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24 March 2023 - Year XXVII
Independent journal on economy and transport policy
23:15 GMT+1
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FORUM of Shipping
and Logistics


The Dry Bulk market
in 2000

The year 2000 has been one to remember. After two difficult years, this year has been witness to remarkable rate increases achieving levels that had not been seen for five years. Almost all sectors of the shipping industry have seen the same story except chemical, ro-ro and reefer ships.
 
The freight market

top

In dry cargo, all sizes have reaped the benefits. Within one year the Baltic Dry Index has recorded an increase of 23 % (a rise which began in-mid 1999) after a high of 30 % in November. The rise of the Panamax index has been more modest (15 %), in line with that of the Handymax (17 %). The time-charter 12 month rates have gone from an average daily rate of $ 7,600 in 1998 to $ 7,300 in 1999 to reach $ 11,300 in the year 2000, i.e. 47 % increase. The Handymax vessels have seen their revenues increase by 30 % during the period, from $ 7,600 in 1998 to $ 7,300 in 1999 to $ 9,600 daily average in 2000. As to the Capesize, they have seen the most spectacular rise as after two years averaging around $ 10,000 they have seen an average return of $ 20,000 per day this year.

capesize freight rates

panamax freight rates

handymax tc rates
 

The fleet 

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These figures should be taken in the context of the world fleet statistics on the one hand and the world trade figures on the other.

An analysis of the fleet shows a net reduction in numbers of deliveries compared with previous years. Fourty-one Capesize have been delivered in 2000 (around 6 million dwt), 62 Panamax (4.6 million dwt) and 92 Handysize (3.4 million dwt). However it is interesting to note that the fleet, all sizes combined, did not increase during the 1998-1999 period. Taking into account a very low level of scrapping, the Capesize and Panamax size fleets have increased by only about 6 % in 2000 and a modest 2 % in the Handysizes.

Contrary to this, the number of deliveries for 2001 and to a lesser extent for 2002 is likely to have a greater impact on the markets in the months / years to come with 34 Capesize (5.4 m. dwt), 108 Panamax (8 m. dwt) and 167 Handysize (7 m. dwt) being delivered next year. In this respect the age structure of the present fleet leaves little hope of an adjustment by demolition.

bulk fleet
 

The demand 

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According to the World Trade Organisation, world trade during 2000 has risen by more than 10 % (the highest rate in the last 10 years) due primarily to a strong uptake of activity in western European countries and Asia. Still according to the WTO, world trade for 2001 should grow at a slower pace but still in excess of the 6.5 % average seen over the last 10 years.

Prices of commodities have been increasing since 1999 (notably oil) and this trend has continued during 2000. The iron ore and steel trades which had lost 10 % of their value in 1999 compared with 1998 have seen an increase in demand and consequently in prices this year.

China has been the first beneficiary from the recovery of the Asian economies and has had excellent results on the exports side in particular with steam and coking coal to India which has become their first importer but also to South Korea and Japan. The Asian dragons have more or less overcome the effects of the 1997-98 crisis and have seen a healthy internal demand (although remaining fragile). Since the first quarter of 2000, Indonesian coal exports to Europe have increased by 5 % compared with the first quarter of 1999.

Due to restrictions in Indonesian ports, Panamax and Handysize vessels have been the first to profit.

The United-States and Europe have continued to see a strong internal demand. The sharp rise in oil prices has most likely had the effect of increasing coal demand which has resulted in a growth of Australian, South-African and Colombian exports whilst American exports have decreased by 15 % during the first 9 months of the year.

There have been similar developments in bulk iron ore cargoes particularly Brazilian exports. According to industry sources about 440 million tons of iron ore were shipped in 2000, some 30 mt more than in 1999 (as a reminder, one Capesize vessel transports about 1.3 mt per year). Predictions for the next five years have iron ore shipments up by 6.5 % to reach 470 mt by 2005.

European crude steel production, according to IISI (International Institute for Steel Industry), increased from 155 mt in 1999 to 163 mt in 2000. American production increased from 96 mt in 1999 to 101 mt in 2000. Over the same period Japanese output climbed to 106 mt, against 94 mt a year before. Asia in general terms saw production levels increase to 319 mt (compared with 298 mt in 1999).

The level of grain trades for the 1999 / 2000 season has remained relatively stable at 211,000 tons.

