DEPUTY minister visit VTTV

VTTV €150 million projects boost for shipping

VTT Vasiliko, the Dutch-controlled international energy trader playing a key role in developing the Vasiliko energy hub since 2014, has two more storage projects in the pipeline worth about €150 mln.

The new projects will also boost the Cyprus maritime sector to benefit from increased cargo traffic, as well as services provided by local companies.

Deputy Shipping Minister Vassilis Demetriades visited the VTTV premises where he reviewed first-hand the ship-to-shore fuelling facilities and was also briefed about the upcoming projects.

“The facilities and services provided at the liquid fuel storage terminal at Vasiliko are of the highest standard. What is more impressive is the ultra-modern jetty for the loading and unloading of tankers, as well as the unique ship-to-ship fuel transfer,” Demetriades said.

The junior minister said the synergies of the energy and maritime sectors are evident at Vasiliko, offering great potential to the Cyprus economy.

VTTV’s CEO, George Papanastasiou, said the terminal was the biggest foreign direct investment in energy infrastructure that has a direct impact on shipping.

It was delivered in November 2014 by J&P for €300 mln. The company employs 66 people, up from 25 when it started.

VTTV owns the state-of-the-art jetty in the Vasiliko port, at proximity to the country’s power plants.

It can be adapted for the upcoming FSRU terminal that will provide natural gas for consumption by the local energy producers, primarily the Electricity Authority of Cyprus.

The project, a subsidiary of international oil storage terminal operator VTTI B.V., 50% of which is owned by Dutch Vitol, features 28 tanks with a total storage capacity of 545,000 cubic metres of core fuel (diesel, gasoline and jet fuel) a deep-water marine jetty as well as road tanker loading facilities in phase one.

“The terminal, in conjunction with the island’s strategic location near the Suez Canal, places Cyprus on the map of these fuel transports,” Papanastasiou said.

Papanastasiou told the Financial Mirror that the two projects underway are a small private LNG terminal that is earmarked to cost €15-20 mln, able to serve the local market and also exports to nearby markets, such as Lebanon.

The second is a larger project that is expected to cost some €120-130 mln and will store the Euro-spec output of a major regional refiner for supply to the European markets.

He said VTTV storage is at near-capacity and could not offer its service to oil majors when the price of US crude turned negative in April when the price of the benchmark West Texas Intermediate (WTI) fell as low as minus $37 a barrel.

VTTV is also part of the H4E Gasfuel consortium for the design and construction of a floating storage regasification unit (FSRU) in Cyprus.

The consortium includes Norway’s Hoegh LNG, which has submitted a proposal for the installation of an FSRU in Cyprus by next year.

The consortium aims to provide liquefied natural gas to Cyprus as soon as possible, which will reduce electricity costs for local consumers as well as gas emissions and gas emissions taxes.

With its proposal, Hoegh LNG “offers Cyprus the installation, within the first quarter 2021, of an FSRU at Vasiliko and a pipeline to transport the gas to the EAC’s power plant and potentially other users.”

It said the proposal “does not in any way interfere with the government’s plans, while the Cyprus government will be able to save over €100 mln per year from 2021 onwards, by switching power generation to burning natural gas from heavy fuel oil.”

Cyprus can also achieve lower emissions from power generation, resulting in lower cost while the economy will benefit significantly from lower electricity production cost, said Hoegh LNG in a recent statement.

Source: Financial Mirror

Cyprus-Piraeus ferry connection by May 2021 viable

The deputy shipping minister said things are on track for launching the Cyprus-Greece ferry connection by May 2021

The goal of launching the Cyprus-Greece ferry connection in May 2021 is on track, the Cyprus deputy shipping minister Vasilis Demetriades said Tuesday.

Demetriades noted that the deputy shipping ministry is in the final stage of setting up the terms of the tender, which is expected to be launched within October.

“The timeframe for May is realistic, because after the launch of the tender we’ll be allowing a period of two to two and a half months for candidates to study proposals, with the goal of the ferry link beginning in early May being part of the terms of the tender, so that we can be ready for the summer season,” Demetriades said, speaking before the House tourism committee.

Interest in the project has been expressed by parties in Cyprus, Greece, but also from the wider European area.

Demetriades noted that there are still matters that are being discussed with Greek authorities, and particularly will officials at Piraeus port, such as matters relating to terminal issues and customs controls as this route will be the first from a country outside the Schengen area.

He said that the state subsidy, for which pre-approval has been secured by the Directorate General of Competition, concerns the passenger aspect of the route for three years, adding that this period is enough to show that the operation of the route is sustainable. Demetriades expressed hope that if the interest expressed “converted into use, I believe that the service will be sustainable in itself”.

