Cyprus News

Shipping Firms Drop UK Flag as Brexit Looms

Companies are leaving Britain's shipping registry due to uncertainty over Britain's departure from the European Union and future commercial arrangements with the bloc, industry officials say.All commercial ships have to be registered, or flagged, with a particular country partly to comply with safety and environmental regulations. Shipping companies in many so-called "flag states" pay corporation tax based on vessel tonnage rather than profit.Britain's ship registry forms part…

Intermarine UK Names Agent for Greece, Cyprus

UK-based maritime engineering company Intermarine UK has appointed the shipping agent Olimpic as its representative in Greece and Cyprus.Intermarine President Slawomir Kalicki said the new agreement will see Olimpic charged with bringing Greek and Cypriot-owned and registered ships into its 2400 sqm ship repair facility in Portland Port on England’s south coast.Olimpic president Georgios Orfanos, who was born in Poland to Greek parents, said he will be bringing an extensive contact…

DP World buys back P&O Ferries for $421 mln

DP World has bought back British ferry and shipping freight operator P&O Ferries for 322 million pounds ($421 million), more than a decade after it sold it.DP World acquired the British shipping and logistics company in 2006 but soon sold off some assets, including P&O Ferries to its major shareholder, state holding company Dubai World.DP World announced on Wednesday it was buying the company, and a spokeswoman later told Reuters it had bought it back from Dubai World.Dubai World was at the heart of the emirate’s financial crisis at the turn of the decade and was forced to restructure around $

2,275 Migrants Perish in Mediterranean in 2018

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…

Transport Firms Reviewing UK-registered Ships Ahead of Brexit

Sweden’s Stena and Bermuda-registered Stolt-Nielsen are reviewing their UK-registered ships ahead of Britain’s departure from the European Union, the two leading transport companies told Reuters separately on Wednesday."In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when it no longer will be an EU flag post the 29th March 2019, but we have taken no decisions and are reviewing different scenarios," said Ian Hampton, chief people & communications officer and Brexit spokesperson for Stena Line.A spokeswoman for Stolt-Nielsen…

UK Shipping Lobby: 'Get a grip on Brexit'

British businesses implored politicians on Monday to stop quarrelling over Brexit and agree an orderly exit from the European Union, as some big firms set up emergency situations rooms to cope with the possible tumult of a no-deal divorce.With less than nine weeks until the United Kingdom is due by law to leave the European Union on March 29, there is no agreement yet in London on how and even whether to leave the world's biggest trading bloc.Parliament rejected Prime Minister Theresa May's Withdrawal Agreement…

P&O to Re-flag UK ships to Cyprus ahead of Brexit

British ferry and shipping freight operator P&O will re-flag its entire UK registered fleet to Cyprus ahead of Britain’s departure from the European Union to keep tax arrangements in the bloc, the company said on Tuesday.Last month P&O said it was re-flagging two of its UK ships operating on the English Channel route to France to the Cyprus registry."In advance of Britain leaving the European Union on March 29, 2019, we undertook a review of the flag status of our ships on the English Channel," a P&O spokesman said in a statement on Tuesday."For operational and accounting reasons, we have conc

LNG REPORT: LNG Bunkering Vessels Rise to Nine, 30 More to Come

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…

Chabahar Port Begins Commercial Operations

Commercial operations began at ndia Ports Global Chabahar Free Zone (IPGCFZ), at Chabahar with the arrival of a vessel after Government of India took over the operations.A Cyprus registered bulk carrier had arrived at Chabahar with 72458 MT of corn cargo. The vessel MV MACHERAS berthed at the terminal at 0130 hrs on 30th December 2018. Thus IPGCFZ carried out its first cargo operation by discharging the imported cargo(ex Brazil) using pneumatic un-loaders.India has written a history with its engagement in Chabahar, claimed a governement release.

Brexit:: P&O Re-flags Two Ships for Tax Reasons

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus."The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state," a statement said.The spokesman added that P&O was reviewing the flag status of its four other ships operating

Giampiero Soncini named CEO of IB Marine Division

Giampiero Soncini will assume the role of CEO, Marine Division, at IB Marine.“Under his guidance IB Marine is looking to become a major player in the Marine IT sector”, says Maurizio Ricci, IB President, who will retain the role of CEO IB Industry Division. “Giampiero and I have been competitors for over 30 years, and it is simply amazing that we can now work to build something together”.Giampiero Soncini replies: “IB has been in Business for over 35 years. I have known them and respected them for 30.

TMS, TOTOTHEO Maritime Sign Sales Agreement

Total Marine Solutions (TMS) and TOTOTHEO Maritime Limited has announced a strategic sales partnership agreement whereby TOTOTHEO will act as exclusive sales agent and customer service representative for Ocean Guardian in the Republic of Cyprus.Developed by TMS, in collaboration with Brenock, Ocean Guardian is a digital tool that provides shipboard operators with immediate access to environmental regulations around the world. The software system removes the guesswork from environmental compliance…

Trump Bets on New European LNG Terminals

U.S. President Donald Trump expects the European Union to fund 9 to 11 liquefied natural gas (LNG) ports to absorb "vastly" more shipments from the United States but current EU investment in new projects will only help open small markets.In a White House press conference with Italian Prime Minister Giuseppe Conte late on Monday, Trump said part of the U.S.-EU trade talks sought to expand America's reach into the continent's gas markets which were awash in Russian supply."And we are already talking to the European Union about building anywhere from 9 to 11 ports…

VTS Vasiliko Terminal Services Orders ASD Tug

On July 24, Damen Shipyards Group signed a contract with Cyprus-based VTS Vasiliko Terminal Services, the supplier of marine services to the Port of Vasiliko and the VTTV Oil Terminal Jetty, for a Damen ASD Tug 2310.Attending the contract signing event was Cyprus’ Minister of Transport Ms. Vassiliki Anastassiadou, who congratulated VTS Vasiliko Terminal Services on its high standard of service, which concurrently enhances Cyprus’ image in the marine services sector.The new ASD Tug 2310…

Gunvor, Oceangold and Maas Capital Form Tanker JV

A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.The new joint venture company has entered into shipbuilding contracts for six vessels from South Korean shipyards, including four MR2 product tankers from STX Offshore & Shipbuilding Co. and two LR2 product tankers from Daehan Shipbuilding Co.

