• 2020 June 26 12:14

    Maritime technology startups in Singapore to get S$50 million in co-investments through SEEDS Capital and six appointed partners

    SEEDS Capital, the investment arm of Enterprise Singapore (ESG), has appointed six co-investment partners to provide the maritime ecosystem a strong leg-up by catalysing a combined S$50 million of investments into maritime technology startups. The six partners are Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier. More than 50 promising Singapore based startups are expected to benefit from the joint investments (Refer to Annex 1 for details and quotes from the partners).

    Supported by ESG and the Maritime and Port Authority of Singapore (MPA), this latest initiative by SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. Strengthening the capability of the sector will in turn enhance the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors which are reliant on smooth and efficient global supply chain routes. The appointment of the six partners is announced at Deal Friday  today, a platform which connects companies with venture capitals (VCs) and corporates. Since the start of 2020, four virtual sessions have been held profiling Singapore based startups to 240 investors and corporates in Southeast Asia, China and Europe, facilitating over 120 unique connections.   

    SEEDS Capital and the appointed partners will invest in early stage maritime technology startups to develop innovative and sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector. The partners will provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.

    To nurture startups and spur innovation in maritime technology:
    i) Innoport will team up with startups to speed up development of solutions that will push the sector to relook processes, increase efficiency and accelerate digitalisation. This includes conducting pilot test within Schulte Group’s business units, facilitating connections with experts across fields and more;

    ii) KSL Maritime Ventures will pursue sustainable shipping solutions with a focus on renewables, fintech and vessel technologies, taking a long-term view towards creating new global maritime platforms;

    iii) PSA unboXed will work with startups in the maritime, ports and logistics supply chain spaces and potentially deploy their solutions in PSA International’s operations if proven successful;

    iv) Rainmaking will work with its corporate partners in the next two to three years to drive the growth of more than 100 startups with solutions focusing on decarbonisation, supply chain resilience, artificial intelligence (AI) and deep tech. By working with corporate partners and private equity firms through its platform, Rainmaking aims to accelerate the adoption rate of technology at scale;

    v) ShipsFocus-Quest Ventures will work with startups to scale development of technology that meets the needs and addresses challenges in the maritime sector. It will focus on solutions broadly in digitalisation, sustainability and deeptech for maritime commerce;

    vi) TecPier will partner with startups developing smart, data-driven solutions to transform global shipping. This includes improving efficiency and transparency in areas such as ship operations and maintenance, port management, and supply chains.

    Mr Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore said, “As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient and secured trade flows. The COVID-19 pandemic has underscored the need to accelerate the transformation of our industries. We look forward to working closely with our six co-investment partners to harness their expertise and networks to further strengthen Singapore’s innovation and startup ecosystem.”

    Ms. Tan Beng Tee, MPA’s Assistant Chief Executive (Development) said, “The COVID-19 pandemic has disrupted many business operations and global supply chains. Maritime technology startups will play an important role in accelerating digitalisation and innovation efforts to prepare the maritime industry for a new normal. The combined resources of the six co-investment partners will help catalyse these efforts.”

    Innoport Pte. Ltd
    Innoport is the corporate venture capital arm of the Schulte Group, investing in innovative and high-potential early-stage startups. A member of the Schulte Group, Innoport can provide startups with expertise, market access and pilot opportunities in addition to funding. The Schulte Group is a world-leading family-owned ship owner and ship manager with over 135 years of expertise in the maritime industry. Overall, the Group employs 18,000 seafarers and 1,800 people on shore, owns 90 vessels and manages over 600 vessels globally.

    KSL Maritime Ventures Limited (“KMV”)
    KMV is the wholly owned venture capital unit of Kuok (Singapore) Limited dedicated to the incubation and commercial success of maritime technology startups.

    Kuok (Singapore) Limited
    Kuok (Singapore) Limited (“KSL”) is an investment holding company with interests in maritime activities, agri-solutions, property and equity investments in various listed companies. KSL was founded in 1948 and has since grown into a Group with a multi-billion asset base. KSL shares common heritage with two other holding companies, namely Kerry Holdings Limited in Hong Kong and Kuok Brothers in Malaysia, in that they were all founded by the Kuok family.

    Through its core maritime companies: PACC Offshore Services Holdings (“POSH”), Pacific Carriers Limited (“PCL”), and PaxOcean Group; KSL serves the maritime value chain from offshore support and accommodation vessels, installation and maintenance of subsea assets, shipping and transportation solutions, construction of newbuilding, repairs and conversion of marine assets.
    Commonly referred to as “Kuok Group” in Southeast Asia and “Kerry Group” in Northeast Asia, the “Kuok Group” is one of Asia’s most diversified and dynamic multi-national conglomerate with investments in commodities, hospitality, logistics, real estate and shipping & shipping related businesses, amongst others.

    PSA unboXed Pte. Ltd. is the external innovation and venture capital arm of PSA International (“PSA”), a leading global port operator with over 50 coastal, rail and inland terminals in 19 countries. As the partner of choice in the global supply chain, PSA is “The World's Port of Call”. Established in 2016, PSA unboXed seeks to nurture technology and innovation from startups globally with a focus on logistics, ports and maritime. Drawing on the deep expertise and experience from a diverse global team, PSA unboXed collaborates with start-ups actively through product trials, incubation, deployment and investment activities.

    Rainmaking is one of the world’s leading corporate innovation and venture development firms with 12 offices around the world. We create, accelerate, and scale new business, solving problems with the world’s leading corporations. In the last 13 years, Rainmaking launched 29 ventures worth over $2bn in value, including one of the world’s most active global investors and accelerators, Startupbootcamp. Since 2006, Startupbootcamp has invested in over 800 startups that went on to raise more than $1bn.
    Rainmaking has partnered with Fortune500 companies including IKEA, VISA, Airbus, Engie, HSBC and Jaguar. We are also a proud member of the UN Global Compact, driving major initiatives on a broad spectrum of social and environmental impact issues.

