testata inforMARE
25 marzo 2023 - Anno XXVII
Quotidiano indipendente di economia e politica dei trasporti
21:34 GMT+1
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FORUM dello Shipping
e della Logistica


The Chemical Carrier Market in 2001

 
After experiencing a morose period over the last four or five years, characterised by very low freight rates and an important surplus of supply over demand, the chemical carrier market started moving up during the fourth quarter of 2000. This tendency continued at the start of the year 2001 practically without interruption until the month of September. The tragic events of September 11th in the United States brought about an abrupt halt to spot activity throughout all markets and at the end of the year, as we write, no recovery has really manifested itself. Nonetheless, it should be noted that all through the year and even after the events of September, term contracts have remained extremely active and have allowed owners a comfortable level of employment for their vessels.

The year 2001 has also given rise to an overall improvement of the financial standings of the main owners and operators, which is a significant achievement. It has been quite a time since such a situation has occurred.

The financial results posted by the main operators over the first six months of the year give an idea of the magnitude on the increase in freight rates as compared to 2000. Stolt-Nielsen showed a 64 % improvement on turnover over the first two quarters and Odfjell-Seachem 40 % over the same period.

The general improvement this year in the chemical sector can be explained by both structural and temporary reasons.

From a purely structural point of view, whereas the market over the last few years was suffering from a chronic imbalance due to the important surplus tonnage, the year 2001 gave place to a more balanced situation often in favour of owners with demand in certain markets being in excess of vessel availability.

Freight rates have logically benefited from this better balance. The rise registered already in the first quarter, carried on right up to the end of the second quarter, then marked a pause during the summer months. The slowing down of the world economy, particularly in America which plays such a prominent role, made itself felt at the middle of the year, and the resulting drop in demand mainly for voyages from the US Gulf, led to a substantial drop in spot rates at this time. These lower levels have spread throughout all markets following the events of September 11th. However, the overall balance in supply and demand which exists and seems not to be under threat for the next three years means that the petrochemical sector, in contrast to others such as the dry bulk, containers and tankers which have all seen plunging rates, has freight levels which have levelled out but without any appreciable drop.

Another structural change which has contributed to the general improvement of the market has been the rationalisation within the chemical carriers, put in place by owners several years ago in order to reduce costs and to adapt to the new regulations and ever more stringent requirements in terms of security and efficiency. Mention should be made of the agreement between Stolt-Nielsen and Tokyo Marine on the routes to the Far East done in order to reduce the competition and the risks of port delays.

Other factors but of a temporary nature also contributed to the positive improvement of financial results for owners this year. On the one hand the continuous drop in crude oil prices which have gone from $24 per barrel at the beginning of the year to finish at $18 at the end, has resulted in lower bunker prices and thus lower operating costs. On the other hand, the strong dollar in relation to European currencies has helped European owners and has also had a beneficial effect on their financial results.

Clearly at year's end, uncertainties as to the future of the chemical carrier sector exist. These uncertainties lie mainly in the increases for insurance premiums to be applied for next year on hull & machinery, the P&I Clubs or risk premiums paid out to the crews, but above all on the timing and the extent of the recovery in the world economy.



Freight rates
The North European market maintained a good level of freight rates with a steady increase right up till the third quarter, thanks to the solid covering on term business and a well-sustained spot market. At the end of the year, a significant drop in rates came with the slow-down in spot activity, but generally it was a good year for owners with rates rising by some 10 / 20 %.

Inter-Mediterranean activity has become a two-tiered market distinguished by some charterers requiring only quality ships, with the result that good modern vessels have obtained substantially higher levels.

The North European short-sea traffic, movements to and from the Mediterranean, have experienced significant fluctuations in the volumes and freight rates, with notably a strong demand in the first quarter in the northbound voyages and then in the second quarter on the southbound voyages. Rates increased by as much as 20 % in the peak period and by some 10 % on average over the year, which has resulted for 3,000 ton chemical lots in freights at around $30 per ton for cargoes into the Med and some $27 / 28 per ton on the Med / North Europe leg.

On movements from US to Europe, the market has remained quiet up until September, despite certain occasional variations. Since the events of September 11th, spot activity has slowed down considerably, in particular for "trading" cargoes. The contract nominations however have been kept at a high level throughout the year, even despite a slight reduction since the month of September.

