explore wind power utilization for energy-efficient operations on one of ORIX's bulk carriers. The study will feature a wing-shaped soft sail, developed by North Sails Japan (NSJ), mounted on the ship's derrick post to assist propulsion. The sail measures 8 meters in height and 13.2 meters in width, made from advanced polyethylene fiber fabric, with an adjustable angle to optimize performance based on wind direction.
💡The project aims to reduce heavy fuel oil consumption and lower CO2 emissions by harnessing wind power as an auxiliary propulsion source. SHI-ME and NSJ will design the wind-assisted system and analyze operational data, while ORIX will oversee the installation and monitor fuel efficiency during operations.
South Korea-Europe
HD Hyundai Marine Solution, in collaboration with HD Hyundai Samho shipyard and CMA CGM, has signed an MoU to develop a standardized life cycle assessment (LCA) model for measuring carbon emissions in shipbuilding and shipping.
The LCA framework will evaluate emissions from raw material procurement through to construction, operation, and dismantling. CMA CGM will provide data from its newly delivered dual-fuel LNG-powered containership, the CMA CGM Pointe du Piton, while HD Hyundai Marine Solution will create a globally recognized carbon emission calculation model and oversee third-party verification for reliable measurement.
💡The resulting LCA report is expected to assist European shipping companies in meeting sustainability disclosure requirements under the Corporate Sustainability Reporting Directive (CSRD), which began impacting large EU-listed companies in 2024.
China
Taiwanese shipping firm U-Ming Marine Transport has contracted New Dayang Shipyard in China to build four LNG-ready ultramax bulk carriers. Valued at $35 million, these 64,000 dwt vessels are slated for delivery in 2027 and 2028.
The agreement, signed on October 14, coincided with the naming and delivery ceremony for the Asian Prosperity, the third energy-efficient bulk carrier produced for U-Ming. Measuring 199.90 meters in length and 32.26 meters in width, the vessel is designed to exceed the Phase 3 energy-saving standards set by the International Maritime Organization (IMO), reflecting U-Ming’s commitment to energy efficiency and environmental sustainability.
💡Equipped with a Fleet Safety Management (FSM) system, the Asian Prosperity enhances operational efficiency by transmitting weather and operational data back to shore for analysis. It has received LNG-ready classification from ABS, indicating readiness for future conversion to LNG fuel. With the latest order, U-Ming's fleet will expand to 75 vessels, increasing its total capacity to 9.02 million dwt.
Malaysia
Hibiscus Petroleum Berhad has successfully finalized its acquisition of TotalEnergies EP (Brunei) B.V. through its wholly owned subsidiary, Simpor Hibiscus Sdn Bhd. The acquisition grants Hibiscus a 37.5% stake in the Block B Maharajalela Jamalulalam (MLJ) field, a gas-producing asset in Brunei.
💡The joint venture partners for the project include Shell Deepwater Borneo B.V. with 35% and Brunei Energy Exploration Sdn Bhd with 27.5%. The concession is set to last until November 2029, with possibilities for extension.
China
Fujian Guohang Ocean Shipping (Group) Co., Ltd. has commenced construction of an 89,000 DWT methanol dual-fuel bulk carrier at Wuhu Shipyard’s Weihai Base. The project marks a collaboration with the China Classification Society (CCS) to develop a net-zero emission intelligent bulk carrier design.
Equipped with a methanol dual-fuel power system capable of using bio-diesel, the vessel is designed to achieve net-zero greenhouse gas emissions while optimizing operational costs through a flexible fuel structure. Early development involved extensive technical research and optimization by CCS in partnership with Fujian Guohang and Shanghai Bestway Marine Engineering. The collaboration resulted in a 2% reduction in steel investment and improved energy efficiency.
💡The ship received the GDA Ship Type Approval Certificate from CCS at the end of 2023.
Singapore
The Maritime and Port Authority of Singapore (MPA) has issued an expression of interest (EOI) for proposals to design and develop electric patrol craft, aiming for operational deployment by Q1 2028. The initiative supports Singapore's goal of achieving net-zero emissions by 2050 under its Long-Term Low-Emissions Development Strategy (LEDS).
Proposed designs must meet MPA's operational needs while incorporating advanced safety features such as battery management systems and intelligent cooling solutions. The crafts should also integrate autonomous capabilities for remote operation and collision detection, along with lightweight construction to ensure energy efficiency.
💡Interested parties can submit their proposals until December 14, 2024. MPA also mandates that all harbor craft must transition to electric power or alternative net-zero fuels by 2030.
Space
China
China has unveiled its first national mid- and long-term space science development program, guiding space research from 2024 to 2050. Released by the Chinese Academy of Sciences, China National Space Administration, and China Manned Space Agency, the program outlines five key scientific themes: the extreme universe, space-time ripples, Sun-Earth system, habitable planets, and space biological and physical sciences. It also presents a three-phase roadmap through 2050, focusing on space station operations, lunar exploration, and planetary missions.
💡China aims to launch over 30 space science missions by 2050, including lunar research stations, asteroid probes, and Mars and Jupiter exploration.
China
China successfully launched 18 satellites as part of the planned 14,000-satellite Thousand Sails megaconstellation on October 15. The Long March 6A rocket lifted off from Taiyuan Satellite Launch Center, deploying the Qianfan Polar Orbit-02 group into orbit for Shanghai Spacecom Satellite Technology (SSST). Concerns remain over upper stage fragmentation, with previous launches creating debris. SSST plans to launch 1,296 satellites by 2025 for regional coverage, aiming for a total of over 14,000 satellites.
💡The launch was China’s 48th orbital mission of 2024, with the country targeting 100 launches this year.
India
India is positioning itself as a leader in the commercial space industry by focusing on small satellite launches, data services, and cost-effective space solutions, Reuters reports. Rather than competing directly with giants like SpaceX, India is leveraging its expertise in sectors such as communications, agriculture, and data analysis. With government backing, including a $119 million venture fund, India's space startups are poised to make significant strides.
💡The global small satellite market is expected to reach $14.54 billion by 2031, while space data services could be worth $45 billion by 2030.
Japan
ArkEdge Space, a Japanese startup, has won a contract from the Japan Aerospace Exploration Agency (JAXA) to assess the feasibility of building a constellation of low-Earth orbit (LEO) satellites for Position, Navigation, and Timing (PNT) services. Announced on Oct. 17 at the International Astronautical Congress, the project aims to provide high-precision global PNT signals to support technologies like self-driving cars and autonomous drones. ArkEdge will deliver a conceptual design for the satellites and explore signal formats and frequency bands to enhance Japan’s existing Quasi-Zenith Satellite System (QZSS).
💡ArkEdge is also working with JAXA on cislunar positioning and communications services.
USA-Global
The Biden administration has relaxed export restrictions to allow U.S. commercial space companies to ship satellite and spacecraft-related items more freely to allied and partner nations. Announced Thursday, the new rules aim to support the growth of the U.S. space industry—benefiting companies like SpaceX, Lockheed Martin, L3Harris Technologies, and Boeing—while maintaining national security and foreign policy objectives.
Key allies, including Australia, Canada, the United Kingdom, Japan, South Korea, and most European Union countries, will see fewer licensing requirements for certain less-sensitive space technologies, such as remote sensing spacecraft and space logistics systems. Some spacecraft parts, like electrical connectors, will also no longer need licenses for export to over 40 countries. However, these relaxed rules exclude nations of concern like Russia and China.
💡The changes are also expected to boost the AUKUS security pact, involving the U.S., UK, and Australia, by facilitating technology sharing, particularly in space-related sectors.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**