grimaldi holding protagonista nello shipping da oltre 60 anni.

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grimaldi holding protagonista nello shipping da oltre 60 anni.
www.ship2shore.it/english
BULKER
Editor in chief: Angelo Scorza
TERMINAL OPERATOR
Year X, N.20 - Genoa, 20 May 2013
www.ship2shore.it/english
d’Amico exerts three buying options worth 80 million dollars
The Italian group’s order portfolio soars with two MR tankers and a Handymax
bulk carrier, while a newbuilding is sold to Hudson Partners investment fund
A few days after having sold a
newbuilding to a newco 66% participated
by VSL Venice Shipping & Logistics
(S2S n.19/2013), d’Amico International
Shipping went back ‘shopping’ in the Far
East, announcing they exerted, through
subsidiary Irish group d’Amico Tankers,
buying options for less than 30 million
dollars each on two 50,000 tons capacity
MR tankers to be built at Korean Hyundai
Mipo Dockyard and due in 2015 second
half.
d’Amico Tankers will thus augment its
orders portfolio to 8 new ECO-design
units (6 MR and 2 Handysize), investing
over 240 million dollars.
However former orderbook deletes
newbuilding Hull S410, actually
transferred, for some 150,000 dollars,
to US investment company Hudson
Partners LLC.
Giovanni Barberis, financial manager of
Gruppo d’Amico, illustrates that “this
tanker, as much as the one acquired by
the joint venture 67% controlled by VSL,
will be technically and commercially
managed by our subsidiary Ishima
The entrepreneurial risk and forecasted
profits will be allocated to the fund while
d’Amico will earn on ship’s management
commissions.
Marco Fiori, Managing Director of
d’Amico
International
Shipping,
pinpointed that: “We are glad starting
cooperating with Hudson Partners LLC,
independent firm committed to assets
management and capital-raising for
specific investment opportunities. We
perceive a soaring interest in ship tankers
market shown by private equity firms and
capital market funds. Admittedly DIS
TOP THREE
MOST READ OF THE WEEK
1°
International
Ship
Management
of Singapore, allowing to increase
capacity simultaneously restraining the
group’s financial exposure and equity
commitment”.
Genoa control tower will spark
off several debates
2°
intends playing as leading technical and
marketing know-how supplier toward
these investors”.
Besides focusing on liquid bulk segment
d’Amico also bets on dry cargoes, as a
matter of fact they exerted buying option,
through subsidiary d’Amico Dry Ltd, for
construction of the seventh 39,500 tons
Handymax bulk carrier (B.Delta37 plan,
it follows to page 2
GRIMALDI HOLDING
PROTAGONISTA
NELLO SHIPPING
DA OLTRE
60 ANNI.
Una flotta di Ferry Cruise
“Blu” per essere protagonisti
del progetto “Autostrade
del Mare”. Grimaldi Holding,
il nuovo successo
imprenditoriale
di Aldo Grimaldi.
Quarrels between (German)
banks and shipowners at
Mare Forum Italy
3°
Shareholders liable with their
own assets for the Deiulemar
bankruptcy
www.grimaldiholdingspa.com
via Fieschi 17,16121 Genova |Tel. 010.27950.21- Fax 010.27950.39
www.ship2shore.it/english
2
TANKER
Monday 20 May 2013
SMTV will finally submit request for bankruptcy
The 2010 fire of the Rapallo, after delivery from Turkish Yard, adversely affected the company’s future
After latest hopeless attempt to on 700,000 dollars debt) and after
enter into a scheme of arrangement, Banca Carige denied negotiating
last Friday’s shareholders meeting composition with creditors.
of SMTV – G. Messina Spa As a matter of fact Genoese Bank
(S2S n.17/2013) finally opted for invested 16 million euro on the
submitting request for bankruptcy to long dating company headed by
Genoa Tribunal.
Marco and Mauro Messina to fund
Final decision was taken after Turkish
Atlantic affair (that recently attained
zincaf_55x11
14:30 Pagina 1
detention
of the 5-03-2009
Rapallo as security
for 28th June 2010 accident”.
In March 17th, 2011 the Rapallo
was delivered to entrusted charterer
Rutgers Belgium charging 13,000
dollars daily rate, however nine
months out of commission were
extremely
expensive
for
the
Giovanni Barberis
it follows from the first page
Asphalt bitumen tanker Rapallo of SMTV
SHIP REPAIR
MECHANICS
PIPEWORK
STEELWORKS
s ince 1948
Molo Guardiano
16128 Genova (Porto)
Tel. +39 010 2461131/32 - +39 010 2461217
Fax +39 010 2461037
e-mail: [email protected]
www.zincaf.com
the Rapallo, unfortunate asphalt/
bitumen tanker delivered by Turkish
Gisan shipyard in 2010 however not
commissioned until March 2011 due
to a serious fire occurred during her
first trip which induced long and
expensive repairs in Tuzla Shipyard
until mid March 2012.
As reported in last year’s company’s
balance, “SMTV summoned for
delinquency the inspection company
entrusted to supervise ship’s
construction, assumed responsible
company.
Genoese shipping company’s fleet
also encompasses two further
tankers, the Niker (5,850 gross tons
capacity built in 2005) and Tigullio
(7,700 built in 2007) respectively
funded by Unicredit Corporate
Banking for 8.9 and 10 million euro.
The three units, on which a first
preferred mortgage is still pending,
will necessarily be put at auction.
Nicola Capuzzo
worth 23.5 million dollars) at Chinese
Yangfan shipyard. A year ago (S2S
n.21/2012) a contract covering 6 such
newbuildings was sealed negotiating
22.3 million dollars per ship.
Barberis finally pinpointed they intend
seizing further market opportunities
definitely confiding that shipping
segments they operate in will soon
recover (originally tankers’ freight rates
and subsequently bulk carriers’ ones)
and mainly confiding that the number
of market players will drop namely
expanding available market shares.
Such forecast perfectly matches Moody’s
latest report on ‘Global Shipping Industry’
stating that: “In about 5 years three
major emerging factors (drop in crude
oil import, re-industrialization of some
countries and upgrade of newbuildings’
plans) will be able to change shipping
companies’ economic scenario affecting
their financial stability”.
Marco Vetulli, Moody’s vice president
also added that the impact of these
factors on shipping companies will vary
in different business segments (dry bulk,
liquid bulk and container) but it will
eventually change the whole scenario,
leaving few winners and many losers”.
BAMBINI s.r.l.
Offshore Supply and Towage Services
www.bambinisrl.it
T +39 0544 530537 F +39 0544 538544
Nicola Capuzzo
www.ship2shore.it/english
3
CRUISE
Monday 20 May 2013
American cruise lines to pull out of Europe
Carnival won’t deploy any ships in 2014, while RCCL has downsized its presence in Italy
As disclosed a few days ago, Carnival
Cruise Line has decided not to deploy any
of its ships to Europe during 2014.
This decision, due to uncertain market
conditions and increasing air fares an important cost item since Carnival
passengers mostly come from the US has not been officially confirmed by the
Miami-based company, although having
been communicated in a letter sent by
Adolfo Perez, Carnival’s Managing
Director for the U.K. and Ireland, to the
company’s UK sales network.
For the US cruise line, this year will be
the third one away from Europe out of
the past five, defecting also in 2009 and
2010. This resolution is going to have
a strong impact on the Italian market:
according to what Ship2Shore is aware
of, in 2014 Carnival should have made 72
stops in Italy, calling the ports of Venice,
Messina, Naples, Civitavecchia, Livorno,
Olbia, La Spezia and Genoa, making use
of two ships, one of which should have
been the Sunshine, whose refitting has
been recently completed in the Fincantieri
shipyard in Trieste (S2S n.18/2013).
Stazioni Marittime confirmed that,
although the calling had not been
confirmed, some Carnival officers had
visited Genoa terminal and had expressed
positive reviews.
But the Miami-based company may
not be the only American cruise line to
reduce its presence in the Italian market:
it now seems likely that Royal Caribbean
too is going to decrease the number of
ships and callings on the Italian coasts,
leaving the homeports of Genoa, Naples
and Messina to better focus on Venice and
Civitavecchia.
The company has yet to provide an
official confirmation, but during the
past few weeks some facts occurred that
may now seem particularly significant:
first of all, as announced by RCCL in a
statement, in 2014 Navigator of the Seas,
this year sailing from Civitavecchia, will
be deployed to the Caribbean and be
succeeded by Liberty of the Seas, this
year deployed to Naples, which in 2014
won’t have any RCCL ships calling its
port.
Genoa too is probably going to say
farewell to RCCL: Legend of the Seas,
now departing from the Ligurian port
headed for Mediterranean Sea, next year
will in fact be deployed in Northern
Europe and not be replaced.
About this downsizing of the Italian
presence – according to its website, in
2014 RCCL will deploy ships only to
Venice and Civitavecchia – the company
has not released any official statements
but the relocation of Navigator and
Legend is official; up to now there is no
news of any replacement.
EURIMPRESA è una società di consulenza fondata nel 1997 da
professionisti con lunga esperienza nella finanza e nel credito.
EURIMPRESA è intermediario creditizio e fornisce consulenza
alle imprese per la finanza aziendale, merger e acquisitions,
ricerca e/o ottimizzazione del credito a breve e medio/lungo
termine. Per bridge, mezzanine ed altre esigenze di capitale
EURIMPRESA organizza la raccolta di fondi presso investment
e private banks, investitori, family office, istituti di credito.
