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.**
Read
ASEAN Transition Finance Guidance Version 2
In October 2023, the ASEAN Capital Markets Forum (ACMF) released the ASEAN Transition Finance Guidance (ATFG) to assist entities in assessing and demonstrating credible transitions, facilitating access to capital market financing. Following the initial release, stakeholder consultations were conducted to refine the guidance, resulting in ATFG Version 2 (ATFG V2).
The ATFG aims to serve as a valuable resource for investors, financial institutions, and real economy businesses while ensuring alignment with international standards.
Southeast Asia Energy Outlook 2024
The International Energy Agency (IEA) reports that Southeast Asia must increase clean energy investments to $190 billion—five times the current amount—by 2035 to meet climate goals. This investment must be coupled with strategies to reduce emissions from the region's young coal-fired power plants.
While electricity demand is expected to grow at 4% annually, clean energy sources like wind and solar are projected to cover only one-third of this growth. As a result, carbon dioxide emissions in the region could rise by 35% by mid-century.
The IEA notes that Southeast Asia currently attracts just 2% of global clean energy investments, despite representing 6% of global GDP and 5% of energy demand. To support greater renewable energy integration, annual investments in power grid modernization must nearly double to around $30 billion by 2035.
IDC Data and AI Pulse: Asia Pacific 2024 Study
A new report from IDC and SAS shows a surge in AI investment across Asia Pacific, with 43% of businesses planning to increase spending by over 20% in 2024. However, a gap remains between AI Leaders, who pursue revenue growth and efficiency, and AI Followers, who focus on short-term goals like customer service. Challenges such as skills shortages and data access issues persist, especially in Australia.
APAC AI spending is projected to hit $45 billion in 2024, rising to $110 billion by 2028, with experts urging strategic frameworks to ensure sustainable AI success.
Aviation industry to add 45,900 aircraft worth $3.3 trillion over the next 20 years
The 2024-2043 Cirium Fleet Forecast predicts that Asia will account for 45% of the 45,900 new aircraft deliveries worldwide, valued at $3.3 trillion. China is set to receive over 9,000 aircraft, while India will get between 3,000 and 4,000.
Single-aisle aircraft will represent 72% of deliveries, followed by twin-aisle at 16%. Boeing and Airbus will dominate, comprising 84% of the market. Despite strong demand, challenges like supply chain issues and regulatory restrictions could impact delivery schedules, according to Cirium's Rob Morris.
Navigating the Future: How Generative Artificial Intelligence is Transforming the Travel Industry
A recent report from Amadeus reveals that Generative Artificial Intelligence (Generative AI) is a top priority for the travel industry as it looks towards 2025. Surveying over 300 industry leaders, 46% identified Generative AI as their primary focus, with this number rising to 61% in the Asia-Pacific region.
The report highlights several use cases for Generative AI, including digital assistance during bookings (53%), tailored recommendations (48%), content generation (47%), and enhancing customer service (45%). However, challenges such as data security (35%), talent shortages (34%), and concerns over return on investment (30%) could hinder implementation.
While 41% of travel companies currently have the resources to adopt Generative AI, 87% are willing to collaborate with third-party vendors to develop applications. As the technology evolves, industry leaders emphasize the need for responsible deployment that ensures data privacy and security.
