East Europe News

A new and deadly chapter of the decades-old Israel-Palestinian conflict is a reality check for an ambitious trade route. The India-Middle East-Europe Economic Corridor (IMEC), championed by Washington last month on the sidelines of the G20 summit in New Delhi and dubbed a Western rival to China’s Belt and Road, had much to prove anyway. The latest conflict presses pause on any grand financial visions involving the neighbourhood.IMEC’s chief backers waxed lyrical about the potential of the trade route involving railways, ports and green energy. U.S.

A new floating reception terminal for liquefied natural gas (LNG) off the German Baltic Coast should be operational from the first quarter of 2024, gas pipeline operator Gascade, which is building its onshore connection, said on Wednesday.Located off Mukran on the Baltic Sea island of Ruegen, the terminal will host two floating storage and reception units (FSRUs) for LNG deliveries into the German mainland and for exports to eastern European neighbours, as the region ends reliance on Russian pipeline gas."All things going well…

High rates worldwide for moving oil are driving up Mexico’s fuel costs as importers face tanker fees on North America’s busiest maritime route that are more than double levels seen in recent years, traders and shippers said.On routes to Mexico, the extra costs have added price volatility to an otherwise stable freight market, according to Refinitiv Eikon data and people familiar with the matter.The rates are the latest blow to state oil company Petroleos Mexicanos, which controls the bulk of fuel imports later sold at subsidized retail prices.

DNV and Saronic Ferries signed a memorandum of understanding (MOU) designed to enable the development of an electric ferry for local deployment in Greece. The collaboration is targeted toward a fully electric concept for deployment on short-sea passenger routes in the Argosaronikos area. The MoU was signed at the Posidonia 2022 trade fair."The use of all-electric or hybrid vessels in the short sea ferry segment has surged in recent years as the benefits of the technology has been demonstrated in pilots and full-scale deployments.

Fears of gas supply interruptions due to Russian gas export constraints are driving interest and demand for floating regasification terminals, with contracting activity for oil and gas floaters also being quite active, World Energy Reports said in April 2022 Floating Production Systems Report. Tensions in East Europe and Covid outbreak in China continue to rattle the energy sector. Oil prices remain above $100, despite efforts to lower prices by releasing crude from strategic reserves…

The world's largest containership HMM Algeciras made its first European port call this week, entering Rotterdam’s Amaliahaven Wednesday on its maiden voyage to transfer containers at the Rotterdam World Gateway (RWG) terminal.The most recent vessel to hold the world’s largest containership crown, HMM Algeciras at maximum capacity carries slightly more 20-foot containers than its predecessor MSC Gülsün: 23,964 TEU versus 23,756 TEU. During its maiden voyage, HMM Algeciras is carrying a total of 19…

The world's largest containership, HMM Algeciras, passed through the Suez Canal on Monday as the record-setting 24,000 TEU class vessel makes its maiden voyage from Asia to Europe.Built at Daewoo Shipbuilding & Marine Engineering’s (DMSE) Okpo shipyard in Geoje, South Korea, the 399.9-meter HMM Algeciras has a capacity of 23,964 TEU and is the first of 12 vessels of the same class, design and size contracted to be built by DSME and Samsung Heavy Industries (SHI).Delivered in April…

South Korean ocean carrier HMM held a naming ceremony for the newly constructed 24,000 TEU-class containership HMM Algeciras, the world’s largest containership, at the Daewoo Shipbuilding & Marine Engineering’s (DMSE) Okpo shipyard in Geoje, Korea.The 399.9-meter HMM Algeciras is the first of a dozen 24,000 TEU-class vessels scheduled to be delivered this year, and takes the "world's largest" title from the 23,656 TEU Gülsün-Class ships owned by Mediterranean Shipping Co (MSC).In September 2018…

A total of 302 of 2,693 containership sailings, or 11%, have been canceled in May on all the main line trades, according to the latest data from maritime intelligence company eeSea, revealing the extent of the impact of COVID-19 on global shipping.In the first six months of 2020, a total of 1,675 sailings have been canceled, or 11%; which comes out at 13% for 2M, 17% for Ocean Alliance and 17% for THE Alliance, while only 8% of non-alliance sailings have been canceled.However, the number of sailings alone only tells part of the story.

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.

BIMCO’s Chief Shipping Analyst, Peter Sand, will be speaking and providing the audience with unique insights on the container market at the European Shipping Seminar on November 27, 2019 in Athens, Greece.The European Shipping Seminar, hosted by S&P Global Platts, will discuss the various topics relating to the commercial shipping markets and take a deep dive into how the shipping industry will navigate its way through the uncertain environment of the IMO 2020 Sulphur Cap.Container shipping outlookBIMCO has persistently stressed that trade wars and protectionism are negative for shipping.

The Goltens Worldwide group of companies has announced the appointment of Mr. Sandeep Seth as President. Seth first joined Goltens in 2002 and has steadily climbed the ranks, serving in positions of progressively increasing responsibility. Seth will continue to serve as a member of the Board of Directors.Seth has most recently served as the Vice President Asia Pacific and Vice President Finance of Goltens Worldwide. In these positions, he has overseen the operational, business development and financial aspects of the organization in the Asia Pacific region.

