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.*
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Obligations of States in Respect of Climate Change
The International Court of Justice (ICJ) is preparing an Advisory Opinion on the "Obligations of States in Respect of Climate Change," following a request from the UN General Assembly in March 2023, led by Vanuatu. The ICJ has received 62 written comments, with public hearings scheduled for December 2, 2024.
The Advisory Opinion will address two key questions:
What are the obligations of States under international law to protect the climate system from greenhouse gas emissions?
What are the legal consequences for States that cause significant harm to the climate system?
While non-binding, the Opinion is expected to influence future climate-related legal interpretations and legislative developments. Additionally, recent rulings from the European Court of Human Rights have recognized States' obligations to take climate action as a matter of human rights.
Top 50 Banks In The World Tackling Adaptation - 2024
A recent report by Climate X in collaboration with Climate Proof reveals that 88% of the world’s top 50 commercial banks are inadequately prepared for climate-related disruptions.
European and UK banks, like Standard Chartered, Banco Santander, and UniCredit, lead in climate adaptation due to stringent regulations. However, US institutions, including Morgan Stanley and Goldman Sachs, lag behind, showing limited engagement with climate adaptation measures.
Climate X's ranking assessed banks using 17 qualitative indicators across three categories: strategy (Think), implementation (Do), and monitoring (Track). The study calls for urgent action, with CEO Lukky Ahmed stressing that climate adaptation is a necessity for banks to safeguard economies from escalating climate impacts.
Operation Manual: Climate Risk for the Banking Industry
In addition to its Top 50 Banks in the World Tackling Adaptation report, Climate X has released the Operation Manual: Climate Risk for the Banking Industry. The guide helps financial institutions identify and manage climate risks, offering practical tools, key insights, and resources to enhance climate resilience. It aims to close adaptation gaps by equipping banks with strategies to address physical climate risks and support broader economic resilience.
Payments Regulation in Asia
A new report by CMSPI, in collaboration with Amazon, explores payment trends and regulations in the Asia-Pacific (APAC) region, focusing on the impact of rising card fees on merchants and regulatory interventions.
Key findings include:
Regulatory Actions: Countries are implementing measures like interchange fee caps and promoting pay-by-bank alternatives to reduce merchant costs and enhance market competition.
Real-Time Payments: The report highlights the growing adoption of real-time payments as a more efficient and cost-effective alternative to traditional card payments, with countries like India leading the way.
Country-Specific Trends: The study covers Japan, India, Singapore, and Australia, noting that Australia has active interchange caps for both credit and debit transactions, leading to reduced acceptance costs for merchants. India has caps for debit transactions but not for credit. Japan had a cap that was later reversed, while Singapore has seen some surcharging in specific sectors.
Merchant Concerns: Merchants have long criticized Visa and Mastercard for high interchange fees, which have doubled in the last decade, totaling around US$172 billion in 2023.
Pay-by-Bank Solutions: Governments are investing in pay-by-bank infrastructure, allowing direct bank account payments, which can provide faster settlements and lower costs. In India, the Unified Payments Interface (UPI) has become the dominant digital payment method, accounting for 53.4% of transactions in 2023.
Growth of Real-Time Payments: Global real-time payments reached 266.2 billion transactions in 2023, marking a 42.2% year-over-year growth, with countries like India processing the highest volumes.