Summary
Financing & Investments: ADIA to Invest $750 Million in GMR Group's Debt; KWAP Invests RM219 Million in Cyan Renewables; Nvidia to Announce AI Investment Plans in Thailand as Region Becomes Data Center Hub; Apple CEO Tim Cook Commits to Expanding Investment in China Amidst 5G and Digital Innovations; China’s BeiDou Navigation System Secures $1.78 Billion in New Investments to Expand Global Reach; and Capital A Bhd Terminates $1.15 Billion Deal with Aetherium Acquisition Corp
Environmental Sustainability: ACI Asia-Pacific & Middle East Urges Sustainable Airport Development Amid Air Traffic Surge; ACI Asia-Pacific & Middle East Teams Up with Mactan-Cebu International for Net Zero Emissions Initiative; MAG Joins CEO Action Network for Sustainability; AirAsia Launches “APU Off” Initiative to Reduce Airport Emissions; EVA Air and Airbus Team Up for SAF; Julius Baer Collaborates with Cathay Pacific on SAF; UNDP and CIIP Launch SDG Venture Scaler to Boost Investment in SEA; Natural Gas Essential for Energy Transition, Says IEF Chief; Woodside and Keppel Sign Liquid Hydrogen Offtake Term Sheet; and Inpex and Chubu Electric to Explore Carbon Capture and Storage
Aviation: HKAA Announces Major Expansion of Airport City; Changi Airports International Forms JV to Enhance Haikou Meilan Airport Ops; Changi Airport Group Launches Eco-Friendly Air Logistics Facility; ExecuJet Haite Begins Ground Handling at Beijing Capital; and Qantas Group Invests $40 Million in Aviation Training Initiatives to Cultivate Future Talent
Advanced Air Mobility: DJI Sues U.S. Defense Department Over Military Designation; VOLANT Launches First VE25-100 eVTOL Certification Meeting; Aerofugia Partners with Civil Aviation Research Institute; XPeng AeroHT Completes Successful Crewed Flight; Air White Whale Introduces the W5000, the World's Largest Uncrewed Cargo Aircraft, KAI Showcases Advanced Air Vehicle at FIX 2024; PLANA Partners with M.I. Air for AAM Pilot Training; Airbus and Toshiba Collaborate on Hydrogen Aircraft Technologies; and Joby Aviation Engages Global Regulators for eVTOL Certification
Marine: Shanghai and Hamburg Ports Collaborate on Green Shipping Corridor; COSCO SHIPPING Ports Acquires Stakes in Key Terminals at Laem Chabang Port; Open Ocean Robotics Secures CA$2.8 Million Investment for Ocean Monitoring Solutions; Japan Orders First Methanol Dual-Fuel Tanker; Mormugao Port Gains Recognition for Green Shipping Initiatives; Singapore to Develop Offshore LNG Terminal; and IMO Explores Nuclear Propulsion as Future Marine Fuel
Space: India Introduces $119 Million Fund for Space Startups; Dawn Aerospace Partners with Perigee Aerospace to Enter Korean Space Market; Deep Blue Aerospace Plans Suborbital Tourism Flights by 2027; and China’s Shijian-19 Satellite Returns, Delivers Key Scientific Payloads
Financing & Investments
UAE-India
The Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, plans to invest $750 million in the debt of India's GMR Group, reports Reuters. The investment involves structured debt instruments from GMR Enterprises, which owns about 25% of GMR Airports. The capital will refinance all external debt of GMR Enterprises, enabling the company to significantly reduce pledged shares linked to its airport business.
💡GMR Enterprises' total debt has increased by nearly 4% year-on-year to 44.77 billion rupees ($532.5 million). GMR Group's Corporate Chairman Kiran Grandhi stated that the investment will bolster the company’s ability to support GMR Airports' growth, especially as India’s domestic passenger traffic is expected to reach 300 million by 2030.
Malaysia-Singapore
Malaysian pension fund Kumpulan Wang Persaraan (KWAP) has invested RM219 million for a minority stake in Cyan Renewables, a Singapore-based offshore support vessel operator. Led by Seraya Partners, the investment aims to help KWAP achieve its goal of RM20 billion in transition assets by 2030.
💡KWAP's Chief Investment Officer, Hazman Hilmi Sallahuddin, highlighted Cyan's role in transitioning to clean energy and developing local talent. Cyan operates 32 offshore support vessels and has over 1,000 wind days of experience, primarily servicing the offshore wind sector.
Thailand
Nvidia Corp plans to announce new investments in Thailand this December, joining major tech players like Alphabet and Microsoft in expanding AI and data center infrastructure across Southeast Asia, Thai Commerce Minister Pichai Naripthaphan confirmed Monday, reports Bloomberg. While details remain undisclosed, Pichai suggested Nvidia's entry could spur related tech investments and boost Thailand’s appeal in the sector.