The International Grain Council (IGC) foresees similar figures for the season 2000 / 2001. According to them, Eastern Europe, Saudi Arabia, China and North Africa should all increase imports during the current season.

As to the minor bulks, fertilisers continue to be negatively affected by environmental concerns. The improved agricultural production in India as well as in Argentina and Brazil has avoided a crisis in this sector.

Strong American domestic demand for cement and clinker has boosted Asian exports, principally transported by Handysize vessels. However, these exports should decrease due to weaker American demand and an increasing local consumption.

Doubts about bulk market strength can be entertained when we consider the slowdown in the world economy's growth rate especially in the USA and western Europe as well as the slow recovery of the Japanese economy. Economic analysts seem to agree that the year 2000 was a high point in world economic growth. Steel prices (after a record high) have reached their lowest point in the last two years and a number of steel mills anticipate a reduction of their steel production as the industry enters into what would seem to be the bottom of the cycle. One should not overlook either, the impact of the anti-dumping measures in the coming year and the resulting closure of the American markets to Asian products. The overcapacity which will follow will have its own impact on the prices. If Asian production is absorbed by local markets there will be a reduction of volume in ton miles compared to the previous year.

The situation does not, however, seem so critical if we take into consideration that according to the OECD figures, world growth should be 3.75 % in 2001 and 3 % in 2002. Certainly the number of new deliveries this year could be seen as troubling, in particular in the Panamax and Handymax sizes. But only 34 Capesize vessels will be delivered representing a little more than 6 % of the existing fleet.

Furthermore after the sinking of the 'Erika' and then the 'Ievoli Sun' many charterers have now put into place quality procedures aimed at eliminating "risky" vessels in advance the European Union political decisions to be taken

One could thus hold that the constraints for old vessels or sub-standard vessels will lead to their quick elimination from the world fleet.

Moreover the policies of consolidation in the sector have multiplied as illustrated by the change of shareholding capital of certain owners. We can cite the withdrawal of Old Mutual from Safmarine, the disengagement of Krupp Stahl in Krupp Shipping and the sale of P&O Bulk to the Ofer Brothers group company Zodiac. Pooling agreements have been concluded between Bocimar and Klaveness for their Capesize and Panamax fleets and Bocimar and AP Moller for their Capesize fleets. It can only be assumed that these rationalisations will not be without some impact on market control.

The outlook for 2001 is even harder than normal to predict. The ambivalent expectations of the operators also provide a fair share of uncertainties.

The energy groups handling more and more complex tools to cover their risks, are increasingly using the spot market to deal with the physical transportation of coal. At the same time steel mills have a low contract coverage for 2001, although at this stage it is too early to say whether this is due to a real "soft landing" or to downward revision of the iron ore and coal imports.

We could imagine a year filled with "squeeze and ease" situations with a number of import elements external to the marine industry having a strong influence : exchange rates, interest rates, oil prices.

More than ever, nothing is yet decided.

SHEILA ANN
70,037 dwt - self unloader, built 1999 by Jiangnan - Owned by Canada Steamship Lines

 

The bulk carrier second-hand market
 

The Capesize second-hand market (80,000 dwt and over)

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In the course of the last twelve months, following the trend within the charter market, Capesize second-hand values have kept up their end 1999's momentum but with as usual some exceptions. Throughout the year buyers have been eager to take advantage of hefty trading profits. However, the top of the market was reached in October. Since then a softening has been noticed, reflecting buyers' lack of enthusiasm as they had mixed feelings concerning 2001 developments. Thus, with a decline in potential buyers competing on each vessel, prices began to slide.

The firming-up of charter rates and a rise in newbuilding prices have steadily enticed sellers towards the second-hand market. Attracted by some good prices reported, they were convinced to reach the same levels. This appeared afterwards to be over-optimistic and not always in line with each vessels' genuine commercial or technical characteristics. This phenomenon has led to the withdrawal of five or six units from the sale and purchase market. However, these owners can count on reaping some good gains in chartering the unsold vessels, enabling them to depreciate book-values, thereby creating potential profit for the future.

In the Capesize segment, about 27 confirmed "individual" deals "for further trading" have been reported. However, one should of course add the purchase by Zodiac, the bulk shipping arm of the Samy Ofer group, of the entire P&O bulk fleet, which includes 18 owned Capes.

