SERVICES

Black Sea

Georgia, Hong Kong sign free trade deal

Georgia, Hong Kong sign free trade deal

Tbilisi - Hong Kong and Georgia have signed a free trade agreement (FTA) which will provide legal certainty and boost market access and investment flow between the two countries. Georgia will eliminate import tariffs on 96.6% of its tariff lines for Hong Kong products

Putin would be ready to host G7 in Moscow

Putin would be ready to host G7 in Moscow

Qingdao - Russia did not choose to leave the G7 and would be happy to host its members in Moscow, President Vladimir Putin said on Sunday when asked about U.S. President Donald Trump’s suggestion that Russia should have been at its latest meeting

Moody’s slashes Turkish growth forecast to 2.5 percent
New orders for Crimean shipyards

New orders for Crimean shipyards

Yalta - RF Government is set to develop a plan for filling the order backlog of Crimean shipbuilding and ship repairing yards up to 2030 within a couple of months, says Dmitry Rogozin, Deputy Prime Minister of the Russian Federation

Romania’s seaports cargo traffic down 0.2 pct in 2017
Rail shortages are hitting Ukraine’s grain expansion

Rail shortages are hitting Ukraine’s grain expansion

Kiev - Ukraine’s grain industry is thriving, but its expansion is being hobbled by an aging railway. The entire rail network is operated by state-run Ukrzaliznytsya, hauling about two-thirds of all grains that go from farmers’ fields to the the country’s ports in the Black Sea area

Turkey earns nearly $400M from roads, bridges

Turkey earns nearly $400M from roads, bridges

Ankara - Turkey earned 1.46 billion Turkish liras ($387 million)in tolls from two bridges on the Istanbul Strait as well as toll roads in 2017, according to data released Wednesday by the state Highways Directorate. The July 15 Martyrs’ Bridge and the Fatih Sultan Mehmet Bridge, together yielded around 362.32 million liras

Vard records improved results in 3Q

Vard records improved results in 3Q

Singapore - Vard Holdings Limited,one of the major global designers and shipbuilders of specialized vessels, announced its financial results for the third quarter and nine months ended 30 September 2017. VARD recorded a revenue of NOK 2.01 billion in 3Q 2017, up 33%

Damen acquires Daewoo’s shares in Mangalia
Bulgaria, Romania plan new Danube bridge

Bulgaria, Romania plan new Danube bridge

Sofia - Balkan neighbours Bulgaria and Romania aim to build a second bridge overthe Danube, connecting Bulgaria’s Ruse and Romania’s Giorgiu in an attempt to improve infrastructure connectivity in the region and attract more foreign investment

Turkey’s enemy of interest rates targets banks
At least 18 dead as Russian bus falls into sea

At least 18 dead as Russian bus falls into sea

Moscow - Russian authorities say at least 18 people are dead after a bus packedwith construction workers fell into the sea in a southern region near Crimea. The federal Investigative Committee said the accident occurred at about 8 a.m. on August 25 as the bus was carrying workers after a shift building a pier

ASRV keel laying at Damen Galati

ASRV keel laying at Damen Galati

Galati - Construction of the DAMEN Antarctic Supply Research Vessel (ASRV) has taken an important step forward with an official keel laying ceremony, the company said. Following the long-established maritime tradition of placing a coin under the vessel’s keel, the ceremony was carried out by Nick Gales

Russia-Indonesia trade turnover up 14% in 2017
Russian Eurobonds: foreign investors took 85%
Russia sees no big surge in arms sales

Russia sees no big surge in arms sales

Paris - The Russian weapons industry remains competitive on a global scale despite Western sanctions, but the cyclical nature of the business and budget constraints are dampening prospects for a big surge in global arms sales, Russia’s top arms trade official said on Tuesday

Turkish shipbuilding sees continued growth
Tanker Bospor arrested for seamen smuggling

Tanker Bospor arrested for seamen smuggling

Odessa - Moldova-flagged tanker “Bospor” was arrested in Odessa Port,Ukraine, on June 8. According to official statement, during years 2015-2017 vessel was engaged in smuggling of some 100 Ukrainian seamen from Ukraine to Crimea Peninsula

Swiss interest in hi-tech cooperation with Russia

Swiss interest in hi-tech cooperation with Russia

Moscow - Swiss business looks forward to cooperating with Russia in hi-tech industries such as pharmaceuticals, civil aviation and shipbuilding, Yves Morath, the head of Swiss Business Hub Russia, an official entity of the Embassy of Switzerland which promotes implementation of Swiss export strategies