💡Nvidia’s involvement aligns with Thailand's recent momentum in attracting foreign investments. This year alone, Thailand has seen a 42% jump in investment pledges, largely in data centers and electronics, reaching 722.5 billion baht (US$21.6 billion) through September. Pichai expects commitments could hit 1 trillion baht by year-end.
China
Apple CEO Tim Cook pledged to deepen Apple’s investment in China and strengthen its role in the country’s industrial and supply chains during a meeting with Minister of Industry and Information Technology Jin Zhuanglong on Wednesday. Cook expressed Apple’s intent to harness new opportunities from China’s increased openness to foreign business.
Minister Jin highlighted China’s recent efforts to expand its telecommunications sector, encouraging Apple to grow its investment in innovation and continue collaborations with Chinese companies. The two discussed network security and cloud services, as well as areas for expanding Apple’s involvement in the local market.
💡In a separate meeting, Cook met with China Mobile chairman Yang Jie to discuss advancements in digital content and 5G applications. China Mobile stated that the partnership will now focus on expanding 5G offerings, such as 5G messaging and immersive XR content.
China
China’s BeiDou satellite navigation system (BDS) secured commitments totaling 12.7 billion yuan (US$1.78 billion) for projects to expand its application globally, announced at the Third International Summit on BDS Applications in Hunan province. Among the investments, 7.83 billion yuan is earmarked for industrial and consumer adoption, while an Indonesian disaster prevention agency committed to using BeiDou for early warning systems.
💡China aims to partner internationally for uses in messaging, rescue, and regional communications, said Xiang Libin, vice-chair of the National Development and Reform Commission. The BeiDou system currently serves sectors like agriculture, urban planning, and transport across countries such as Pakistan, Laos, and Brunei.
Malaysia
Capital A Bhd (KL) has terminated its agreement with Aetherium Acquisition Corp regarding a $1.15 billion (RM5.0 billion) deal to inject its AirAsia brand management business into the Nasdaq-listed SPAC. The decision follows Aetherium's receipt of a delisting notification from Nasdaq for not meeting key listing requirements, including a minimum market value of $50 million.
💡Capital A initially aimed to unlock value through its Capital A International (CAPI) business to address its negative equity position. However, CEO Tan Sri Tony Fernandes stated that transferring its aviation unit to AirAsia X Bhd (KL) would adequately resolve its equity issues—a plan that has already received shareholder approval for RM6.8 billion. Capital A is also proposing a RM6 billion share capital reduction to offset its accumulated losses of RM12.87 billion, which have resulted in a negative equity position of RM11.24 billion.
Environmental Sustainability
Asia-Pacific
At the 59th Conference of Directors General of Civil Aviation in Cebu, Philippines, Airports Council International Asia-Pacific & Middle East (ACI APAC & MID) highlighted the need for economic sustainability and financial resilience to support the region’s growing aviation sector. With APAC expected to account for 40% of global air traffic by 2042—rising from 3.4 billion passengers in 2023 to over 8.7 billion—ACI forecasts a need for $1.3 trillion in infrastructure investments, including $579 billion for new airport development.
💡The Conference called for integrating security considerations into airport infrastructure design, promoting environmental sustainability through ACI’s Net Zero Roadmap program, and fostering a positive safety culture. Mr. Stefano Baronci, Director General of ACI APAC & MID, emphasized that modern, efficient, and sustainable airport infrastructure is crucial for meeting demand and ensuring financial viability. The event also underscored the importance of diversity and inclusion in addressing workforce shortages within the industry.
Philippines
ACI Asia-Pacific & Middle East has signed an MOU with Mactan-Cebu International Airport (MCIA) to pilot a program aimed at achieving net zero emissions. The agreement was made during the 59th Conference of Directors General of Civil Aviation.
💡Through its Net Zero Roadmap, ACI will provide MCIA with strategic guidance on sustainability, helping to create structured plans for carbon footprint assessment and operational improvements. The partnership aims to support MCIA in advancing from Level 1 to Level 5 certification in the Airport Carbon Accreditation program, which involves maintaining a net zero carbon balance for Scope 1 and 2 emissions and addressing Scope 3 emissions.
