A new UCLA research shows that shipping lanes through the Arctic Ocean won’t put the Suez and Panama canals out of business anytime soon, but global warming will make these frigid routes much more accessible than ever imagined by melting an unprecedented amount of sea ice during the late summer.
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013. There was improved expectation of freight rate increases over the next twelve months, particularly in the dry bulk sector, and greater likelihood of new investment in the industry.
The following interview, exclusively published by Route Magazine, covers some very important and interesting aspects of Arctic affairs. Alexandre Latsa, French expert in geopolitics, author of “Putin’s New Russia” and RIA Novosti News Agency contributor, analyzes the business prospects of the Northern Sea Route and assesses the possibility of Russia’s 2013 Arctic claim approval by the United Nations Commission on the Law of the Sea (UNCLOS).
During Early February the Spanish Association of Maritime Industries (ADIMDE) and The Basque Maritime Forum have presented the European Commission with a paper which criticises the Dutch financial leasing system for vessels. In particular the coalition requested that the anticipated and accelerated amortisation between 2009 and 2011 be investigated to determine whether it is selective and whether (in combination with other tax incentives to acquire vessels in Holland) it constitutes state aid amounting to a 35% subsidy of the price per vessel.
The Northern Sea Route (NSR) gradually becomes an important transport corridor: latest navigation season set a new record in the number of vessels. The Russian energy giant Gazprom successfully completed world’s first LNG supply via the route. What are the economic reasons behind this ambitious project?
At the Tokyo MoU’s Port State Control Committee meeting held in Singapore during late January, INTERTANKO put over the growing concern from Members that facilitation payments are becoming more commonplace during ship inspections.
According to shipping experts banks are set to take tougher action against distressed shipowners this year, leading to a rise in loan foreclosures and lenders taking possession of vessels and all this at a time where the euro-zone crisis is still on the forefront along with considerable economic uncertainty.
According to Fitch’s Ratings Russian oil production will probably peak in the next few years as the gains from new oil fields are offset by falling output from brownfield sites. The ratings agency said Russia posted another post-Soviet oil production record in 2012, but added that significant new exploration, in particular on the Russian continental shelf, would be required over many years to increase output further.
During the End of 2012 GL and DNV announced their agreement to merge. The new entity will be called DNV GL Group. The merge will create the third-largest certification, inspection and testing business for industries such as shipping, oil and gas, and renewable energy. Its global headquarters will be at Høvik outside of Oslo. The merger may be effective by the second quarter.
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