Growth in global seaborne box trade is expected to remain largely constant in 2019, with Non-Mainlane trade being an important driver while Mainlane trades expected to expand only moderately, said Norway-based MPC Container Ships ASA.In particular, the pace of global manufacturing remains a cause for concern as growth rates in Europe and Asia have been disappointing, the owner and operator of container ships said in a stock exchange annoucement.Present year container trade is estimated to grow by about 3.6%, whereas Transpacific trades grow by 0.5%, Far East Europe trades with 2.0% North-South trades with 3.7%, Other East-West with 4.1% and Intra-Regional trades with 4.9%.Trade tariffs and the threat thereof will remain a key issue in 2019.

S&P Global Platts will publish assessments for financially settled derivatives contracts that settle against its physical 0.5 percent sulphur marine fuel assessments in Asia, the Middle East, Europe and the United States from May 2, it said.Platts launched physical marine fuel 0.5 percent cargo and barge assessments  globally on January 2, 2019.(Reporting by Ahmad Ghaddar; Editing by Jan Harvey)

Steel cut for first short-sea LNG bunker vessel for Eesti Gaas at Damen Yichang Shipyard, China.On March 18, 2019, a ceremony was held at Damen Yichang Shipyard, China, to mark the start of cutting steel for the first of a planned series of short-sea LNG Bunker vessels to be built for Eesti Gaas of Estonia. The 6,000m³ capacity vessel and its future sister-ships are intended to accelerate the wider adoption of LNG as a cleaner alternative fuel in the north-eastern region of the Baltic Sea by providing a mobile and efficient ship-to-ship distribution service for the first time.Virgo Vinkel…

The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA.According to a joint release, the purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum.The consortium, which won the tender for the privatisation of DESFA in April 2018, has closed the purchase through the new company Senfluga Energy Infrastructure Holdings. The consortium has obtained financing without recourse for more than 10 years, corresponding to approximately 65% of the value of the company.DESFA owns and operates…

THE Alliance members Hapag-Lloyd, Ocean Network Express(ONE) and Yang Ming have published details of a rationalised revamped network for east-west trades effective from next year.The forthcoming THE Alliance products of 29 services will cover 76 ports in Asia, Europe including Mediterranean, North and Central America, the Middle East, Red Sea and Indian Subcontinent, said a joint press release.Deployment of over 249 efficient container ships with expanded capacity, offering improved service coverage, comprehensive port connections and rapid transit times.The major enhancement of THE Alliance product includes a newly designed pendulum service to replace Far East Europe 1 service (FE1)…

Ocean Network Express Pte. Ltd. (“ONE”) is has announced that ONE Columbia, with a carrying capacity of 14,000 TEU, has been successfully delivered at Kure Shipyard of Japan Marine United Corporation. The sublet owner is Nippon Yusen Kaisha. This is ONE’s 4th newly built 14,000TEU magenta containership delivered this year, after ONE Stork (delivery date on 12th June 2018), ONE Minato (26th July 2018), and ONE Aquila (7th September 2018). Currently, 3 more vessels in ONE’s order book are in the construction process and expected delivery is in 2019.ONE Columbia…

Singapore authorities are taking measures to ensure the availability of low-sulphur marine fuels ahead of upcoming emissions regulations in 2020, Singapore's Senior Minister of State for Transport and Health Lam Pin Min said on Wednesday."(The) MPA is working closely with the industry to ensure that Singapore is ready to supply low-sulphur compliant fuels ahead of 1 January, 2020," said Lam at the Singapore International Bunkering Conference and Exhibition.The Maritime and Port Authority of Singapore (MPA) will make available a list of licensed bunker suppliers of low-sulphur fuels by mid-2019

The marine construction unit of the state-owned China Communications Construction Company (CCCC) on Tuesday signed an agreement to work with Singapore-based commodities trader Zenrock Group to purchase fuel.Marine Construction & Development Co (MCD), which is involved in major infrastructure projects around the world as part of China's Belt and Road initiative, wants to streamline its process for buying fuel, said Chief Financial Officer Jin Xinxiang."In the past, (our) oil procurement activities have been very segregated into individual projects.

Diana Shipping announced that, effective August 1, 2018, the Company increased the size of its Board of Directors from nine to eleven members.The global shipping company specializing in the ownership of dry bulk vessels appointed Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018.The Board has determined that Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange Listing Manual.Christos Glavanis has over 30 years of experience in the audit profession…

In an increasingly complex, fast changing, and challenging market, the role of the classification society is more relevant than ever, said Knut Ørbeck-Nilssen, CEO of DNV GL – Maritime, at a press conference ahead of Posidonia trade fair in Athens. Class enables innovation in shipbuilding, guides owners and operators through a demanding regulatory landscape, and helps the industry tackle cyber-crime, he underlined.Leading off the press conference, DNV GL Group President & CEO Remi Eriksen explained that two megatrends are impacting the maritime industry: decarbonization and digitalization.

Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.