Malaysia
Malaysia Aviation Group (MAG) has announced its membership in the CEO Action Network (CAN), a coalition focused on sustainability advocacy and capacity building. MAG will contribute to the Diversity, Equity, and Inclusion (DEI) workstream, engaging stakeholders to promote responsible business practices and sustainable development. The group plans to report on its sustainability initiatives annually to ensure measurable outcomes.
💡Datuk Captain Izham Ismail, Group Managing Director of MAG, highlighted the alignment of this initiative with their sustainability goals, including decarbonization and social responsibility. MAG aims to achieve advanced maturity levels in governance, environment, and people by 2030. The group has surpassed its target of 25% female representation in its workforce, currently achieving 35%, with 50% in senior management.
Malaysia
AirAsia has initiated the “APU Off” program to cut carbon emissions at airports by implementing advanced ground support technology at Kuala Lumpur International Airport (KLIA) Terminal 2. At the launch event, the airline showcased Combo Units—devices that combine Ground Power Units (GPUs) and Air Conditioning Units (ACUs) to fulfill an aircraft's power and cooling needs while stationary, reducing reliance on less efficient Auxiliary Power Units (APUs).
💡The airline plans to deploy four Combo Units this month and aims to cut ground-based emissions by 20,000 tonnes of CO2 annually by the end of 2025. This shift is expected to lower AirAsia's APU costs and CO2 emissions by up to 90% under optimal conditions, significantly impacting its ground operation emissions.
Taiwan
EVA Air and Airbus have announced a partnership to boost sustainable aviation fuel (SAF) development, coinciding with EVA Air's order of 18 A350-1000 and 15 A321neo aircraft.
💡The partnership will explore operational practices to integrate SAF into flights, establish procurement processes, and promote SAF awareness.
Hong Kong
Julius Baer has partnered with Cathay Pacific to promote SAF as part of the airline's Corporate SAF Programme. The initiative supports Julius Baer's sustainability goals, including achieving net-zero emissions by 2030 and reducing air travel by 30% from 2019 levels by 2025.
The bank implemented an internal carbon price on air travel in 2022, using the proceeds to purchase SAF from partners like Cathay Pacific, SWISS, and Lufthansa. Funds also contribute to environmental projects such as mangrove restoration in Indonesia and forest conservation in Panama.
Southeast Asia
The United Nations Development Programme (UNDP) and the Centre for Impact Investing and Practices (CIIP) have launched the SDG Venture Scaler, a program designed to mobilize private investment for sustainable development in Southeast Asia. Targeting growth-stage enterprises in Indonesia, the Philippines, and Viet Nam, the initiative will focus on climate action, education, and healthcare, aligning with the UN Sustainable Development Goals (SDGs).
💡The program will select 30 ventures to receive business advisory services, investment matchmaking, and training in Impact Measurement and Management (IMM) through 2025. By utilizing the SDG Investor Platform, the initiative aims to provide market intelligence and identify high-potential investment opportunities.
Singapore
At the Singapore International Energy Week, Joseph McMonigle, Secretary General of the International Energy Forum (IEF), highlighted the crucial role of natural gas in the global energy transition. He pointed to three key events: the 2021 gas shock, Europe's shift to U.S. LNG in 2022, and COP28 in 2023, which together reveal that renewables alone cannot meet energy demands.
💡McMonigle emphasized that natural gas should not be seen merely as a transitional fuel but as a vital energy source, noting it emits 50-60% less CO2 than coal. He underscored the importance of LNG in enhancing energy security and urged investment in technologies like Carbon Capture, Utilization, and Storage (CCUS) to ensure natural gas remains a low-carbon solution. Looking ahead, he projected continued demand growth for natural gas, particularly in Asia, and called for robust investment in the sector.
Singapore
Woodside Energy and Keppel have signed a conditional Offtake Term Sheet for the supply of liquid hydrogen to power Keppel’s data centers in Singapore. This follows a non-binding Heads of Agreement established in April 2023. The new agreement outlines commercial principles that may lead to a binding contract by 2030, with hydrogen sourced from Woodside's production facilities, including H2Perth.
