1. EBRD forecasts economic slowdown for 2022 in the southern and eastern Mediterranean
The European Bank for Reconstruction and Development is projecting a slowdown in economic growth for the southern and eastern Mediterranean region in 2022, to 2.5 per cent, according to its latest Regional Economic Prospects report, published today.
The forecast is largely in line with the Bank’s economic update of March 2022, which revised down its November forecast of 4.3 per cent growth this year. https://cyprusshippingnews.com/2022/05/10/ebrd-forecasts-economic-slowdown-for-2022-in-the-southern-and-eastern-mediterranean/?amp=1
2. War to cause Ukraine economy to shrink nearly a third this year – EBRD report
Russia’s war on Ukraine will cause the latter’s economy to shrink by nearly a third this year, the latest forecast from the European Bank for Reconstruction and Development shows.Ukraine’s GDP will suffer negative growth of 30 per cent in 2022, a downward revision of ten percentage points compared to the Bank’s projections released as recently as March.
The Russian invasion has brought to an abrupt halt an economic recovery that had begun in that country last year, the EBRD’s Regional Economic Prospects published today show. https://cyprusshippingnews.com/2022/05/10/war-to-cause-ukraine-economy-to-shrink-nearly-a-third-this-year-ebrd-report/?amp=1
3. Seafarer minimum wage laws set sail
Tens of thousands of seafarers must be paid an equivalent to UK National Minimum Wage in a major step forward on pay protection, confirmed today (Tuesday 10 May) by the Government.
Following P&O Ferries’ decision to sack 800 workers, the Government is introducing pay protection reforms requiring ferry operators who regularly call at UK ports to pay their workers the equivalent of the UK National Minimum Wage. https://cyprusshippingnews.com/2022/05/10/seafarer-minimum-wage-laws-set-sail/?amp=1
4. Radio link and hybrid connectivity for the whole Color Line fleet
Last year, in collaboration with Nowhere Networks, we successfully deployed a radio link network in Skagerrak and Kattegat. The network opened up new opportunities for Color Line and provided their passengers and crew with better internet experience. https://cyprusshippingnews.com/2022/05/10/radio-link-and-hybrid-connectivity-for-the-whole-color-line-fleet/?amp=1
5. CMA CGM moves to advance production of synthetic methane
French liner CMA CGM is accelerating the pace of its fleet’s transition to new low-carbon fuel sources by joining the industrial demonstrator project that aims to produce green hydrogen from renewable power and also e-methane, a synthetic gas using hydrogen and CO2 captured from the industrial process. https://splash247.com/cma-cgm-moves-to-advance-production-of-synthetic-methane/
6. Shell and Eneco join Dutch offshore wind tenders
Shell and Eneco are taking part in the zero-subsidy tender for the Hollandse Kust West zone in the Dutch North Sea through their joint ventures Ecowende and SchakelWind.
The Hollandse Kust West wind farm zone is located approximately 53 km off the west coast of the Netherlands, auctioned in two separate tenders. It is expected that the sites will supply enough energy to ‘green’ approximately 6% of the Dutch electricity demand. https://splash247.com/shell-and-eneco-join-dutch-offshore-wind-tenders/
7. 20 Years of Naval Trends Guarantee a FY2023 Shipbuilding Plan Failure
“About 300 ships, achieved in FY2018, will provide a force capable of… assuring access in any theater of operations, even in the face of new anti-access/area-denial strategies and technologies.” —Annual Long-Range Plan for Construction of Naval Vessels, June 2014 https://gcaptain.com/20-years-of-naval-trends-guarantee-a-fy2023-shipbuilding-plan-failure/
8. Senate Confirms Rear Admiral Ann Phillips as U.S. Maritime Administrator
The U.S. Senate has voted to confirm Rear Admiral Ann C. Phillips USN (Ret.) to serve as the Administrator of the Department of Transportation’s Maritime Administration.
The Senate voted 75-22 in favor of confirmation, making her the first woman to hold the position. https://gcaptain.com/senate-confirms-rear-admiral-ann-phillips-as-u-s-maritime-administrator/
9. Inmarsat launches IoT partner programme
Inmarsat has introduced a partner programme for developing internet of things (IoT) to operate over its L-band satellite communications network
Elevate will enable partners to develop IoT applications over the Elera network, which will include Inmarsat’s sixth generation of satellites when they are commissioned over the next year. Inmarsat expects Elevate to accelerate IoT adoption for monitoring assets and machinery. https://www.rivieramm.com/news-content-hub/inmarsat-launches-iot-partner-programme-71066
10. Baltic Index Hits Over 4-Month Peak On Higher Rates For All Vessels
The Baltic Exchange’s main sea freight index rose to a more than four-month high on Monday, helped by stronger rates across vessel segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 113 points, or 4.2%, to 2,831 points, the highest since mid-December last year. https://www.shippingtribune.com/news/shipping/Baltic+index+hits+over+4-month+peak+on+higher+rates+for+all+vessels