EURIMPRESA assiste le aziende per Initial Public Offerings dalla
fase preliminare alla quotazione di borsa. EURIMPRESA con il
proprio shipping desk assiste gli armatori per ogni esigenza
finanziaria.
GENOVA – MILANO – ROMA
www.eurimpresa.it - [email protected]
Tel. +39 010 5761781
www.ship2shore.it/english
4
UE POLITICS
Monday 20 May 2013
EU declares half failure of the Marco Polo programme
Genoa Port Authority is conceiving a new intermodal link from Interporto di Novara and Central Europe
The communitarian Marco Polo I
programme, intending to shift from
2003 to 2006 some 47.7 billion tons/
kilometre road transport to rail or
shipping transport, only achieved
46% positive results; as a matter of
fact only 21.9 billion tons/kilometres
freights (1.2 million trucks) were
transferred.
The same occurred on the Marco Polo
II (2007-2013), expected to switch
87.7 billion tons/kilometres which,
until last month, only reached 19.5
billion.
The report submitted by the European
Commission extensively illustrated
how despite “the Marco Polo I
programme undoubtedly fostered
434 million euro environmental
benefits taking almost 22 billion tons/
kilometres freights off the roads,
original ambitious goals targeted by
the Commission reached 46% only,
while the Marco Polo II currently
achieved 405 million euro economic
impact in terms of savings and minor
negative occurrences”.
However no waste of public
money arose, as a matter of fact
communitarian funds were allocated
on final results achieved by intermodal
plans.
In Marco Polo I about 74 million out
of 102 were reserved to 55 plans and
only 41.8 were effectively allocated,
while in Marco Polo II 450 million
euro funding were forecasted and from
2003 to 2012 only 172 million were
allocated to 650 transport companies.
According to EC report the
programme’s
efficiency
(ratio
between allocated funds and shifted
it follows to page 5
Marco Polo I and II (statistics 2003-2012)
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TOTAL
proposed projects projects approved
available budget
(€ million)
granted budget
(€ million)
funds disbursed
(€ million)
92
13
15
13
7,3
62
12
20,4
20,4
12,3
63
15
30,7
21,4
12,8
48
15
35,7
18,9
9,4
55
20
58
45,4
19,9
46
28
59
34,4
11,5
70
21
66,3
61,9
18
101
30
64
52,2
14,3
50
18
56,9
33,6
-
54
-
-
-
-
587
172
406
301,2
105,5
source: EACI
Novara Cim interport
www.ship2shore.it/english
5
Monday 20 May 2013
Marco Polo I and II - Results achieved (expressed in ton / km)
Year
2003
2004
2005
2006
TOTAL
Total target
12.000
12.000
12.000
12.000
48.000
Expected results
12.396
14.382
9.535
11.401
47.714
Results achieved
7.253
6.143
4.952
3.554
21.903
% Results expected / achieved
58,51
42,70
51,90
31,20
45,90
Year
2007
2008
2009
2010
2011
TOTAL
Total target
20.500
20.500
20.500
20.500
20.500
102.500
Expected results
27.835
16.334
15.685
14.150
13.700
87.704
Results achieved (up to Nov 2012)
10020
3.381
2.825
3.270
n.d.
19.500
Vivere il
progresso.
source: EACI
it follows from page 4
tons) confirms that each single euro
funded by the Marco Polo I actually
transferred 597 tons/km freights while
the II phase recorded 438 tons/km
efficiency ratio.
Brussels should acknowledge that
intermodal transport (truck-ship or
truck-train) is much more complicated
than a pure road transport and some
disappointing results also ensued
from current economic crisis which
drastically cut transport flows.
European
Parliamentary
report
also states that “forthcoming
communitarian funding committed to
transport industry from 2014 to 2020
will mainly focus on the upgrade
of European infrastructures aimed
at improving connections and still
pivoting on innovative transport mode
granting lower environmental impact”
Meanwhile Genoa port intends joining
the new programme with a crossborder service to central Europe; ocal
Port Authority advised Genoese trade
associations they will be available to
assist those companies intending to
conceive a rail service from Genoa
port to Novara, Switzerland and lower
German border. The Port Authority
suggests establishing a consortium
with a rail operator already serving
the
Novara-Switzerland-lower
Germany route, considering that
plans encompassing a domestic line
connected to an existing cross-border
link are admitted (however only
TEUs and freights destined to foreign
markets will be reckoned). Minimum
requirement is shifting average 60
million tons/kilometre per year and
considering the Marco Polo II overall
funds, almost two million euro could
be allocated to this plan.
“The plan should provide no profit and
possible revenues will be deducted
from allocated European funding.
In essence a service in red should
be operated, that’s why the call for
tender also accepts existing or about
to be launched services”. Plans must
be submitted by August 23rd 2013 and
accomplished by October 1st 2013.
Nicola Capuzzo
Liebherr EMtec Italia S.p.A.
Via dell‘Industria, 8-12
24040 Lallio (Bg) - Italia
Tel.: +39 035 69691 40
Fax: +39 035 69691 79
[email protected]
www.liebherr.com
Mac Port Srl
Alliance Port Service Srl
Via Fiorenzi, 1 - Porto San Vitale
48122 Ravenna - Italia
Tel.: +39 0544 684069
Fax: +39 0544 684070
[email protected]
www.macport.it
Il Gruppo
www.ship2shore.it/english
6
TANKER
Monday 20 May 2013
Premuda financial results are getting worse
The loss recorded in first 2013 quarter stands at 4.3 million euro; sale of tanker ship Fremura is next move
Premuda first 2013 quarterly report
shows 4.3 million euro net loss
versus the same quarter of former
year which recorded 1.9 million
red. Time charter revenues went
down 38.4%, to 16.3 million euro
while operating income reached 1.9
million euro loss versus last year’s
1.3 million profit, even before-tax
results dropped to - 4.1 million
versus 1.8 million recorded in the
same quarter of 2012.
Barabino & Partners Design
Genoese shipowning group, floated
out at the Milan stock exchange,
illustrated that “the decreasing result
achieved in 2013 first quarter versus
former year were ensued by the
ongoing negative trend of freight
rates, with the only exception of
Aframax product tankers (owned
through subsidiary Four Jolly brand
and operating in the Taurus pool)
that definitely recorded far better
results.
Moreover, current figures were
indeed also hurt by non-deployment
of FPSO Four Rainbow, actually
laying out of commission and
waiting to seal a new contract.
The company chaired by Alcide
Ezio Rosina pinpointed that
regarding this unit “they lodged
major complaints against former
user (ENI Australia, Ed) in regard to
far higher outstanding debts than the
one entered into balance sheets”.
www.coeclerici.com
BLACK HEART, GREEN SKIN.
Crediamo nelle nuove tecnologie del “carbone pulito”
per costruire un futuro di benessere nel rispetto
dell’ambiente. Siamo protagonisti nell’estrazione, trading
e logistica del carbone, al servizio delle industrie energetiche
e dell’acciaio di ogni parte del mondo. Da sempre crediamo
in una fonte d’energia che contribuisce a migliorare la vita di
una sempre più vasta comunità globale. Oggi l’evoluzione
tecnologica ci dà ragione, dimostrando che il carbone può essere
una risorsa fondamentale per uno sviluppo condiviso e sostenibile.
Premuda also added that “the group’s
net financial exposure amounts to
306.8 million euro with 7.9 million
euro liquid assets. Net exposure
actually soared by 7.2 million mainly
due to the strengthening of US dollar
rate versus year end ratio.
According to the company’s note –
considering current financial turmoil
and the weakness of reference
shipping market, the size and
composition of debts recorded at 31st
December 2012 has to be thoroughly
surveyed even due to fleet’s lower
capability to generate cash in such a
financial slump”.
As reported by international brokers,
in order to make money and renew
the group’s fleet, old tanker Fremura
(94,000 gross tons capacity, built
in 1993) will be sold to traders for
7 million dollars to be subsequently
re-sold for demolition.
Premuda illustrates that 48% of
their fleet is engaged in satisfactory
time charter contracts while current
freight rates only cover 52%
capacity.
Finally the company states that
“long-term prospects are strictly
related to global recovery from the
ongoing economic crisis, still badly
affecting trades in major economic
areas (Europe, United States and
Japan) and by current financial
circumstances, making specific
reference to Banks attitude and
euro/dollar exchange rate. However
2013 major hindrances were ensued
by overcapacity engendered by
deployment of further newbuildings;
such occurrence could be improving
next year, particularly in 35,000 tons
bulker segment which should be the
first going countertrend with regard
to freight rates.
N.C.
www.ship2shore.it/english
7
Monday 20 May 2013
Shipyards’ natural selection continues
Even Asia shipbuilding industry
has to counter overcapacity of
the whole shipping market and
current newbuildings portfolio will
undoubtedly delay recovery.
“However – as shown in Burke
& Novi’s report – number one of
shipbuilding
structures
continues
shrinking, admittedly only 75 yards are
operating in China, 10 in South Korea,
15 in Japan. Shipowners become more
and more demanding in choosing
shipyards and builders are taking in
fewer orders”.
Moreover, considering the drop of
deliveries and scrapping ratio increase,
capacity supply and demand could
reach the equilibrium. “Shipbuilders
are increasingly countering buyers’
pressure having already cut prices by
over 55% since 2008” continues the
report adding that “further changes
could be depending on the increase of
steel prices which in China soared from
640 dollars/tons, recorded in September
2012, to current 700 dollars”.
