Greece News

A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping sector, which has struggled with tough markets for a decade.Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans…

South Korea’s shipbuilding giant  Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for a liquefied natural gas (LNG) carrier from Greece-based shipowner.According to Yonhap News Agency the South Korean shipbuilder received an order to build an LNG carrier for Maran Gas Maritime, a unit of the Angelicoussis Shipping Group.The newbuilding - 174,000 cbm ship - is expected to be delivered to its owner by the first half of 2021. The value of the contract has not been disclosed.Daewoo Shipbuilding has obtained US$740 million worth of orders so far this year to build seven ships…

The Greek port of Piraeus signed a memorandum of understanding (MoU) with Italy’s port authorities from the cities of Venice and Chioggia.The agreement seeks to develop port services and promote increased trade flow between Europe, the Mediterranean and the Far East.The MoU was signed during a meeting between the chairman and CEO of Piraeus port Fu Chengqiu and the president of the Northern Adriatic Sea Port Authority (Venice and Chioggia) Pino Musolino.The MoU envisages cooperation in improving the exchange of best practices and knowhow in port management…

Malaysia government (Marine Department Malaysia) vessel Polaris and Greece-registered bulk carrier Pireas collided in territorial waters within Singapore port limits off Tuas on Feb 9, 2019.Pireas was on its way from Singapore to its next port of call at Tanjung Pelepas when the collision took place.After refuelling at Singapore’s eastern bunkering anchorage south of Bedok, Pireas declared to Maritime and Port Authority of Singapore (MPA) that its next port of call was to be Tanjung Pelepas. At 1355 hrs, Pireas entered Singapore Port Limits off Tuas (“the area”).

European spaceflight services company Telespazio and the shipping company Grimaldi Group have recently signed two contracts to strengthen the satellite communications capabilities of the Neapolitan shipping group on its fleet of cargo and passenger ships.Telespazio, a joint venture between Leonardo and Thales, said in a press release that the first agreement provides for managing on-board communications for RO/RO, RO/RO multi-purpose and PCTC (Pure Car & Truck Carrier) vessels in the Grimaldi Fleet that operate between Northern Europe…

Middle East's maritime and logistics company Milaha (Qatar Navigation) will start a direct container shipping service connecting the Black Sea and the Mediterranean in its first foray into Europe.According to a press release from the Qatar-based maritime transport and logistics conglomerate the new feeder service marks Milaha’s first European service linking the Mediterranean and Black Sea. The BSX demonstrates Milaha’s commitment to deliver reliable and agile services to its customers and partners globally.The BSX rotation is Piraeus (Greece)…

Capital Liberty Invest, a joint venture between Greece’s Capital Ship Management, belonging to Evangelos Marinakis, and Germany’s Liberty One, has acquired its first two high specification feeder container vessels.The vessels which will come under the technical management of Liberty Blue in Leer, Germany, said a press release from Capital Ship Management Corp.The first of the two sister ships, ‘Ibrahim Dede’ (1,878 TEU), which was renamed ‘Asterix’, has been successfully taken over on January 21 in the port of Piraeus…

The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with…

Six people died each day attempting to cross Mediterranean in 2018, the latest ‘Desperate Journeys’ report, released by the UN Refugee Agency said.According to the report by United Nations High Commissioner for Refugees (UNHCR), an estimated 2,275 died or went missing crossing the Mediterranean in 2018, despite a major drop in the number of arrivals reaching European shores.In total, 139,300 refugees and migrants arrived in Europe, the lowest number in five years, it said.“Saving lives at sea is not a choice…

The liquefied natural gas (LNG) bunkering infrastructure is expanding globally and there are increasing numbers of LNG-bunker vessels which are encouraging other operators to adopt LNG.According to SEA\LNG,  the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, from limited availability at select ports, LNG bunkering has grown to encompass 24 out of the world’s top 25 and all but one of the top ten bunker…

Greek utility company Gastrade has extended the timeline for completion of its Greek LNG development by six months to allow more time for the delivery of offshore floating, storage and regasification unit (FSRU) for the Alexandroupolis Independent Natural Gas System Project.Gastrade, the developer of the 5.5 billion cubic metre per year regasification project, has pushed back its completion date from the end of 2020 to the second quarter of 2021 to give interested suppliers more time to deliver an FSRU.The project is being developed by Gastrade…

Greece-based Star Bulk Carriers Corp. took delivery of the last two of the three firm dry bulk vessels from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.According to the global shipping company focusing on the transportation of dry bulk cargoes announced it added the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE, to its fleet on on January 7th, 2019 and January 14th, 2019 respectively, The Vessels were acquired for a combination of cash and shares.