In the beginning of the year freight rates for easy chemical lots of 3,000 tons between Houston and Rotterdam stayed at the levels that they experienced at the end of 2000, namely in a bracket between $37 / 39 per ton. At the end of the first quarter, rates dropped down to $35 per ton and steadied out at this level until the middle of the summer.

The drop registered at this time worsened with the slowing down of the American economy and the events in New York in September, to achieve a level of about $33 per ton at the end of the year.

On movements from Europe to US, the market continued to rise during the first quarter with a peak coming in March / April 2001. Big parcel lots of oil products and MTBE started seeing lower rates as from May onwards and this tendency carried on up until the end of the year. Cargoes of chemical products however have remained at healthy levels both in terms of volume and rates right through the year.

For 5,000 / 7,000 ton lots of easy chemicals from Rotterdam to Houston, freight rates went from $29 per ton at the start of the year up to $39 per ton in March / April and have settled down since May to a level of $32 / 35 per ton.

Traffic from Europe into the main ports of S.E. Asia has been on the increase and freight rates have also risen considerably over the year, with a high at the end of the summer. Four main owners share this market, covering for the most part contracts in the hands of industrialists.

On the spot market rates for lots of 1,000 tons requiring stainless steel tanks have increased by some 20 %, for example out of Rotterdam into Singapore, Korea, and Taiwan the market has gone from $55 per ton to $65 per ton.

Nonetheless it should also be noted that at year's end the fall-off in activity linked to a policy of wait-and-see, in particular by China and her Asian interests, preferring to hold off for the cost of raw materials to drop further before restocking. The events of September 11th as well as the over-optimism in the demand forecast have also provoked a lack of confidence with exporters of chemical products.

This slow-down has brought with it a drop in the market which is now back to the freight rates that were seen at the end of last year.
 

chemical tanker spot rates

The fleet
A slower rate of increase in the chemical carriers fleet which began during the past two years has continued in 2001. It results from the dramatic drop in new orders placed by the main operators since 1999, pursued in 2000 and maintained this year. The important fleet modernisation programme undertaken in the years 1995-1998 had as consequence a plethora of new tonnage coming into service during the years 1997-1999. The protracted depression in chemical carriers resulting from the Asian crisis of 1997 combined with the excess tonnage, seems at last to have caused owners to be more prudent when investing. The declining rate in the increase of the fleet is however offset by the very low level of scrapping. The drop in the number of vessels on order would have been even more significant without the delay in delivery dates of a number of ships in certain shipyards, which are experiencing technical problems in completing orders.
 

chemical carrier orderbook (dwt)

chemical carrier orderbook (number)

Since the beginning of the year, 22 vessels for 406,000 dwt have come into service, compared to 78 vessels for more than 1 million dwt delivered in 1998, or 44 chemical carriers for 800,000 dwt delivered last year. The average size of these ships is 18,500 dwt. To this total however, three vessels of 59,000 tons should be added which are due for delivery by the end of the year but will probably slip into 2002 for two of them. The orderbook for the end of 2001 amounts to 39 ships for 960,000 dwt. The majority of orders do not extend beyond 2003. New orders placed this year have gone mainly to the Japanese who have offered relatively prompt deliveries: 22 vessels for 448,000 dwt are foreseen to come into service in 2002, and nine vessels for 267,000 dwt in 2003, the balance being the delayed orders placed in Poland for the account of Odfjell-Seachem. This year none of the main chemical carrier operators have placed orders and essentially new orders have come from Japanese operators such as Iino Kaiun who have invested in new ships to replace older units.

The level of scrapping has remained extremely low. It is unfortunately a recurring theme in this sector which is preventing a steady elimination of the oldest units. Since January 2001 only six vessels for 32,720 dwt have been sent to the scrapyards. These figures are to be compared with last year's eight ships for 93,000 dwt and in 1999 with only three for 7,200 dwt.

As we mentioned last year, in addition to vessels dedicated to transporting chemicals, there is a growing number of coated product tankers, classified IMO II or III, which can be added and whose orders have virtually exploded since the 'Erika' incident of 1999. In the 25,000 / 50,000 dwt size category, no less than 220 vessels for 9 million dwt are on order and 35 for 1.3 million dwt have been delivered since January. These ships can potentially compete with the stainless ships for transporting easy chemicals. Nonetheless, one can say that the chemical carrier fleet is in the process of getting into better shape.
 

