+ The UAW divests Israel bonds.
 

Sustainable Finance

Sustainable Finance

By Ross Kerber, U.S. Sustainable Business Correspondent

Various projects offer intriguing plans to bring sailpower back to trans-Atlantic shipping and cut carbon emissions, but many of their stories seemed theoretical. That's what got me interested in a recent deal between one such company and DHL Group. 

You can read more details in this week's main story below. You'll also find links to our obituary of the long-influential Federal Reserve chief Alan Greenspan, and our coverage of calls for slavery reparations from African and Caribbean countries.

Please follow me on LinkedIn and/or Bluesky. You can reach me via ross.kerber@thomsonreuters.com. 

Latest Headlines

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  • Singapore's DBS provides $210 million financing to Asia energy transition vehicle
 
 

A three-hulled, sail-powered cargo trimaran appears next to a DHL truck in this artists' rendering supplied by vessel operator VELA.

DHL's new status symbol: low-carbon trimarans for fancy cargo

In the best use of a trimaran sailing vessel since Kevin Costner's 1995 film Waterworld, a unit of DHL Group signed a deal to ship transatlantic freight using wind power with France's VELA starting next year.

The operation — named for the Latin word for "sails" — promises 15-day crossings between ports in New Haven, Connecticut and Normandy, France using three-hulled sailing craft.

VELA co-founder Michael Fernandez-Ferri talked me through this intriguing operation, which plans to build a fleet of five vessels in the Philippines at about €25 million apiece, each crewed by eight people and carrying cargo on EU-standard-sized pallets rather than truck-sized containers.

The goal is to create a low-carbon shipping option that is about a week slower than air freight and about twice as fast as giant cargo container ships, which travel faster but often must wait around at ports before unloading.

Targeted customers include luxury goods makers, cosmetics producers and pharmaceutical companies all looking for more controlled environments than shippers of goods like sneakers, Fernandez-Ferri said.

"We took the quality standards of airfreight, put it on a boat and added sails to deal with carbon emissions," he said. Pricing for business-to-business customers will fall somewhere between the two modes.

Takeda pharmaceuticals is lined up as an early customer. DHL will have a dedicated space allocation on VELA vessels, which will carry 600 pallets or about five times a cargo jet's capacity. 

 

Another rendering of the trimaran, from VELA. This sled is going to rip.

 

Company news

  • A cybersecurity incident at Tata Electronics may have exposed trade secrets of Apple and Tesla, according to our coverage.
  • When SpaceX went public at $135 per share, it meant the personal stake for CEO and founder Elon Musk was worth $864 billion, an analysis by researcher Equilar found. That was more than enough to make Musk the world's first trillionaire.
  • Vanguard's 25th annual "How America Saves" report highlighted trends such as how retirement plans with automatic enrollment had a 94% participation rate, versus 64% among voluntary enrollment plans.
 

On my radar

  • Alan Greenspan, the hugely influential U.S. Fed chairman from 1987 to 2006, died on Monday at 100 years old. My colleagues' obituary struck a nice balance between lauding his leadership and examining his policies leading up to the financial crisis. Don't miss the part about his swing band career.
  • Concerns about Gaza led to a United Auto Workers vote to divest from Israel bonds. A spokesperson confirmed that the union no longer has exposure to the Israeli government paper. Jacobin.com said the union previously held as much as $700,000 worth of such bonds. U.S. Muslim civil rights group the Council on American-Islamic Relations praised the vote in a statement, saying, "No worker should be forced to see their union’s resources invested in bonds that enable the oppression of the Palestinian people."
  • Trustier AI: Content-evaluation-fact-checker NewsGuard.ai launched an AI-powered chatbot meant to be more trustworthy by drawing on reliable, vetted news and information sources. Revenue will be split with news publishers.
  • Reparations watch: After a three-day meeting in Ghana, African and Caribbean nations sought financial relief and apologies from countries that benefited from transatlantic slavery.
 

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