shipping market

New Greek government reveals plans to boost domestic shipping

Greece’s newly elected right-wing Prime Minister Kyriakos Mitsotakis announced plans to boost domestic maritime industry, on the sidelines of a visit to the Ministry of Shipping and Island Policy in the port city of Piraeus, Thursday. The plan is threefold.

Genting Hong Kong sells 35% of Dream Cruises

Genting Hong Kong (GHK), cruise operator, agreed to sell a 35% of its interests in its cruise Brand, Dream Cruises. The cruise operator noted that the transaction would result to a USD 470 million gains, while in the meantime increase the net asset value of GHK shares by USD 5.5 cents.

Port of Rotterdam expects Black Marlin, transmitting 18 hulls

Port of Rotterdam awaits for the arrival of the Black Marlin, on Monday, August 12. The vessel has 18 inland hulls onboard and a crane ship for Damen. The 18 hulls were built in China. The construction of the hulls in China was to be sure of a cost efficient product.

VesselsValue: Quarterly forecast for cargo ships

Amid an ongoing trade war between China and the US, as well as major geopolitical tensions globally, it is likely that total ordering activity will be softer near term, representing a downside risk to the positive development of newbuilding prices, according to VesselsValue. 

Bourbon asks for reorganization proceedings

French offshore vessel operator Bourbon Corporation announced that it has requested for reorganization proceedings to the Commercial Court of Marseilles. The reorganization proceedings will only concern the holding company and not the operating companies.

Brazilian court orders Petrobras to refuel Iranian vessels

Brazilian top court ordered the state-run oil company, Petrobras, to refuel the two Iranian grain vessels that have been stuck on the Brazilian coast because of the imposed US sanctions. Chief Justice, Dias Toffoli, changed a lower court ruling that enabled Petrobras, to refrain from fueling the vessels. Thus, the oil company is now obliged to fuel the Iranian vessels.

How Dubai adds value as a dynamic maritime center

In an exclusive interview with SAFETY4SEA at Nor-Shipping, Mr. Nawfal Al Jourani, Director of Dubai Maritime Cluster Office at DMCA, shared Dubai’s priorities as a major maritime hub of the Middle East. Mr. Jourani noted that innovation is the cornerstone of Dubai’s strategy to be attractive to the shipping community. 

Top 10 international shipping centres 2019

Xinhua-and Baltic Exchange issued their International Shipping Centre Development (ISCD) Index 2019, placing Singapore at the top for the sixth consecutive year. Compared to 2014-2019, results are relatively stable. The report showed a decreasing gap between Singapore and London. 

UAE: VAT implications on shipping and logistics

A robust compliance system and the use of tax automation would enable large logistics companies to comply with specific VAT requirements with regard to the information requested by the Federal Tax Authority (FTA) during VAT Audit, according to a new report analyzing VAT implications on shipping and logistics sector of the UAE.

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