Only 8 vessels left the scene for the scrapyards.

Out of the above mentioned 27 deals, 16 were completed on mid-eighties built units, while 9 applied to vessels from 1990 onwards (including two promptly deliverable resales) and only two related to ships assembled in the seventies. Two transactions have been concluded in the form of bareboat charters, and one was in fact a refinancing deal conducted by Japanese operators.

Greek buyers were quite active as they took 19 of them, the rest being evenly spread between other nationalities.

At the end of the year our feeling was that price levels had gone back to more or less where they started a year ago. On the basis of vessels 'fully classed' and in good working order (which may represent a substantial addition to the price compared to levels fetched by most market candidates), the following values should apply :

Market observers will look at next year's developments with the utmost interest, bearing in mind that whereas the Capesize orderbook remains reasonable compared to the large number of Panamax on order, world economic growth is likely to soften inducing a probable decrease of seaborne trades.

Cautiousness might be the name of the game.
 

The second-hand Panamax & Handymax bulk carrier market

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The year 2000 started with wishes that world trade and economy growth would continue as they ended 1999. This was indeed the case but, on the eve of the new millennium, it seems that a slowdown in growth is around the corner if not already upon us.

The average charter rates for the size of ships under consideration peaked and were significantly higher than in the past couple of years. However, as the year drew to its end, rates seem to be under pressure, thus changing the mood of potential buyers. Those owners who considered selling tonnage hoping they would do so in similar conditions (intense buying interest leading to ever increasing prices) as last year, were disillusioned. The great number of ships offered for sale not only gave buyers a large choice but also created a limited competition and kept prices under control.

When compared to 1999, there were about :

  • 26 % less Panamax sales (54 ships in 2000 against 73 in 1999)
  • 17-18 % less Handymax sales (70 ships in 2000 against 85 in 1999)

The reasons for this may be summarised as follows :

  • The large number of newbuilding orders placed in 1999 as well as during 2000, especially in the Panamax and Handymax size sectors (about 20 % of the Panamax and Handymax existing fleet is currently on order), has resulted in a subdued buying interest for second-hand bulk carrier tonnage of such particular sizes.
  • Most of the ships contracted during 1999 and 2000 are being delivered now and will continue throughout 2001.
  • The estimated number of vessels in the Panamax size scheduled for delivery during 2001 is over 100 units, i.e. about two Panamax bulk carriers per week'
  • Similarly for the Handymax size, an estimated number of two to three ships per week will be delivered during 2001.
  • The number of ships sold for demolition is significantly lower than last year, demolition activity, during 2000, in the Panamax size is down by about 85 % and the respective reduction in scrapping concerning the Handymax size for the same period is about 10 %.

In addition to the above, other reasons such as human nature is significant as well. As commented in our review for 1999, the feeling "now is the time to buy", was simply not possible during the last 12 months. Aggressive players made their moves during 1999 and successful buyers during this time became "interested spectators" in 2000. Potential buyers compared this year's "expected" prices with last year's "actual" prices and simply just waited until a seller became "serious"'

The bottom line of the year was the smaller number of sale and purchase transactions. Greek buyers were, as usual, the most active whereas the Japanese and Norwegian shipowning communities were the major actors on the selling side.

In the second-hand bulk carrier market, a new factor will be interesting to monitor this year, that is the listing of Greek shipping companies on the Athens Stock Exchange.

MED CARRARA
(ex-ICL Jaya Konda), 43,300 dwt, built 1981 by Kasado - Owned by Duke Shipping Limited
  • Panamax

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About 54 ships changed hands during the course of 2000. Sales were evenly spread over the year with a peak of activity in October, when about 10 sales were reported.

Out of the total number of 54 vessels sold over 60 % were 1980's built ships. Looking more closely, the breakdown can be read as follows :

  • 10 % (6 units) were built in the 1970's,
  • 41 % (22) were built in the early 1980's (1980-1983),
  • 12 % (7) were built in the mid 1980's (1984-1987),
  • 10 % (6) in the late 1980's (1988-1989),
  • 24 % (13) ships in the 1990's with the majority in the middle of the decade (1994-1996).