💡The agreement is still subject to further negotiations and necessary approvals.
Japan-Australia
Inpex and Chubu Electric Power Company have agreed to conduct a joint study on establishing a carbon capture and storage (CCS) value chain in Japan. The initiative will involve capturing CO2 and transporting it from the Port of Nagoya to Australia for storage.
💡Inpex, which holds a greenhouse gas storage assessment permit in the Bonaparte basin, plans to begin CO2 injection by 2030. Chubu Electric aims for net-zero CO2 emissions by 2050 and is exploring CCUS feasibility to support regional decarbonization. Both companies see this collaboration as crucial to advancing CCS technology and reducing greenhouse emissions.
Aviation
Hong Kong
The Airport Authority Hong Kong (AAHK) has unveiled plans to expand Airport City with projects totaling HK$100 billion. Key developments include AsiaWorld-Expo Phase 2, a yacht bay, and a gourmet fresh food market, set to be completed between 2026 and 2031. AAHK will invest HK$30 billion, with additional funding through loans and private investments.
💡The expansion will leverage land from artificial islands near the Hong Kong-Zhuhai-Macao Bridge. Plans also feature a marina with 600 berths, Hong Kong’s largest indoor arena seating over 20,000, and a "sportainment" complex that blends sports and entertainment. An art ecosystem with galleries and dedicated artwork storage is also in development. The initiative aims to create a vibrant hub that combines commercial activities, arts, and leisure to bolster Hong Kong’s economy and the Greater Bay Area.
China-Singapore
Changi Airports International (CAI) has partnered with Hainan Meilan International Airport Co., Ltd. to manage non-aeronautical operations at Haikou Meilan International Airport (HAK). The joint venture, with Hainan Meilan holding 51% and CAI 49%, will run for 10 years starting January 2025.
💡The initiative aims to transform HAK into a consumer hub by expanding retail offerings, introducing international duty-free shopping, and enhancing dining options. HAK currently connects 116 domestic and 30 international destinations, handling 24.34 million passengers in 2023. The partnership seeks to boost services for both domestic and international travelers, driving revenue growth and strengthening HAK's position as a regional airport.
Singapore
Changi Airport Group (CAG) has opened Changi Nexus One, a new air logistics facility in the Changi Airfreight Centre, aimed at boosting Singapore's air cargo capabilities. The nearly 8,000 square meter facility is designed for two tenants and is strategically located for efficient cargo handling. Expeditors, a top air freight forwarding company, is among the first tenants.
💡Changi Nexus One is the first building in the center to earn the BCA Green Mark Platinum Positive Energy Building certification, showcasing its commitment to sustainability. The facility is expected to achieve over 60% energy savings and will generate more renewable energy than it consumes, with plans to install solar panels by early 2025.
China
ExecuJet Haite Aviation Services China has commenced exclusive ground handling services for business jets at Beijing Capital International Airport (ZBAA) after signing a contract with Capital Airport Holding Business Aviation Management (CBM). The services started on October 1, coinciding with China's National Day holiday, and have been positively received by clients.
💡ExecuJet Haite also provides maintenance services at Beijing Capital, Daxing, and Tianjin Binhai International Airports.
Australia
The Qantas Group is investing over $40 million in initiatives to enhance aviation training in Australia, including the establishment of the Qantas Group Safety Academy in partnership with Griffith University and RMIT University, set to launch in 2025. The academy will offer safety-related micro-credentials and plans to expand into accredited postgraduate qualifications by 2026. Additionally, Qantas will invest in state-of-the-art training facilities, including a new ground training facility in Sydney opening in mid-2026, aimed at emergency procedures training for over 5,000 pilots and cabin crew annually.
💡In 2025, Qantas will double the number of scholarships for female students and Aboriginal and Torres Strait Islanders at its pilot academy in Toowoomba, offering 20 scholarships worth up to $30,000 each. Since its opening in 2020, the academy has graduated over 400 students, with women representing 20% of graduates, exceeding the global average of 4% for commercial airline pilots.
