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Sagarmala Plans Fundraising to Boost Indian Maritime Sector
Sagarmala Finance Corp Ltd (SMFCL), India’s first maritime non-banking finance corporation, plans to raise ₹4,000 crore in six months through market borrowings. The company is in talks with public and private banks for funding. It aims to support maritime sector projects, including skill development and infrastructure enhancements. A new Managing Director will be appointed soon... -Crew MirrorPosted On:28-Jul-2025
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SL's Court Orders Compensation for X-Press Pearl Marine Disaster
Sri Lanka’s Supreme Court has ordered a $1 billion compensation for the X-Press Pearl disaster, deemed the worst marine environmental catastrophe in the nation’s history. The Singapore-flagged vessel sank in June 2021, releasing toxic substances into the Indian Ocean, killing marine life and severely disrupting local fisheries. The ruling holds ship owners accountable... -Crew MirrorPosted On:28-Jul-2025
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Flags of Convenience Exacerbate Seafarer Abandonment Globally
More than 2,280 seafarers have been abandoned on 222 vessels this year, a 30% increase from 2024, with unpaid wages totaling $13.1 million. The International Transport Workers’ Federation highlights that 37% of cases occurred in the Arab World, urging accountability for shipowners and action against the exploitative Flags of Convenience system... -Crew MirrorPosted On:28-Jul-2025
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EU and 15 Countries Ban Scrubber Discharges to Protect Oceans
The health of oceans improved with a new ban on scrubber discharge, supported by EU ministers and 15 countries. At the OSPAR Convention, officials agreed to prohibit pollutants from exhaust gas cleaning systems. By 2027, open-loop scrubber discharges will be banned, followed by closed-loop discharges by 2029... -Crew MirrorPosted On:28-Jul-2025
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GIFT City IFSC Spurs Growth and Global Competitiveness in India
India's ship finance and leasing sector has historically struggled, worsened by the 2009 financial crisis and regulatory restrictions. However, the last few years show promise, largely due to the International Financial Services Centre at GIFT City, which offers competitive tax incentives and a favorable environment for domestic and international stakeholders... -Crew MirrorPosted On:28-Jul-2025
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Seafarers Stranded Off Mozambique Unpaid for Months
Twelve seafarers aboard the Gas Falcon off Beira, Mozambique, have been stranded for ten months, unpaid and without basic supplies. Captain Muhammad Aslam reports severe mental health impacts among the crew, comprised of three Pakistanis and nine Indonesians. The situation highlights a growing crisis of seafarer abandonment worldwide... -Crew MirrorPosted On:28-Jul-2025
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India’s Maritime Strength Boosts with Advanced Aluminium Solutions for Shipbuilding
India's maritime ambitions are evolving rapidly, bolstered by a focus on self-reliance. Hindalco Industries Ltd. supplies high-performance aluminium for shipbuilding, collaborating with the Navy to create tailored products. Aluminium's advantages, including lighter weight and corrosion resistance, position Hindalco to meet growing demands and enhance India's naval capabilities... -Crew MirrorPosted On:28-Jul-2025
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Maintenance Failures Nearly Cause Bulker Grounding in Tauranga, TAIC Report
A recent report by the Transport Accident Investigation Commission (TAIC) highlighted a near-disaster involving the Achilles Bulker, which nearly drifted into shallow waters while departing Tauranga, New Zealand. The investigation revealed a missing rowing pin, critical for helm stability, due to improper maintenance. Swift crew action averted catastrophe... -Crew MirrorPosted On:28-Jul-2025
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Lloyd’s Register Updates Fatigue Design Assessment, Boosting Vessel Fatigue Life Predictions
Lloyd’s Register (LR) has updated its Fatigue Design Assessment (FDA) methodology, reflecting modern trading patterns for containerships and gas carriers. This enhancement, based on 11 years of AIS data, predicts a fatigue life increase of 10–15% for containerships and up to 10% for gas carriers, improving structural assessments significantly... -Crew MirrorPosted On:28-Jul-2025
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Scuba Diving Tourism Generates $20 Billion Globally and Boosts Marine Conservation Efforts
The global scuba diving tourism industry generates about $20 billion annually, supporting local economies and marine conservation. A study highlights the economic impact of ecotourism, with around 11,590 operators employing 124,000 locals. Future efforts will focus on standardizing monitoring programs for better tracking of revenue and visitor data... -Crew MirrorPosted On:28-Jul-2025
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Embedded Finance Program Launched to Boost Marine Fuel Liquidity
Green Link Digital Bank and 129Knots have launched an innovative global embedded finance program to enhance liquidity in the marine fuel sector. This initiative addresses a significant liquidity gap overlooked by traditional financing. Using the 129Knots platform, eligible borrowers can access crucial working capital financing tailored to marine industry needs... -Crew MirrorPosted On:28-Jul-2025
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MARINA Reinstates Insurance Requirement to Boost Maritime Safety and Accountability
The Maritime Industry Authority (MARINA) has reinstated its insurance requirement for maritime operators to cover liabilities from sea accidents. This decision highlights the necessity of financial protection in the sector, aiming to enhance accountability and safety standards. By mandating insurance, MARINA seeks to mitigate financial burdens from maritime incidents... -Crew MirrorPosted On:28-Jul-2025
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A New Approach to Ship Finance and Leasing in India
As India strives to be a competitive shipbuilding hub, effective financing is essential. Access to structured capital and innovative leasing is lacking, hindering growth. Historically, ad-hoc financing reliant on conventional lending hampers progress. Developing an asset-based financing framework and enhancing institutional capacity can unlock significant potential for India's maritime sector... -Crew MirrorPosted On:28-Jul-2025
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Saipem and Subsea 7 Merge to Form Saipem7, Creating Offshore Giant
Saipem and Subsea 7 have finalized their merger terms, set to create a leading offshore services entity, Saipem7, by mid-2026. With a 50-50 ownership structure, the merger is expected to generate €21 billion in revenue and €2 billion in EBITDA, supported by key shareholders Eni and CDP Equity... -Crew MirrorPosted On:28-Jul-2025
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BEML, HSL Collaborate to Develop Advanced Indigenous Marine Systems
BEML Ltd. has partnered with Hindustan Shipyard Ltd. (HSL) to develop advanced marine systems, formalized by CMDs Shantanu Roy and Hemant Khatri in New Delhi. The MoU emphasizes co-creating innovative, indigenous systems, with BEML leading design and HSL enhancing indigenization efforts, aiming to bolster India's advanced marine technologies... -Crew MirrorPosted On:28-Jul-2025
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Royal Caribbean Crew Member Jumps Overboard and Dies after Stabbing Another Crew on Icon of the Seas
A Royal Caribbean crew member died after allegedly stabbing a colleague and jumping overboard aboard the Icon of the Seas near San Salvador Island. The 35-year-old man attacked a 28-year-old woman before fleeing into the water. He was later found unresponsive and pronounced dead, while she remains in stable condition... -Crew MirrorPosted On:28-Jul-2025
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Cargo Ship Runs Aground Near Crete, Crew Rescued
On July 24, the MN Kostas, a 5,800-ton cargo ship, ran aground off Crete. The Hellenic Coast Guard swiftly evacuated 14 crew members and launched rescue operations. Fortunately, no injuries were reported, and there were no signs of sea pollution. Investigations led to the detention of the captain and Bridge Watch Officer... -Crew MirrorPosted On:28-Jul-2025
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