InterManager Daily News 11.05.2023.

1. Cyprus Shipping Chamber 34th Annual General Meeting held with great success and participation. The Cyprus Chamber of Shipping held its 34th Annual General Meeting with great success and participation, on Tuesday, 9 May 2023, at the “Four Seasons” hotel in Limassol, which has attended by State and Government dignitaries, Political Party representatives, Members of the House of Representatives, Diplomats, representatives of Professional Organisations and as well as by the resident Industry.
2. Cyprus focused on attracting new shipping companies. With the implementation of the state’s action plan, combined with the quality services and incentives Cyprus offers, there is growing confidence that Cypriot shipping will maintain its resilience and competitiveness, Deputy Minister of Shipping Marina Hadjimanoli said.
3. US LPG arbitrage to Europe shut as Asia draws growing US output. Despite increased LPG production in the US supporting growing exports, the US-to-Europe spot arbitrage has been “slammed shut” from higher freight rates and weaker post-winter demand hindering spot transactions into the region.
4. Global freight shows signs of bottoming out. Global freight volumes fell at some of the fastest rates for three decades earlier this year, but at the end of the first quarter showed signs of bottoming out.Volumes were down by -2.1% between December and February compared with the same period a year earlier, according to the Netherlands Bureau of Economic Policy Analysis (“World trade monitor”, CPB, April 25).
5. Valenciaport and ASCER reaffirm their strategic alliance to regain momentum in the ceramics sector. The president of the Port Authority of Valencia, Joan Calabuig, and the president of the Spanish Association of Ceramic Tile Manufacturers , Vicente Nomdedeu, have held a working meeting.Both institutions will continue to cooperate to achieve common objectives to increase the competitiveness and foreign sales of the tile industry.
6. Korean industry looks to block foreign takeover of Hyundai LNG Shipping Concerns have been raised in South Korea’s maritime industry about the proposed sale of the country’s top liquefied natural gas shipping company, Hyundai LNG Shipping, to a foreign entity.Hyundai LNG Shipping was formerly the gas carrier division of South Korea’s largest carrier, HMM. Compatriot private equity firm IMM bought the LNG shipping unit from then-cash-strapped HMM, which is also being pushed for privatisation, in 2014.
7. Shell lines up Brazilian FPSO for scrap in Denmark. Modern American Recycling Services Europe has received limited notice to proceed from Shell for green recycling of its 49-year-old floating production storage and offloading vessel (FPSO) Fluminense.The FPSO will be scrapped after 20 years in operation for Shell in the Bijupirá and Salema oil fields in the Campos Basin off the coast of Brazil.
8. Port of Long Beach Unveils Plans for Massive Floating Offshore Wind Facility The Port of Long Beach has announced plans for Pier Wind, a floating offshore wind facility designed to help California and the nation achieve renewable energy goals.The facility, the largest of its kind at any U.S. seaport, will support the manufacture and assembly of offshore wind turbines as tall as the Eiffel Tower.
9. FMC: Charge Complaint Refunds Hit $1 Million Milestone More than $1 million in disputed charges have been waived or refunded through the Charge Complaint process, established by the Ocean Shipping Reform Act of 2022 (OSRA) and administered by the Federal Maritime Commission (FMC). This milestone was reached on May 1, 2023, just over 10 months after the OSRA became law on June 16, 2022.
10. What will happen if Russia blocks Black Sea grain ships? Russia is threatening to pull the plug on the Black Sea Grain Initiative on May 18, blocking Ukrainian seaborne exports of corn and wheat. The European Union has banned Ukrainian agriculture exports to neighboring Romania, Bulgaria, Poland, Hungary and Slovakia until June 5, with an extension through year-end possible, due to local pricing pressures. The Tolyatti-Odessa pipeline, a key conduit for Russian exports of ammonia — a vital fertilizer feedstock — remains offline.


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