After the frenzied increases in price recorded in 1999, prices of second-hand good quality Panamax bulk carriers remained relatively steady over the period under consideration with a softening tendency over the last few months. As the year draws to an end, we assume that all age segments of the Panamax bulk carrier sale and purchase market will feel a downward pressure on values, especially for the 1980's built tonnage.

At the time of writing a 10 year old Panamax bulk carrier is worth somewhere in the region of $11.5 million, whereas a vessel having half her age is estimated at a value in the region of $16.0 - 16.2 million.

One should not forget the significant number of Panamax bulk carrier, firm or optional contracts, held by several owners (Ugland, Brave Maritime, Diana Shipping, Embiricos, Chandris to name but a few) who either resold, or transformed them into firm orders for tankers (Aframax / Suezmax / VLCC) or even cancelled the options altogether'

What will be the price in the early months of 2001? Our feeling is that prices will ease off as the newbuildings are being delivered and that charter rates will be under pressure.

Cautioun may be a keyword for 2001.
 

  • Handymax

top

The total number of ships sold during the past 12 months dropped to 70, representing an overall 17-18 % decrease in the number of reported transactions over last year.

Looking at the age of the ships sold, we notice that 50 % of these are 80's built tonnage, whereas about 30 % involved 90's built ships. A closer study reveals the following age breakdown :

  • 20 % (14 vessels) built in the 1970's,
  • 14 % (10) built in the early 1980's (1980-1983),
  • 31 % (22) built in the mid 80's (1984-1987),
  •   6 % (4) built in the late 1980's (1988-1989),
  •   6 % (4) built in the early 1990's (1990-1993),
  • 16 % (11) built in the mid 1990's (1994-1997),
  •  7 % (5) built in the late 1990's (1998-1999).

Similarly to the Panamax sector, prices peaked in 1999 and remained fairly steady this year. Whereas charter earnings during 2000 were far better than last year, the increased number of ships on offer for sale meant that potential buyers had a very large choice. This resulted in prices not attaining new highs but rather consolidating last year's levels.

At the time of writing, assuming a buyer is willing to invest promptly in a 10 year old Handymax bulk carrier he will need to pay about $11.5 million, whereas a similar ship of half this age is currently worth about $15.5 million.
 

For how long will it last ?

At the beginning of the last quarter 2000, the pressure on prices became noticeable especially for 1980's and early 1990's built ships. The orderbook figures have done their magic effect again, and long period charters are not as forthcoming as they were during 1999 or in the earlier part of 2000. Potential buyers are cautious (who can blame them) and, as mentioned earlier, this may prove to be a keyword for 2001.

To summarise, we believe that shipping industry players may be "cautiously optimistic" for the near future only if an accelerated demolition activity is re-established, coupled with positive growth and world trade figures, having positive effects on seaborne trades.
 