Summary
Financing & Investments: Lightnet and WeLab Partner for Virtual Bank License in Thailand; OCBC Bank Invests S$500 Million in Punggol Digital District; DBS Bank to Launch Crypto Options Trading and Structured Notes; SpiceJet Secures $358 Million in Share Sale Amid Financial Struggles; and Sunshine Station Upgrade Launched to Enhance Melbourne Airport Rail Link
Environmental Sustainability: AirAsia and Airbus Partner to Advance Sustainable Aviation in ASEAN; Neste, ITOCHU, and GS Caltex Launch First CORSIA-Certified SAF at Narita Airport; Pertamina and Airbus Partner to Develop SAF Ecosystem in Indonesia; Virgin Australia First to Receive SAF Services in Bali; Comstock Fuels Partners with SACL to Develop Biofuel Refineries in Australia; U.S. and India Partner to Advance SAF Development; Japan Green Power Development Achieves SAF Breakthrough; ENEOS and Shell to Introduce SAF Book and Claim Service in Japan; China Launches SAF Program; and EU Adopts Rules to Promote SAFs
Aviation: COMAC C919 Joins ARJ21 for Demo Flights in the Qinghai-Tibet Plateau Region; Airbus and Boeing Forecast Strong Demand in Indonesian Airline Market; SGi Partners with Helitech Asia to Acquire Ten Leonardo AW09 Helicopters; APAC Commit to Sustainable Aviation in Delhi Declaration; Brisbane Airport Noise Relief Measures Announced; and Commerce Commission Charges Jetstar for Misleading Consumers on Compensation Rights
Advanced Air Mobility: Vertaxi Secures Over 200 Million RMB in Pre-B Financing Round; EHang Secures Brazil Certification and Completes First eVTOL Flight in Guangzhou; UTM Deployed at Tāwhaki National Aerospace Centre; and Volar Air Mobility Partners with EXIM Finance and Etihad Aviation Training
Artificial Intelligence: Alibaba Unveils Open-Source AI Models and Text-to-Video Technology; China Proposes Regulations for Labeling AI-Generated Content; and AI Training Must Shift from Product-Centric to Outcome-Driven, Says AI Singapore
Marine: Mitsui O.S.K. Lines Invests in HIF Global for E-Fuels Development; Tolani Shipping Sells Aging Supramax Bulker Prabhu Mihikaa; HD Hyundai Companies Secure Approval for Onboard Carbon Capture System Retrofit Design; and Adani Acquires 80% Stake in Offshore Services Firm Astro for $185M
Space: Push for FCC Environmental Review of Megaconstellations Amid Uncertainty on Orbital Debris Authority; China Launches Six New Satellites from Taiyuan; and Mitsubishi Heavy Industries to Launch H3 Rockets for Eutelsat from 2027
Financing & Investments
Thailand
Thailand’s Lightnet and Hong Kong-based fintech WeLab are collaborating to apply for a virtual bank license aimed at enhancing financial access for underserved retail customers and small businesses. Lightnet has a strong local presence, reaching 46 million Thai customers through a network of 150,000 service channels.
WeLab, which operates successful virtual banks in Hong Kong and Indonesia, seeks to expand its services across Southeast Asia. The consortium plans to develop an AI-driven virtual bank to support underserved communities.
💡 The Bank of Thailand is expected to review their application, with results anticipated in early 2025. If approved, operations must begin within a year.
Singapore
OCBC Bank has announced a S$500 million investment in Punggol Digital District (PDD), which includes the development of a new 430,000 square-foot innovation hub, OCBC Punggol, set to open in Q1 2027. The hub will accommodate up to 4,000 employees and focus on emerging technologies like quantum computing and mixed reality.
The investment also includes a strategic partnership with the Singapore Institute of Technology (SIT), which will feature an Analytics and Innovation Lab at SIT's Punggol campus. The lab will provide hands-on experience with over 30 financial analysis terminals and conduct workshops on financial literacy.
💡OCBC’s investment strategy involves S$250 million spent in Phase 1 (2019-2022) to enhance digital features, with an additional S$300 million planned from 2023 to 2025, emphasizing customer-led design.
Singapore
DBS Bank plans to introduce over-the-counter cryptocurrency options trading and structured notes for eligible institutional and wealth clients, becoming the first bank in Asia to offer such financial products linked to Bitcoin and Ethereum.
Starting in Q4 2024, eligible clients will have new avenues for exposure to these cryptocurrencies, with options for yield on fiat currency or delivery of the underlying asset.
