Sweden will usher in a new age of sail by designing a cargo ship powered mostly by wind.
The futuristic transatlantic car carrier was unveiled by shipbuilder Wallenius Marine as part of its vision for more sustainable shipping.
Named Oceanbird, among its striking features are the five telescopic "wing sails" that protrude from the ship's hull.
At 80 metres high and resembling the wings of a plane, the wings need to be this size to generate enough propulsion for the 35,000-tonne ship.
The sails are capable of rotating 360 degrees without touching each other and can retract to about 60 metres to avoid hitting bridges and help to control the speed.
Oceanbird is 200 metres long, 40m wide and can carry up to 7,000 cars.
Wallenius said it is capable of travelling at 10 knots (18.5kph) and can cross the Atlantic in about 12 days powered mostly by the wind.
The shipbuilder said it produces 90 per cent fewer carbon emissions than a conventional diesel-powered boat.
However, carbon efficiency comes at a price. A diesel-powered equivalent can travel at 17 knots and cross the Atlantic in seven days.
The Stockholm-based designers have successfully completed sea trials of a six-metre model.
If built, it will be the world's largest sailing vessel.
The group is aiming for a possible launch in 2024 if it receives orders next year.
Per Tunnell, Wallenius Marine’s chief operating officer, said: “Shipping is a central function in global trade and stands for about 90 per cent of all transported goods, but it also contributes to emissions. It is critical that shipping becomes sustainable.
"Our studies show that wind is the most interesting energy source for ocean transport and with the 80-metre high wing sails on Oceanbird, we are developing the ocean-going freighters of the future."
Fast facts
Reduction in emissions: 90 per cent
Cargo capacity: 7,000 cars
Height above water line: 105 metres
Estimated transatlantic crossing: 12 days
Size: Length 200 metres, width 40 metres
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Killing of Qassem Suleimani