Demetriades said that the bidders will have the option of choosing either the Larnaca or Limassol port as the route’s departure point, while they will also have to pick an intermediate stopping point, stressing that the duration of trip is considered an important factor, noting that the Larnaca port is disadvantaged in terms of distance.

The ceiling on the price of a one-way ticket has been set at €50, and €80 for a return ticket.

The Greece-Cyprus ferry connection will help Cypriots embrace shipping, which contributes 7% to the country’s GDP, employs at least 9,000 in shipping companies, about 50,000 seafarers and constitutes 3% of the island’s workforce, Demetriades noted.

Source: KNEWS

DP World Limassol welcomed the Ambassador of Israel to Cyprus to the New Passenger Terminal

The development of the maritime tourism sector and ways to boost cooperation between Cyprus and Israel, were discussed at a meeting held at the Limassol port, between the Israeli Ambassador to Cyprus, H.E. Mr Shmuel (Sammy) Revel, the Chairman of the Limassol Tourism Board, Mr. Tony Antoniou and DP World Limassol officials.

DP World Limassol officials welcomed the Israeli Ambassador and the Chairman of the Limassol Tourism Board to the Limassol port on Thursday, 10 September 2020. Mr Revel had the opportunity to tour the facilities of the New Passenger Terminal and meet with DP World Limassol’s CEO, Nawaf Abdulla, with whom they exchanged views on ways to respond to the emerging challenges facing the tourism and cruise industry of the Eastern Mediterranean, due to the Covid-19 pandemic.

In statements as part of the visit, the Israeli Ambassador referred to the mutual benefits derived from close cooperation between Israel and Cyprus and stressed that great prospects could open up through joint projects and synergies. “We recognize the significance of tourism for our respective economies and therefore the importance of maintaining a close relationship with Cyprus, host to one of the most important ports of the region. In fact, last year, Israel and Cyprus agreed to jointly promote the Eastern Mediterranean region as a prime holiday destination for cruise lines and even though the pandemic has pushed back our plans for the cruise sector, we strongly believe that our efforts will bear fruit in the near future.”

From his part Mr. Tony Antoniou, Chairman of the Limassol Tourism Board, emphasised the importance of Cyprus-Israel cooperation in the cruise sector and the mutual benefits from joint promotion of the region.

On his part, DP World Limassol’s CEO, Nawaf Abdulla, pointed out that “Establishing the Limassol port as a major cruise hub in the Eastern Mediterranean continues to be one of our major objectives”, adding that “even though the cruise industry was severely affected by the pandemic, we are optimistic that by connecting Limassol with other ports and boosting our cooperation with important neighboring countries like Israel, we can help establish a thriving cruise industry, which will create multiple benefits for the local economy”.

Source: DP World Limassol

ZIM Guard

ZIMGuard™ – AI-Based System Developed By ZIM Detects Misdeclarations

ZIM’s new ZIMGuard™ System Scans and Flags Possible Misdeclarations in Real Time, Increasing the Safety of the Supply Chain

ZIM has developed and implemented an innovative AI-based screening software to detect and identify incidents of mis-declared hazardous cargo before loading to vessel.

The new ZIMGuard™ system scans shippers’ cargo declarations at an early stage and flags potential cases of wrongly declared cargo. The system harnesses Artificial Intelligence (AI), including Natural Language Processing (NLP) capabilities and Machine Learning, to analyze documentation and alert operations personnel of occurrences of omission, concealment or erroneous declaration of hazardous cargo – in real time.

Misdeclaration of hazardous cargo has been at the root of major marine incidents, causing loss of life and severe damages. Last year, several carriers announced the imposition of additional fees as a partial solution for this recurring problem. ZIMGuard™ has already proven its efficacy on numerous occasions since its introduction. The ZIMGuard™ system is already in use in major ports in China, the US and Israel, and is expected to be deployed in all ZIM lines by the end of 2020.

Eli Glickman, ZIM President & CEO: “Developing this innovative system exemplifies the creative and unique approach we cultivate in everything we do in ZIM – our secret ingredient. Since launching ZIMGuard, we were alerted to dozens of cases of mis-declared cargo. In view of ZIMGuard’s potential contribution to the safety of the global supply chain, ZIM is willing to commercially offer licensing this system to parties who may be interested in utilizing it.” 

Eyal Ben-Amram, ZIM EVP CIO: “ZIM strives to be at the cutting edge of technology in every aspect of its operations. The introduction of advanced AI capabilities to the critical task of enhancing safety and security is a yet another example of these ongoing efforts.”  