Russia wants to split Sovcomflot sale

Russia wants to split Sovcomflot sale

Moscow - Russia plans to sell part of State shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow’s control of the group, banking and industry sources say

ICS commits to CO2 reduction objectives

ICS commits to CO2 reduction objectives

Istanbul - At its AGM in Istanbul, the International Chamber of Shipping (ICS) has agreed to urge the International Maritime Organization (IMO) to adopt some dramatic CO2 reduction objectives - on behalf of the international shipping sector as a whole - in order to match the ambition of the Paris Agreement

The new Black Sea port / REPORTAGE

The new Black Sea port / REPORTAGE

IN 2016 container traffic in Black Sea, except Turkey, fell by 12,2 % year over year during the first nine months of the year to 1,72 million teus excluding transshipments.

Bulgarian shipping company Navibulgar to buy 4 ships for US$32m
ZIM and MSC introduce a new joint Black Sea service
Outlook for Vard Holdings remains dim

Outlook for Vard Holdings remains dim

Singapore - Vard has been diversifying away from the oil and gas sector to boost orderbook but OCBC Investment Research warns client restructuring remains a hassle. VARD Holdings has been hit hard by the downturn in oil prices

’Ndrangheta: nuclear waste trafficking

’Ndrangheta: nuclear waste trafficking

La Spezia - His contact was “an inspector from a nuclear power plant in Bulgaria”,the alleged plan was to import radioactive waste into Italy, with the complicity of organized crime; at the centre, Vittorio Petricciola, an accountant from La Spezia, who was arrested as part of an investigation

Bulgaria to revive Belene nuclear power

Bulgaria to revive Belene nuclear power

Sofia - Bulgaria wants private investors to help it restart the Belene nuclear power projectafter a court ruled Sofia must pay hefty compensation to Russia over equipment ordered for it, Prime Minister Boiko Borisov said on Friday

Vard confirms four contracts with Ponant

Vard confirms four contracts with Ponant

Singapore - Vard Holdings Limited,one of the major global designers and shipbuilders of offshore and specialized vessels, announces that contracts for four luxury expedition cruise vessels with French cruise company Ponant have been confirmed

Stealing a peek at Russian economic uptick / FOCUS

Stealing a peek at Russian economic uptick / FOCUS

Moscow - Prone to false starts since a crisis peaked last year,Russia’s economy is riding momentum that has it on the cusp of exiting the longest recession in two decades. As business sentiment perks up, leading indicators from demand for electricity to rail cargoes and container transport show the pulse of the economy

Iran, Russia, Azerbaijan vow to create NSTC

Iran, Russia, Azerbaijan vow to create NSTC

Moscow - The NSTC was a central theme in the summit of Putin, Rouhani and Aliyev. “Our talks will focus on a flagship project – the International North–South Transport Corridor with a total length of 7,200 kilometers,” Russian President Vladimir Putin quoted as saying by the media before leaving for Baku.

Foreign investments jarred by crackdown
GE powers Turkish Navy’s MILGEM Corvette

GE powers Turkish Navy’s MILGEM Corvette

Istanbul - GE’s Marine Solutions announced that the Turkish Navy’s third MILGEMmulti-purpose corvette “TCG Burgazada” was launched powered by a GE LM2500 gas turbine-based propulsion system. The launch ceremony was held in mid-June at the Istanbul Naval Shipyard;

Energy routes avoid major disruption from failed Turkey coup attempt
Turkey reopens key route for oil, grains transit after coup attempt
Turkey rounds up plot suspects / FOCUS

Turkey rounds up plot suspects / FOCUS

Istanbul - Turkish authorities rounded up nearly 3,000 suspected military plotters on Saturday and ordered thousands of judges detained after thwarting a coup by rebels using tanks and attack helicopters to try to topple President Tayyip Erdogan

An encouraging start to 2016 for Sovcomflot

An encouraging start to 2016 for Sovcomflot

Moscow - Sovcomflot (“SCF Group”)today announces its financial and operating results for the first quarter ended 31 March 2016. Gross revenue (freight and hire receivable) for the three months (Q1) ended 31 March 2016 declined by 4.2 per cent to USD 341.5 million (Q1 2015: USD 356.6 million)

Jailed businessman Nadir moved to Turkey

Jailed businessman Nadir moved to Turkey

Istanbul - Turkish Cypriot businessman Asil Nadir,who was jailed in Britain for stealing millions from his business empire, has been transferred to a prison in Turkey. Nadir was flown from London to Istanbul on Thursday evening after British authorities accepted his request to serve the rest of his sentence in Turkey.