Meanwhile the ratio between ships
under construction and global fleet
THE NEW DIRECT LINER SERVICE for RO-RO and CONTAINERS
EUROPE to:
LIBYA
from KOPERand VENICE to:
BENGHAZI-MISURATA-TRIPOLI
seems to be going down almost
reaching 2002 figures. “Regarding
oil tankers, ships under construction
only reach 11% of the operating fleet,
the lowest ratio since 1996, while box
ships stands at 16% in terms of TEUS
and bulk carriers reach 18%, whereas
spurring the issuance of new orders,
eventually in tankers or boxships below
5,000 TEUs. Newbuildings’ demand is
expected to remain weak, for the time
being it’s ranging from 45 to 65 million
dwt versus 49 million dwt achieved in
2012”.
Therefore disregarding subsidies to
support this sector, the only event
which may spur shipbuilding industry
ensues from currencies depreciation in
major shipbuilding countries: yen, won
and yuan.
Zacchello scotches rumours regarding the sale of three units
Venetian shipowner Antonio Zacchello
scotched market rumours regarding
forthcoming sale of three 38,000 GT
medium range ships encompassed
in Motia Compagnia di Navigazione
and Marwave Shipmanagement BV’s
fleets, built between 2007 and 2008.
According to brokers’ reports three MR
tankers RENAMED Bloom, Saffo and
Alice were sold for some 50 million
dollars to Navios Maritime.
However Zacchello promptly reported
that “No transaction regarding this sale
is pending or foreseen”.
(T/T = 4 days)
(T/T = 6 days)
(T/T = 8 days)
other ports served on ‘inducement’:
TOBRUK-DERNA-MARSAELBREGA
RO-RO, TRAILERS, NEW and USED CARS,
CONTAINERS 20’- 40’- HC - GENERAL CARGO - GROUPAGE
TEMPERATURE CONTROLLED WAREHOUSE FOR REEFER CARGO
For information and bookings:
MEDCROSSLINESs.r.l.
Viadell’Idrogeno18,Marghera-30175VENICE,Italy
Tel.0413039900-Fax.0413039999
[email protected]@agencies.it
www.medcrosslines.com
www.ship2shore.it/english
8
RO-RO
Monday 20 May 2013
Grimaldi adds Almeria to its Mediterranean network
Incoming new Chairman of Confitarma peruses Mediterranean sea trade potential
Neapolitan
shipowning
group
Grimaldi Lines announced the
unprecedented launching of a new
weekly call at Almeria, whereas
connected to Italy and West Africa,
presumably part of the MEX
Mediterranean Express, engaging the
Repubblica di Roma (2,400 linear
meters, 600 TEUs and able to load
700 cars) to support the Repubblica
di Argentina and Repubblica del
Brasile in the rotation calling at
Valencia, Marseilles, Genoa, Salerno,
Casablanca, Dakar, Lomé, Cotonou,
Abidjan and Conakry.
Almeria operators ensure that this
will be a first step before establishing
a regular ro-ro service committed to
fruit and vegetables trade between
Spain and Leghorn.
A month ago Almeria submitted
three different plans regarding
fruit and vegetables combined
transport to Italy, the Netherlands
and Great Britain, in essence an
unconventional Mediterranean and
Atlantic ‘motorway of the sea’ aimed
at replacing road transports and
calling an Italian north Tyrrhenian
port (admittedly Leghorn and
eventually Genoa or Savona).
Trades will be focused in fruit and
vegetables production season while
main destinations will be Germany,
France, the Netherlands and Great
Britain.
Only three maritime carriers attended
the Almeria convention: Grimaldi
Lines, Alveis Shipping of Spain and
Southampton Fruit Handling Ltd of
the UK.
At the recent Mare Forum seminar
in Rome Manuel Grimaldi had
illustrated the utmost importance
of Spain for his group, served by 5
Manuel Grimaldi
to 6 ships. Canvassing the whole
Mediterranean scenario, incoming
president of Confitarma prompted
that: “although current transport
demand is rather weak, North
Africa definitely represents future
interesting market opportunities.
Many people largely confided in the
Arab Spring, however the interim
phase before having a new ruling
class will take long”.
Moreover
some
protectionist
behaviours are soaring, as in Tunisia:
“At risk of being closed off” adds
Grimaldi recalling Adam Smith
words “The wealth of a nation ensues
from international trades namely
imports and exports”.
Grimaldi calls all Maghreb countries
(Morocco, Tunisia, Egypt and
Libya), and the group’s helm firmly
believe trades to these countries will
shortly soar: “the two Mediterranean
coasts can be served ‘just in time’;
if all Med emerging countries will
follow Turkey, it would be an ideal
occurrence”.
Making reference to Genoa and
Savona or Salerno and Naples,
Grimaldi once again prompted how
their ships are often diverted to
smaller ports due to port cartels which
badly affect loading/discharges
operations. “Port operations in short
sea shipping often affects transport
cost by 50% per delivery. If costs
involved in a single call are too high,
shipping companies have to find
alternative ports”.
About
further
investments,
after having commissioned 10
newbuildings and acquired 6 ro-ro
(worth overall 1 billion USD) in
2012, Grimaldi hinted they are
currently negotiating further buying
options”.
Nicola Capuzzo
The Repubblica di Roma
Saturation SyStem “raffaella”
conforms to imCa D024
Via Molo Giano • Genoa • ITALY • Tel. +39 010 261354
[email protected] • www.drafinsub.it
www.ship2shore.it/english
9
HI-SPEED
Monday 20 May 2013
TERMINAL OPERATOR
A new hydrofoil for Compagnia delle Isole
New customer for Compagnia Portuale di Monfalcone
The Fabricia, taken from Toremar, will be serving the Aegadi islands
Dutch shipping company Spliethoff launched its first departure, envisaging
further monthly delivery of steel products and yachts to the United States
Neapolitan shipowner Salvatore
Lauro, head of Compagnia delle
Isole, announced the acquisition,
from Toremar (Moby Group), of
hydrofoil Fabricia to be serving the
link between Sicily and the Aegadi
islands.
According to shipowner the Fabricia,
built at Rodriquez shipyard of
Messina in 1987 and able to board
208 passengers will be operating in
a week, while Compagnia delle Isole
is still negotiating new contracts with
Unions like the ones sealed with
USCLA/UNCDIM for Captains and
Chief engineers.
Lauro also explained latest rumours
regarding the alleged purchase of
ferry AF Michela of Adria Ferries
(S2S n.17/2013), expounding that
transaction went up in smoke when
almost finalized.
A.M.
General cargo vessel Schippersgracht,
one of the largest units of Dutch
shipping company Spliethoff, boasting
172 meters in length, 25 in breadth,
16,600 dwt and 21,000 dwt capacity,
recently called Monfalcone loading
7,000 tons steel products and four
luxury yachts to be delivered to the
United States, to be followed by further
monthly deliveries.
“Last summer the Dutch company
inaugurated a regular service connecting
the Black Sea and the Mediterranean to
North America and Monfalcone, able
to ensure the highest efficiency and
professionalism, high quality standard
and major competitiveness than other
Mediterranean ports, has turned into
the core-port of this rotation” reported
Compagnia Portuale di Monfalcone (TO
Delta Group), caring freights loading/
discharge operations on site (entrusted
shipagent is Friultrans). “In such a tough
crisis, this is the first group trusting the
port of Monfalcone, whereas operating
a regular service to the US Gulf, North
America and eventually the Big Lakes
through the Mississippi river” reported
a note of the company, extensively
satisfied by the new business, despite
the ongoing crisis of the port, subject to
operational hindrances and still pending
legal disputes between local institutions
(ASPO and Region) and port operators
(S2S n.13/2013).
A.M.
www.ship2shore.it/english
10
TRADING
Monday 20 May 2013
Bolfo staying on the defense line but anticipating a big deal next month
Duferco satisfied with its dropping profit: “We are still a winning model in spite of a surrounding dramatic scenario!”
“It does not often happen to be satisfied
with a year-on-year drop in results of
75%. So, with some trepidation, we say
to be nonetheless pleased with the profit
achieved in last financial year”.
This frank statement is probably the
most significant sentence contained
into Duferco’s Annual Report 2012, a
thick volume dense with data and facts
lately released by the multinational
(headquartered in Luxembourg, with
corporate offices in Switzerland, Italy,
Belgium) giant trader and producer of
steel and further commodities, holding
plants and branches in over 50 countries
and employing 5,200 staff overall.
In 2012 Duferco achieved a net profit of
‘just’ 20 million USD compared to 77
million during 2011.
Total sales decreased from 20.4 to 19.4
million metric tons but trading activities
rose from 13.2 to 13.5 million metric tons,
although with opposite trends from steel
products (7.4 to 5.5 million metric tons)
to raw materials (5.7 to 7.9 million metric
tons); production activities fell from 4.8 to
2.8 million metric tons, of which 1.8 long
products (from 1 million metric tons in
2011) and 1 flat products (from 3.8 million
metric tons in 2011). Finally distribution
activities moved up from 2.3 to 2.9 million
metric tons, of which 1.3 were long and
tubular products and 1.6 flat products.
However the Group, founded in the late
‘70s in Brazil and still owned by the Bolfo
family, seemingly is not concerned at all
for the declining trend of its operational
margin, remarking this result has been
obtained is spite of a surrounding dramatic
scenario.
“If we assess our performance against
the backdrop of the very challenging
macro economic conditions facing our
sector as a whole, it becomes clear that
we achieved much in a very unpredictable
environment. When benchmarked against
many of our peers, we feel our centralized
management model and strong presence
in resource economies has continued to
serve us well in these turbulent markets.