💡The initiative follows a 50% rise in cryptocurrency market capitalization in early 2024, alongside significant growth in trading activity on the DBS Digital Exchange (DDEx), which saw a 36% increase in active clients and an 80% rise in custodial digital assets.
India
SpiceJet Ltd. has attracted bids for a $358 million share sale, with interest from investors like Tata Mutual Fund, Authum Investment, and Think Investments, reports Bloomberg. Offered at 61.60 rupees ($0.74) per share—a 21% discount to market close—the placement aims to raise up to 30 billion rupees. However, SpiceJet's stock fell 11% shortly after the announcement, closing 1.1% lower on Thursday.
The Gurugram-based airline is grappling with financial challenges, including unpaid airport fees, furloughed staff, and tax payment delays. Auditors have raised concerns about its tax obligations, and the aviation regulator is intensifying scrutiny. With 37 billion rupees in outstanding liabilities, SpiceJet has entered a restructuring deal with Carlyle Aviation Management.
💡Funds from the share sale will be used to return grounded aircraft to service and refurbish the fleet, as the airline looks to stabilize. It has an order book of 147 Boeing 737 jets and is considering wide-body operations for Asia-Europe routes. DAM Capital Advisors Ltd. and JM Financial Ltd. are the bookrunners for the sale.
Australia
The Albanese and Allan Labor Governments have commenced the rebuild of Sunshine Station to establish a rail connection to Melbourne Airport and improve services in the city’s west. Both governments are investing $5 billion in the Melbourne Airport Rail Link, with $63.5 million earmarked for the Sunshine Station upgrade.
The project will add new platforms and upgrade track and signaling systems, enhancing a key junction that supports over 70% of V/Line’s network, including routes to Geelong and Bendigo. This will increase capacity from Wyndham Vale and allow for electrified trains from Melton, facilitating six trains per hour to the airport.
💡The upgrade is part of a $143 million Sunshine Station Precinct Masterplan, which includes a new bus interchange and pedestrian access. Alongside this, the Victorian Government is investing $650 million in the Melton Line Upgrade, set to increase capacity by 50% by 2028, while also removing four level crossings and building a new Melton Station, minimizing disruption for commuters and local businesses.
Environmental Sustainability
Southeast Asia
AirAsia and Airbus have entered into a Memorandum of Understanding (MoU) aimed at promoting sustainability in the aviation sector across Southeast Asia. The collaboration will focus on exploring the decentralised production of Sustainable Aviation Fuel (SAF) using alternative feedstocks and technologies in the region. Both companies aim to support the commercial development of projects to expand the supply of SAF.
💡 The two sides will also jointly explore advanced air traffic management (ATM) solutions to reduce carbon emissions. The partnership will leverage AirAsia’s fuel efficiency expertise and Airbus' innovations, including solutions developed under the Single European Sky ATM Research (SESAR) project, adapting them for ASEAN airspace.
Japan
Neste, ITOCHU, and GS Caltex have introduced the first batch of CORSIA-eligible, ISCC-certified SAF at Japan's Narita International Airport. This marks the first time CORSIA-certified SAF is available for airlines to purchase at a commercial scale, ahead of CORSIA’s mandatory implementation in 2027.
💡 The collaboration involved Neste supplying over 1,000 tons of SAF to GS Caltex’s refinery in South Korea, where it was blended with conventional jet fuel—marking South Korea's first local SAF production. The blended fuel was then transported to Narita Airport, where ITOCHU supplied it to All Nippon Airways and Japan Airlines.
Indonesia
Indonesia’s state-owned energy company, PT Pertamina, has partnered with Airbus to explore the development of a SAF ecosystem in Indonesia. Announced at Bali Airshow 2024, the partnership, formalized through a MoU, will focus on studying local SAF feedstock potential, logistics, and commercial viability.
💡The collaboration aims to position Indonesia as a leader in sustainable air travel by identifying suitable feedstocks, optimizing supply chains, and assessing the economic feasibility of SAF production.