Shipping and Shipbuilding Markets in 2000

I N D E X

›››File
FROM THE HOME PAGE
Austria's Gebrüder Weiss has inaugurated a new logistics terminal in Tyrol
Reutte / Lauterach
It is located in Reutte, near the border between Austria and Germany
Maersk-SIPG agreement for bunkering of green methanol in the port of Shanghai
Shanghai
Expected supply from ship to ship of the new container ships ordered by the Danish company
ESPO, ships should use cold ironing systems in ports, if available, already before 2030
Brussels
Ryckbost : It is hoped that the requirements for ships related to when to use electricity at berth clarify the matter
ECSA, EU agreement on ship fuel gives strong political signal and provides clear climate goals and guidance for industry
Brussels / Rome
Assshipowners, welcome our main instances
T&E, today's EU decision marks the beginning of the end of dirty fuels in the shipping industry
Brussels
The organisation highlighted the need to prevent the agreed standards from presenting loopholes
Agreement of the Parliament and of the EU Council on the use of fuels for decarbonisation of shipping
Agreement of the Parliament and of the EU Council on the use of fuels for decarbonisation of shipping
Brussels
From 2034, the share of renewable fuel will have to be more than 2% percent. Emissions will have to be reduced by 2% percent by 2025 and by 80% percent by 2050. From 2030 container ships and passenger ships will have to use ground electricity in major European ports
Subscribed to the contract to sell the yards Hellenic Shipyards to the Greek shipowner Prokopiou
Athens
The tender had been won with an offer worth 62.5 million euros.
ESPO presses why the ports that play a significant role in the EU's energy supply are also admitted to the TEN-T network
Brussels
According to the association, it is necessary to also take into account their role in the acceleration of the spread of renewable energies
In 2022 OOIL achieved record economic results
Hong Kong
In 2022 OOIL achieved record economic results
Drop in performance in the second half of the year
In 2022 French ports handled 293.7 million tonnes of cargo (+ 5.1%)
Ports
The figure is -6.0% percent lower than that of the pre-pandemic year of 2019.
Grimaldi signs agreement for the 67% acquisition of the Igoumenitsa Portuale Authority
Athens
Grimaldi signs agreement for the 67% acquisition of the Igoumenitsa Portuale Authority
"Our goal is to make the Greek airport realize its full potential for the benefit of all stakeholders, from shipping, transport and tourism to the local community," said Emanuele Grimaldi, who is also the first person to be able to make the Greek government.
Fedespedi, in 2022 container traffic in Italian ports increased by 2.4%
Milan
Overall decline of -1.0% of volumes in other container ports in the Mediterranean
In 2022 the port of Hamburg recorded a new record of goods from and for Austria
Hamburg
They amounted to 6.3 million tonnes (+ 12%)
Assshipowners represented to the EU the instances of Italian shipping on decarbonisation
Assshipowners represented to the EU the instances of Italian shipping on decarbonisation
Brussels
Messina : the new IMO CII, as it is thought today, leads to opposite effects compared to environmental safeguards, penning precisely the Italian navige
Protocol to develop the Alexandria Smisting stopover in an intermodal freight hub
Alexandria
By the end of 2024, the masterplan will be defined for the realization of a modal interchange pole
Ferretti group buys the Ravennate shipyard of the Rosetti Marino
Forlì
The acquisition has envisaged an initial investment of around 40 million euros.
A.P. Møller-Mærsk will sell the Maersk Supply Service to the parent company A.P. Møller Holding
Copenhagen
A.P. Møller-Mærsk will sell the Maersk Supply Service to the parent company A.P. Møller Holding
Transaction of the value of 685 million
Joint venture TX Logistik-Samskip-duisport to manage the intermodal terminal logport III in Duisburg
Joint venture TX Logistik-Samskip-duisport to manage the intermodal terminal logport III in Duisburg
Duisburg
It has an annual traffic capacity equal to 250mila units of cargo
Abu Dhabi Ports initiates a series of agreements to carry out port terminals for goods and cruise liners in Egypt
Abu Dhabi Ports initiates a series of agreements to carry out port terminals for goods and cruise liners in Egypt
Abu Dhabi
Signed the concession contract for the multipurpose terminal in Safaga
In February -43.1% of container traffic in the port of Los Angeles confirms the crisis phase of California's ports
Los Angeles
In February -43.1% of container traffic in the port of Los Angeles confirms the crisis phase of California's ports
They also suffer from the East Coast port scans. Expect a modest recovery starting in March
Freudenberg, Meyer Werft and Royal Caribbean are realizing a new fuel cell system for the naval sector
Papenburg
Freudenberg, Meyer Werft and Royal Caribbean are realizing a new fuel cell system for the naval sector
The first exemplar could be installed on the new "Silver Nova" cruise ship that will be completed in the next few months.
FEPORT satisfied with changes to the EU general exemption rules by category
Brussels
The federation continues to cover public investment of up to 150 million euros in ports, including those for cold ironing, the federation said.
Liberty Lines orders three more monocarena naval vehicles at Spanish shipyard Armon