The first phase of the Market Test for the capacity commitment at the Liquefied Natural Gas (LNG) terminal of Alexandroupolis was completed successfully on 31 December.According to an announcement from Gastrade, twenty companies submitted relevant Expression of Interest for a total of up to 12.2 billion cubic meters / year of regasification capacity reservation at the floating terminal and delivery to the Greek National Natural Gas Transmission System."These gas quantities will be directed towards the markets of the wider Southeastern European region.

Accountant and shipping adviser Moore Stephens says shipping will continue to attract investors in 2019 if it fulfills its ESG (environmental, social and governance) responsibilities.In the latest issue of Bottom Line, the Moore Stephens shipping sector newsletter, Richard Greiner, a partner in the firm’s Shipping & Transport team, says, “It has been suggested that the future is very much like the present, only longer. Should that prove to be the case for the shipping industry…

Eastern Mediterranean achieved reduced environmental footprint at the port of Killini, which on December 20th, 2018 held an inauguration event of the first pilot shore installation for the electrification of ships with an overwhelming ceremony that shed light to the endeavor that was accomplished by the EU co-funded Action ‘elemed’ and the shipping company Levante Ferries, who experienced the plug in of its passenger ro-ro ferry Fior Di Levante to the new electrification position on shore.The event was opened by Mr Nabil-Iosif Morant…

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 European co-funded Poseidon Med II programme (PMII), organised a workshop at the Technological Educational Institute of Crete (TEI) in the context of its dissemination activities.The subject of the workshop, which took place on December 17th, 2018 was to present the appropriate framework for the adoption of Liquefied Natural Gas (LNG) as a marine fuel in the Eastern Mediterranean.The event was opened by the Rector,  N. Katsarakis, followed by a welcome note by the President and Managing Director of the port of Heraklion,  A. Philippis. The event was attended by Professors and students of the Technological Educational Institute of Crete…

French Frigate Shoals are located in the northwestern Hawaiian Islands, between Kauai and Midway. The atoll consists of a twenty-mile long crescent-shaped reef, with 13 coral and sand islands and the 120-foot high volcanic rock Perouse Pinnacle, named for French explorer Jean-Francois de la Perouse, who charted the atoll in 1786 and nearly grounded his two frigates. Tern Island is the largest, covering 105,276 square meters or 26 acres. Second largest is (or was) East Island, with 35…

Carnival Corporation announced it will launch four new cruise ships in 2019 across three of its leading global brands – Carnival Cruise Line, America's Cruise Line; Costa Cruises, the largest European cruise operator; and Princess Cruises,  international premium cruise line. The world will get a preview of one of these spectacular new vessels when Carnival Cruise Line debuts a floral replica of its new Carnival Panorama sailing down Colorado Boulevard in the Rose Parade on New Year’s Day…

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…

The Union of Greek Shipowners (UGS) announced its acceptance as member to the Arctic Economic Council (AEC), the independent organization acting as the primary forum for interaction between the Arctic Council and the wider circumpolar and non-Arctic business communities.“Greek shipowners, who are hands-on operators and control 20% of the total world tonnage in deadweight and about 50% of the total European Union fleet, are primarily involved in cross trading activities carrying…

The world's first liquid natural gas (LNG) carrier tanker was named 'Boris Sokolov' and delivered by Guangzhou Shipyard International in Guangzhou City.According to Chinese state media, the Arctic condensate tanker carrier designed to traverse the world's icy northern polar region.With a load capacity of 44,550 tons, the vessel, which is built for for Dynacom of Greece, can sail in the Arctic region without icebreaker-piloting, it said. The vessel is mainly used for transporting condensate oil for the Yamal LNG project in northwest Siberia…

The provider of seaborne crude oil and petroleum product transportation services Tsakos Energy Navigation Limited (TEN) said that though the tanker market showed upward trajectory, management will keep a close eye on developments and refine its employment approach.The Greece-based tanker company said in a stock exchange annoucement that "As we approach the end of 2018, the signs that the worst is behind are becoming increasingly evident. Global oil demand is continuing its upward…