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15 September 2025 - Year XXIX
Independent journal on economy and transport policy
15:52 GMT+2
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FORUM of Shipping
and Logistics



The Liquefied Petroleum Gas shipping market
in 2002

 

Significant events 
Situation by ship size: 
   - VLGC
   - LGC
   - Mid-size
    - 8 000/23 000 cbm
    - 8 000 cbm and less
Perceptions
The second-hand market

 

Significant events

The three successive blows which have contributed to the slowdown in the major industrial and financial markets over the last two years led us to a certain scepticism at the end of 2001. In practice the international economic situation experienced in quick succession the bursting of the technological bubble at the end of the second quarter 2000, then the tragedy of September 11 th with its multiple geopolitical repercussions, and finally the fall in the stock markets linked initially to the Enron affair during the last quarter of 2001.
The confidence required for any growth in the economy upon which our sector of maritime transport largely depends had already been seriously shaken.

We then thought that we had had the worst of the storm behind us and could hope for the start of a recovery, but if the cyclone left over plenty of turbulence, other financial scandals came in affecting the book value of large American companies during the early months of 2002, fostering a sense of lack of confidence.

With greater or lesser impact, all segments of our shipping markets were affected by a spiral of uncertainty up until mid-year, and it is only as from the third quarter that an initial shiver of activity came up.

Within this gloomy climate, a few tendencies can be observed over the past 12 months :

  • A global but limited recovery in prices for oil products and derivatives, following the collapse seen at the end of 2001, besides a few exceptions such as ethylene. Here are the prices fluctuations over the last 2 years:

  • Parallel to this recovery in product prices, the level of freight rates in the spot and short-term market experienced a strong downward pressure during the first half of the year, in the different ship size categories, with the exception of the VLGCs which were already at an historical low at the end of 2001 and were able to benefit from alternative employment in the naphtha and clean petroleum product markets. Globally freight rates remained depressed during the first half of the year, then began to rise during the summer, prior firming up more significantly during the last quarter.

  • We will stress again that these average rates exclude any eventual idle time between voyages and are in no way an indication of owners' profits either out of the spot market or from longer term transactions of 2 years or more.

  • The development of voyages concluded around the arbitrage of LPG prices within loadings out of Atlantic export zones (North Europe, North Africa, and West Africa) towards the Far East and the U.S. These are not steady movements but generally have the effect of capturing larger capacities of transport, by the voyage length and by an optimisation of ships' sizes (i.e. movements of 20 / 35,000 cbm from North Europe to the Mediterranean Sea). Less frequently, a few arbitrage movements were also concluded with ethylene and propylene out of Asia towards Europe.

  • A sharp increase of the oldest ships sold for demolition, as we had anticipated at the end of last year.

This is a crucial balancing factor in the market, often alluded to these last years but rarely seen in practice since many years. Maintenance procedures and a higher degree of reliability of gas carriers have meant that those ships have been kept in service much longer than most other tank ships.

The volume of ships which have been demolished in 2002 has been impressive. At the end of December 2002 a total of 30 units had been sold for scrap for a total capacity of 782,000 cbm of which 6 VLGC over 66,000 cbm representing a capacity of 434,670 cbm. The average age of these 30 units is 28 years old. Nonetheless we include in these sales two small ships of 920 cbm which are being converted and two 12,000 cbm purchased back from the scrap yard by a Middle East trader.

Numerous constricting quality standards imposed by Majors in recent years, even if sometimes smacking of protectionism, has helped accelerate the trend towards demolition. The inevitable consequence of accidents that tankers have suffered in recent times is affecting the age limit and consequently the period of active life span of ships. We should even see this tendency becoming more accentuated over the next few years, when a strong rejuvenation of the fleet is expected, mainly for sizes over 35,000 cbm capacity.

A strong depreciation of ships' values mainly due to their lower replacement costs; as the price of newbuildings for identical or even better performing carriers has fallen sharply in the last few years has taken place to reach upto 25 % below that of earlier years. These depressed valuations also affect the possibility of capital realisation, be it for second-hand or scrap sales.
 


 
Situation by ship size

Another gloomy year for this sector, despite the limited contribution of the naphtha and jet fuel markets, with however a slight improvement during the second half and more sound result at year's end.