We are particularly pleased with our raw
materials diversification program which
saw a volume gain of 50%, largely driven
by coking coal. Margins are thin whilst we
build our market share, but the risk is well
managed and we feel this is an excellent
platform to continue
raw materials growth in 2013 and onward”.
Year on year, consolidated revenue slightly
increased by about 5% while the group’s
net financial indebtedness was unchanged
and liquidity remained high at over 553
million USD.
Indeed the good news come from the bank
side, with lenders still granting strong
support, as shown by several facts: the
extension granted to a European USD 410
million medium-term committed
Revolving Credit Facility; the successful
launching of a USD 110 million Revolving
Credit Facility in Singapore; the raising of
an additional tranche of USD 50 million.
“From a finance perspective, liquidity
remains healthy with increased levels of
cash reserves. All our bank facility financial
covenants are in full compliance and well
exceed the test thresholds. Trade credit line
utilisation on aggregate averages about
60%; with our strong balance sheet, we
feel well placed to cope with the frankly
marginal trading conditions expected
during 2013 and perhaps also in 2014.
In essence, whilst they continue to search
for strategic investments around the world,
Duferco remains focused on investing
throughout the cycle.
Change of strategy ahead:
towards more diversification
in the direction of coking
coal and new energy
sources, supported by a
geographically diverse
operating base
Over the past 6 years, the group has
developed a substantially more balanced
business portfolio supported by a
geographically diverse operating base.
“We added to this strategy in December
2012 with the acquisition of another service
centre in Peru to further complement our
processing and distribution coverage in
South America”.
Whilst steel tonnages remained flat, this
does not reflect the long-standing push
in value-added products sectors, perhaps
best evidenced in its automotive steels
business.
“This initiative has started producing
dividends with successful trials and annual
contracts agreed with a number of major
global car producers for 2013. In the new
financial year, we have acquired a small
service centre catering to this market which
will assist us in providing a sustainable
service to our key automotive accounts”.
Another leg to its value-added push has
Duferco headquarters in Lugano
been to establish stocking and distribution
hubs in Turkey and South Africa which
will focus on engineering and mining
related steel products.
Duferco is aware it will take some time
to produce satisfactory results from these
efforts, nevertheless it is confident they
will start building market share from 2013
onward.
The group’s industrial assets performed
quite badly, however in line with the
market and as such had a negative impact
on our overall results. In addition to the
divestment of Duferco Danish Steel A/S,
they have taken further steps in Duferco
Steel Processing (Pty) Ltd and Makstil AD
to improve the industrial results through
new commercial strategic initiatives
coupled with cost reduction measures. The
industrial steel venture in Italy with Nucor
continues to suffer since its production is
almost entirely directed to the construction
industry. The partners continue to support
it financially, and have just approved an
investment that will allow a widening of
the portfolio with the view to diversify it
to sectors other than construction.
Of course Duferco is not being hit by
losses without reacting.
“In the overall scheme of our business,
the industrial assets do not present a major
challenge to our results going forward, but
nonetheless no loss should be acceptable”.
The Switzerland-based trader repeats that
the definition of the global steel market of
the last three years can be summarized as
a reality of two separate worlds, creating
a strong global imbalance, with excess
capacity in the mature industrialized
countries and shortage in the emerging
countries “In Europe, North America and
Japan, GDP growth is slow, sometimes
even stagnant (the major part of European
countries), while there is a very important
GDP growth, especially in Asia, Latin
America and the Middle- East. Value
creation in the steel industry continues to
be significantly related to the control of
raw material sources (iron ore, coking coal
etc.). The upstream factors thus determine
the economic performances of industrial
assets much more than the downstream
factors.
This represents a reversal of the traditional
fundamentals of the steel industry.
Historically, the market balance was
relatively clear, resulting in a pricing
picture that was predictable, although not
it follows to page 11
www.ship2shore.it/english
11
Monday 20 May 2013
it follows from page 10
always positive for the steel industry: raw
material prices were set for the year, raw
material production was a known factor,
since new investments were scarce due to
the relatively poor outlook of the mining
industry. Similarly, steel demand was
relatively well known and growing only
moderately. All of this changed during the
past decade and is today influencing the
stability of the markets for steel-making
raw material. A huge margin shift from
steel mills to mining has occurred and
the cost curve of the different producers
steepened, decreeing a large competitive
advantage of steel mills integrated upwards
versus the so called ‘orphans’”.
Duferco is aware the future is uncertain,
with a large range of factors affecting the
future supply of steelmaking raw material.
“Apart from the need to develop new mines,
the infrastructures required to supply
raw materials, such as port and railway
connections to loading ports, are a strong
barrier to new projects. Uncontrollable
events (i.e. adverse weather conditions),
often impact on the supply. Demand is
heavily influenced by China steel output
and Chinese domestic iron ore production.
Should China and India continue to expand
their steel production, prices of raw
material will remain between moderate
to high although they will not reach the
peak price levels of the past. Should the
advanced economies come back to a good
rate of growth, we could even experience a
new boom in raw material. This situation,
in the medium long run, could lead to a
progressive reconfiguration of ownership
in the steel industry. The winners will be
those who have most effective access to
raw material sources and energies, while
all the others will need to be creative, since
they will face challenging times”.
Duferco is adapting to the new
configuration of the market; its
traditional model of unconventional
hybrid (production, trading, distribution,
transformation, logistics) had to be
changed for the production leg. “Having
missed in the 90’s the opportunity to invest
in cheap mining assets, operating blast
furnaces became too risky; our future
was no longer under our control. We
had no mines, size and tradition of
niche products. Our updated strategy
involves: focusing on trading
activities; industrial disinvestments
on blast furnace, focus and defend
on the production of electric arc
furnace products; development of
diversification activities, related to
core steel business such as energy,
shipping, logistics, environment
and real estate, all having risk and
volatility profiles”.
Duferco’s strategy has entered the energy
sector with a vertical integration structure,
with activities ranging from trading of
natural gas and electricity to production
(renewable and conventional) and retail.
The group is expanding in the photovoltaic
and small hydro power sectors through the
acquisition of plants already in operation
or
under
construction/authorisation
process, benefiting by feed-in-tariffs.
On the strength of its experience in
shipping and logistics, with over 15 million
tons moved and 1,500 ships chartering,
Duferco has entered in shipping as service
provider and as an opportunistic asset
player, developing the experience of
partnerships with Sidernavi, Romeo Group
and M.U.R..
Finally, Duferco, especially in Belgium,
continues its activities in soil remediation
in order to achieve a complete rehabilitation
of polluted ex-industrial areas of the group
and third parties.
Duferco implements such activities, not
Duferco Garocentre terminal in Belgium
Tonino Gozzi with Giovanni Romeo (Sidernavi)
and, behind, Bruno Bolfo
only by providing the essential financial
support, but also by providing management
and management services (i.e. Duferco
Engineering) which are critical for the
implementation of these projects. .
The Chairman’s message
pragmatically not optimistic
in wait for a hit in June
“We are fully aware that these are difficult
times that need a defensive and prudent
approach. But eventually, this kind of
crisis will create opportunities that, at the
right time, we intend to take advantage of”
states Bruno Bolfo in his usual message
commenting the annual report.
“It is now clear that the world recovery
of 2010-2011 was mostly driven by
Chinese aggressive reflationary policies,
while developed economies remained
stagnant. Steel intensity of the developed
world is such that with zero growth, steel
consumption actually declines. Europe
is showing clear signs of deepening
differences among individual countries,
with two different speeds
of economic potential. South Europe is
suffering a dramatic economic contraction,
and the budget constraints leave very little
hope of an upturn, given that governments
and consumers must reduce expenditures,
and the banking system is still under
stress, reducing as a consequence the level
of lending to the economy” pinpoints
Duferco’s Chairman.
“In such a defensive environment,
we at Duferco are glad to have been
able to still show a profit, maintaining
healthy financial conditions. Our
expectations for the current year are
not very positive. We will probably
see an upturn in North America,
given the improved liquidity, the
stabilization of the housing market,
and the strong fundamentals for
re-industrialization (cheap energy,
flexible labour and so on). Asia
will grow, but at a lower level than
expected, mainly due to the looming
inflationary pressures in China. South
America may be suffering from a change
in sentiment in raw materials. Europe will
see very little growth, with export being
the only possible economic driver. The
above picture leads to a continuation, if
not a deterioration, of steel oversupply.
Defense will continue to be the main line
of our policy. Steel trading activities have
been profitable although at a lower level
than 2010 and 2011 and are expected to
remain at a similar level for 2013”.
Bolfo anticipates “an important strategic
move is in course of finalization - with
formal execution
expected to be signed by June 2013 - that
will add significantly to our business and
to our balance sheet”.
Shipping and logistics to
support the core business and
drive diversification
“Our shipping joint venture is obviously
suffering
from
the
considerable
oversupply. However, the relatively small
sizes of the owned ships, the continuous
search for niches employment of vessels
and the comfortable level of leverage
make us confident to overcome the present
difficult times without problems” is the
honest admission made by supremo Bolfo.
Duferco Shipping SA provides seaborne
transportation solutions through a team
of professionals located in Switzerland,
Singapore, China, Ukraine and the USA.
The majority of the world-wide business
is handled in the Lugano headquarters by
14 staff. The Singapore office controls all
inter-Asian business, while port captains
support and coordinate the loading
operations in the main Baltic, Black Sea
and Chinese ports, from where larger
volume flows originate.
Notwithstanding weak world economies,
Duferco Shipping SA still charters in
excess of 1,000 vessels per year, for its
parcel cargoes up to large capesizes.