* * *

Globally despite the rather pessimistic economic forecasts for 2002, the chemical carrier sector seems well placed to face the difficulties that lie ahead in the coming months. According to the experts, the slowing down of the economy should produce a pause in the trend towards higher freight rates in this sector for next year, and consequently give reduced returns in the short term for the main operators.

The downturn in the economy will probably bring about certain changes in the flow of traffic, but on the whole demand is healthy and should even see a slight increase of 4 % for next year, above the increase in supply which is planned to be about 2 % in 2002.

We do not foresee an important risk of over-capacity of tonnage over the next few years, except in the case of a collapse in the product tanker market which could then hypothetically look for work within the chemical carrier trade. On balance we believe that freight rates should stabilise over the coming months before starting to pick up again with the predicted, or at least hoped for, recovery of the world economy in the second half of 2002.
 

chemical - Pointe du Croisic Pointe du Croisic
6,500 dwt, blt 2001 by Kleven Flor', owned by Navale Fran'aise
The second-hand market for small product tankers and chemical carriers
The lack of interest posted by the large chemical charterers and even more markedly the oil Majors for single-hulled vessels has been the most notable aspect of the year 2001. It helped push up the value of the rare double-hulled vessels being offered second-hand. We can give as examples the 'Sioux' built in 1981 (6,400 dwt, coated / coiled) which went for the sum of $3 million, the 'Bacalan' (11,500 dwt, built in Finland in 1982, coated / coiled / ice class) sold for $8 million and the 'Trelsi' built in 1991 (15,000 dwt, 17,000 cbm, coated / coiled) sold for $16.5 million.

2001 was thus a year, which was orientated principally towards newbuilding of small product tankers (between 5,000 and 15,000 tons). Turkish shipyards were able to offer numerous resales available for fairly prompt delivery, amongst which were the 'Pyla', the 'Clipper Legend' and the 'Clipper Leader' (10,000 dwt, 12,000 cbm) and the 'Sukran C' (4,700 dwt).

Nonetheless, the number of second-hand sales was considerably higher, which goes to show that it is always possible to find buyers who are looking for valuable employment of ships, be it even single-hull, as long as the price is right. We can illustrate this with the sale to Aksay of two chemical carriers the 'San Mateo' and the 'San Pedro' (11,300 dwt, stainless steel and zinc coated, built in 1988) for $10 million en bloc.

In general it can be said that 2001 is in the post-'Erika' era characterised by a marked acceleration of the fleet's renewal with a confirmed preference by charterers for the 10,000 / 15 000 tons size category.

If we were to judge the chemical carrier market solely within its own confines and criteria, we could conclude that the offer and demand of tonnage is in better balance than two years ago. This is borne out by a firming up of freight rates since the end of 2000. However, we should also take into account the growing number of product tankers which are also suitable for chemical cargoes (as can be witnessed by the numerous product/chemical carriers of 35 / 45,000 tons, ordered in Korea or Croatia this year). The decline in rates, which we are experiencing currently in the sector of product tankers, could weigh indirectly on that of the chemical traffic which is exposed to these ships. We expect in consequence that ships above 20,000 tons in the oil market and the easy chemical sector will play an increasingly reciprocal role as a balancing factor in the coming years, even if in general the chemical carrier market will remain less volatile than that of the products which is more exposed to the spot market.

For vessels under this size category, the prospects are good given the distance still to be covered before a renewal of the fleet meets the growing requirements of the oil charterers and the lack of flexibility of demand in this segment of the market. Once again the proverb of Florian will prove to be true, namely that "To live happily, be discreet".
 