Whilst spot rates on the reference voyage MEG / Far East did not exceed $ 19 / 20 per ton during the first half ' for an average time charter equivalent (depending on ship's specifications) of about $ 400,000 per month ' the time charter rates for a short period (3 / 6 months) were slightly higher at $ 450,000 / 500,000 per month. Trading of LPG remained depressed and the contribution of the clean petroleum product market was very limited.

The second half of the year was better orientated with an initial stimulus given by some arbitrage movements from the North Sea, West and North Africa to Asia, then a more sustained trend in the last quarter when spots voyages MEG /Asia rose to an average level of $ 28 per ton or an equivalent time charter of $ 675,000 per month.

The next few months remain highly uncertain in this category of carriers, until the current tonnage surplus (9 new units due for delivery during 2003-2004) can be absorbed by the sale of several older units for scrapping.


 

The LPG sector movements did not balance for the reduced demand in ammonia for these sizes. This tonnage category is in a period of rejuvenation, between old carriers which are still used in ammonia shipments, and 7 new units, which should be delivered between 2003 and 2005.

The most modern units, under time charter or contract of affreightment, continue to obtain the best returns in this sector, at a level of around $ 725,000 per month, whereas the rest of the fleet, suffering from extended idle periods, did not reach more than an average of $ 500 / 550,000 per month time charter equivalent on the spot market.

Ammonia movements and the optimisation of LPG cargoes in larger parcels, represent the staple diet for these vessels but the ammonia market continues to get more and more regionalised with the use of smaller sizes, whilst the LPG cargo lots fall in between two stools ' VLGCs sometimes less flexible by their size and that of 35 / 40,000 cbm showing better flexibility but at higher cost.

Two ships were sold for scrap in this segment size against no deliveries in 2002, but seven 59,000 cbm are on order for delivery spread out between 2003 and 2005 on behalf of Norwegian owners and Sonatrach.
 

As in the past, this sector resisted better to the global pressure on rates. This obviously does not take into account any eventual idle time which several units of 24 / 28,000 cbm suffered in the first three quarters and representing in the case of Exmar an annual waiting time percentage of some 17 %.

Renewing of time charters for 6 / 12 months were concluded at levels below 10 % compared to last years', whereas rates for contracts of affreightment hardly moved.
We should also note the additional capacity of the 22,000 cbm Navigator ships among which those which were unable to find petrochemical employment switched quite logically towards butane, propane and ammonia markets.

There have been 4 ships sold for scrap and delivery of two 35,000 cbm and two 22,500 cbm during 2002.

Given the greater flexibility of these ships (ammonia to the Caribbean and inter Asia, LPG in Europe and the Indian Ocean), the slightly better positioning of this category size and its age structure, it would not be surprising to see some owners benefiting from competitive prices still proposed by Korean and Japanese shipyards and placing orders for newbuildings intended to replace the units due to be scrapped in the coming years.
 

With the long-awaited recovery in petrochemicals not yet occurring, these ships again suffered severely in securing full employment throughout the first two quarters, and did not succeed to shake off the lethargy they faced at the start of the year.

As in the other sectors, the situation improved slightly during the third quarter with a relative recovery, assisted by some cross-continental movements of ethylene and propylene and an increased demand in the LPG market out of North Europe and the Mediterranean.

Fleets committed to some contracts of affreightment were less affected than ships employed in the spot market, among which some were on the point of being laid-up.
Average returns for spot voyages (on time charter equivalent) were hovering between $375 / 425,000 for the larger segment size and about $300,000 for the smaller size, with a slight premium for ethylene carriers when employed in ethylene traffic. These levels however were able to firm up towards the end of the year to reach over $ 500,000 for 15 / 22,000 cbm carriers and more than $ 375,000 for the 8 / 12,000 cbm sizes.

There was again the usual development of propylene and ethylene movements, built up around plants shutdowns due to programmed or accidental maintenance, sometimes to the benefit of shipping with the realisation of additional voyages outside traditional routes.

Three new ethylene carriers of 8,200 / 8,500 cbm were delivered in the course of the year (two for Schulte / Unigas and one for Norgas) from Chinese shipyards, and one 8,700 cbm semi-pressurised Japanese-built ship (fixed on long term basis to Geogas).

Eight new ethylene carriers of 8,500 / 10,200 cbm are under construction due for delivery in 2003 for the account of Italian, German, and Norwegian owners, but these units should soon replace a series of 7 ships of 6 / 8,000 cbm over 25 years old due to be phased out in the coming years.
 