“We are able to consolidate opportunities,
build up cargo combinations and enter
short to medium contracts of affreightment
which greatly reduce the potential exposure
to a volatile market. The Baltic Capesize
Timecharter Index averaged USD 7,653
daily in 2012; this is less than half the
USD 15,750 recorded daily in 2011 and
the lowest average ever registered since
the year 2000” the company remarks.
Duferco’s logistics division has now
completed the first year of operation of
the multimodal platform of Garocentre
inaugurated on 7 October 2011. About
300,000 tons of steel products have
been shipped by barge between that date
and September 2012. The flow, mainly
consisting of slabs
and coils, was transited via the ports of
Ghent and Antwerp.
“We intend to offer a diversification of
its logistics services in the kind of goods
handled at the terminal. The team focuses
on commercial efforts to set up new regular
connections for container flows to and from
seaports. Special transport and Intermodal
transport services for pallets are also
promoted. We also aim at developing new
projects for clients in the logistics sector
with a clear focus on intermodal handling
and transport. The purpose is to capitalise
on Duferco’s experience in project
development and logistics, as well as on
available brownfields with intermodal
facilities, so as to offer integrated solutions
to clients: place, warehouse, equipment
and intermodal logistics services”
Angelo Scorza
www.ship2shore.it/english
12
TRADING
Trasteel is here to stand (and Levmet too)
The Swiss steel trader confutes rumors about shrinking its commitment in Lugano and anticipates a new
project to be shortly announced, while the business of its Monaco-based sister company is growing up
“No, we disregard - at least in its essential
part - the meaning of this move as it was
presented”.
Although the most authoritative source
of information - the international news
agency Reuters – the top management
of Trasteel wish to give a quite different
version of the facts from those depicted a
few days ago, and that has quickly spread
around the world.
“Weak steel market conditions have
pushed the steel and raw materials
trading firm, to cut jobs and restructure
the company” chairman Massimo Bolfo
- previously the CEO of Duferco, one
of the world largest steel trading and
producing groups, who founded Trasteel
in 2009 and let it grow to reach turnover
of almost $1 billion in 2012 - said to
Reuters.
Trasteel, which has offices in Dubai,
Shanghai, Santiago and Luxemburg,
has replaced some executives and has
cut eight positions at its headquarters in
Lugano, Switzerland, where 35 staff now
work, to reduce costs.
“Given the lower volumes of business
and expectations of a very difficult 2013
and 2014 - industry body Eurofer expects
steel consumption to continue to shrink in
2013 in the EU, after a 4.8% fall last year
- we have decided to cut our headcount”
Bolfo continued while adding that a few
raw materials traders, previously full-time
staffers, had been hired as consultants to
cut fixed costs.
“It is true that we have reduced the
number of staff resigning some people
but we had to restructure the whole
group in the world to adapt to the global
Monday 20 May 2013
futures and options trader specializing in
steel, raw materials, solid fuels, copper,
aluminum, lead, zinc and nickel.
Its founders and traders were instrumental
in the development of forward trading on
the London Metal Exchange and Levmet
continues to provide liquidity to the
exchange. “We believe strongly that steel
futures will mature in the same way as
the non-ferrous contracts, and adoption
by producers and consumers will gain
pace in the coming years. Steel industry
participants will maintain unnecessary
risks if they continue to be sceptical of the
benefits of hedging. Levmet is uniquely
placed to provide a complete service
to the steel and raw material industry
and those participants that are slow to
embrace the new world are in danger of
following the path of the dinosaur. Those
that embrace the new world will, in the
future, be stronger financially and well
positioned to benefit from the expansion
of the global steel market” says Levmet’s
website.
Its Board of Directors is made of Ashley
Levett, boasting over 30 years’ experience
in the metals industry; Antonio Novi,
Bruno Bolfo Jr., Massimo Bolfo, Chris
Adams, Gianfranco Imperato.
Angelo Scorza
Elitheni coal mine in South Africa is a development of Elitra, a joint venture of SNR and Trasteel
situation of difficulties in the sector. So
we have given up on the spot trading
activities (such as the Indonesian coal)
to have greater strength and therefore
overheads are already covered by our
captive business: for example, the slabs
to the plant, the coal from South Africa
- a country where we an important
exclusive - refractories from our factory
in China, and more. In fact we are quite
optimistic, while the article referred to
was only speaking of the negative side”
explain an official source into Trasteel.
“It has also to be highlighted that in 2012
we had important business developments
derived from our investments. In a year in
which the ‘giants’ of the industry have all
had terrible contractions - as you know,
Stemcor has lost several million dollars
while Balli is even bankrupt, just to
give two high-profile cases - we believe
we have had a more than satisfactory
performance” adds the top manager,
who does not confute the rumor that
the Department of ship chartering was
beheaded too.
“We took what we might call a technical
choice, with the current volume of
business on that area, it did not make
sense to keep a shipping department of
three people; however we are moving
well in other directions and shortly we
can announce a new project”.
Meanwhile
Trasteel’s
participated
company Levmet (with industry veteran
Ashley Levett as the main shareholder)
is still in its expanding mod thanks to
increasing customer demand for hedging
services. Established in 2012 the Monacobased steel derivatives joint venture
is specialized in the ferrous and nonferrous metals industry, being a physical,
Navi che consumano il 15%
di carburante in meno?
Certamente.
www.ship2shore.it/english
13
BULKER
Monday 20 May 2013
HEAVY LIFT
Atlantska orders again from the (Chinese) Pacific coast Small ships, large cargoes
The Croatian shipping company has signed a contract for 2+2 handysize
bulk carriers with Qingshan yard within a substantial fleet rejuvenation plan
Dubrovnik (Croatia)-based shipping
company
Atlantska
Plovidba
confirmed they ordered from Chinese
yard Qingshan two 38,700 dwt
handysize bulk carriers within the
‘green dolphin’ project based on
environmental sustainability and
lower consumption thanks to a new
hull and main engine design. The
first ship is scheduled for delivery by
March 2015, the second by October
same year. Options for 2 more
sisterships must be exerted within
November 2013 and January 2014,
respectively, for delivery in July 2015
(so, before the second confirmed
vessels) and January 2016.
Last November Atlantska welcomed
79,335 dwt new Panamax bulk carrier
AP Jadran, built at China-based
Jiangsu Eastern Shipyard and sister
to AP Argosy delivered in April 2012,
while it awaits 2 other sisterships
this year. In 2012 the company also
took delivery of all 3 supramax
(57,300 dwt) bulk carriers ordered
from Korean yard STX, namely AP
AP Jadran, delivered last November
Astarea, AP Slano, and AP Ston (in
April, May and August, respectively).
In February 2012, Atlantska handed
over in Chennai, India, heavy lift
carrier Atlant Svenja (457 TEUs,
9,600 tons, 2x250 tons, built 1996) to
a Chinese buyer and, in March, small
bulk carrier Mokošica (2,600 dwt,
built 2006) to a Norwegian buyer.
The company’s fleet is presently
composed of 18 ships, whereof 15
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bulk carriers ranging from handysize
to Panamax, and heavy lift carriers
Atlant Trina and Atlant Frauke, all
owned, plus chartered-in 75,100 dwt
bulk carrier Jindal Varad (built 1994),
ie, Atlantska’s formerly owned Petka.
The group registered in Q1 2013 an
almost 29 million kunas profit (3.9
million euro) against an 84 million
kunas loss in Q1 2012. Arguably,
this indicates a company strategy
effectively taking advantage of low
newbuilding prices while being
confident in a recovery of charter fees,
the latter having indented Atkantska’s
2012 balance sheets, with an almost
80 million kunas loss on a 388 million
turnover (against a 17 million profit
on a 474 million turnover in 2011).
Mauro A. Bogdanović
Starting from a recent loading in Genoa, German shipping company MLB,
but headquartered in Italy, expands its technical and geographical offers
General cargo vessel Pacific Dawn,
just returned into German MLB
Sunship’s fleet, was recently loaded,
at Genoa Metal Terminal, with
15 parts of an Ansaldo equipment
(overall 1,113 cubic meters, 727 tons,
encompassing one 230 tons item)
heading for Egyptian El Dekheila.
“This wouldn’t be a peculiar
occurrence if the ship hadn’t loaded
the whole parts by means of her
own cranes (120 tons loading
capacity each)” illustrated Paola
Ghiani, number one of MLB Italy,
Italian branch of the German group,
headquartered in Genoa.
The manager also added that this
operation shows how even with
small units like the Pacific Dawn
(3,000 dwt capacity with a length of
105 meters, built in 2010, Ed.) MLB
is able to lift and transport massive
freights. “The group, usually engaged
in the North-Eastern corridor and in
Mediterranean routes is currently
expanding geographically, as a
matter of fact we recently cared a
delivery to Brazil and two further to
the Far East”, concludes the manager.
A.M.
www.ship2shore.it/english
14
PORTS
Monday 20 May 2013
Toulon, much more than a naval port base
Recalling La Spezia for its strategic role in the country, playing well as Savona in the
cruise and ferry field, and competing with the port Marseilles, true ‘Genoa of France’
Toulon (France) – Toulon definitely
went out in history after 1793 siege
when conquered by the French
monarchists to be subsequently handed
over to the British troops, forcing the
French army, headed by future emperor
Napoleone Bonaparte, to successfully
counterattack the enemy.