Indonesia
Virgin Australia Airlines has become the first international airline to receive SAF from Ngurah Rai Aviation Fuel Terminal in Bali, Indonesia. During the Bali air show, PT Pertamina distributed approximately 160 kiloliters of SAF to Virgin Australia's Boeing 737, employing a mass balance method for accurate tracking of renewable fuel usage.
💡 Looking ahead, Pertamina plans to expand SAF production to meet growing global demand, supporting Indonesia’s goal of achieving net-zero emissions by 2060. The company has also issued a tender for additional SAF procurement.
Australia-Singapore
Comstock Fuels Corporation has announced a strategic partnership with Singapore-based renewable fuel developer SACL to invest in three biofuel refineries in Australia. The refineries will have a combined annual capacity of 1.5 million metric tons, producing various renewable fuels, including SAF, gasoline, and diesel using Comstock’s lignocellulosic biomass refining technology.
Under the agreement, Comstock Fuels will provide technology rights and take a 20% equity stake in each refinery while receiving royalty and engineering fees. The total estimated construction cost for the project is approximately $2.4 billion.
💡 Comstock Fuels is advancing plans to build its own facilities in the U.S., targeting a combined output of over 700 million gallons of renewable fuels annually. The project will leverage proven equipment and standard refining processes to convert biomass, such as eucalyptus, into renewable fuels.
India-USA
The United States and India have announced a new collaboration to accelerate the development and deployment of SAF, aiming to reduce aviation sector emissions.
💡Key initiatives include joint research on SAF technologies, exploring tax incentives, developing a robust supply chain, promoting market adoption, securing financing, and setting fuel certification standards. The collaboration also involves international coalition-building and two joint reports on SAF and biofuels.
Japan
Japan Green Power Development (JGPD) has successfully produced 100% biomass-derived SAF (NEET SAF) from inedible coconut oil using a novel catalyst. The achievement, part of the New Energy and Industrial Technology Development Organization (NEDO) project, aims to create a supply chain model for plant-based SAF.
💡Launched in 2022 with government funding, the project’s SAF meets international quality standards (ASTM D7566 Annex A2), clearing the path for commercialization.
Japan
ENEOS Corporation has introduced a SAF book and claim service in collaboration with Shell’s Avelia blockchain solution. The service enables airlines and corporations in Japan to purchase the environmental attributes of SAF, helping reduce their carbon footprint without requiring physical delivery of the fuel.
💡By decoupling SAF’s environmental benefits from its physical form, ENEOS aims to overcome supply chain challenges and high costs. ENEOS is also building an integrated SAF supply chain to further support net-zero emissions goals.
China
China has launched a SAF program at multiple airports to reduce aviation emissions. Starting Thursday, 12 flights from Beijing Daxing, Chengdu Shuangliu, Zhengzhou Xinzheng, and Ningbo Lishe airports will use SAF, with China Southern, China Eastern, and Air China participating.
💡The program will run from September to December 2024, with plans to expand in 2025.
European Union
The European Union has adopted new monitoring rules for its Emissions Trading System (ETS) to promote SAFs. The revisions offer zero-rating for emissions from SAF combustion, exempting renewable fuels of non-biological origin (RFNBOs), recycled carbon fuels (RCFs), and synthetic low carbon fuels (SLCFs) from ETS fees, provided they meet strict criteria under the Renewable Energy Directive (RED II).
💡The criteria include utilizing renewable electricity for RFNBO production and achieving a 70% reduction in greenhouse gas emissions compared to fossil fuels. The revised ETS rules also enhance monitoring and reporting of non-CO2 aviation emissions, including persistent contrails, NOx, and soot particles.
Aviation
China
A COMAC C919 aircraft made its first landing at Lhasa Gonggar International Airport in Tibet after a 2-hour and 8-minute flight from Chengdu Shuangliu International Airport. The C919 joins the ARJ21 regional jet, which is currently conducting demonstration flights in the Qinghai-Tibet Plateau region.
