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UBS Likely to Shrink Credit Suisse's $10 Billion Shipping Portfolio
UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added.
Ammonia Startup Amogy Raises $139 Million
Brooklyn, N.Y. startup Amogy on Wednesday announced it has raised $139 million to begin manufacturing its ammonia-to-power technology and bring its first product to market in 2024.The Series B-1 fundraising round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC. “We are working from a place where we have no doubt that our technology will change the world,” said Seonghoon Woo, CEO of Amogy. “In 2021, CO2 emissions from transportation in the United States totaled 1.7 BMT — the most from any sector of the economy.
Port of Montreal Measuring Vessels' Carbon Footprint
The Montreal Port Authority (MPA) and Global Spatial Technology Solutions (GSTS), a company that specializes in applying artificial intelligence (AI) to shipping, announced the launch of a new project to measure and reduce the carbon footprint of vessels using the Canadian port.Based on the OCIANATM modular platform, the project provides real-time data on the route, speed and position of vessels heading to Montreal. These data are then analyzed to obtain an accurate estimate of a vessel’s arrival time and adjust its route to coordinate with the availability of berths in the Port of Montreal.
China Firm Wins Solomon Islands Port Project as Australia Watches On
The Solomon Islands has awarded a multi-million-dollar contract to a Chinese state company to upgrade an international port in Honiara in a project funded by the Asian Development Bank, an official of the island nation said on Wednesday.The United States and its allies, including Australia, New Zealand and Japan, have held concerns that China has ambitions to build a naval base in the region since the Solomon Islands struck a security pact with Beijing last year."This will be upgrading the old international port in Honiara and two domestic wharves in the provinces," said Mike Qaqara, an official at the Solomons' infrastructure development ministry.
Crowley Hires Coplen as Wind Services VP
Crowley named Mark Coplen as vice president of project management for Crowley Wind Services, where he will be a key leader in advancing the company’s growth and market leadership in the offshore wind industry. In his role, Coplen will expand Crowley Wind Services’ project management capabilities to support customers in its offering of engineering, procurement and construction management for the offshore wind market. Coplen joins Crowley with extensive expertise in the sustainable energy sector leading offshore wind services, operations and technology.