• 2018 November 21 11:12

    NYK looks to FinTech to realize cashless ships

    As a part of the NYK Group’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” NYK is currently considering the establishment of a new network that will enable onboard financial settlements through the remittance of electronic money (e-money). Onboard tests have been conducted to examine the potential to reduce administrative work and the risk of cash loss, and thus foster an employee-friendly workplace where crews can work comfortably and concentrate on ship operations.

    Today, onboard payments are made in cash. Crew members are given a part of their salaries in cash, and daily goods are paid for in cash. The captain must allocate time to oversee payment, inventory, and orders, and crew members must handle cash on board and pay overseas remittance charges to send funds to family members in home countries. NYK estimates that total cash on company ships around the world amounts to about $800 million a year, and costs related to handling are very high.

    Therefore, as part of the company’s Creative Solutions Startup Support System, NYK has begun to examine the use of FinTech to realize cashless ships.

    Payments by land offices, onboard purchases, and remittances (between crew members and to family members on land) can all be done on board with e-money in a stable communication environment. In addition, cost, time, and risk can be reduced through electronic transactions instead of cash.

    From August to the end of September, NYK teamed with Japan Card Network Co. Ltd. (JCN) to conduct several tests. The team examined the feasibility and effectiveness of the introduction of e-money that can be exchanged for cash, the establishment of an environment that allows the crew to use e-money on board, and an application (patent pending) that enables e-money to be easily managed.

    Many issues remain to be addressed before a cashless ship can be realized, but NYK is forging ahead to construct a viable system by cooperating with various sources and improving operational issues for commercialization.

    Based on the NYK Group’s mission of “Bringing value to life,” NYK will look to develop this e-money network for the benefit of seafarers who work around the world and their local communities.

    This initiative encourages sustainable economic growth by improving productive activities and creative innovation, and will contribute to the below Sustainable Development Goals.




2020 February 19

18:37 Eni launches hull for Coral Sul FLNG in offshore Mozambique
18:06 Port of Rotterdam aims to become the most sustainable biorefinery in Europe
17:52 NOVATEK’s 2019 profit grew 5.3 times YoY to RUB 865.5 billion
17:31 Royal IHC launches TSHD GHASHA for National Marine Dredging Company
17:28 Wärtsilä and Carnival achieve real-time data exchange between ship and port
17:06 Jan De Nul finishes deepening works in the Port of Maputo
16:46 Port of Hamburg seaborne cargo throughput up 1.1 percent to 136.6 million tons in 2019
16:42 PM Yury Borisov backs RF Transport Ministry’s proposal to assign cargo to Russian-flagged and Russian-owned vessels
16:13 Boston Ship Repair gets Navy's $14.3M contract
15:37 Russia’s market demand for marine fuel to exceed 10 million tonnes in 2020 – PM Yury Borisov
15:10 Inmarsat launches connectivity services in Saudi Arabia across land, sea and air
14:51 FESCO launches new regular container train from Novosibirsk to Khabarovsk
13:48 Russia’s bunker market fell by over 6% YoY to 11 million tonnes in 2019
13:06 Rosneft’s hydrocarbon production in 2019 remained flat YoY at 5.79 mmboed
12:39 Rosneft reports 29-pct increase of its 2019 net income to RUB 708 bln
12:05 Philippine Ports Authority net income soars 31% in 2019
11:47 Konstantin Anisimov appointed as Deputy Head of Federal Marine and River Transport Agency
11:00 Position of the European Federation of Inland Ports (EFIP) on the European Green Deal
10:52 Golar Power forms partnership with BR Distribuidora
10:41 IMO continues its work to counter maritime crime
10:21 MABUX: Bunker market this morning, Feb 19
10:18 Finland accedes to Cape Town Agreement on fishing vessel safety
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia
09:32 Brent Crude futures price is up 1.07% to $58.37, Light Sweet Crude – up 1.05% to $52.84
09:19 Milaha takes part in the Qatar Maritime and Logistics Summit as its main sponsor
09:15 Baltic Dry Index is up to 450 points

2020 February 18

18:00 Petronas signs 12-year time charter party for two new build LNG vessels
17:36 MARAD announces more than $280 million in grants for US ports
17:27 Jotun Marine: Proactive measures needed to improve hull performance
17:06 CMA CGM announces FAK rates from the Mediterranean to USEC and USGULF
16:43 EIB supports refurbishment of Port of Ystad to accommodate climate-friendly vessels
16:21 Oboronlogistics designated as sole executor of works and services related to delivery of goods by sea to Kaliningrad Region
15:36 CMA CGM announces Emergency Space Surcharge for exports from Russia & Baltic
15:33 Stena Bulk and Admiral Makarov University agree to make company-branded class
15:04 Port of Singapore to give 50% port dues concession to passenger vessels
14:40 Borr Drilling enters into new financing arrangement for a newbuild jack-up drilling rig
14:07 Volga Shipping Company to convert three tankers into dry cargo carriers in 2020
13:24 DP World to delist from Nasdaq Dubai
12:48 Bunker prices go down at the Far East ports of Russia (graph)
12:10 E.ON, Rotterdam Port Authority and DeltaPort Niederrheinhäfen agree to develop an infrastructure for freight and passenger ships
11:04 GTT receives two orders from Hyundai Samho Heavy Industries and Hyundai Heavy Industries
10:52 Average wholesale prices for М-100 HFO grew to RUB 10,253 in RF spot market
10:21 MABUX: Bunker market this morning, Feb 18
10:19 Linkspan connection/disconnection service tariff changed at Ust-Luga ferry terminal
09:54 Divers of RF Navy's Black Sea Fleet started preparing for "Depth-2020" competition
09:33 Brent Crude futures price is down 1.13% to $57.02, Light Sweet Crude – down 0.76% to $51.92
09:15 Baltic Dry Index is up to 434 points

2020 February 17

18:37 CMA CGM announces FAK rates from Middle East Gulf & Pakistan to North Europe, the Mediterranean and Red Sea & Red Sea
18:06 European Shipping Week 2020 opens with the latest figures on European shipping
17:50 Gazprom Neft’s supplies of low-sulphur marine fuel to domestic market to exceed 1.5 million tonnes in 2020
17:36 SCHOTTEL secures contract to provide propulsion units for a newly built harbour tug
17:18 BlueWater Reporting issues ISC-North America trade report
17:05 Saga Subsea receives new contract
16:30 IMO’s Sub-Committee on Pollution Prevention and Response meets this week
16:05 Reach Subsea awarded several contracts and call-offs under frame agreements for 2020 execution
15:54 Wärtsilä to supply customized Hybrid Scrubber solution to two Norwegian Cruise Line ships
15:06 Sea Port of Saint-Petersburg's allocations under its social programme totaled RUB 47 million in 2019
14:42 Container throughput of Hong Kong port (China) fell by 20.4% to 1.35 million TEUs in Jan’2020
14:17 Damen holds keel-laying ceremony for Nigerian Navy landing craft
13:38 WFW advices BPER BANCA on Marittima Emiliana financing