DIRS.INFO The most relevant business & tech news

Moeller-Maersk and Mediterranean Shipping Co. created the so-called 2M alliance in 2015 to help them reduce costs by sharing cargo on major ocean routes. Rivals formed similar partnerships, creating the Ocean Alliance and THE Alliance. Global trade volumes fell 9.5% year over year in November 2022, according to London-based Container Trade Statistics, and global shipping rates have been sliding at a steep pace since early last year. He said the winding down of 2M raised questions over the future of the other two alliances, Ocean Alliance and THE Alliance. So the in-transit issues and all the penalties have pretty much faded away.”Target said in an email that it renegotiates its shipping rates regularly.

☆ Europe's royals, in Athens, bids farewell to Greece's last king
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

[1/7] A person holds a flag as people queue to pay respects to former King of Greece Constantine II at Saint Eleftherios chapel, where he lies at rest before the funeral service, in Athens, Greece, January 16, 2023. REUTERS/Louiza VradiATHENS, Jan 16 (Reuters) - European royalty gathered in Athens on Monday for the funeral of former King Constantine of Greece, born a prince but spurned by his country which abolished the monarchy in 1974. He died at the age of 82 last week in an Athens hospital. Royals from Europe, including Britain's Princess Anne, sister of King Charles, and her husband and Spain's King Felipe and Queen Letizia, were expected to attend the funeral, at the Metropolitan Cathedral in central Athens, under tight security. In a referendum after the fall of the junta in 1974, Greece rejected monarchy again.

TOKYO, Dec 29 (Reuters) - Japanese insurers are expected to maintain marine war insurance, which covers the sinking and requisition of ships due to war in Russian waters for at least three months for liquefied natural gas (LNG) vessels, industry sources said on Friday. But on Tuesday, a senior official at the industry ministry said the Japanese government had asked insurers to take on additional risks to continue providing war insurance for liquefied natural gas (LNG) shippers. The insurance companies negotiated with reinsurers to replace part of the coverage and they are expected to enable continued insurance, Nikkei reported on Thursday. After renegotiating with UK reinsurers, a total of 30 billion yen ($224 million) is expected to be secured, with domestic insurers covering about 8 billion yen and overseas reinsurers taking on about 22 billion yen, it said. But added the underwriting capacity will be less than half of the previous 67 billion yen.

☆ Explainer: How will Japan resolve shipping insurance for Russian LNG imports?
▼ + stars: | 2022-12-29 | by ( Yuka Obayashi | ) www.reuters.com time to read: +6 min

Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last week that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage. Japan receives 9% of its imported LNG from Sakhalin-2, which is owned by Gazprom (GAZP.MM) and Japanese trading houses. Loss of supply from Sakhalin-2 could send Japanese power and gas utilities such as JERA and Tokyo Gas Co Ltd (9531.T) scrambling for alternatives. It has had to persuade G7 partners to give it leeway so it could keep importing Russian LNG, and after the Russian government decided in June to seize control of Sakhalin-2, Japanese trading houses had to agree to remain as shareholders of the new Russian operator. read more"The top priority now is to secure marine war insurance," a senior official at the industry ministry said.

☆ Japan insurers in talks with reinsurers to resume coverage in Russian waters
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. "We are negotiating with various reinsurers to get the war coverage in order to restart providing marine war insurance in the area to our customers," a spokespeople at Tokio Marine said, adding that some reinsurers have responded "positively." Sompo Japan and Mitsui Sumitomo Insurance are also searching for new reinsurers, their spokespeople said. Most vessels get two types of insurance: marine insurance covering damage from natural disasters and collisions, and marine war insurance covering damage from war or terrorism. Without marine war insurance, shipowners may give up operations in Russian waters, including picking up LNG from the Sakhalin-2 gas and oil project in Russia's Far East.

☆ Japan firms to stop insuring ships in all Russian waters -Nikkei
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 24 (Reuters) - Three Japanese insurance companies will stop insuring ships for damage in all Russian waters due to the war in Ukraine, potentially affecting Japan's energy imports such as liquefied natural gas (LNG), the Nikkei newspaper said on Saturday. The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said. Japan's LNG imports from Russia's Sakhalin-2 gas and oil project could be affected, the Nikkei said. The Sakhalin Island complex, partly owned by Gazprom (GAZP.MM) and Japanese companies, is vital to Japan's energy security as it accounts for 9% of the country's LNG imports. The three Japanese insurers will likely start negotiating with reinsurance companies after the Christmas holidays on possibly restarting coverage, the Nikkei said.

☆ Shipping Industry Balks at Green Energy Transition
▼ + stars: | 2022-12-22 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

Ocean shipping is making its biggest energy transition since switching to oil from coal decades ago, but the shift to low- or no-carbon fuels so far has been messy. Shipowners are split on which fuel should be the new industry standard and how soon they can recoup investments to meet environmental targets established by governments and industry regulators. The price tag on investments needed in new ships, alternative fuel production and other infrastructure has been pegged at $3 trillion over the next few decades, according to shipping-services provider Clarksons.

☆ China shipyards feast on record LNG tanker orders as South Korea builders are full up
▼ + stars: | 2022-12-12 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

Chinese shipyards this year won 45 LNG tanker orders worth an estimated $9.8 billion, about five times their 2021 order values, according to shipping data provider Clarksons Research. By late November, Chinese yards had grown their LNG order books to 66 from 21, giving them 21% of global orders worth around $60 billion. Still, Chinese yards received 19 foreign orders for LNG tankers this year and that number is likely to grow. "Chinese yards have become more attractive because of the South Korean backlog, as well as rising costs," said ICIS analyst Songer. Chinese yards' relationship with GTT also helps, he said.