In that occasion Toulon was renamed
Port-de-la-Montagne, while the Corse
Captain promoted to Brigadier General
started marching to Italy: today one
the largest naval base of the
Mediterranean – has been recently
playing (well) as Savona, silently
joining, although not having former
tradition, the unprecedented cruise
business (as occurred fifteen years ago
to the Italian port of Liguria Western
Riviera) and currently attempting
to outclass Marseilles, the French
Mediterranean port leader perfectly
matching Genoa in our comparison
between Liguria and Southern France.
door of the old fortified walls is still
called the ‘Door to Italy’.
Toulon is the first town west of Cote
d’Azur – officially encompassed
in
Provence–Alps–Cote
d’Azur
Department - and renowned for its
large naval base boasting a long dating
tradition (as shown in the Naval Museum
located nearby the Naval base, to
celebrate its 200th anniversary in 2014)
however still having to play its poker of
cards in passengers trade, undoubtedly
able to offer cruisers a wonderful
Riviera and an almost unfailing mild
weather, for which the French town
was awarded, the prestigious Seatrade
Award as Destination of the Year 2010.
The ‘French La Spezia’ – undoubtedly
As a matter of fact Toulon has recently
operated as ‘turn around’ port, taking
advantage from the high speed TGV link
to Paris (3:15 hours) and the constantly
soaring cruise business spurred tourism
in this region that used to be popular
for perfumes and flowers, admittedly
alluring visitors for other attractions
,such as the wonderful Hyeres islands,
whereas taking a sort of revenge on the
exclusive Cote d’Azur, encompassing
the most outstanding locations of
the French Riviera, from Nice to
Villefranche through Cannes, and also
attempting to compete with Marseilles,
number one of the Camargue region in
terms of freight and passengers trade.
The magnificent Toulon (where Jacques
Cousteau originally plunged with
a rough-and-ready submarine, still
preserved on site), constantly called
by 1.7 million passengers per year, is
split into Petit Rade and Grand Rade
as the Italian port of Taranto, with its
Mar Grande and Mar Piccolo (Large sea
and small sea) – highlighting another
similarity between the two countries.
Founded as a Roman colony (although
rare evidence can be found due to World
War II bombing), the city is surrounded
by a natural bay whose marinas
continually host a wide range of yachts
and smaller boats (particularly fostered
by French law unlike the Italian one),
overlooked by 580 meters tall Mount
Faron (served by a cableway) from
which Toulon and neighbouring Seynesur-mer, committed to larger cruise
ships, Bregaillon, accommodating
ro-ro units and serving Turkey with UN
Ro-Ro ferries, can be seen.
That’s why a thorough visit of the port
and its surrounding areas, assisted
by two nice and gentle chaperon as
Delphine Beudin, responsible for Var
Provence Cruise Club and Port of
Toulon Cruise Promotion/Operations
and Anne-Marie Blum, responsible
for Marketing of Var Provence Cruise
Club and Toulon-Hyères International
Airport, definitely demonstrates how the
most wonderful natural bay in Europe,
as from this year also operating a small
train serving cruisers, undoubtedly isn’t
a severe naval base only!
Overall 23,000 people (many of whom
civilians) live and work in the base,
it follows to page 15
Naval Museum and Toulon Naval Base
www.ship2shore.it/english
15
Monday 20 May 2013
it follows from page 14
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lately deploying flagship Charles de
Galle (built in 2001) and previously
hosting two larger sister units: the Foch
and Clemenceau. However, considering
that France military commitment has
been recently declining, older units
are about to be scrapped, and Croatian
Viktor Lenac yard already built a
floating dock to demolish three of the
older ships encompassed in the French
fleet.
The main town of the Var province,
currently counting 170,000 people,
was also renowned for its infamous
prison, the ‘Bagne de Toulon’ (shut
down in 1873 and relocated to a foreign
colony) and its location allured several
shipyards (subsequently turned into
appealing waterfronts), while, as from
XVI century, it became the largest naval
base of France, able to counter 1707
Austrian-British siege and surrendering
to Germany in 1942 (WW2) sinking
their own ships.
Its urban development was conceived
and promoted by incumbent City
Council, headed by former Sarkozy
Minister, Hubert Falco, right wing
exponent who finally disrupted public
bribery launching a substantial plan of
development in his native town that
lately turned into a very popular site,
even in sports, with a very aggressive
and successful rugby team.
Moreover, the small neighbouring
airport of Hyeres, still boasting a high
potential of development, will ensure
further port’s upgrade; as a matter of
fact it will be shortly privatized and
major bidders are: Vinci, French giant
of the infrastructures, Var Chamber of
Commerce together with Nice airport
and a Canadian company.
Finally, the Tall Ships regatta, scheduled
next end of September, will put again
the spotlight on it.
Angelo Scorza
Delphine Beudin
www.ship2shore.it/english
16
Monday 20 May 2013
CEO Casteur illustrates ambitious plans encompassing new quays and sea filling works
Yannick Casteur, Managing director
of Toulon Port Operations, Bregaillonbased department of Var Chamber of
Commerce, illustrates that being a
booming port they can’t further hesitate
upgrading their infrastructures which
almost reached saturation. “Admittedly
passengers trades are soaring, by 2015
we envisage reaching half million cruise
passengers”.
In summer TCA Toulon Cote
d’Azur ferry terminal (to be
renamed
Toulon
Centre),
including Fournel, Minerve
and Corsica quays, is usually
overcrowded
by
private
vehicles and trailers departing
to Corse. SNCM’s links to
Ajaccio and Bastia, launched
in 2012 on a market originally
only served by Corsica
Ferries (operating twice-a-day
connections to Bastia, Ajaccio,
Ile Rousse and Porto Vecchio
since 2000), still holding
90% market flow (1 million
annual passengers) definitely
hampered port’s performance,
while Moby Line’s service only
lasted a couple of weeks.
“Next June former state-owned
company will replace the
old Corse with newbuilding
Mediterranèe, able to board 1,600
passengers and 700 cars” pinpoints
Casteur, entrusted to sort out the ongoing
dispute between cruises and ferries for
which the lengthening of ferries quay to
400 meters is being conceived.
Cruise companies are far more TCAoriented rather than calling the
uncomfortable Seyne-sur-Mer Môle
d’Armement, which forces passengers
to take a shuttle boat or bus to reach city
centre.
Meanwhile a 7-year plan, implying
150 million euro investment, foresees
engagement of central quays to cruises
shifting ferries terminal to the far more
functional Bregaillon (called by GLD
Grimaldi Louis Dreyfus be-weekly
service to Civitavecchia from 2005 to
2008, finally cancelled after disruption of
communitarian co-funding), however not
Anne Marie Blum and Yannik Casteur
appreciated by Corsica Ferries.
“We are also canvassing Bregaillon’s
new layout so as to consent simultaneous
berthing of 4 ferries, 1 ro-ro and 1 cargo
unit, definitely not intending to surrender
to break bulks or conventional freights”,
continues the manager.
As from this year a new 230 meters UN
Ro-Ro ship, built in Germany, will start
calling an already busy quay. Moreover the
joint venture between Conseil Général du
Var and Toulon-Provence-Méditerranée
already approved construction, by filling
an available dock, of a new 400 meters
quay (exceeding some 340 meters length
of the Liberty of the Seas) with 11 meters
draft able to receive Oasis of the Seas
units.
“Preliminary and environmental studies
started in November 2012 and we confide
the new structure - also encompassing a
terminal - will be completed
by 2015-2016 season. In the
meantime we are assessing
replacement of Seine-surMer temporary quay with a
permanent structure” illustrates
Casteur adding that the whole
plan implies 30 million euro
funding but lenders are still
unknown.
Regarding
marginal
but
not
secondary
businesses
the manager pinpoints that
demolition of 3 naval ships
through Viktor Lenac floating
dock will create a year job
and subsequent iron scraps
trade, particularly enhanced
by an innovative scrapping
process. “Also, last month an
unprecedented pipes trade to
Turkey was established and
other recent cement, silicate
and optical cables flows
started, while in 2015 we’ll install a new
equipment to restore and exploit dredging
sediments from the naval base. Regarding
break bulk segment next June we’ll install
the first Liebherr HMK280 mobile crane”.
Casteur also welcomes Monaco Marine’s
intention to operate a new maintenance
yard committed to yachts and catamarans
recalling former Provence commitment
in shipbuilding industry, currently ousted
by global crisis (only Mandrier-sur-merbased IMS yard is left); 20 million euro
TCA Toulon Cote d’Azur ferry terminal will soon change its name
investment from 2014 to late 2015, to be
operating from 2016.
Meanwhile PACA Marine Cluster
(300 members, 140 PMI and 176
marine security plans and eco-friendly
development)
pivots
on
Toulon,
actually hosting several marine and
submarine high technology firms to be
merged in TPM Techno Pole Marine,
located in Bregaillon where Ifremer
established the European Centre for
submarine technologies responsible for
oceanographic equipments’ development
and research.
www.ship2shore.it/english
17
Cruises: RCCL’s overconfidence,
MSC’s queries, Costa’s conundrum
“When I originally moved from Paris to
Toulon in 2007, town wasn’t so welcoming
as today, as a matter of fact cruise trade,
currently counting 300,000 passengers plus
1 million ferries passengers, was rather
weak: 75,000 overall cruisers. Nevertheless
thanks to our extensive commitment
completely supported by the Chambre du
Commerce, Toulon images and operations
substantially changed, we currently target
500,000 passengers” says Delphine Beudin.
Such development appealed all cruise
companies calling the Mediterranean.
