The redevelopment of Larnaca Port and Marina amounting to €1.2 billion is on track as the final touches are added to the blueprints before the Cypriot-Israeli consortium takes over on April 1, 2022. Founded in Cyprus in 2018, Kition Ocean Holdings Ltd (a consortium, composing of investors Eldeman Holding BV and Alexandrou Corporate Services Ltd) was the winner of the government’s international public
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Danish giant Maersk, the world’s largest container shipping firm, has posted blockbuster second-quarter results, as ocean rates have skyrocketed amid global supply chain bottlenecks. Revenue grew 58% to $14.2bn in Q2 and EBIT increased almost five times to $4.1bn. Earnings before interest, tax, depreciation and amortization (EBITDA) stood at $5.1 billion, up 200% from the $1.7 billion reported in the same period
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The UP World LNG Shipping Index, a rules-based stock index family designed to show and measure the performance of world publicly traded companies involved in maritime transport of liquefied natural gas (LNG), advanced more than 1 point or more than 1.15% last week. US equities represented by the S&P 500 index rose 0.61%. Many of the constituents of the UP Index gained more than 2% and many
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Trieste-based Italian shipbuilding company Fincantieri, through its subsidiary Fincantieri Infrastructure, completed the acquisition of the main company branch of INSO – Sistemi per le Infrastrutture Sociali S.p.A., including the subsidiary SOF, part of the Condotte Group, and now holds its control under the NewCo “FINSO – Fincantieri INfrastrutture SOciali”. Fincantieri Infrastructures holds a 90% stake in the share capital of the new
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Last month (April 8), Lord Mountevans FICS (Hon) completed his term as President of the Institute of Chartered Shipbrokers and handed over to Kevin Shakesheff FICS. During his tenure Lord Mountevans helped guide the Institute through the recent challenging times. He supported senior officers and staff during a difficult period for the Institute with his calm, wise counsel and advice. Kevin Shakesheff
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Very large crude carrier (VLCC) newbuildings have dominated the tanker ordering space in the first four months of 2021 with 32 units of 9.6mdwt, Simpson Spence Young (SSY) said. But newbuilding prices, which have steadily risen since the last quarter of last year, could stem the order flow, the world’s largest independent shipbroker added, as per Trade Winds. A very large crude
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The UK Club, one of the oldest Protection and Indemnity (P&I) clubs in the world and the Ever Given’s insurer rejected a new, lower damages claim from Egypt. The Suez Canal Authority (SCA) was seeking $916 million for the blockage of the Suez Canal, then dropped it to $600 million but the London-based insurance entity said Egypt’s reduced compensation claim was still
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