Shipping and Shipbuilding Markets in 2001

I N D E X

›››Archivio
DALLA PRIMA PAGINA
L'austriaca Gebrüder Weiss ha inaugurato un nuovo terminal logistico in Tirolo
Reutte/Lauterach
È situato a Reutte, nei pressi del confine tra Austria e Germania
Accordo Maersk-SIPG per il bunkeraggio di metanolo verde nel porto di Shanghai
Shanghai
Previsto il rifornimento da nave a nave delle nuove portacontenitori ordinate dalla compagnia danese
ESPO, le navi dovrebbero utilizzare i sistemi di cold ironing nei porti, se disponibili, già prima del 2030
Bruxelles
Ryckbost: si spera che i requisiti per le navi relativi a quando utilizzare l'elettricità all'ormeggio chiariscano la questione
ECSA, l'accordo UE sui fuel navali dà un forte segnale politico e fornisce chiari obiettivi climatici e orientamenti per l'industria
Bruxelles/Roma
Assarmatori, accolte le nostre principali istanze
T&E, la decisione UE odierna segna l'inizio della fine dei combustibili sporchi nel settore dello shipping
Bruxelles
L'organizzazione ha evidenziato la necessità di evitare che le norme concordate presentino scappatoie
Accordo del Parlamento e del Consiglio dell'UE sull'uso dei combustibili per la decarbonizzazione dello shipping
Accordo del Parlamento e del Consiglio dell'UE sull'uso dei combustibili per la decarbonizzazione dello shipping
Bruxelles
Dal 2034 la quota di fuel rinnovabili dovrà essere superiore al 2%. Le emissioni dovranno essere ridotte del 2% entro il 2025 e dell'80% entro il 2050. Dal 2030 portacontainer e navi passeggeri dovranno usare l'elettricità di terra nei principali porti europei
Sottoscritto il contratto di cessione dei cantieri Hellenic Shipyards all'armatore greco Prokopiou
Atene
La gara era stata vinta con un'offerta del valore di 62,5 milioni di euro
ESPO preme perché siano ammessi alla rete TEN-T anche i porti che svolgono un ruolo significativo nell'approvvigionamento energetico dell'UE
Bruxelles
Secondo l'associazione, è necessario tenere conto anche del loro ruolo nell'accelerazione della diffusione delle energie rinnovabili
Nel 2022 OOIL ha ottenuto risultati economici record
Hong Kong
Nel 2022 OOIL ha ottenuto risultati economici record
Calo delle performance nella seconda metà dell'anno
Nel 2022 i porti francesi hanno movimentato 293,7 milioni di tonnellate di merci (+5,1%)
Porti
Il dato è inferiore del -6,0% rispetto a quello dell'anno pre-pandemia del 2019
Grimaldi firma l'accordo per l'acquisizione del 67% dell'Autorità Portuale di Igoumenitsa
Atene
Grimaldi firma l'accordo per l'acquisizione del 67% dell'Autorità Portuale di Igoumenitsa
Il nostro obiettivo - ha spiegato Emanuele Grimaldi - è fare in modo che lo scalo greco realizzi il suo pieno potenziale a vantaggio di tutti gli stakeholder, dagli operatori marittimi, dei trasporti e del turismo alla comunità locale
Fedespedi, nel 2022 il traffico dei container nei porti italiani è aumentato del +2,4%
Milano
Calo complessivo del -1,0% dei volumi negli altri porti container del Mediterraneo
Nel 2022 il porto di Amburgo ha registrato un nuovo record di merci da e per l'Austria
Amburgo
Sono ammontate a 6,3 milioni di tonnellate (+12%)
Assarmatori ha rappresentato all'UE le istanze dello shipping italiano sulla decarbonizzazione
Assarmatori ha rappresentato all'UE le istanze dello shipping italiano sulla decarbonizzazione
Bruxelles
Messina: il nuovo CII dell'IMO, così come è pensato oggi, porta a effetti opposti rispetto a quelli di salvaguardia ambientale, penalizzando proprio il naviglio italiano
Protocollo per sviluppare lo scalo di Alessandria Smistamento in un hub intermodale merci
Alessandria
Entro fine 2024 sarà definito il masterplan per la realizzazione di un polo di interscambio modale
Il gruppo Ferretti compra il cantiere navale ravennate della Rosetti Marino
Forlì
L'acquisizione ha previsto un investimento iniziale di circa 40 milioni di euro
