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East Mediterranean News

11 Dec 2023

Nations and Industry Partners Respond to Green Shipping Challenge

Source: Yara

Norway’s Prime Minister Jonas Gahr Støre and US Special Presidential Envoy for Climate John Kerry are co-leading an international initiative to accelerate reduction of emissions from the shipping sector, and on December 1, during COP28, they chaired a new round of announcements under that initiative, the Green Shipping Challenge.Various countries and organizations proposed measures to reduce emissions from shipping. This year’s announcements include:• Amazon: Amazon and other…

27 Nov 2023

ZIM Announces Rerouting of Some Vessels

Source: ZIM

Israel-based container shipping company ZIM Integrated Shipping Services has reaffirmed its continued commitment to serve the East Mediterranean and Israeli ports.The message comes after incidents in the Red Sea where militant groups have indicated the desire to disrupt Israeli shipping movements.“Operations to and from these ports will be maintained with the highest regard for safety protocols which are essential to safeguarding the interests of all stakeholders,” said the company in a statement.“In light of the threat to safe transit of global trade in the Arabian and Red Seas…

02 Aug 2023

Mixed Fortunes on Far East to Europe Trades

© moofushi / Adobe Stock

With the peak ocean freight cargo season approaching, the latest data from Oslo-based Xeneta shows mixed fortunes, and outlooks, for the two main Far East to Europe trade corridors.Xeneta’s analysis reveals that shippers opting for the Far East – Mediterranean route are currently paying a spot rate premium compared to those choosing a North European option. There are also clear implications for long-term contracts, explains Peter Sand, Chief Analyst at Xeneta, across two very similar routes…

21 Jun 2023

Offshore Oil Spending to Rise More Than 20% This Year

© JT Jeeraphun / Adobe Stock

Offshore oil and gas exploration spending will increase more than 20% globally this year and the growth will continue into the next, oilfield services firm SLB said on Wednesday."Offshore is experiencing a renaissance, with significant breadth and anticipated durability," SLB Chief Executive Olivier Le Peuch said at the JP Morgan Energy Power and Renewable Conference, according to a draft of the speech posted on the company's website.SLB, the world's largest oil services and equipment provider, said it expects to see a long tail of activity with 65 lease rounds concluding globally this year, i

21 Jun 2023

The Evolving FPSO Landscape – Healthy Demand, Changing Procurement

 Credit: Igor Kardasov/AdobeStock

After a slowdown in activity during 2020/2021 due to soft commodity prices, demand for FPSOs is picking up.With exploration hotspots like Namibia’s Orange Basin and the East Mediterranean delivering new finds, the FPSO market outlook is healthy. But shipyard capacity constraints are beginning to weigh on delivery, leading to cost concerns. Furthermore, FPSO demand is competing for yard space with other construction projects.To mitigate delay risk and cost overruns, some E&Ps have reviewed their FPSO procurement strategies.

29 May 2023

Cyprus Wants Shipping Corridor to Export Mediterranean Gas to Europe

Illustration only - Credit: aerial-drone
/AdobeStock

Cyprus wants to establish itself as a gateway from east Mediterranean gas resources to Europe via a shipping corridor of LNG carriers, its president said on Monday. Cyprus's new centrist government, which came to power in February, has cooled to the idea championed by its predecessors of an "EastMed" pipeline transferring gas to Europe.Instead, authorities now want to transport, via pipeline, natural gas from fields in the eastern Mediterranean to the island for use in domestic conventional power generation…

09 Dec 2022

Ocean Freight Spot Rates Out of Far East Plummet - Xeneta

©moofushi / Adobe Stock

The ocean freight rate landscape in the Far East has been completely redrawn since the start of the year, with spot rates plummeting by an average of 75% across the six major trading lanes, Xeneta said in its latest report.By comparison, long-term rates are proving more resilient, with a fall of ‘just’ 13%, the ocean and air freight rate benchmarking and market analytics platform said Friday. Role reversalThe latest analysis from Oslo-based Xeneta highlights a market in flux. Since early summer, spot rates have fallen from historical highs.

