InterManager Daily News 04.01.2023.

1. Redomiciliation of Frontline to Cyprus is Effective

Frontline plc, formerly Frontline Ltd., refers to its announcement on December 20, 2022 regarding the approval by Frontline’s shareholders at the Special General Meeting held on December 20, 2022, to redomicile the Company to the Republic of Cyprus under the name of Frontline plc.

2. Cyprus and India sign three bilateral cooperation agreements

Bilateral cooperation agreements between the Republic of Cyprus and India were signed on Thursday at the Ministry of Foreign Affairs in Nicosia. Indian Foreign Affairs Minister, Dr Subrahmanyam Jaishankar, who is paying a working visit to the island, described the agreements as important while expressing his country’s commitment to a bi-communal, bi-zonal federation, based on UN resolutions.

3. Chinese Shipbuilders outperform Korean Dockyards for two years

Clarksons Research announced on Dec. 29 that this year’s global shipbuilding orders are 41.93 million CGT, down 22 percent from a year ago. The orders include 15.64 million CGT and 20.34 million CGT that went to South Korean and Chinese shipbuilders, respectively. The South Korean companies’ share was the highest in the market in 2018, 2019 and 2020 but the Chinese companies outperformed them last year and this year.

4. More seafarers seek support for mental health over Christmas period as they face loneliness and isolation from their families, says OneCare Solutions

Calls for support services from seafarers who are away at sea increase over the Christmas period as crews struggle more with loneliness and isolation, says leading health and wellbeing platform One Care Solutions. The platform offers 360 degrees of support to crews and their families and addresses the full spectrum of seafarer health and well-being with 24/7 direct access to medical expertise, as well as mental health support.

5. Euroseas announces the Sale of 5,610 TEU container vessel built in 2001

Euroseas an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to sell M/V Akinada Bridge, a 5,610 teu intermediate containership vessel built in 2001, at a gross price of $14.2 million. The vessel is expected to be delivered to its buyers in the beginning of January 2023.

6. CMA Terminals divests Russian holdings

CMA CGM has come up with a deal to divest its interests held in Russian ports with Global Ports. The French liner is exchanging its 25% stake in Russia’s Yanino Logistics Park and Moby Dik ocean terminal for an additional 25% stake in Finnish terminal operator Multi Link Terminal, which operates at the Port of HaminaKotka.

7. Korean yards bring in foreign talent

Samsung Heavy Industries welcomed 41 Indonesian welders to its workforce over the weekend, the single largest batch of foreign workers to come to South Korea since the government eased visa regulations for them in December in a bid to help deal with a manpower shortage facing the local shipbuilding industry.

8. Israel Dumps Plastic Tax Despite Oceans Of Concern

Israel’s new government will abandon the country’s tax on single-use plastic plates and utensils, Finance Minister Bezalel Smotrich said on Sunday, despite environmental concerns. The decision, in apparent defiance of global efforts to reduce the amount of plastic waste that is polluting oceans, comes after opposition to the tax from religious parties that said it unfairly targeted their communities.

9. Rising supply from Kuwait, Russia to weigh on Asia fuel oil in 2023

Asia is expected to be flooded with more fuel oil supplies in 2023 as Kuwait’s new Al-Zour refinery ramps up output and as Russia diverts record volumes from Europe to the East ahead of sanctions. Higher supplies are expected to weigh on Asia’s fuel oil prices and refiners’ margins next year amid steady demand from the ship fuelling and power generation sectors.

10. EU gas price cap could tighten LNG supplies into Europe as Asia reassesses favorable markets

The EU’s Eur180/MWh gas price cap would not impact Asian LNG trade flow in the near term but could tighten supplies to Europe in 2023 as some Asian suppliers might opt to sell to other markets, market sources told S&P Global Commodity Insights Dec. 20.


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