Captain Zadok Radecker, ZIM Global Hazardous & Special Cargos Manager, in charge of Cargo Security, said: “Coping with Misdeclarations of hazardous cargo, which can create a serious risk, is challenging. The new system has proven to be effective and on target. It enable us to identify, investigate and clarify any issue prior to loading, ensuring the safety of the crew and ship, and the safety of the supply chain in general.”

larnaca port privatisation

Larnaca port, marina rebuild gets final nod

The long-awaited €1.2 bln redevelopment of Larnaca port and its marina got the final green light Monday after the Transport Ministry sent a ‘Successful Tenderer Letter’ to the chosen consortium after protracted negotiations.

The consortium awarded the project is Kition Ocean Holdings, a Cypriot-Israeli consortium, composing of investors Eldeman Holding BV and Alexandrou Corporate Services Ltd.

Tender negotiations between the two sides have been ongoing since late 2018 when the consortium’s bid was the only one left on the table after a number of bidders pulled out.

Cyprus Transport Ministry said the letter essentially marks the end of the tender process and the whole project can now move on to the next stage with the signing of contracts between the two sides.

Once the agreement is signed, a 12-month transition period will follow during which the investor will take over the project in its entirety.

This involves the restructuring of the marina for at least 650 berths, the port and surrounding land development over an area of 220,000 sqm spanning to a total of 510,000 sqm.

The development, which also involves real estate, is expected to see the consortium invest around €1.2 bln in the project.

Plans include the development of the marina with the latest technological infrastructure, turning Larnaca port it into one capable of serving large vessels with the expansion of piers, docks and the construction of a modern passenger terminal.

As part of the marina development, there will be a yacht club with a retail park, plus hotels, a private island and residential properties.

Port works will also include the expansion and management of the port, improving current infrastructure such as the interior road network, storage space as well as creating a new terminal for cruise ships and utilising the port for cargo management.

The area between the marina and the port will see infrastructure works carried out, including a road network, green areas, parks, open spaces for events, as well as education and medical centre.

The consortium is also planning residential and commercial development with innovative architecture, streets, and parks.

The project is expected to be completed over a period of 10 to 15 years.

According to the Transport Ministry, the project’s added benefits to the economy should surpass €120 mln annually once fully developed.

Under the proposed venture, it is estimated that the state will receive more than €19.6 bln during the lifetime of the project which includes the 125-year lease on the real estate.

The BOT project will see the government receiving a fixed rent and a percentage of the revenue generated through a concession agreement with the port/marina operated on a 40-year lease and the real estate is acquired on a 125-year lease.

After 40 years the port and marina can be handed back to the government who will then decide on their management.

The complete project will span over 10 years as it includes building two hotels (lifestyle/business), nine office buildings (mixed-use) of up to 15 floors each and six luxury apartment blocks up to 13 floors each.

Source: Financial Mirror

Paralimni Marina gets eco ‘green light’

Paralimni will have its very own €100 mln marina within the next 4 years after the Environment Department has given the green light to the leisure project.

Paralimni marina will the second one in the Famagusta region, and the island’s fifth after Limassol marina, Saint Raphael, Larnaca and the Ayia Napa Marina which is soon to open.

It will have the capacity to host up to 300 yachts and is expected to be completed within 34 months while mix-use amenities surrounding the berthing facilities will be completed within 4 years.

According to the Environmental Impact Assessment (EIA) study, submitted with the authorities, the project will include residential and commercial developments.

A number of small villas and some 120 luxury apartments, as well as shops, restaurants, cafes, are included in the development plan.

As stated in the EIA, the aim is to deliver a high-standard marina, with safe and easy access for yachts, combined with high-quality facilities and services, to attract visitors and tourist all year round.

As the marina will be an official point of entry of the Republic of Cyprus, buildings hosting the relative facilities are also to be added to the project such as customs and other government facilities.

The marina is to be built some 5 km northeast from the centre of Paralimni, and north of Cape Greco between the Sirena Bay and the Golden Coast Hotel, covering an area of 29,000 sqm.

The multi-million euro project which is financed entirely by Cypriot investors, PMV Maritime Holdings Ltd.

Source: Financial Mirror

First glimpse of planned Larnaca marina and port project

The proposed €1b joint Larnaca port and marina project, the first designs of which were released to the media on Friday, will bring radical changes to the area.

Highlights of the proposal include hotels and residential towers at the marina, while the port will be expanded to be able to serve large cruise ships.

Transport Minister Yiannis Karousos announced the agreement between the government and the Cyprus-Israeli consortium Kition Ocean Holdings that is behind the project at a meeting with mayors of Larnaca district on Thursday.

Karousos described the deal as historic and said contracts will be signed in 10 days.