Belrose
Liberty Lines orders three more monocarena naval vehicles at Spanish shipyard Armon
They will add to the nine already commissioned
Ceremony of laying of the keel of the Silver Ray by Silversea Cruises
Papenburg
The luxury cruise ship is under construction at Meyer Werft
Launched in China the first of two LNG Small Scale & Bunker ships for Fratelli Cosulich
Genoa
Will be taken in delivery in September
The CDA of Interporto Padova unanimously approved the draft budget 2022
Padova
Profit after taxes in line with that of the previous financial year
In Genoa, a centre for the development of new technologies for decarbonisation of shipping has been inaugurated.
Genoa
CapLab will be managed by Ecospray Technologies and the DICCA of the University of Genoa
Collaboration Agreement between the AdSP of the South Tyrreno and Ionian Seas and the University of Calabria
Cowithout
The agreement covers several areas of activity and expertise
In 2022 the transits of trucks through the Swiss Alps decreased by -1.7% percent. Stagnation of rail transport
Bern
In 2022 the transits of trucks through the Swiss Alps decreased by -1.7% percent.  Stagnation of rail transport
Still far away the goal of the transfer of the loads from the road to the rail
In the only fourth quarter of 2022, HHLA Group revenues grew by 4.9%
Hamburg
Operating profit fell by -8.8%
Touax closes 2022 with record revenue
Paris
Expected in 2023 normalization of the container market
E-fuel should only be reserved for air and sea transport
Rome
It highlights an analysis of Transport & Environment, which considers them not useful to decarbonisation of road transport
Agreement between five international organisations to increase the safe transport of cargo in containers
London
Memorandum of understanding subscribed by CINS, CHIRP, COA, ICHCA and SMDG
The port of Livorno initiates an agreement with the Uruguayan ANP for the development of traffics, in particular of forest
Livorno
The port of Livorno initiates an agreement with the Uruguayan ANP for the development of traffics, in particular of forest
In 2022, the labronic climber handled 2.13 million tonnes.
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
Rixi reassures on the implementation of the sea rollover of the Fincantieri shipyard of Sestri Ponente
Genoa
Rixi reassures on the implementation of the sea rollover of the Fincantieri shipyard of Sestri Ponente
MIT will launch the discussion with Italian Railway Network for moving the railway line
Maersk Air Cargo inaugurates an aeromerci service Europe-China
Copenhagen
Maersk Air Cargo inaugurates an aeromerci service Europe-China
It is the first air link for the transportation of goods between Denmark and Asia
In 2022, rail transport to and from the port of Livorno grew by 35.8%
Livorno
Drop of -35.4% in the Piombino stopover
In February, drop in freight traffic in the ports of Algeciras and Barcelona
Algeciras / Barcelona
Decreases of -12.3% and -11.6% respectively
PSA stores 2022 with record financial performance
PSA stores 2022 with record financial performance
Singapore
Revenue up 71.2%
Seabourn has sold the luxury cruise ship Seabourn Odyssey at MOL
Seattle
It was built by the yard T. Mariotti
Fine of $950mila at Taiwanese Wan Hai Lines
Washington
Transactive agreement with US federal agency FMC
In the third quarter of 2022, the traffic of goods in Greek ports fell by -3.1% percent.
In the third quarter of 2022, the traffic of goods in Greek ports fell by -3.1% percent.
Pyreo
Passenger in growth of 19.2%
Anti-piracy exercise in the Gulf of Guinea
Rome
Anti-piracy exercise in the Gulf of Guinea
It involved the ship "Commander Foscari" of the Navy and the mercantile "Great Luanda" of the Grimaldi
A Eurosceptic Federagents looks to South
Rome
Opportunities from the industrial, logistical and commercial activism of the MENA area countries
AD Ports initiates a letter of intent for the realization of a multipurpose terminal in the port of Pointe-Noire
AD Ports initiates a letter of intent for the realization of a multipurpose terminal in the port of Pointe-Noire
Abu Dhabi
The agreement has the duration of one year
ONE orders ten more new container ships from 13,700 teu
Singapore
They will be taken in delivery in 2025 and 2026
Tarlazzi (Uiltransport) : detach contract increases to avoid tensions in the world of work
Rome
"The government has a responsibility to avoid the transport of people and goods," he said.
PORTS
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
DATABASE
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
MEETINGS
On April 18 Assiterminal will be confronted with politicians and practitioners on the challenges of portugal
Genoa
Meeting at the headquarters of the Federation of the Sea in Rome
On April 13 at Ancona a conference on health and safety at work in the port of port
Ancona
It is organized by Inail Marche in collaboration with the Central Adriatic Sea AdSP
››› Meetings File
PRESS REVIEW
Pressure grows on shipping industry to accept carbon levy
(The Guardian)
Leith Docks: 25 injured after research ship Petrel topples over in 'terrifying' 'major incident' in dry dock
(The Scotsman)
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del presidente Daniele Rossi
Napoli, 30 settembre 2020
››› File
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Editor in chief: Bruno Bellio
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