26 Jul 2022

Asian Investors Bet on Haifa Port as Israel Draws Closer to Arab Gulf

© Rostislav Ageev / Adobe Stock

The city of Haifa is set to become an increasingly significant east Mediterranean shipping hub, with Chinese and Indian firms buying into its ports as Israel normalizes ties with its Gulf Arab neighbors under a U.S. diplomatic push.Earlier this month, as U.S. President Joe Biden visited the Middle East, India's largest port developer Adani Ports and Israeli minority partner Gadot agreed to buy Haifa Port for 4.1 billion shekels ($1.18 billion).Its founder, Asia's richest man Gautam Adani…

04 Oct 2021

Turkey Sends Cypriot Vessel Away From Its Continental Shelf

Turkey sent a Greek Cypriot research vessel away from what it says is its continental shelf in the Mediterranean on Sunday after it entered the area without permission, Turkey's Defence Ministry said, in a sign of renewed tensions.For decades, Turkey has been at odds with Greece and Cyprus over competing territorial claims in the east Mediterranean, air space, energy, the status of some islands in the Aegean, and the breakaway Turkish state on the divided island of Cyprus.After months of tension last year that sparked fears of direct confrontation between NATO members Turkey and Greece, the two sides agreed in January to resume talks…

10 Dec 2020

East Med Dispute: Erdogan Unmoved by EU Sanctions Threat

Turkish President Tayyip Erdogan (File Photo: Turkish Presidency)

Turkish President Tayyip Erdogan accused the European Union on Wednesday of never acting honestly towards his country and said Ankara was not concerned by any economic sanctions the bloc might impose on it.EU foreign ministers said on Monday Turkey had failed to help end a row with Greece and Cyprus over potential gas resources in the eastern Mediterranean, but they left a decision on sanctions for a summit of EU leaders that starts on Thursday.NATO ally Turkey has been at odds with EU members Greece and Cyprus over the extent of their continental shelves in the east Mediterranean.

28 Sep 2020

U.S., Greece Call for Peaceful Resolution of East-Med Maritime Disputes

Oruc Reis seismic vessel - Credit: Sergey Moroz

The United States and Greece called on Monday for a peaceful resolution of maritime disputes in the east Mediterranean as U.S. Secretary of State Mike Pompeo began a two-day trip to Greece amid increased regional tension over energy resources.NATO allies Greece and Turkey, at loggerheads on a range of issues, have agreed to resume exploratory talks over contested maritime claims following weeks of tensions that culminated in a collision between their warships."The United States and Greece ..

16 Sep 2020

East Mediterranean Dispute: Cyprus Willing to Talk with Turkey 'Without Threats'

 Cyprus President Nicos Anastasiades -  Credit: Cyprus Government

Cyprus is ready to engage in talks with Turkey to resolve differences but only "without blackmail and threats", President Nicos Anastasiades said on Wednesday.The two countries are locked in a dispute over drilling rights in the Mediterranean, and Turkey said on Tuesday it had extended a drilling vessel's operations in disputed waters off Cyprus until Oct. 12."Nicosia has been always ready for a dialogue but for that ... to be effective, it needs to be clearly defined based on international law…

31 Aug 2020

Turkey Extends Exploration in Disputed Eastern Mediterranean

Turkey said on Monday that its Oruc Reis exploration vessel will carry out seismic surveys in a disputed area of the eastern Mediterranean until Sept. 12, provoking an angry response from neighboring Greece.Turkey and Greece, NATO allies, vehemently disagree over claims to hydrocarbon resources in the area based on conflicting views on the extent of their continental shelves in waters dotted with mostly Greek islands.Both sides have held military exercises in the east Mediterranean, highlighting the potential for the dispute over the extent of their continental shelves to escalate.The Turkish navy issued an advisory saying the Oruc Reis would continue working until Sept. 12. It had previously been scheduled to work until Sept.

31 Aug 2020

EU Calls for End to Tensions in East Mediterranean

Turkish Navy vessels escorting the Oruc Reis seismic vessel - Credit: Turkish Defense Ministry

The European Union's executive called on Monday for dialogue with Turkey and demanded that Ankara refrains from unilateral steps that stoke tensions in eastern Mediterranean.Should dialogue not bear fruit, a spokesman for the European Commission told a briefing on Monday, the EU has already moved towards sanctions.That came after the 27 EU foreign ministers discussed last week tensions between the bloc's members Greece and Cyprus and Turkey, a NATO ally. A senior EU diplomat said separately on Friday of the situation:"As well as sticks (sanctions)…

10 Aug 2020

Greece Calls Turkey's Seismic Survey in Mediterranean Illegal

Turkey dispatched a vessel to conduct a seismic survey in a disputed area in the eastern Mediterranean, a move which Greece said was illegal and is likely to heighten tensions between the two NATO allies.The advisory issued by the Turkish navy said the Oruc Reis vessel would operate in the area over the next two weeks.The two countries are at odds due to overlapping claims for hydrocarbon resources in the region. A similar advisory, or Navtex, last month prompted a dispute that was calmed after the intervention of German Chancellor Angela Merkel, leading Turkey to agree a pause in operations.But President Tayyip Erdogan said on Friday…