A.P. Møller-Mærsk venderà la Maersk Supply Service alla società madre A.P. Møller Holding
Copenhagen
A.P. Møller-Mærsk venderà la Maersk Supply Service alla società madre A.P. Møller Holding
Transazione del valore di 685 milioni di dollari
Joint venture TX Logistik - Samskip - duisport per gestire il terminal intermodale logport III a Duisburg
Joint venture TX Logistik - Samskip - duisport per gestire il terminal intermodale logport III a Duisburg
Duisburg
Ha una capacità di traffico annua pari a 250mila unità di carico
Abu Dhabi Ports sigla una serie di accordi per realizzare terminal portuali per merci e crocieristi in Egitto
Abu Dhabi Ports sigla una serie di accordi per realizzare terminal portuali per merci e crocieristi in Egitto
Abu Dhabi
Firmato il contratto di concessione per il terminal multipurpose di Safaga
A febbraio il -43,1% del traffico dei container nel porto di Los Angeles conferma la fase di crisi dei porti californiani
Los Angeles
A febbraio il -43,1% del traffico dei container nel porto di Los Angeles conferma la fase di crisi dei porti californiani
Soffrono anche gli scali portuale della East Coast. Attesa una modesta ripresa a partire da marzo
Freudenberg, Meyer Werft e Royal Caribbean stanno realizzando un nuovo sistema di celle a combustibile per il settore navale
Papenburg
Freudenberg, Meyer Werft e Royal Caribbean stanno realizzando un nuovo sistema di celle a combustibile per il settore navale
Il primo esemplare potrebbe essere installato sulla nuova nave da crociera “Silver Nova” che verrà ultimata nei prossimi mesi
FEPORT soddisfatta delle modifiche alle norme generali UE di esenzione per categoria
Bruxelles
Continuano - spiega la federazione - a coprire gli investimenti pubblici sino a 150 milioni di euro nei porti, inclusi quelli per il cold ironing
Liberty Lines ordina altri tre mezzi navali monocarena al cantiere spagnolo Armon
Belrose
Liberty Lines ordina altri tre mezzi navali monocarena al cantiere spagnolo Armon
Si aggiungeranno ai nove già commissionati
Cerimonia di posa della chiglia della Silver Ray di Silversea Cruises
Papenburg
La nave da crociera di lusso è in costruzione presso Meyer Werft
Varata in Cina la prima di due navi GNL Small Scale & Bunker per Fratelli Cosulich
Genova
Sarà presa in consegna a settembre
Il Cda di Interporto Padova ha approvato all'unanimità il progetto di bilancio 2022
Padova
Utile dopo le imposte in linea con quello dell'esercizio precedente
A Genova è stato inaugurato un centro per lo sviluppo di nuove tecnologie per la decarbonizzazione dello shipping
Genova
CapLab sarà gestito da Ecospray Technologies e dal DICCA dell'Università di Genova
Accordo di collaborazione tra l'AdSP dei Mari Tirreno Meridionale e Ionio e l'Università della Calabria
Cosenza
L'intesa copre diversi ambiti di attività e competenze
Nel 2022 i transiti di camion attraverso le Alpi svizzere sono diminuiti del -1,7%. Stagnazione dei trasporti ferroviari
Berna
Nel 2022 i transiti di camion attraverso le Alpi svizzere sono diminuiti del -1,7%. Stagnazione dei trasporti ferroviari
Ancora lontano l'obiettivo del trasferimento dei carichi dalla strada alla rotaia
Nel solo quarto trimestre del 2022 i ricavi del gruppo HHLA sono cresciuti del +4,9%
Amburgo
L'utile operativo è calato del -8,8%
Touax chiude il 2022 con ricavi record
Parigi
Attesa nel 2023 una normalizzazione del mercato dei container
Gli e-fuel dovrebbero essere riservati solo al trasporto aereo e marittimo
Roma
Lo evidenzia un'analisi di Transport & Environment, che li ritiene non utili alla decarbonizzazione del trasporto su strada
Accordo tra cinque organizzazioni internazionali per accrescere la sicurezza del trasporto delle merci in container
Londra
Memorandum of understanding sottoscritto da CINS, CHIRP, COA, ICHCA e SMDG
Il porto di Livorno sigla un accordo con l'uruguaiana ANP per lo sviluppo dei traffici, in particolare di forestali
Livorno