Lhasa Gonggar Airport, at an altitude of 3,569 meters, presents unique challenges for high-altitude aircraft performance. The C919's arrival will facilitate testing of key systems related to high-altitude operations, such as environmental control and avionics, and assess its adaptability for future high-altitude routes.
💡Since August 21, the ARJ21 has completed 25 routes and 62 flight hours across 11 high-altitude airports, including missions to the world's highest civilian airport, Daocheng Yading.
Indonesia
Asia Digital Engineering (ADE) and Indonesia's Garuda Maintenance Facility (GMF) have announced a strategic joint investment to advance landing gear services in Southeast Asia.
💡The partnership, formalized at the Bali air show, combines ADE's engineering innovation with GMF's expertise in landing gear overhaul and maintenance, aiming to set new industry standards and expand service offerings for regional airlines.
Indonesia
SGi, a leading helicopter service provider in Indonesia, has signed an agreement with Helitech Asia to purchase ten Leonardo AW09 helicopters, becoming the launch customer for this model in the country.
💡The acquisition is part of SGi's fleet modernization strategy and will enhance capabilities for various missions, including passenger transport, medical evacuation, and cargo transport.
Indonesia
At the Bali air show, Airbus and Boeing highlighted Indonesia's long-term potential for aircraft demand. Airbus predicts a need for at least 1,000 new jets over the next 20 years, driven by Indonesia’s growing GDP and rising air travel demand. Airbus emphasized the A220’s suitability for connecting Indonesia’s many islands, especially given its ability to operate from short runways.
Boeing projected demand for 1,300-1,500 jets over the same period, noting Indonesia’s slower capacity growth compared to other Southeast Asian countries. With an aging fleet averaging 14.4 years, Boeing stressed the need for fleet renewal, positioning the 737 Max as an ideal solution due to its fuel efficiency and reliability.
💡Both companies see Indonesia as a key market in Southeast Asia’s growing aviation sector.
India
At a landmark ministerial conference in New Delhi, 29 Asia Pacific nations committed to sustainable aviation through the "Delhi Declaration," which sets ambitious targets for the rapidly growing aviation sector. Co-hosted by the International Civil Aviation Organization (ICAO) and the Government of India, the conference gathered over 200 delegates, including 12 ministers and Prime Minister Narendra Modi, highlighting the importance of aviation to economic development.
💡The Delhi Declaration focuses on reducing the environmental impact of aviation, symbolized by India's initiative to plant 80,000 trees for ICAO’s 80th anniversary. It also emphasizes the need to accelerate gender equality in the sector, with India currently leading in female pilots at 15%, but acknowledges that more work is needed to achieve gender equity as the industry expands.
Australia
The Albanese Government is enhancing aircraft noise relief for Brisbane communities near the airport by requiring Airservices to implement recommendations from the Noise Action Plan by November 30, 2024. This includes prioritizing Simultaneous Opposite Direction Parallel Runway Operations (SODPROPS) to increase flights over water and reduce noise over residential areas.
💡Recent actions already taken include extending SODPROPS operations to weekend mornings and modifying flight paths to minimize noise impact. The government is also introducing additional measures, such as an independent ombuds scheme for noise complaints and appointing a dedicated Airservices executive for noise management, to improve community engagement and address noise issues at airports nationwide.
New Zealand
The Commerce Commission is set to file charges against Jetstar under the Fair Trading Act, alleging the airline misled consumers regarding their rights to compensation for flight delays and cancellations due to factors within Jetstar's control. The Commission's General Manager, Vanessa Horne, stated that Jetstar's communications likely discouraged consumers from pursuing legitimate claims, violating the Civil Aviation Act, which mandates reimbursement for costs arising from such disruptions.
Under New Zealand law, passengers may claim reasonable expenses related to delays, including meals and accommodation, while international travelers have rights outlined by the Montreal Convention, potentially allowing for reimbursements up to $11,000.