Advanced Air Mobility
China
DJI, the world’s largest drone maker, has sued the U.S. Defense Department, challenging its designation as a “Chinese military company.” The company claims this classification is unfounded and has severely impacted its business, leading to lost contracts and reputational damage.
💡Filed in a Washington, D.C. federal court, DJI’s lawsuit seeks removal from the Pentagon’s list, asserting it is neither owned nor controlled by the Chinese military.
China
Volant Aerotech has conducted its inaugural review meeting for the type certification of its VE25-100 eVTOL model in Shanghai's Minhang District. The review involved a team of experts from various aviation regulatory bodies, including the Civil Aviation East China Regional Administration and the Civil Aviation University of China. During the meeting, VOLANT presented details on the VE25-100’s design features, anticipated use cases, and its development progress, along with plans for airworthiness certification.
💡The joint review team will operate under CCAR-21-R5 regulations and AP-21-AA-2023-11R1 certification guidelines.
China
Aerofugia has signed a strategic cooperation agreement with the Second Research Institute of the Civil Aviation Administration of China in Chengdu. The partnership is designed to enhance safety testing and propel research initiatives in the field of eVTOL aircraft. The collaboration will focus on optimizing design, improving operational management, and establishing industry standards to advance the development of new energy aircraft.
💡By fostering academic exchanges and collaborative research, Aerofugia and the Civil Aviation Research Institute aim to set a foundation for future advancements in the industry, contributing to safer and more efficient aerial transportation.
China
XPeng AeroHT has completing the first crewed test flight of its 'Land Carrier' flying vehicle. Led by founder Zhao Deli, the flight marks the initiation of the 'Executive 5000 km Test Flight' project, following extensive ground-based testing. The public unveiling of the Land Carrier is scheduled for November 12 at the China Airshow in Zhuhai.
💡In separate news, parent company XPeng Motors has entered the UAE market, partnering with Ali & Sons Holding LLC to launch its G6 and G9 electric vehicle models in Dubai, with plans for further expansion in the region.
China
Chinese aerospace firm Air White Whale has introduced the W5000, the world's largest uncrewed cargo aircraft, completing production on October 18 in Changzhou. With a payload of 5 tons and a maximum take-off weight of 10.8 tons, the W5000 has a range of 2,600 km and a cruising speed of 284 knots. Its high-wing design is powered by two turboprop engines and is compatible with standard cargo pallets.
💡The aircraft aims to enhance efficiency in the cargo sector by allowing one pilot to monitor multiple uncrewed units. Certification documents are submitted, with deliveries expected in late 2026.
South Korea
Korea Aerospace Industries (KAI) showcased its Advanced Air Vehicle (AAV) at the Future Mobility Expo (FIX 2024) in Daegu. The exhibition featured 1:4 scale demonstration models for both civilian and military applications. KAI is currently designing the AAV, with detailed design completion targeted for 2025.
💡The second phase includes developing a prototype and conducting test flights by 2028. The AAV aims to achieve FAA certification in Korea and the U.S. by 2031, with plans to sell 23,000 units by 2050.
South Korea
PLANA Co., Ltd. has signed an MOU with U.S.-based M.I. Air to develop training protocols for advanced air mobility (AAM) pilots. The partnership includes a letter of intent for PLANA to supply flight simulators and aircraft, with plans to deliver the simulators by 2026 and introduce PLANA’s aircraft by 2030.
💡The collaboration builds on PLANA's previous $700 million in aircraft purchases since 2022, aiming to streamline pilot training for type certification and commercialization of AAM. M.I. Air, an FAA-approved flight school recognized by AOPA, will focus on creating effective training systems.
Japan-France
Airbus and Toshiba are partnering to develop a 2MW superconducting motor and cryogenic technologies for future hydrogen-powered aircraft, aiming for net-zero aviation emissions by 2050. The superconducting systems will use liquid hydrogen at -253°C for both fuel and cooling, enhancing efficiency and power transmission. Airbus UpNext is leading the project, building on its Cryoprop demonstrator for testing superconducting propulsion systems.
💡The collaboration stems from Airbus’s Tech Hub Japan initiative, with both companies confident in the potential of superconducting technologies to advance sustainable aviation.