That’s why the authority established to
strengthen main terminal’s capacity: a new
400 meters quay, able to accommodate
last generation ships, will be constructed
nearby TCA terminal, erroneously called
by former marketing operators TCA Toulon
Cote d’Azur, generally committing its two
quays to major customer Corsica Ferries
and a third one to SNCM (only offering 8.5
meters draft).
Although not having disclosed its intentions,
Costa Crociere seems having – recklessly?
– put a hand on Seyne-sur-Mer quay where
The peculiar logo of the Costa Pacifica in Seyne-sur-mer
“RCCL already contacted us to eventually
participate in the management of the new
cruise terminal, however we replied this
business is not for sale” bitterly prompt
Beudin and Blum.
MSC called the port randomly (6 calls of the
Sinfonia are scheduled in 2013), probably
regretting having joined partnership with
Marseilles cruise terminal.
Royal Caribbean is augmenting its calls with
subsidiary brand Celebrity and larger units
as the Liberty of the Seas, usually berthing
in Seyne-sur-Mer (10.5 meters seabed) for
logistic and dimensional reasons.
the two port managers, while visiting the
port, surprisingly noticed the blue and
yellow logo of the Italian company showing
the Costa Pacifica name on it, which could
be hinting a rather compromising clue.
Due to the lack of available quays, as
from year 2013 the area controlled by
local Chamber of Commerce will also
provide roads mooring, also considering
that Toulon is often accommodating ships
diverted from Marseilles when whipped by
the mistral. “Last year we received 15 ships
and overall 40,000 passengers” comments
the managers.
Monday 20 May 2013
Var Provence Cruise Club gives (good) figures
A good 3% is the growth rate of the 10
cruise ports network in the Var, praised
by cruise liners attracted by the diversity
of its excursions, recording a growth of
115% in the number of calls, and of
330% in passenger volume since 2008,
the launch-year of Var Provence Cruise
Club at the initiative of the Chamber of
Commerce and Industry and the General
Council to promote cruise activity in
the network, encompassing: Saint-Cyr,
Bandol, Sanary, Six-Fours, Toulon / La
Seyne-sur-Mer, Porquerolles / Hyeres,
Le Lavandou, Saint-Tropez, SaintRaphaël/ Fréjus.
“Toulon has become in just a few years
a major cruise destination in the French
Mediterranean. The implementation
this year of a quality welcome label
for passengers in partnership with
storekeepers, restaurants, hotels will
allow to maximize the satisfaction rate
with the aim to create customer loyalty”
said Jacques Bianchi, Président of
Chambre de Commerce et d’Industrie
du Var and Horace Lanfranchi,
Président of Conseil général du Var,
cofounders of Var Provence Cruise
Club.
2012 was an exceptional year with
348,000 passengers; Toulon itself
welcomed 311,000 passengers (+39%).
Forecasts look good for 2013 with 244
calls (+3%) and 363,000 passengers
overall (+4%).
The 2013 cruise season is spread
throughout the year and unofficially
started early February in Toulon hosting
two Costa calls diverted from Marseille
due to bad weather.
Officially, the 2013 program began
on 23 March with MSC Orchestra
and will end on 31 December with
Celebrity Reflection entering Toulon Bay
the Norwegian Jade, for an estimated
105 calls, and 260,000 passengers in
Toulon.
This year Toulon’s wharfs will
welcome two ships simultaneously
on six dates. In 2013, with 105 calls
scheduled, the main port concentrates
43% of the whole network, and 71% of
the passengers volume. Left nine ports
will welcome 139 calls adding up to
approximately 100,000 passengers.
“To welcoming partial turnaround
calls, a temporary cruise terminal was
delivered early 2012 in Seyne-sur-Mer;
a tender will be launched in summer
of 2013 for the project of building
a new cruise terminal aiming at
commissioning it for the cruise season
2015” Bianchi and Lanfranchi said.
In 2012 Toulon joined CLIA
France (Cruise Lines International
Association), formerly AFCC (French
Association of Cruise), to support the
development of home ports on the
French market, and in partnership with
this body, in order to boost the cruise
sales by travel agencies, have organized
the workshop ‘Happy Cruise’ at the
Palais du Commerce et de la Mer on
May 27.
“In 2013, Royal Caribbean maintains
partial turnaround calls in Toulon
with the flagship of its fleet deployed
in the Mediterranean, the Liberty of
the Seas; some 400 passengers are to
embark from 20 May to 21 October
(22 departures every Monday) for a
1-week cruise on the following route:
Toulon, Villefranche sur Mer, La
Spezia, Civitavecchia (Rome), Naples,
Barcelona” they noted.
As for transit calls, among the 15 cruise
lines who programmed the destination
in 2013, notable is the arrival of a new
prestigious company: Princess Cruises
which will call 10 times in Toulon
and 8 times with its Royal Princess,
coming straight out in June 2013 from
Fincantieri shipyard.
“The cruise line gave us the honor to
call, with Toulon as its first French port
on July 16”.
www.ship2shore.it/english
18
TRADING
Monday 20 May 2013
A second mission completed in London for Lugano’s ‘gold’
Ticino for Finance organised in the City another successful conference to approach
Europe’s most influential financial place to its operators of commodity trading sector
London - Some 60 delegates –
including representatives from law
firms, financial services, trading and
brokerage firms, transport and logistics
operators, and representatives from
industry and academic media sources
– attended the successful conference
‘Current Trends on Commodity
Trading Operations’ organised at
London Chamber of Commerce by
the association Ticino for Finance in
partnership with Lugano Commodity
Trading Association (LCTA).
Peter Bishop, Deputy Chief Executive
of the London Chamber of Commerce,
opened the meeting by welcoming
the attendees and highlighting the
importance of increasing awareness
of contemporary trends in commodity
trade financing, particularly due
to changing regulatory and policy
approaches in financial services and the
transactional nature of commodity trade
financing compared to other segments.
The first presentation was delivered by
Tobias Merath, Head of Commodity
and Alternative Investments Research
at Credit Suisse, who focused on
whether the gains seen in commodity
prices (so called super-cycle ) is in fact
over and if so, what implications this
is likely to have on price fluctuations.
The evidence provided pointed to the
view that the super cycle is indeed over.
Key observations included increased
divergence between individual markets
in addition to cross commodity
correlations falling further. The
underlying conditions explaining this
includes the fact that commodities are
no longer following equities as in the
past as liquidity is being injected into
stocks but not into the real economy.
Merath later provided a useful overview
of trends in demand and supply
and prices of different commodities
separately, including bulk commodities,
energy, industrials, and agriculture.
Jane Wood, Deputy Head of Commodity
Trade Finance, UBS, provided a clear
and detailed overview of the man types
of financing for big and small traders,
including the documentation and
regulatory framework that each type of
financing tends to involve.
Overall, the challenges faced by banks
when financing traders include the
it follows to page 19
Tobias Merath (Credit Suisse) and Jane Wood (UBS) representing the bank sector
www.ship2shore.it/english
19
Monday 20 May 2013
it follows from page 18
small margins, low equity, and shortterm nature of their operations, which
are by definition transactional.
Securitisation is also an added challenge
(which, as noted by LCTA’s Thomas
Patrick, larger traders are seeking to
resolve through sophisticated insurance
products). Some of the key points
include the high level of tailoring that
banks go through in their attempts to
mitigate risks (hence managing risk
by transaction). Another key point was
the increased relevance of counterparty
risk considerations in risk management
strategies of banks.
Thomas Patrick, President of Lugano
Commodity
Trading
Association
(LCTA) and Finance Director of
Duferco International Trade Holdings,
spoke on the role of traders as credit
providers to the commodity sector. By
focusing especially on steel, he firstly
presented a global overview of market
trends. Key was the positive position
that China finds itself in relatively to
market prices by being both a consumer
(46% of world usage) and supplier of
the commodity (hence only needing to
operation financing.
Bassi first of all noted the importance for
traders to have credit policies in place,
which is not always the case at present.
In line with the observation made by
Patrick, he also noted that traders tend
to act more quickly than the banks in
adjusting to changing risk scenarios by
reviewing their credit policies regularly.
In light of this fact, credit policies
influence trading operations depending
on how quickly and effectively traders
react to changing market dynamics.
Natalie Gupta
Thomas Patrick (LCTA - Duferco)
Jane Wood (UBS)
buy when it thinks the price is right).
The key argument emerging from the
presentation was that the role of traders
in financing transactions is increasing
as banks have become more risk averse
following the crisis. The key element
that has allowed traders to take on more
credit risk is securitisation through
‘Global or Whole Market Coverage
Programs’ offered by large insurers.
This increased role is comes alongside
strengthened in-house risk control
measures and the offering of solutions
to trading partners such as raw material
hedging and CMA sales. For this,
centralized risk management systems
which allow each component of risk
evaluated through regular reporting and
monitoring remain crucial.
Gianluca Bassi, CFO at DP Trade,
focused on the relationship between
traders and banks.
The presentation was based on the
experience of a relatively smaller
commodity trading firm, namely
DP Trade, compared to the previous
speaker. The key question was whether
credit policies influence the trading
Gianluca Bassi (DP Trade)
ÇConsilium
Consilium solutions for Navigation,
Safety & Environmental protection
Consilium Italy Srl.
Marine & Safety
Montagnana VP +39057168121, Genova +390105533900, Napoli +390815423122
[email protected], www.consilium.se
www.ship2shore.it/english
20
EVENTS
Cruising and yachting industries to meet in the cradle of shipping
Posidonia Sea Tourism Forum will take place at the end of May in the Greek capital city
While Fitch has upgraded Greek sovereign
debt (from CCC to B-), yachting and
cruising international communities are
preparing to fly to Athens for Posidonia
Sea Tourism Forum’s second edition. The
exhibition, to be held in late May, this year
has also become a CLIA Europe member.