☆ Urals oil discount widens as freight rates for Russian oil jump - traders, Reuters calculations
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Dec 2 (Reuters) - Russian Urals oil's discount to dated Brent have widened significantly, under pressure from record high freight rates for tankers carrying Russian oil and sending sellers' revenues well below an agreed EU price cap, two traders said on Friday and Reuters calculations showed. EU governments on Friday agreed to a price cap of $60 per barrel for the Russian crude. Therefore, freight cost for this voyages went up to some $20 per barrel for India and $25 per barrel for China, according to Reuters calculations. Fearing to disrupt a yet-to-be-established mechanism, many shipowners have refrained from handling Russian oil, reducing tanker availability and driving up shipping costs on key Urals export routes. Freight rates for 80,000 Aframax class tankers on routes from Black Sea's Novorossiysk to Augusta were at the highest level since March - 475 Worldscale points.

But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions. Two of those tankers, including the Young Yong, were designated this month by U.S. authorities for violating sanctions on Iran, one of Venezuela's closest allies. The U.S. Treasury declined to comment on the involvement of the Young Yong or the other vessels identified by Reuters in shipping Venezuela crude. Indonesian authorities said in early November that the Young Yong had run aground off the Riau Islands on Oct. 26. The United States imposed oil trading sanctions on Venezuela in 2019 after calling Maduro's re-election the previous year a sham.

☆ Ship captains held by Indonesian navy decry bribes and betrayal
▼ + stars: | 2022-09-28 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

Most of the captains were freed after a few weeks once ship owners made unofficial payments to navy intermediaries of between $300,000 and $400,000, the people said. The Indonesian navy has said it never requests or receives money to release vessels. Ledoux, 57, questioned why more wasn't being done by ship owners and governments to raise awareness of the issue. An Indonesian navy spokesman did not respond to a request for comment. Reuters has not seen what evidence was presented at the trial to prove the ship was in Indonesian waters.

[1/3] Cargo ship Despina V, carrying Ukrainian grain, is seen in the Black Sea off Kilyos near Istanbul, Turkey November 2, 2022. The agreement, reached in July, created a protected sea transit corridor and was designed to alleviate global food shortages, with Ukraine's customers including some of the world's poorest countries. So far, some 9.76 million tonnes of agricultural products have been shipped, predominately corn, but also volumes of soybeans, sunflower oil, sunflower meal and barley. A drop in shipments from major exporter Ukraine has played a role in this year's global food price crisis, but there are also other important drivers. At the start of the conflict there were around 2,000 seafarers from all over the world stranded in Ukrainian ports.

☆ Hidden Monopoly, Offshore Money and a Clash of Interests in the Giurgiulești Port
▼ + stars: | 2020-03-02 | by ( Nemerenco Daniela | ) www.zdg.md time to read: +29 min

ZdG debunked the hidden monopoly, an offshore company, and business interests, including those of a deputy of Moldova’s Parliament, in the Giurgiulești Passengers and Goods Port, operated by the Ungheni River Port. The State Enterprise Ungheni River Port operates the Giurgiulești Passengers and Goods Port. Any attempts by other economic agents to obtain the status of port agency in the state-controlled port failed. How the state enterprise explains the monopoly in the port We went to the Ungheni company headquarters to discuss with the administration of the Ungheni River Port. A conversation between the tugboat owner and the Ungheni River Port administration The tugboat stations within the state-owned port since June 2018.

Persons: ZdG, ”, Moldova’s, Molincom, Medvedev, Daniil Șevcenco, “, didn’t, Vladimir Medvedev, Gheorghe Țurcanu, Veaceslav Ioniță, Igor Macari, Denis Dobrioglo, Leonid Karagheaur, Sergei Raevski, Țurcanu, Pîrlog, Ruslan Baciu, Iurie, Marcelian Pîrlog, Anatolie Balan, Alexandru Maximov, Condaline, Marcelian, Nicolae Dimitrachi, Translogist Sistem, Baciu, Translogist, Sergiu Gheceanu, ” ZdG, Marina Polasek, Reni, ” Medvedev, Anatolie, ” Vladimir Medvedev, Ion Chicu, Anatol Usatîi, Ludmila Guzun, Anatolie Labuneț, Igor Zaharia, Labuneț, Carolina Lipskaia, Oleg Lipskii’s, Evghenii Labuneț, Veaceslav Macaidenco, ” Labuneț, Zaharia, Mr Medvedev, Chicu, “ Mr Medvedev, slandering, Preluarea, maximă, trebuie, Instituțiile, Materialele, inclusiv Organizations: Goods, National Anticorruption Center, Port, Moldova’s Government, Logistics, State Enterprise, Naval Agency, Customs Service, Mr, Agro Factor, United Arab, UAE, Agro, United, Public Property Agency, ILM Logistic, Port Agency Service, Register, DB Translogist, Translogist, Ministry, Socialist, Security and Intelligence Service, Economy, Infrastructure, Democratic Party, Medvedev, Moldova’s Socialist Party, “, Navigation Company, Marine Engineering, Socialist Party, Anticorruption Center, Naval Agency of, National Anticorruption, Naval, Moldova’s Naval Agency, Jurnalistului din Republica Moldova Locations: Port, “, Dubai, United Arab Emirates, Russian, Zurich, Switzerland, Moldova, United Kingdom, Chișinău, Moldova’s, Consideea, Ciocana, Translogist, Condaline, Ungheni, Canada, PPMG, Naval Agency of Moldova, Jurnalistului din

Search resuls for: "shipowners"

13 mentions found