USA
Joby Aviation is welcoming aviation regulators from the UK, Japan, and Australia to its California headquarters to facilitate international type certification for its four-passenger eVTOL aircraft, as reported by Aviation International News. These meetings, referred to as “technology familiarization” by Joby, are designed to harmonize certification processes for electric air taxis. The discussions coincided with the FAA's release of a special federal aviation regulation that outlines operational standards for eVTOL aircraft, including pilot training and energy reserve requirements.
💡 As of August 2024, Joby has completed over one-third of its FAA type certification process and is aiming for production and early commercial operations in 2025. The company is also engaging with EASA in Europe, as well as regulatory bodies in South Korea and the UAE, planning to launch its first air taxi service in Dubai by late 2025, with potential expansions into markets like New York and Los Angeles.
Marine
China-Germany
At the 2024 North Bund Forum on October 22, Shanghai Port and Germany’s Port of Hamburg signed an MoU to collaborate on creating a green shipping corridor. The initiative aims to promote sustainable practices and decarbonization in both ports and the broader shipping industry.
The MoU was signed by key stakeholders, including the Shanghai Municipal Transportation Commission and COSCO Shipping Lines, and will involve partnerships with technology providers, energy suppliers, and other industry players. Key focus areas include the development of shore power, infrastructure enhancements, and information sharing. HPA CEO Jens Meier highlighted that this initiative allows for broader stakeholder engagement in the low-carbon efforts.
💡Previously, Shanghai Port established green shipping corridors with the Ports of Los Angeles and Long Beach.
Thailand
COSCO SHIPPING Ports (CSP) has announced the strategic acquisition of stakes in two major terminals at Thailand's Laem Chabang Port. The deal includes a 12.5% stake in Thai Laemchabang Terminal Co., Ltd. (TLT) and a 30% stake in Hutchison Laemchabang Terminal Ltd. (HLT), with a total transaction value of approximately USD 110 million.
The acquisition encompasses significant operational berths: TLT Terminal's Berth A2 and HLT Terminal's Berths A3, C1-C2, and D1-D3 (the latter currently under construction). Once fully operational, these berths are projected to handle up to 6.7 million TEU annually.
💡Laem Chabang Port, located about 60 nautical miles southeast of Bangkok, is Thailand's largest deep-water port, handling approximately 80% of the country's container throughput.
Canada-Southeast Asia
Open Ocean Robotics (OOR), a maritime robotics and AI company, has successfully closed a CA$2.8 million investment round. The funding was co-led by Antares Ventures, a Singapore-based deep-tech venture fund focused on sustainability, and Spring Impact Capital, a Canadian impact fund, with contributions from Katapult Ocean, Alacrity Canada, DTN Ventures, and others.
💡The investment will facilitate product and technological advancements, expand geographic reach into Southeast Asia, and scale the manufacturing of OOR's uncrewed surface vehicles (USVs). To support its growth in Southeast Asian markets, OOR is participating in the PIER71 Smart Port Challenge, an initiative by the Maritime and Port Authority of Singapore and the National University of Singapore.
Japan
IINO Kaiun Kaisha has placed an order for Japan's first methanol dual-fuel crude oil tanker at Nihon Shipyard. The vessel, measuring 340 meters and weighing approximately 309,400 tons, will utilize methanol alongside traditional fuel oil, featuring a shaft generator for improved efficiency. The initiative aims to reduce emissions, including a 15% decrease in CO2 compared to heavy fuel oil.
💡Scheduled for completion in 2027, the tanker supports IINO Lines' commitment to a sustainable maritime industry, alongside their recent order of a dual-fuel very large gas carrier.
India
Mormugao Port Authority has been recognized as an incentive provider on the Environment Ship Index (ESI) portal by the International Association of Ports and Harbours (IAPH). As India’s first port to introduce Green Ship Incentives through the ESI, the port launched its ‘Harit Shrey’ program in October 2023, offering discounts on port charges for vessels with higher environmental performance.