Given the importance of the event - which
aims also to present the country’s touristic
offer to potential investors, thus helping
to lift up Greece’ economy - the Greek
government will be well represented,
Studio ASSociAto LegALe tributArio
Via XX Settembre 42 - 16121 GenoVa
tel. +39 010 537351 - FaX +39 010 53735500
s[email protected]
thanks to Minister of Shipping,
Maritime Affairs and Aegean Kostis
Moussouroulis, Minister of Tourism
Olga Kefalogianni, and Deputy Minister
of
Development,
Competitiveness,
Infrastructure, Transport and Network
Notis Mitarachi.
The main industry companies - in addition
to the ‘indigenous’ Louis Cruises - will
attend as well: Royal Caribbean, Carnival
Corporation, TUI Cruises, Costa Cruises,
Celebrity Cruises, Silversea Cruises,
Seabourn, and MYBA, ICOMIA Marinas
Group, Fraser Yachts Worldwide, plus the
Greek National Tourism Organisation.
All of them will have to face a long
list of issues, such as port and marina
Monday 20 May 2013
privatisation, infrastructure and future
development and prospects of the
cruise and yachting sectors in Greece
and the synergies that can be derived
by intraregional cooperation with
neighbouring destinations.
Despite of the large turnover in the area,
Theodore Vokos, Project Director of
Posidonia Exhibitions said, the sector has
still room for growth. “With 6 million
passengers per year the Mediterranean is
the world’s second largest cruising region,
as well as a preferred yachting destination
for hundreds of thousands of tourists from
all over the world, making sea tourism an
important economic growth vehicle for
Greece and the entire region. The Eastern
part of the region, which includes Greece,
Turkey, Croatia, Albania, Montenegro
and all the Black Sea countries, now
attracts a third of the Med’s total cruise
volume, bringing at least 2m visitors
per year – or 9.2m port visits” he added,
saying also that in monetary terms each
passenger port visit is worth an average
€ 99, with 80% going to the wider local
economy and 20% to the port, meaning
that cruising benefits the local economies
with over 1 billion euro annually.
But many operators are looking at the
emerging markets: some projections
indicate that a 0.5% penetration of
the Russian market alone would yield
700,000 cruise passengers annually –
or 3.2m port visits – “a considerable
addition to the current production of
North American and European mature
source markets” concluded Vokos.
www.ship2shore.it/english
21
SUPPLIERS
It’s Skövde the production heart of Volvo Penta
The company, leader in marine engines, presented the latest novelties in its state-of-the-art Swedish plant
Skövde, Sweden – As many as 73,000
marine engines of various types have been
manufactured in 2012 by Volvo Penta in
Skövde by means of almost completely
automatised procedures through 8
assembling points and 24 flow lines.
Nevertheless, this is not serial production,
they say at the plant: every single engine
of the D13 (89% of the overall output,
production started in 2005) and D16
Renault Trucks – and for third parties’
components” says Gerard Torneman,
Volvo Penta’s sales project manager.
After the sale of its car manufacturing
department, Volvo Penta focused on heavy
and industrial vehicles, buses, and marine
engines, as well as on logistics. Its plants
are located in Skövde, Flen and Doping
(Sweden), in Middletown, Charlotte and
Hagerstown (USA), Curitiba (Brazil),
(11%, started later on) is a self-standing
item, with 1,500 variations, needing from
3 to 12 days for completion, according to
complexity. Moreover, the production is
fully integrated vertically, starting for the
foundry inaugurated in 2010.
In 2012 the plant manufactured 177,076
cylinder heads alongside all other engine
components, involving the casting of
102,000 of raw material, “whereof 18%
for the production of discs for brakes on
behalf of Volvo Cars, as we work also
for the department heavy vehicles – eg,
Venissieux and Limoges (France), Leganès
(Spain), and Hany, Oota and Kounosou
(Japan).
Marine engines are mainly manufactured
in Sweden (20,000 units delivered in 2012),
as well as engines for land use (73,207
units), with substantial output also in
North America (42,993), France (39,008),
Brazil (11,451) and Japan (7,736).
Skövde is anyway the group’s most
advanced plant after its full revamping,
covering a 265,000 sqm area and
employing 2,800 people (whereof 16%
women) from 22 different countries. “If we
take into account activities linked to Volvo
Penta, a good deal of the 52,000 population
partakes in our business. Thanks to the
local administration’s far-sightedness we
were able to invest substantially, and this
turned out beneficial to dwellers” pinpoints
Jens Holtinger, VP GTO PWT at the plant.
During the visit to the test and training
centre in Krossholmen, the company
presented the range of pilot and coast guard
boats, with test ‘drive’ on Pilot Boat 745
(equipped with 2 engines DH13MH) and
on types PTA80 and Targa44 (equipped
with new engines IPS900MC and IIPS600,
respectively).
The IPS series is “a revolution in marine
engines, a new age for fast and patrol
boats” claimed Lars Ljungqvist, senior
vice president planning, product dev. &
purchasing, boasting also a path-breaking
piloting desk with a joystick helm
(forbidden to photograph) and a propulsion
system with the propeller at the forefront
of the pods (from 2 to 4, according to boat
type).
The IPS pods are based on Volvo Penta
engines (eg, the top one, IPS1050, is
boosted by a D13 type with a twostage turbine). “The forward-facing,
two-propellers
(counter-screwing),
360°-turning pods IPS system allow a 30%
cut in consumption and CO2 emissions,
a 40% wider operative range and the
halving of perceived noise and vibrations.
The positioning of the propellers, well
underneath the hull, allows them to
operate effectively even during sharp
changes of course and accelerations. As
a consequence, top speed is increased by
20% while you control the boat by simply
handling a joystick”.
Antonio O. Ciampi
Monday 20 May 2013
www.ship2shore.it/english
22
TOWAGE
Monday 20 May 2013
Sanmar become centenary
currently provides technical-nautical
services to six Turkish ports; abroad,
by means of joint ventures, it provides
towage services to the ports of Varna
(Bulgaria), Floro (Norway) and
Brunsbüttel (Germany).
As a shipyard it has, among its clients,
many compatriots (including Arpas,
Antmarin and the ports of Kusadasi,
Antalya, Gulluk, Marmaris); to date,
it had also Italian clients such as
Rimorchiatori Sardi, Rimorchiatori
Laziali, Fratelli Neri, Moby, Eureco
and Corima.
The Turkish shipyard has built its hundredth tug
and is completing the first LNG-powered units
The Turkish company Sanmar – which
works both as a tugs and pilot boats
shipyard and as towage and pilotage
services provider - announced the
completion of its 100th tug and is now
finishing the construction of the first
two LNG powered tugs in the world
whose delivery is expected within the
third quarter of 2013.
Sanmar 100th unit is an ASD (Azimuth
Stern Drive) tug designed by Robert
Allan Ltd and represents an update
of its RAmparts 2500 class (renamed
2400SX Sanmar eXclusive, while the
Turkish yard is naming it Bogacay).
This first unit, to be called Zeycan Y,
will serve in Gemport, in Turkey. It
develops 70 tonnes bollard pull and
will make use of a pair of powerful
1765kW Caterpillar type 3512C main
diesels turning Rolls-Royce model
US 205FP Z-drives (Bogacay class,
however, will feature two powerful
variants to give bollard pulls of 60 or
70 tonnes depending on the propulsion
machinery size). It has been designed to
meet the requirements of the American
Bureau of Shipping and is fitted with a
Fi-Fi (Fire Fighting) 1-2 system.
The most interesting news for Sanmar,
however, has yet to come to light.
Its two LNG powered escort tugs
are in fact still under construction at
company’s yard in Tuzla Bay and, as
already mentioned, will be delivered by
the third quarter of 2013 to Bukser og
Berging, which will lease them under a
time charter agreement to Statoil ASA
and gas operator Gassco, for operations
off the coast of Norway.
“Cooperation between the shipyard
team, the owners and designers Bukser
og Berging, the classification society
DNV and the Norwegian Maritime
Authority is proceeding well”
commented Sanmar’s Board Member,
Ali Gürün, also reporting that some 90
per cent of the steel construction was
already finished, that the process of
installing the LNG tanks and engines
has been completed successfully
and that the rest of the outfitting was
continuing as planned.
The tugs will be equipped with an
LNG system designed by AGA Cryo
and integrated with the Rolls-Royce
propulsion system; as the system has got
full gas redundancy it does not require a
diesel back up. The vessels, which will
also be equipped with two Rolls-Royce
azimuthing Z-drives, will measure
38m x 14.5m, have accommodation for
5 persons and achieve a static bollard
pull of 70 tonnes; they will comply
with Tier III and will be able to get a
significant reduction in emissions (92%
reduced NOx emission, 17% reduced
GHG emission, 98-100% reduced SOx
emission, 98% reduced particulates)
Sanmar, incorporated in 1976,
Ship2Shore
Direttore Responsabile
Angelo Scorza
Editore
ESA Srl
Via Assarotti 38/16
16122 Genova
P.I./C.F. 01477140998
Sede operativa
Via Felice Romani 8/2
16122 Genova
Tel. +39 010 2517945
Fax +39 010 8687478
e-mail: [email protected]
Iscriz. Trib. di Genova n. 19/2004
CCIAA di Genova, R.E.A. 412277
Cap. Soc. € 30.000 i.v.
www.ship2shore.it