💡The Commission encourages consumers to check Jetstar’s website for claims submission options. Charges will be filed in the Auckland District Court soon, limiting further commentary at this stage.
Advanced Air Mobility
China
Vertaxi has completed a Pre-B financing round, raising over 200 million RMB, led by Zhongshan Venture Capital. Announced via WeChat, the funds will accelerate the development and certification of Vertaxi's eVTOL products, including the Matrix 1, and support the establishment of R&D and manufacturing centers in the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta region.
💡Vertaxi aims to create operational hubs in major cities to expand its reach across China and globally.
China
EHang has received an Experimental Flight Authorization Certificate (CAVE) from Brazil’s National Civil Aviation Agency (ANAC) for its EH216-S pilotless eVTOL aircraft. In partnership with Gohobby, EHang will conduct test flights in Brazil, advancing Uncrewed Aircraft Traffic Management (UTM) systems. EHang is also working with ANAC and Brazil’s Airspace Control Department to ensure safe Urban Air Mobility (UAM) deployment.
💡In Guangzhou, the EH216-S recently completed its first eVTOL flight along a route between Tiande Plaza and Haixinsha during a flight demonstration showcasing various low-altitude flight applications. Guangzhou City Investment Group plans to develop a comprehensive low-altitude infrastructure and eventually launch passenger services.
New Zealand
Aotearoa New Zealand has partnered with Tāwhaki National Aerospace Centre to launch the AirShare uncrewed traffic management (UTM) system. The system will facilitate safe integration of uncrewed aircraft operations, providing crucial flight information management and enhancing airspace situational awareness.
💡The initiative supports scalability for emerging technologies and enriches the digital infrastructure for testing new aerospace solutions.
Hong Kong-UAE
Hong Kong’s Volar Air Mobility Holding Company Limited has signed two MoUs to advance green aviation initiatives in the UAE. The first MoU with EXIM Finance focuses on developing sustainable financing options for the AAM sector, projected to exceed $1.4 trillion by 2040. The collaboration aims to establish a green financial infrastructure, including green financing and carbon credit offsets for RX-series Electric Aircraft.
💡The second MoU with Etihad Aviation Training LLC promotes the adoption of Green Aviation alternatives. The agreement seeks to create a sustainability cluster for research and development of eco-friendly initiatives, ensuring compliance with regulations set by the General Civil Aviation Authority (GCAA).
Artificial Intelligence
China
Alibaba has launched over 100 open-source AI models and new text-to-video technology, enhancing its competitive edge in the generative AI sector. The models, part of the Qwen 2.5 family, range from 0.5 to 72 billion parameters, offering capabilities in mathematics, coding, and support for over 29 languages.
By adopting a hybrid model that combines proprietary and open-source developments, Alibaba aims to compete with global players like OpenAI while expanding its applications across various industries, including automotive and gaming.
💡The company has also introduced a text-to-video model within its Tongyi Wanxiang image generation family.
China
China's Cyberspace Administration has proposed a new draft plan requiring digital platforms to label AI-generated content. Under the proposed rules, all AI-created materials must feature a visible logo and embedded metadata. Audio files will need voice prompts at the beginning and end, while video content must display notices at key moments. Users posting AI-generated content must also label it, and platforms must keep logs of their activities for six months. If metadata is missing, providers are tasked with analyzing and labeling the content.
💡Public comments on the proposal will be accepted until October.
Singapore
AI Singapore (AISG) is advocating for a shift in AI training strategies from being product-centered to focusing on real-world outcomes. Laurence Liew, AISG's Director of AI Innovation, emphasizes the need for AI literacy beyond technical skills, aiming to bridge the AI skills gap in Singapore.
While major tech firms offer training that often centers on their platforms, Liew notes that this approach may not yield practical skills applicable in real-world scenarios. AISG’s innovative programs, such as the AI Apprenticeship Programme (AIAP) and 100Experiments (100E), align training with industry demands, gathering problem statements from organizations to develop targeted solutions.
