Greece is a country with a population of nearly 11 million, which is 0.15% of the world’s total population and ranks 51st in Gross Domestic Product (GDP) being responsible for only 0.35% of the global GDP. Nevertheless, Greece has managed to reach and maintain a leading position in the global shipping industry. In particular, Greek shipping companies own almost 21% of the world’s merchant fleet, being the leader in Deadweight Tonnage with about 53.03% of the European fleet. The role that the Greek shipping industry carries out for the European Union is extremely significant and here is why: it transfers 87% of EU’s crude oil imports, 70% of EU’s natural gas imports, 40% of EU’s solid fossil fuels imports and it is responsible for transferring a big portion of EU’s exports, of which, 75.5% relies on shipping.
The term “energy” has become more familiar with developments in the economy and changing modern lifestyles. Energy demand is rising. Often, the natural resources of countries are insufficient to meet the increasing demand and this leads countries to seek alternative solutions.
On January 10, 2019, Nicholas Maduro started his new yet controversial six-year term of presidency; then, on January 23, Juan Guaido, who claimed that he did not recognize the legitimacy of the President, received support from the Parliament. The main goal of Guaido and his supporters is to deny the results of the 2018 Election and start a re-election.
In September 2019, Donald Trump announced new sanctions on Iran as a retaliation for its attacks against two oil plants in Saudi Arabia, an US ally in the Middle East. These sanctions targeted the Iranian Central Bank and the National Development Fund, accused of funding terrorists’ groups. This measure is only the latest of a series of increasingly severe sanctions starting in November 2018. What have been the effects of these measures so far, in particular on the oil industry, and what is going to happen next?
While Donald Trump have had a stare-off with Greta Thunberg in Washington over our planet’s future, great things have happened in the North Sea, as Mr. Trump himself would proclaim. The energy company Equinor, previously an oil company named Statoil, has just received a commission to build Hywind Tampen, the world’s fourth truly floating wind park. But what are floating wind turbines, where are we now, and is this a path into a slightly greener future.
On the 23rd of June 2016, a majority of 51.9% of British voters chose for the United Kingdom to leave the European Union. As we near the end of this almost three-and-a-half-year ride, it is more important than ever to understand the effect that Brexit could have on European shipping as a whole. Just to put into perspective the significance of Brexit’s potential effects on shipping for the EU and the UK, British trade to the EU comprises just under half of the UK’s total trade volume. Overall, the general theme of the potential effects for the UK are increased delivery times, increased costs, a decrease in trade volume, and a fall in registration of British vessels & GT (gross tonnage).
While crises in the past saw freight and charter rates increase again after short shock waves, the current one is far from over regarding the persistent overcapacities and the peculiar appetite of owners to order tonnage in years of crisis. The race what liner is going to come out of the crisis as the winner has begun.