Cruiseships for Fincantieri’s crisis-ridden Vard

Cruiseships for Fincantieri’s crisis-ridden Vard

Fort Lauderdale - During Seatrade, the most important show in the cruise ship sector (held this year in Fort Lauderdale because Miami’s fairgrounds are being renovated), Fincantieri announced that its subsidiary, Vard, signed a letter of intent for the construction of four luxury cruise ships with the French shipowner Ponant

Rickmers carries largest Siemens gas turbine

Rickmers carries largest Siemens gas turbine

Bremerhaven - A special loading operation has taken place in Bremerhaven,involving Rickmers-Linie’s “Rickmers Hamburg”, a 485-tonne Siemens gas turbine, a 465-tonne Siemens generator and German project freight forwarder Bertling

Black Sea container traffic drops 12,1% in 2015

Black Sea container traffic drops 12,1% in 2015

Istanbul - The Black Sea container terminals of Ukraine,Romania, Russia, Georgia and Bulgaria handled 2,294,848 TEU in 2015. In terms of full containers, 1,628,797 TEU, the five countries suffered a total drop of 12.18% compared to the same period last year

Ruscon container traffic grows

Ruscon container traffic grows

Novorossiysk - Ruscon, one of the leading multimodal transport companies in Russia, has shown strong growth in 2015 despite a significant fall in the country’s overall container traffic. The company reported a 32% increase in export traffic, compared with the Russian total of a mere 1.6% rise in exported containers

New tax breaks on bunker at 3 Romanian ports

New tax breaks on bunker at 3 Romanian ports

Constanta - Sources say that the Romanian ports of Constanta, Midia, and Mangalia are offering a reduced tax rate on bunker deliveries to shipowners that engage shipping agents, Platts reports. Previously, a flat rate of €200 ($222.1) per delivery is said to have been charged to shipowners employing agents at the ports

Sanmar celebrates 40 years

Sanmar celebrates 40 years

Istanbul - Tugboat builder and operator Sanmar Denizcilik is celebratingits 40th Anniversary this year. More than 150 tugboats benefiting from its wealth of experience are presently in operation on international seas, the company says. It was in the year 1976 that Orhan Gürün incorporated Sanmar Denizcilik

Romania reopens Black Sea ports as weather improves
Turkish operator fined $1m in Baltimore

Turkish operator fined $1m in Baltimore

Istanbul - Turkish shipmanagement companyCiner Gemi Acente Isletnii Sanayi Ve Ticaret has been fined $1m after pleading guilty in a Baltimore Court to violating the Act to Prevent Pollution from Ships, according to a US Department of Justice statement

SMM Istanbul will not take place in 2016

SMM Istanbul will not take place in 2016

Istanbul - The tense political situation in the region and the changing Turkish shipbuilding market have created a sense of uncertainty among international exhibitors, leading to a general reluctance to register for the SMM Istanbul conference and exhibition

Russian ships force Turkish vessel to change course in Black Sea
Gazprom says halts gas supplies to Ukraine

Gazprom says halts gas supplies to Ukraine

Moscow - Russia’s Gazprom said on Wednesday it was halting gas supplies to Ukraineuntil it makes a prepayment for supplies. Gazprom said that by 10 a.m. (0700 GMT) on Wednesday Ukraine had received all gas it had paid for

Turkish wage hike plan sets alarm bells

Turkish wage hike plan sets alarm bells

Istanbul - When Turkey’s government increases the minimum wage by around 30%in January it will make good on an election promise to millions of workers currently struggling to make ends meet. But it also risks setting itself on a collision course with domestic employers and international investors

Russia looks to projects with Arab world / FOCUS

Russia looks to projects with Arab world / FOCUS

Moscow - Russia hopes that financing and technology from Arab states and other countries will help its firms weather the fallout from Western sanctions imposed over the Ukraine crisis, Russia’s Minister of Natural Resources, Sergei Donskoi, said. U.S. and EU sanctions have hit Russian individuals and companies