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Singapore fintech 129Knots targets USD 200 million deployment in next 18 months to scale marine fuels sector

129Knots Co-Founder & CEO Mahesh Kumar provides Manifold Times an update on the fintech platform’s growth and its plans for the maritime and marine fuel sector.

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Launched in early 2025, 129Knots has rapidly established a platform with over 100 industry stakeholders to date, with the ecosystem continuing to grow and is now shifting focus from early-stage growth to a scale-up phase, learns Manifold Times.

The Singapore-based brand positions itself as a unique fintech platform, specialised for the maritime and marine fuel sectors.

Mahesh Kumar, Co-Founder & CEO, 129Knots, shares it aims to deploy $200 million in trade capital over the next 18 months in the marine fuel industry.

MT: Can you tell us about the progress of 129Knots since its inception, particularly over the last year?

We were incubated and launched under the Singapore Economic Development Board’s (EDB) Corporate Venture Launchpad programme, which supports venture creation and startup partnerships from Singapore. In collaboration with McKinsey & Company, we validated the market opportunity and shaped the foundation for 129Knots to address structural gaps in the real-world asset economy. With additional support from Enterprise Singapore and IBM Consulting, we officially launched in early 2025 and have since scaled steadily with live transactions. To date, we have facilitated approximately USD 50 million in live transactions, addressing a critical liquidity gap in the marine fuel supply chain.

Looking ahead, we are prioritising trade capital deployment as our core growth metric, with plans to deploy up to USD 200 million through our banking and financial partners over the next 18 months, further strengthening liquidity access across the marine fuel ecosystem.

Today, we support a growing ecosystem of over 100 stakeholders, including more than 60 marine fuel suppliers and over 40 buyers, alongside banking and financial institutions, fund syndicate partners, and credit insurers, with month-on-month transaction volumes continuing to scale.

While we are primarily active in Singapore and the UAE, we are also in discussions to expand into China and the ARA region, while evaluating the US as a potential future market.

MT: How would you describe the user experience for buyers and suppliers onboarding to 129Knots, for example, when engaging in bunker fuel transactions?

Onboarding and deal structuring on 129Knots is designed to be institutional-grade, with governance, compliance, and onboarding processes aligned with the standards expected of a financial institution. We conduct thorough due diligence that evaluates our counterparties across one, three and five year growth horizons, as our objective is to solve financial challenges.

Our platform’s offerings include over 20 distinct products and services, developed based on direct stakeholder requirements. It’s a curated, ring-fenced platform where anchor marine fuel buyers can bring their trusted suppliers, ensuring secure and private interactions.

We engage with a wide range of stakeholders, including ship owners, charters, and operators on the buying side. We also work with many marine fuel suppliers who need immediate cash or liquidity solutions for new growth opportunities, offering flexible arrangements to support them.

MT: Why should industry stakeholders choose to deal with 129Knots over other options?

We offer structural solutions at scale, with a consistent and disciplined approach to credit deployment. Our ability to understand the risk of all counterparties is built on robust frameworks, supported by scalable credit capacity through our financial partners. We also provide derivatives of financial products and solutions beyond just marine fuel services, such as barge financing and working capital loans, delivered in collaboration with embedded financing partners such as GLDB, making us a comprehensive trade enabler.

Many players have tried to solve the credit problem in maritime. Those with tech often lack business expertise, those with only money lack industry expertise, and business-focused entities struggle to gain bankers’ trust. We uniquely combine industry risk, tech, and finance problems on a single common platform. While there are many alternative financials or tech companies solving individual problems, marrying all three at a structural scale makes us unique.

By integrating deep industry knowledge, financial structuring, and a sophisticated technology stack (including AI and blockchain), we aim to solve the core credit and liquidity challenges across maritime trade, including those emerging from the industry’s transition toward new and alternative marine fuels.

MT: How are dispute resolution and security handled on your platform?

129Knots focuses on the credit, liquidity, and financial structuring layer of trade, while commercial terms and operational execution remain between buyers and suppliers. Terms and conditions are fully codified and transparent on the platform. While we have sophisticated claims and dispute management modules, we do not intermediate claims; resolution is expected to be settled between the marine fuel supplier and buyer.

Our platform is powered by several key technologies, including blockchain for governance and audit trails, and data-driven partnerships for compliance and price discovery. We have built-in fraud and compliance algorithms, along with our proprietary AI-driven credit engine, Tribalknots, that scans the entire maritime industry to assess creditworthiness, and automatic sanction checks and screening. It’s a modular platform, allowing for seamless integration and configuration of rule-based term sheets to meet specific needs.

MT: Lastly, why the company name “129knots”?

The brand name “129Knots” reflects both our origin and our full-stack ambition. “1.29” represents Singapore latitude, where we were founded and “1 to 9” symbolises end-to-end suite of solutions we provide to the maritime industry. “Knots,” a maritime measure of speed and connection, captures how we bring structure, velocity and digital innovation to real-world digital assets.

Related: Sing Fuels-backed 129Knots and GLDB to address multi-billion dollar marine fuel liquidity gap
Related: Singapore bunker trader Sing Fuels backs fintech venture with USD 10 mil investment

 

Photo credit: 129Knots
Published: 11 February 2026

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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