15 Jul 2020

Total Shipping Losses Are Declining, But Challenges Persist -Report

The car carrier Golden Ray sits capsized in St. Simons Sound, Ga. (U.S. Coast Guard photo by Brian McCrum)

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

12 Feb 2020

Schlumberger Intros Egypt Upstream Gateway

The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data is kept evergreen.The Egypt Upstream Gateway will also be a platform to promote Egypt's exploration and production potential worldwide.The Egypt Upstream Gateway will leverage the GAIA digital subsurface platform and provide additional value-added solutions—enabled by digital technology and domain expertise—using the DELFI E&P cognitive environment capabilities and technologies."Leveraging…

06 Feb 2020

4 Major Lines Jointly Launches EMA Services

Chinese state-owned shipping company COSCO Shipping Lines, Hong Kong container shipping company Orient Overseas Container Line (OOCL), Japanese/Singapore container shipping company Ocean Network Express (ONE) and Taiwanese ocean shipping company Yang Ming Marine Transport Corporation are to launch a new weekly Transatlantic service, East Mediterranean - America Service (EMA).The first commencing voyage is scheduled to operate on April, 2020, subject to Federal Maritime Commission (FMC) filing.The EMA service, jointly operated by the four lines, will consist of six Panamax vessels. The port rotation for the weekly service is Mersin - Haifa - Alexandria - Istanbul - Piraeus - Genoa - Algeciras - New York - Norfolk - Savannah - Algeciras - Mersin.EMA…

22 Aug 2019

ZIM Back in the Black

Israeli container line ZIM Integrated Shipping Services Limited reported a total revenues of  $834.3 million in Q2 2019, reflecting an increase of 3.9% compared to $803.2 million in Q2 2018.In Q2 2019, ZIM carried 731 thousand TEUs, the second highest ever carried volume (reflecting a decrease of 5.3% compared to 772 thousand TEUs in Q2 2018, ZIM’s all-times record), said a press note.The container shipping industry is dynamic and volatile and has been marked in recent years by instability, characterized by volatility in freight rates and bunker prices, as a result of ever-changing market environment and the extensive activity of mergers and acquisitions that also led to reorganization of the global alliances.The instability and volatility in the market…

05 Jun 2019

Shipping Losses Declines by 65%

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime industry saw the number of total shipping losses of vessels over 100GT plummet during 2018 to 46 – the lowest total this century. To put this into context there were 207 total losses reported in 2000.The figures are published by the Safety and Shipping Review from Allianz Global Corporate & Specialty (AGCS) incorporating the statistics from the past 10 yearsShipping losses declined by a record level of more than 50% year-on-year from 98 in 2017…

05 Jan 2020

Energean, DEPA Pact for EastMed Pipeline

UK-based international oil and gas exploration and production company Energean Oil & Gas and the Public Gas Corporation of Greece (DEPA) have agreed to cooperate to further support the EastMed Pipeline Project.The have signed a Letter of Intent (LoI) for the potential sale and purchase of 2 BCM natural gas per annum from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO “Energean Power”.DEPA, as a 50% shareholder of the IGI Poseidon – a Joint Venture with Edison S.p.A - is developing the EU Project of Common Interest (PCI) EastMed Pipeline and is a leading player in natural gas supply and retail activities in the Greek and S.

20 Nov 2019

ZIM Back into Black

Israeli international cargo shipping company ZIM Integrated Shipping Services continued to record improvements and to expand its global network to its customers confronting  challenging business environment.ZIM has reported a net profit of USD 5 million for the third quarter of 2019, after returning to black in the second quarter of the year. (Compared: Net loss of $6.6 million in Q3 2018).Eli Glickman, ZIM President & CEO, said: “In spite of the challenging market conditions, ZIM continued to record improved results in Q3, as it did throughout 2019. While the challenges in the market endure, the advantages gained by our global strategic…

19 Aug 2019

SCCT Announces Reefer Repair Hub

The Suez Canal Container Terminal (SCCT), strategically located at the mouth of the Suez Canal in Egypt, has announced its intention to open its reefer container inspection and repair hub to all brands. The terminal will also launch a dry container inspection and repair hub in October 2019.Until just over a year ago, the terminal faced unnecessary costs for moving and repositioning reefer containers with damaged panels or defects that hadn’t been recorded, said a press release from the APM Terminals, which holds majority stake in SCCT.Since it opened its reefer container inspection and repair hub for Maersk containers around a year ago, the terminal has inspected close to 30,000 reefers.