Il porto di Livorno sigla un accordo con l'uruguaiana ANP per lo sviluppo dei traffici, in particolare di forestali
Nel 2022 lo scalo labronico ne ha movimentato 2,13 milioni di tonnellate
PROSSIME PARTENZE
Visual Sailing List
Porto di partenza
Porto di destinazione:
- per ordine alfabetico
- per nazione
- per zona geografica
Rixi rassicura sull'attuazione del ribaltamento a mare del cantiere Fincantieri di Sestri Ponente
Genova
Rixi rassicura sull'attuazione del ribaltamento a mare del cantiere Fincantieri di Sestri Ponente
Il MIT avvierà la discussione con Rete Ferroviaria Italiana per lo spostamento della linea ferroviaria
Maersk Air Cargo inaugura un servizio aeromerci Europa-Cina
Copenaghen
Maersk Air Cargo inaugura un servizio aeromerci Europa-Cina
È il primo collegamento aereo per il trasporto di merci tra la Danimarca e l'Asia
Nel 2022 i trasporti ferroviari da e per il porto di Livorno sono cresciuti del +35,8%
Livorno
Calo del -35,4% nello scalo di Piombino
A febbraio calo del traffico delle merci nei porti di Algeciras e Barcellona
Algeciras/Barcellona
Diminuzioni rispettivamente del -12,3% e -11,6%
PSA archivia il 2022 con performance finanziarie record
PSA archivia il 2022 con performance finanziarie record
Singapore
Ricavi in aumento del +71,2%
Seabourn ha venduto la nave da crociera di lusso Seabourn Odyssey alla MOL
Seattle
È stata costruita dal cantiere T. Mariotti
Multa di 950mila dollari alla taiwanese Wan Hai Lines
Washington
Accordo transattivo con l'agenzia federale statunitense FMC
Nel terzo trimestre del 2022 il traffico delle merci nei porti greci è calato del -3,1%
Nel terzo trimestre del 2022 il traffico delle merci nei porti greci è calato del -3,1%
Pireo
Passeggeri in crescita del +19,2%
Esercitazione antipirateria nel Golfo di Guinea
Roma
Esercitazione antipirateria nel Golfo di Guinea
Ha coinvolto la nave “Comandante Foscari” della Marina e il mercantile “Grande Luanda” della Grimaldi
Una Federagenti euroscettica guarda a Sud
Roma
Opportunità dall'attivismo industriale, logistico e commerciale dei Paesi dell'area MENA
AD Ports sigla una lettera d'intenti per la realizzazione di un terminal multipurpose nel porto di Pointe-Noire
AD Ports sigla una lettera d'intenti per la realizzazione di un terminal multipurpose nel porto di Pointe-Noire
Abu Dhabi
L'intesa ha la durata di un anno
ONE ordina altre dieci nuove portacontainer da 13.700 teu
Singapore
Verranno prese in consegna nel 2025 e nel 2026
Tarlazzi (Uiltrasporti): detassare aumenti contrattuali per evitare tensioni nel mondo del lavoro
Roma
Il governo - ha sottolineato - ha la responsabilità di evitare il blocco dei trasporti delle persone e delle merci
PORTI
Porti italiani:
Ancona Genova Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Livorno Taranto
Cagliari Napoli Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venezia
Interporti italiani: elenco Porti del mondo: mappa
BANCA DATI
ArmatoriRiparatori e costruttori navali
SpedizionieriProvveditori e appaltatori navali
Agenzie marittimeAutotrasportatori
MEETINGS
Il 18 aprile Assiterminal si confronterà con politici e operatori sulle sfide della portualità
Genova
Incontro presso la sede della Federazione del Mare a Roma
Il 13 aprile ad Ancona un convegno su salute e sicurezza sul lavoro in ambito portuale
Ancona
È organizzato da Inail Marche in collaborazione con l'AdSP del Mare Adriatico Centrale
››› Archivio
RASSEGNA STAMPA
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)
››› Archivio
FORUM dello Shipping
e della Logistica
Relazione del presidente Daniele Rossi
Napoli, 30 settembre 2020
››› Archivio
- Via Raffaele Paolucci 17r/19r - 16129 Genova - ITALIA
tel.: 010.2462122, fax: 010.2516768, e-mail
Partita iva: 03532950106
Registrazione Stampa 33/96 Tribunale di Genova
Direttore responsabile Bruno Bellio
Vietata la riproduzione, anche parziale, senza l'esplicito consenso dell'editore
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