The size range up to 8,000 cbm, a limit introduced several years ago, is no longer as clear a cut as it was, since several pressurised newbuildings with a capacity of 8,000 to 11,000 cbm have been ordered out of which some already delivered from Japanese shipyards.

These new pressurised carriers, although dedicated mainly for LPG trade, have a considerable impact on the smaller size units and consequently we have included them in this category.

This sector, split between petrochemical and LPG employment, has been under strong pressure throughout the year with results often lower than the already depressed numbers registered last year. The average results in the spot rates or for short term periods were between $ 140,000 and $ 240,000 time charter equivalent depending on size and type of vessel (4,000 to 8,000 cbm pressurised, semi-pressurised, refrigerated, or ethylene carriers).

At those floor levels, a number of sales and mergers were finalised. Tarquin International decided to lower its flag and sell its fleet, divided between Lauritzen Kosan for four 4,400 / 6,300 cbm, and the 7 other ships of 4,000 / 8,600 cbm to members of the Unigas Pool. Lauritzen Kosan and Exmar joined forces to operate their respective fleets of pressurised ships of 3,200 / 6,500 cbm capacity in Asia, whilst a Greek owner new to the gas market, Tsakos, has joined forces with Lauritzen Kosan on 4 units of 4,400 to 6,300 cbm already belonging to the latter.

As with the other size category of ships, the market picked up marginally during the last quarter and 2003 should begin under better auspices than January 2002 with fewer new units due to be delivered in the course of the coming months.

Eleven vessels were sold for scrap (of which 2 for conversion) against 14 newbuilding delivered during 2002 with 9 other orders due for delivery over the period 2003-2004.
 

Perceptions

Taking all categories into consideration and averaging together the variations particular to the different size sectors, the LPG market is very near bottom levels of operating seen over the last two years. Absorbing the economic shocks seen recently is proving more difficult than predicted.

The industry is also facing increased running costs. 2003 should witness a substantial increase in insurance cover premiums (some talk of more than 30 % !), higher bunker prices for ships working the spot market and contracts, and higher costs for improvement in quality, becoming more and more restrictive but necessary in order to insure the optimal employment required by all actors.

More bad news in an already difficult context, without mentioning the depreciation of the dollar. What is the solution ?

Even taking into account a probable improvement in the economic situation, which is always subject to major geopolitical disturbances or mini crisis (war or other attempts to control natural resources, etc.) one of the key factor for restoring a better balance in the market remains the level of tonnage availability.

Efforts made by shipowners at combining or joining forces together are most welcomed, when same are resulting in a better optimisation of ships employment, but they do nothing to correct the imbalance created by the surplus capacity.

In this respect the year 2002 can be considered a turning point due to the volume of sales for scrapping, much awaited but finally committed to in 2002, faced with an orderbook that has never been so close to the sole replacement of the fleet. Let us hope that this trend will continue without major disturbances over the next few years.
  

 

LPG carriers second-hand market

We have at last seen an increase in the number of carriers sold for scrap in 2002. A total of 30 ships for about 782,000 cbm:

  • 6 VLGC and two ships of 52,000 cbm,

  • 5 ships between 20,000 and 50,000 cbm,

  • 5 ships of 12,000 cbm,

  • 8 ships of 2,000 ' 7,000 cbm,

  • 3 ships less than 2,000 cbm.

This is not very surprising if one sees that the average age of ships going for scrap was nearly 30 years old. But it is quite possible if low freight rates combined with high running costs and low newbuilding costs persist, that LPG owners will come into line with owners of other types of ships for which the average scrapping age is 25 years.

Nonetheless these figures remain significantly below the number of ships delivered in 2002 or due to join the fleet in 2003. Three VLGCs were added in 2002 and 7 more are due in 2003. Four units of 60,000 cbm and 2 of 35,000 cbm will be delivered in 2003, adding to 4 of 20,000 ' 35,000 cbm already delivered in 2002.
 

  • Carriers over 50,000 cbm

Six VLGC and 2 units of 52,000 cbm went to the scrapyards. The only sale for further trading in 2002 was the 'Co-op Sunrise' of 77,000 cbm, built in 1987, bought by Bergesen for service in his pool, at a price close to $ 27 million. Outside this sale, only the oldest units were put on the market and they only found interest for demolition.

There still remain 28 ships over 25 years old and 20 over 20 years which should, at least for the first category, make them candidates for scrapping when they submit to a technical inspection.
   