Larnaca Mayor Andreas Vyras welcomed the long-anticipated agreement which he said marked a new era for the town, the district as well as the economy more generally.

The project provides for port infrastructure, a marina, redevelopment of the land, a road network, green areas, parks and pedestrian areas as well as residential units and catering and recreation establishments over a period of 10 to 15 years.

Kition Ocean Holdings is proposing expanding the current marina so that it can berth 650 boats of between five and 150 metres.

The new marina will have catering venues, recreation and green areas, children’s play areas, shops, hotels, luxury villas and an educational and medical centre that can host students to study and train in hotel management, medical studies and marine studies.

At about €1b it is considered the biggest investment in Cyprus to date and on completion will create 2500 new jobs and create considerable revenue for the state.

Vyras told Phileleftheros that according to the briefing given by officials, the investment is within the framework sought by the town.

  • commercial use of the new port
  • tourist activity that will include deepening and expanding the port so that large cruise ships can dock there
  • hotels and luxury hotel suites, residential units for permanent residents, recreation areas, green areas etc

“We are talking about a project which is much bigger than the Ayia Napa marina project which is a very large project for Cyprus,” he said.

Vyras said work may start at soon as later this year.

Based on the Finance Ministry’s study the investment will lead to a €120m annual increase in Cyprus’ GDP.

Combined with the relocation of petrol facilities and the freeing and development of that section of the coastal front, the new project will give further momentum to Larnaca’s growth.

Source: In Cyprus

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We work intensively on Cyprus-Greece ferry link, Shipping Deputy Minister says

The Minister pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Shipping Deputy Minister Natasa Pilides has said that Ministry staff is working feverishly on the proposal to be presented to the European Commission regarding a ferry connection between Cyprus and Greece which is expected to be operational by the upcoming summer season.

Speaking to the press in Limassol, Natasa Pilides said that the Ministry is working very intensively on this matter noting that employees at the Ministry are exclusively dealing with this issue by preparing the data to be submitted to the European Commission.

She pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Pilides said that the Ministry has to be very careful to ensure that the commercial activities are not subsidized while at the same time several issues are being consulted with the Greek Ministry of Shipping.

Source

FPSO Cyprus

Intense international interest in Cyprus’ energy market

The first stage of Cyprus’ Gas Company’s (DEFA’s) tendering process for the supply of liquefied natural gas (LNG) has seen considerable interest from the international markets, the body said.

According to DEFA, 25 suppliers, among the most dominant in the global LNG market, are seeking to supply gas and have submitted the prerequisites to qualify for the next stages of bidding and negotiation.
“The intense market competition for LNG supplies confirms that the strategy to acquire an FSRU [Floating Storage Regasification Unit] is the right direction” an announcement said.

Bidders / suppliers claiming their participation in the next stages of bidding and negotiating are; Gunvor International B.V. Amsterdam, Naturgy LNG Marketing Limited, Centrica LNG Company Limited, Endesa Energia S.A., Cheniere Marketing International LLP, Equinor ASA, Novatek Gas & Power Asia Pte Ltd, Shell International Trading Middle East Ltd, Enel Global Trading, Eni Trading & Shipping S.p.A., Total Gas & Power Asia Private Ltd, Osaka Gas Kabushiki Gaisha, Powerglobe LLC, Repsol LNG Holding S.A., Petronas LNG Ltd, BP Gas Marketing Limited, Vitol SA, B.B. Energy (ASIA) Pte Ltd, Mytilineos S.A., Uniper Global Commodities SE, Marubeni Corporation, SONATRACH and Public Gas Corporation (DEPA) S.A., Eni SpA (Gas & LNG Marketing and Power), Glencore Energy UK Ltd and Mitsui & Co. Ltd.

DEFA, following customary international practice for the supply of LNG, launched an open call for Expression of Interest in June 2019. Through this process, DEFA will prequalify and proceed to contract with the LNG suppliers for the procurement of both “spot” cargos and basic quantities of gas. DEFA is expected to proceed to this next stage of the process at the beginning of the new year.

“Turning to natural gas is not only our national strategy but also our European commitment to meeting the environmental and energy goals set by the European Union. The fact that the competition has resulted in numerous and high-profile entries, makes us optimistic that we will also obtain competitive pricing,” said DEFA chief Symeon Kassianides.

With regards to the outcome of the evaluation of the tender for the construction and operation of the LNG infrastructure at Vasilikos, no challenge within the deadline was raised with the Tender Review Authority. As scheduled, the Natural Gas Infrastructure Company (ETYFA) will invite the first ranked consortium to sign the contract in the very near future, the announcement said.

Source: Cyprus Mail