💡 To democratize AI literacy, AISG is also focusing on non-technical audiences, ensuring that the wider public can engage with AI tools effectively. Partnerships with companies like Microsoft aim to subsidize AI tools for small and medium-sized enterprises (SMEs).
Marine
Japan-USA
Mitsui O.S.K. Lines (MOL) announced an investment in HIF Global, a U.S.-based company focused on developing e-fuels projects. Through its subsidiary MOL Clean Energy, the company aims to support HIF's target of producing about 4 million tons annually of synthetic fuel and synthetic methanol from green hydrogen and recycled CO2 in the U.S., Chile, Uruguay, and Australia.
HIF plans to start with e-gasoline and e-methanol production, with future targets including e-SAF and alternative marine fuels, contributing to the decarbonization of the shipping industry.
💡In March, MOL had agreed on a joint development of a supply chain for e-fuels and signed a MoU with Idemitsu Kosan and HIF.
South Korea
HD Hyundai Marine Solution, HD Hyundai Engineering & Technology, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), and Hyundai Heavy Industries Power Systems have received approval in principle (AiP) from classification society DNV for an onboard carbon capture and storage (OCCS) system retrofit design. The project focused on a 15,000 TEU LNG dual-fuel containership and integrated advanced carbon capture and liquefaction systems. It integrated advanced carbon capture and liquefaction systems developed by Hyundai Heavy Industries Power Systems and HD Korea Shipbuilding & Offshore Engineering (HD KSOE).
💡HD KSOE recently received approval AiP from DNV for its electric propulsion liquefied hydrogen (LH₂) carrier design. The concept enables storage and transport of 80,000 cubic meters of LH₂, supporting large-scale hydrogen shipping and advancing the maritime industry's green transition.
India-Singapore
Adani Ports and Special Economic Zone Ltd (APSEZ) will acquire an 80% stake in Singapore-based Astro Offshore for $185 million, valuing the company at $235 million. Astro specializes in offshore oil and gas services, with revenues of $95 million and EBITDA of $41 million in its last fiscal year.
💡The acquisition adds 26 Offshore Support Vessels (OSVs) to Adani's existing fleet of 142 vessels, expanding its operations across the Arabian Gulf, Indian subcontinent, and Far East.
Space
Global
Pressure is growing on the Federal Communications Commission (FCC) to address the environmental impact of satellite megaconstellations. The U.S. PIRG Education Fund launched a petition in August urging the FCC to pause satellite internet launches in low-Earth orbit (LEO) until their environmental impact is reviewed under the National Environmental Policy Act (NEPA). The petition highlights concerns over the constant replacement and de-orbiting of satellites, leading to both orbital debris and atmospheric damage.
💡This comes after a Supreme Court ruling raised doubts about the FCC's authority to regulate space debris following the removal of the "Chevron deference," which allowed agencies to interpret ambiguous laws. While the FCC is tightening orbital debris regulations, its jurisdiction remains uncertain without explicit federal authorization. An international treaty may be necessary to address space debris comprehensively.
China
China has successfully launched six new Jilin-1 Kuanfu satellites from the Taiyuan Satellite Launch Center in Shanxi Province. The satellites were launched aboard a Long March-2D carrier rocket at 12:11 p.m. (Beijing Time) and entered their designated orbits.
💡The mission marks the 536th flight of the Long March carrier rocket series.
Japan-France
Mitsubishi Heavy Industries (MHI) has agreed to provide multiple launches of its H3 rocket for French satellite operator Eutelsat Group starting in 2027. The deal follows the H3's first successful flight earlier this year and positions Eutelsat as MHI's second foreign client after Inmarsat.
💡MHI aims to cut H3 launch costs to 5 billion yen and increase annual launches to ten, responding to rising demand in the satellite launch market.
**Nothing in this article is intended to be or should be construed as legal or financial advice.*