  • Carriers between 20,000 ' 50,000 cbm

2002 began with the sale of 'Sombeke', 33,000 cbm, built 1990, for about $ 31 million and ended with the sale of 'Zeebrugge', 24,000 cbm, built 1984, for $ 16 million against a three year charter back.

These prices can be considered strong in comparison to the building costs of such carriers. But the concentrated ownership of this type of ship among a reduced number of players, and the absence of alternatives other than newbuilding, coupled with good freight rates meant that healthy levels were maintained.
 
 

  • Carriers between 9,000 ' 20,000 cbm

 Outside sales for scrapping, no others were made in this category.
 

  • Carriers less than 9,000 cbm

Pressurised ships of 3,000 ' 3,500 cbm suffered a further drop in value of about 10 % compared to the previous year. We can cite the following sales:

  • 'Golden Crux n' 15', 3,500 cbm built in 1991, sold for $ 4 million

  • 'Isle Fortune', 3,500 cbm built 1996, sold for $ 5.9 million

  • 'Regulus Gas', 3,500 cbm built 1998, sold for $ 6.6 million

  • 'Gas Rosario', 3,500 cbm built in 1995, sold for $ 5.1 million

  • 'Cotswold' and 'Snowdon', 3,200 cbm, built 1989, sold for $ 3.4 million apiece, with one year's employment attached

In the 'semi-refrigerated' carrier category, the big event of the year was without doubt the consolidation of the market following the return of 11 carriers belonging to the owner Tarquin to the control of Unigas, following a block sale for about $ 158 million to members of the pool : Sloman Neptun and Bernard Schulte each bought a 7,200 cbm built in 1997 and a 8,600 cbm built 1998, whilst Othello took a 8,600 cbm and a 6,300 cbm built 1999, as well as an ethylene carrier of 4,000 cbm built in 1988. As regards the smaller units, two 6,300 cbm built in 1999, a 5,600 cbm built in 1994, and a 4,400 cbm built in 1992 were resold for about $53 million to Lauritzen Kosan who, shortly afterwards, created a joint-holding 50 / 50 with Greek owner Tsakos to manage these carriers.

For carriers over 20 years, 2002 passed with buyers only offering prices close to scrap values. Only the 'Ledagas', 5,100 cbm built in 1984, managed to hit the jackpot in getting a price near $ 5.5 million, as her technical characteristics made her the only candidate acceptable for her Greek buyer.
 

* * *

The conclusion, valid for all size carriers, is that the future does not indicate a return to the good old times, when the technical life span of a LPG carrier (30 years or more) corresponded to the commercial life span. The commercial and financial conditions in force in the oil industry will more and more be imposed as a reference to the LPG market.
 