Noble Group Sells Kamsarmax Dry Bulker to Aeolian Spirit Shipping

The commodity trader Noble Group has entered into an agreement with Aeolian Spirit Shipping, a Cyprus company, to dispose a vessel registered in Hong Kong for a consideration of US$23.79 million. Noble said in a press annoucement that its indirect wholly-owned subsidiary, Core Forte, had on June 15 entered into a memorandum of agreement with Aeolian Spirit Shipping and Transmed Shipping for the proposed sale of a Kamsarmax dry bulk carrier vessel. The Vessel “Ocean Forte" is registered under the flag of Hong Kong. It was built in 2015 and has a capacity of 81,616 dwt.

Aker BP Hires Prosafe Vessel

Prosafe has signed a contract with Aker BP ASA for the Safe Scandinavia to provide accommodation support at the Ula platform in the Norwegian sector of the North Sea. The firm duration of the contract commencing mid-August 2018 is seven months with eight one-month options. Total value of the contract excluding the option periods is approximately USD 25.5 million. The option periods, if exercised, have a total value of approximately USD 36.7 million. The contract will ensure employment of the Safe Scandinavia soon after expiry of her previous contract that concluded end-June 2018.

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statem

Schulte Group Confirms Cypriot Connection

The Cyprus shipping sector continues to make news, as Dr. Heinrich Schulte, the chairman of the Schulte Group, underlined his long-term commitment to the Cypriot shipping industry when he met with H.E. Mr. Nicos Anastasiades, the President of the Republic of Cyprus, at the Presidential Palace in Nicosia, on June 11, 2018. Earlier this month MarineLink.com interviewed Natasa Pilides, Cyprus Deputy Minister of Shipping, on the sidelines of the Posidonia exhibition in Athens, Greece…

Petrogress Enters Joint Venture with EDT Offshore

Petrogress, Inc. has announced that its Petrogress Int’l, LLC (PIL) subsidiary has entered into a Memorandum of Understanding (MoU) with EDT Agency Services, Ltd. (EDT Offshore) to combine the companies’ operations at the Port of Limassol and additional port facilities in Cyprus. The MoU covers shorebase and offshore support services from the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the Cyprus Port Authority has announced plans for a $300 million industrial and energy harbor.

DP World to Invest $1bn in Expansion

DP World is planning to annually inject up to $1 billion in global investments until 2020, local media quoted company chairman and CEO Sultan Ahmed Bin Sulayem as saying. The expansion at Prince Rupert in Canada opened for business. DP World Limassol in Cyprus opened a new cruise terminal. A series of acquisitions, technology tie-ups and sustainable business achievements all formed part of the activities that saw the global trade enabler expand its business horizons across the world.

UAE Marine Environment Protection Association launched in Dubai

The Director General of HELMEPA, Dimitris C. Mitsatsos and the Chairman of Dubai Council for Marine & Maritime Industries (DCMMI), Mr. Khamis Juma Buamim, signed the Inaugural Declaration to the formation of UAEMEPA, the United Arab Emirates Marine Environment Protection Association. The signing ceremony took place at the beginning of the 9th Offshore Arabia Conference at Dubai in the presence of the Secretary General of IMO, Mr. Kitack Lim, UAE high standing functionaries and representatives of organizations and companies from within world shipping.

WISTA International Appoints Diversity Committee

The Women’s International Shipping and Trading Association (WISTA) is proud to announce the formation of its Diversity Committee. A member-driven project created as a next step after the #METOO campaign, the WISTA Diversity Committee will focus on providing practical solutions to increase opportunities for gender diversity in the maritime industry. The committee works as part of WISTA International’s 2018 theme: The Women Who Move the World. “WISTA has always advocated for increased gender diversity in the maritime industry.

EU Member States Ask to End Crippling Reporting Formalities for Ships

Led by Denmark, 13 EU Member States have called on the Commission to present an ambitious proposal on revising the Reporting Formalities Directive. Danish Shipping strongly supports the ambition to sufficiently eliminate the huge administrative burdens on maritime carriers in the EU. The current directive introduced the concept of National Single Windows as a way to harmonise reporting obligations from ships to a single electronic system in each Member State but failed to harmonise data requirements or the mechanisms for sending them thus creating more burdens on maritime carriers in EU.

Bjørnar Iversen Resigns as CEO of Songa Offshore

Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services.

Greece Concludes Sale of 67% Stake in Thessaloniki Port

Greece concluded the sale of 67 percent stake in Thessaloniki port, the country's second-largest, to a German-led consortium, its privatisations agency (HRADF) said on Friday. Deutsche Invest and its partners, France's Terminal Link SAS and Cyprus-based Belterra Investments, signed the deal in December. The sale is part of a privatisation scheme Greece has agreed under its latest international bailout. The deal is worth 1.1 billion euros, HRADF said, and the consortium has already…