💡The initiative has already benefited numerous ships by promoting reductions in greenhouse gas emissions. Mormugao Port has also submitted the scheme for the IAPH Sustainability Awards, reinforcing its commitment to sustainable maritime practices and international carbon reduction efforts.
Singapore
Singapore is set to develop a 5 million metric tons per year floating storage and regasification unit (FSRU) at Jurong Port, enhancing its LNG capacity by 50%. Announced by Minister Gan Kim Yong at the Singapore International Energy Week 2024, this offshore terminal will offer greater flexibility and require less land than traditional onshore facilities.
Managed by Singapore LNG (SLNG) Corp., the FSRU contract has been awarded to Japan's Mitsui OSK Lines. The government will also establish Gasco, a centralized gas entity, to improve procurement and supply stability for the power sector.
💡Additionally, two consortiums have been shortlisted for an ammonia pilot program, with studies set to begin by the end of 2024, as part of Singapore's broader efforts in low-carbon energy research and hydrogen innovations.
Global
The International Maritime Organization (IMO) is considering nuclear propulsion as a future marine fuel, as confirmed by Secretary-General Arsenio Dominguez at the 2024 Global Maritime Forum in Japan. He emphasized the IMO’s technology-agnostic approach, allowing countries to explore various renewable energy solutions.
Dominguez stated that nuclear energy is included in life cycle assessments for future analysis. Mitsui O.S.K. Lines’ President and CEO, Takeshi Hashimoto, noted that nuclear power, along with other solutions, is crucial for achieving net-zero emissions in shipping.
💡While regulatory frameworks for maritime nuclear propulsion are still developing, Dominguez assured that existing processes aim to support technological advancements. The inclusion of nuclear power in life cycle assessments is a significant step toward establishing regulatory foundations for nuclear-powered commercial vessels.
Space
India
The Indian government has unveiled a 10 billion rupee fund to support 40 startups in its expanding space sector, aiming to capture a larger share of the global commercial space market by 2033. Funding will range from 100 million to 600 million rupees based on startup maturity, focusing on job creation, technology advancement, and research development. The fund will be managed by the Indian National Space Promotion and Authorization Centre.
💡India currently holds around 2% of the commercial space market, with plans for a five-fold increase to $44 billion by 2033. The country has nearly 250 space startups, with private equity investment in the sector rising to $126 million in 2023, up 7% from last year.
Netherlands-South Korea
Dawn Aerospace has formed a partnership with South Korea's Perigee Aerospace Inc. to boost satellite propulsion capabilities in Korea's burgeoning space sector. Perigee is developing the Blue Whale 1 (BW1), a two-stage launch vehicle designed to carry up to 200 kg into Low Earth Orbit (LEO).
💡The collaboration will focus on launching satellites into a 500 km Sun-Synchronous Orbit and advancing green propulsion systems. Both companies will utilize their expertise for joint marketing and satellite launch initiatives worldwide. This partnership reinforces Dawn Aerospace's position as a key propulsion provider, serving over 25 clients across 10 countries.
China
Chinese startup Deep Blue Aerospace is targeting suborbital tourism flights starting in 2027. The company is developing the Nebula-1 reusable rocket, with a vertical takeoff and landing test set for November and a full orbital flight planned for 2025.
The crew spacecraft will carry six passengers to altitudes between 100 and 150 kilometers, offering up to 600 seconds of microgravity. Tickets will be sold for 1.5 million yuan ($210,000), with initial sales beginning on October 24.
💡Founded in 2017, Deep Blue is among several Chinese companies pursuing space tourism, including CAS Space, which also plans to launch flights in 2027.
China
China’s reusable Shijian-19 satellite returned to Earth on October 11, delivering scientific payloads to domestic and international partners, including Thailand and Pakistan. Launched on September 27, Shijian-19 supported space breeding experiments for nearly 1,000 germplasm species and tested advanced technologies, such as microgravity hydrogen production and wireless power transmission. The satellite returned with 500 kg of experimental materials, including seeds from 1,800 plant species, aimed at bolstering agricultural innovation and food security. 💡
💡Designed for reuse, Shijian-19 marks a major leap in cost-efficient space research, with applications in both agriculture and advanced material science.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**