Shipping and Shipbuilding Markets in 2002

I N D E X

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Gothenburg
It handles rolling stock, bulk cargo, and general cargo traffic in the port of Liepaja.
Meyer Turku begins construction of Royal Caribbean's fourth "Icon"-class cruise ship
Miami/Turku
It will be delivered in 2027
More than one in ten maritime shipments has shortages
Washington
This is what a report by the World Shipping Council has revealed, highlighting the safety risks
Last July, traffic in the port of Ravenna increased by +3.8%
Ravenna
In the first seven months of 2025, growth was +5.4%
In the first quarter of 2025, freight traffic in Belgian ports fell by -3.2%.
Brussels
Landings down 1.3% and embarkations down 5.4%
Product tanker High Fidelity rescues 38 migrants on a drifting dinghy
Rome
Intervention in the south of the island of Crete
GES and RINA sign agreement to develop a prototype of a new hydrogen battery
Rovereto/Genoa
PSA's second phase of container terminal at Mumbai Port inaugurated
Singapore
Annual traffic capacity will increase to 4.8 million TEUs
The conference "EU ETS - Perspectives and Opportunities for Decarbonization in the Maritime Sector" will be held in Palermo.
Rome
It will be held on September 18th and 19th
Fincantieri and PGZ sign an agreement to support the modernization of the Polish Navy
Trieste
The third LSS section for Chantiers de l'Atlantique was launched in Castellammare di Stabia.
In the US, funding for wind energy development projects in ports is being cut.
Washington
Resources worth $679 million will be reallocated for port infrastructure upgrades
From January 1st, Kombiverkehr will operate the PKV intermodal terminal in the port of Duisburg.
Frankfurt am Main
It has a traffic capacity of approximately 200 thousand intermodal units per year.
Wallenius Marine and ABB form Overseas joint venture
Stockholm
The aim is to accelerate the launch of the platform of the same name for improving fleet performance.
DHL eCommerce has acquired a minority stake in Saudi Arabia's AJEX Logistics Services.
Bonn/Riyadh
The Middle Eastern company has two thousand employees
The Ministry of Infrastructure and Transport has asked the Region to agree on the appointment of Bagalà as president of the Sardinian Port Authority.
Rome
He is currently the extraordinary commissioner of the same body
CMPort's port terminals handled record container traffic in the second quarter
Hong Kong
In the first six months of 2025 the total was 78.8 million TEUs (+4.3%)
Confitarma approves the decree on advanced training for tanker seafarers.
Rome
Applause to the General Command of the Port Authority Corps
Quarterly freight traffic in Moroccan ports increases
Tangier/Casablanca
In Tanger Med the growth was +17%
The board of directors of the Genoa-based Ente Bacini has been renewed.
Genoa
President Alessandro Arvigo and CEO Maurizio Anselmo
In the second quarter, sales of dry containers produced by CIMC fell by -33%.
Hong Kong
Reefer boats increase by 57%
The Grimaldi Group has taken delivery of the Grande Shanghai
Naples
It will be used for the transport of vehicles between East Asia and Northern Europe
Chinese automaker FAW ships components to Europe by train
Changchun
Transit time reduced to 18 days compared to 45 days for maritime transport
The ART urges to verify that the investment plan and the related amortization period are consistent with the duration of the port concessions.
Turin
Opinions regarding the concession extensions requested by the Neapolitan companies So.Te.Co. and Co.Na.Te.Co.
The assets and fleet of the Spanish Armas Trasmediterránea will be sold to Baleària and DFDS
Las Palmas/Dénia/Copenhagen
Two agreements worth €215 million and €40 million respectively have been signed.
Italian State Railways (FS), investing €70 million to install the ERTMS system.
Rome
Work has been completed on 382 Trenitalia trains, while the retrofitting of 60 locomotives from Mercitalia Rail, an FS Logistix company, is underway.
MPC Container Ships' quarterly revenue returns to growth
The second quarter of 2025 was closed with a net profit of 78.1 million dollars (+20.5%)
Plans to build two container customs areas north and south of the Suez Canal
Cairo
Fourteen of the 48 abandoned shipwrecks in Catania port have been removed.
Catania
The activity will be replicated in the port of Augusta
The Regional Administrative Court (TAR) has confirmed the validity of the tender for the new Ravano Terminal in the port of La Spezia.
La Spezia
DP World's port terminals handled record quarterly container traffic
Dubai
Revenues grew by 22.2% in the first half of 2025
In the quarter April-June the volume of rolling stock transported by Höegh Autoliners increased by +9.0%
Oslo
Sharp increase (+46.6%) of vehicles from Asia
South Korea's HD Korea Shipbuilding & Offshore Engineering acquires Vietnam's Doosan Enerbility
Seongnam
It manages an industrial area with its own port facility
Container traffic in the port of Algeciras grew by 6.6% in July
Algeciras
In the first seven months of 2025, a decrease of -2.9% was recorded
In July, the port of Valencia handled 488,000 containers (+6.7%)
Valencia
Increase driven by growth in empty containers
Salvini has appointed Annalisa Tardino as extraordinary commissioner of the Western Sicilian Sea Port Authority.
Rome/Palermo
The President of the Sicilian Region announces the appeal against the provision