    ShipsFocus is a digital solution & startup factory dedicated for maritime commerce, helping the industry transit onto the digital operating system with its developed & proven frameworks for innovation & adoption.

    Quest Ventures
    Quest Ventures is a leading venture fund for companies that have scalability and replicability in large internet communities. Since 2011, Quest Ventures has focused on an overarching ‘digital economy’ strategy across Asia.

    TecPier is a venture capital investor in early-stage maritime and supply chain technology startups. It actively supports its portfolio companies with market access, fundraising and mentoring. TecPier has a clear focus on digital business models that have the potential to transform the shipping and supply chain industries.

2021 February 28

16:13 ADNOC Logistics and Services announces strategic fleet expansion with acquisition of 6 VLCCs
15:41 Deltamarin introduces the new LNG-powered Kielmax Container Feeder design
14:07 USCG Cutter Kimball conducts maritime presence patrol in Pacific
13:29 Solstad announces contract awards in Australia
12:46 Rauma Shipyard restarts production gradually with stricter controls in place
11:03 JAXPORT to host free virtual training event for Northeast Florida small businesses

2021 February 27

15:39 Port Hedland named Australia’s Port of the Year
14:23 All sectors of activity impacted at Lerwick Harbour in 2020
13:48 JAXPORT unveils new Strategic Master Plan during 2021 State of the Port address
13:07 PSA & CDAS partner up to launch SmartBooking
12:32 NOAA begins transition exclusively to electronic navigation charts
11:43 USCG announces formal investigation into Coastal Reign capsizing
10:56 False allegation of attack 17nm west of Okwori terminal

2021 February 26

18:14 CADMATIC issued a certificate to ASCO's SRI Caspian Sea Project
17:56 Fincantieri and OCCAR to sign the contract for the construction of 2 new-generation submarines
17:38 IBIA announces the result of 2021 board elections
17:16 LNG-powered short-sea vessel Containerships Borealis makes first call to the port of Rotterdam
16:53 Volga Shipping Company opens river navigation season in the South of Russia
16:31 Port of Melbourne awards rail infrastructure contracts
16:25 ABS publishes guidance on methanol as marine fuel
16:05 Port of Corpus Christi and Port of Rotterdam sign MoU
15:48 Container giant MSC to open new depot in North Sea Port
15:05 Rosmorport announces changing of Dickson seaport boundaries
14:43 Corvette Stoyky and tanker Kola of RF Navy's Baltic Fleet started anti-piracy watch in the Gulf of Aden
14:19 PortNews offers new edition of its Hydrotechnika magazine
13:30 New edition of PortNews magazine is available now
12:14 CMA CGM to dedicate six new LNG-powered vessels to U.S. services
11:42 CPC system to transport 67.5 mln tons of crude oil in 2021
11:18 MPA awards LNG bunker supplier licence to Total Marine Fuels Private Limited
11:04 Wärtsilä and Ocean Technologies Group partner to deliver transformational learning solutions to improve safety and efficiency at sea
10:45 MABUX: Bunker market this morning, Feb 26, 2021
10:39 Car carrier Orca Ace earns ClassNK's 1st remote survey notation
10:36 Port of Baku Director General held online meeting with members of American-Azerbaijani Chamber of Commerce
10:14 Port of Gdynia welcomes largest single delivery of wind turbine propeller blades in Polish history
09:51 Bunker prices continue rising at the Port of Saint-Petersburg, Russia (graph)
09:32 Oil prices decrease amid dollar rise
09:18 Baltic Dry Index as of February 26

2021 February 25

20:19 Bunker Weekly Outlook, Week 08, 2021
18:37 Port of Oakland boss appointed CAPA Vice President
18:07 Port of Los Angeles announces launch of new ‘Control Tower’ data tool for tracking cargo
17:53 Admiral Nevelskoy ferry leaves Saint-Petersburg for Sakhalin
17:49 BPA reports lowest passenger numbers in 60 years
17:42 Finnlines Plc issues its Financial Statements 2020 and Financial Review for 2020
17:34 Cutting restrictive trade policies could boost global economic recovery from COVID-19 by 3.4%
17:31 ECSA: European shipping is central to the success of EU's new trade strategy
17:20 APM Terminals Algeciras reaches all employees with a safety campaign
16:58 Tallink Grupp reports net loss of EUR 108.3 million for pandemic year 2020
16:41 Terms of references for Klaipeda Seaport's Southern part development to be prepared by American specialists
16:19 BPO’s comprehensive ports report published today
16:15 Hiab to supply MV Commercial with 100 HIAB loader cranes
15:45 Rolls-Royce secures UK MOD funding for innovative technology to support naval autonomy
14:50 Consequences of COVID pandemic affect the Port of Hamburg’s 2020 throughput
14:25 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:13 Nevsky Shipyard delivers Pola Gali, yet another ship of Project RSD59
13:07 DNV GL joins smart maritime network to enhance industry cooperation on digitalization
12:10 ClassNK grants its first remote survey notation for PCC ORCA ACE
11:32 NOVATEK and Shenergy Group sign SPA for LNG from Arctic LNG 2
11:04 “K”Line commences technical management of Singapore’s first LNG bunkering vessel “FUELNG BELLINA”
10:33 Telemar wins 50-vessel service and maintenance contract with Fairplay Towage group
10:21 MABUX: Bunker market this morning, Feb 25, 2021