The materials dredged in the ports of La Spezia and Carrara will be used for the construction of the new breakwater in Genoa.
Genoa/La Spezia
Agreement between the two Ligurian Port System Authorities
X-Press Feeders denounces authorities' failure to acknowledge responsibility in the X-Press Pearl accident
Singapore
According to the company, the Supreme Court ruling ignores international maritime law
Cargo traffic in Russian ports remained stable in July
St. Petersburg
In the first seven months of 2025, loads decreased by -4.6%
Container traffic in the port of Hong Kong decreased by -6.5% in July
Hong Kong
A decline of -3.7% was recorded in the first seven months of 2025
In July, the Port of Singapore set a new all-time record for monthly container traffic with 3.9 million TEUs.
Singapore
In terms of weight, containerized cargo decreased by -3.6%
Compensation to be paid by the Civitavecchia Port Authority in the Fincosit case has been set at €1.5 million.
Civitavecchia
Latrofa: The ruling allows the release of set-aside sums that have frozen the budget for years.
Germany's HHLA posts record quarterly revenue
Hamburg
In the second quarter, the group's port terminals handled 3.2 million containers (+7.9%)
In the first half of 2025, CK Hutchison's port terminals handled 44 million containers (+4.0%)
Hong Kong
In the quarter April-June the Wallenius Wilhelmsen fleet transported 14.8 million cubic meters of rolling stock (-0.5%)
Lysaker
Revenues down by -0.7%
In the second quarter, Montenegro's ports handled 670 thousand tons of goods (+0.6%)
Podgorica
Volumes with Italy amounted to 154 thousand tons (+53.1%)
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
Conference: "Waiting and Delays in Road Transport: Logistics in Check"
Genoa
Organized by Trasportounito, it will be held on September 26th in Genoa
The conference "EU ETS - Perspectives and Opportunities for Decarbonization in the Maritime Sector" will be held in Palermo.
Rome
It will be held on September 18th and 19th
››› Meetings File
PRESS REVIEW
Korean Firms Reassess U.S. Investments After Mass Immigration Raid
(The Korea Bizwire)
Russia's infrastructure development plan aims to build 17 marine terminals by 2036
(Interfax)
››› Press Review File
FORUM of Shipping
and Logistics
Intervento del presidente Tomaso Cognolato
Roma, 19 giugno 2025
››› File
With the arrival of the first container ship, the testing of operational procedures at the Rijeka Gateway begins.
The Hague
The first commercial ship is expected on September 12th
A proposal to bring the port of Taranto back onto global container routes? Start a discussion table.
Taranto
Meeting on the status of freight traffic
Port of Ancona: Tender for demolition of fire-damaged Tubimar warehouses
Ancona
The expected duration of the works is four and a half months
Merger of the German MACS and Hugo Stinnes, both active in the MPP vessel segment
Hamburg/Rostock
Stinnes headquarters in Rostock to close by December 31
In the second quarter, freight traffic in Albanian ports grew by +2.9%
Tirana
There were 331 thousand passengers (+13.6%)
A.SPE.DO, operationalizing the Smart Terminal to increase the competitiveness of the port of La Spezia.
La Spezia
ING loans to Premuda for over 100 million dollars
Milan
Funds for the management buyout and the purchase of two product tankers
Sallaum Lines has taken delivery of the first of six Ocean-class dual-fuel PCTCs
Rotterdam
The ship was completed four months ahead of schedule
First meeting of the new Management Committee of the Western Ligurian Sea Port Authority
Genoa
Several measures approved, including those for CULMV and CULP staff
Euroports to operate a new liquid bulk terminal in the French port of Port-La Nouvelle
Beveren-Kruibeke-Zwijndrecht
It is expected to become operational in 2026
In the second quarter, freight traffic in the port of Ravenna increased by +2.6%
Ravenna
Growth of 0.6% was recorded in June. An increase of 4.8% is expected in July.
OsserMare presents five reports on the marine economy
Rome
They focus on a specific sector supply chain or aspect of it
Port of Naples: Road haulage operations resume
Naples
Resolution meeting between institutions, operators and trade associations
ICTSI again reports record quarterly financial and operating results
Manila
Global Ship Lease Reports Record Quarterly Revenue
Athens
In the April-June period, net profit was 95.4 million dollars (+8.4%)
Vard receives new order from North Star for two hybrid SOVs
Trieste
Contract worth between 100 and 200 million euros
The Panama Shipping Registry will no longer accept the registration of oil tankers and bulk carriers over 15 years old.
Panama
Measure to counter the use of the shadow fleet
Danaos Corporation reports record quarterly revenue
Athens
The April-June period closed with a net profit of 130.9 million (-7.3%)
New customs fast corridor between the port of La Spezia and Interporto Padova
Padua
It adds to the other three already active on the same route
ICTSI to operate Indonesia's Batu Ampar Container Terminal
Manila
It is located on Batam Island
Pino Musolino has been appointed CEO of the Alilauro shipping company.
Naples
He replaces the resigning Eliseo Cuccaro
In the second quarter, DIS' time charter revenues fell by -37.1%.
Luxembourg
Net income was $19.6 million (-70.5%)
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