The Prime Minister of the Hellenic Republic and President of New Democracy Party, Mr. Kyriakos Mitsotakis, is pleased to announce the appointment of Dr. Dionysia-Theodora Avgerinopoulou, MP, as Special Envoy for the Ocean. Dr. Avgerinopoulou will be serving as coordinator of the 9th Our Ocean Conference, scheduled to take place in Athens, Greece, from April 15th to 17th, 2024.
“Our Ocean Conference”, which was first organized in 2014, is an initiative by the U.S. Department of State and the Secretary John Kerry. The 9th Our Ocean Conference (OOC-9) is expected to consider ways of addressing the impacts of climate change, over-fishing and pollution of the seas. Within the Conference six (6) Areas of Action will be addressed: Marine Protected Areas; Sustainable blue economy; Climate-ocean nexus; Maritime security; Sustainable fisheries; Marine pollution, while Greece will underscore four horizontal elements cutting across the six areas of action of the Conference: (i) sustainable tourism in coastal areas and islands, (ii) green shipping, (iii) reduction of marine plastic and microplastic pollution, (iv) the green transition in the Mediterranean.

Dr. Dionysia-Theodora Avgerinopoulou, Member of the Parliament, Chair of the Special Permanent Committee on Environmental Protection and the Subcommittee on the Water Resources, has also served as Chair of Water of the Energy and Environment Committee of the International Chamber of Commerce; Chair of the Circle of the Mediterranean Parliamentarians on Sustainable Development; Vice-Chair of the Steering Committee of the Global Water Partnership Organization; and Vice-Chair of the Mediterranean Commission of Sustainable Development of UNEP/MAP. She has also been presented with the “Green Star” Award by UNEP/OCHA. Dr. Avgerinopoulou holds a Doctorate Degree in International Environmental Law, focusing on the protection of the marine environment and climate change.

Το άρθρο D. Avgerinopoulou appointed as Special Envoy for the Oceans εμφανίστηκε πρώτα στο Maritimes.

China’s 2023 two-way trade with Russia hit $240 billion, setting yet another new record, Chinese customs data showed on Friday, as the two countries pushed for closer economic ties even as the war in Ukraine raged on.

China, one of the world’s top oil consumers, has emerged as a major economic lifeline for energy exporter Russia, currently under Western sanctions. Moscow has also stepped up purchases of Chinese goods from cars to smartphones as European and U.S. brands left the Russian market.

China-Russia dollar-denominated trade hit $240.1 billion in 2023, growing 26.3% from a year earlier, according to the data by China’s General Administration of Customs.

Chinese shipments to Russia jumped 46.9% in 2023 from a year earlier, and soared 64.2% compared with 2021, before the Russia-Ukraine war, the customs data showed.

Imports from Russia rose 13% last year from 2022.

Half of Russia’s oil and petroleum exports in 2023 have been shipped to China, Russia’s state news agencies cited Russian Deputy Prime Minister Alexander Novak as saying in late December.

The Chinese customs did not release the oil imports data from Russia for the month of December.

Leaders and officials from both countries held multiple bilateral talks last year, hailing their “no-limits” partnership.

Beijing intends to expand energy cooperation with Russia along all stages of production, Chinese Ambassador to Russia Zhang Hanhui told the Russian state RIA news agency on December 19.

While Russia ramps up payments for imports amid Western sanctions, China has also increased the use of yuan to buy Russian commodities.

In yuan terms, two-way trade value between China and Russia stood at 1.69 trillion yuan ($235.90 billion) last year, up 32.7% year-on-year, the customs data showed.
Source: Reuters

Το άρθρο China-Russia 2023 trade value hits record high of $240 billion – Chinese customs εμφανίστηκε πρώτα στο Maritimes.

The European Union’s new customs pre-arrival safety and security system – Import Control System 2 (ICS2) – will introduce a new process for entry of goods by maritime and inland waterways, road and rail in the EU as of 3 June 2024. This is the third phase or release of the implementation of the new system that will extend safety and security data reporting requirements to all modes of transport. Similar requirements already went into force for air transportation of goods.

With this third release, maritime and inland waterways, road and rail carriers will also need to provide data on goods sent to or through the EU prior to their arrival, through a complete Entry Summary Declaration (ENS). This obligation also concerns postal and express carriers who transport goods using these modes of transport as well as other parties, such as logistics providers. In certain circumstances, final consignees established in the EU will also have to submit ENS data to ICS2.

Traders are strongly advised to prepare in advance for Release 3 to avoid the risk of delays and non-compliance. Affected businesses will be required to make sure they collect accurate and complete data from their clients, update their IT systems and operational processes, and provide adequate training to their staff. From 11 December 2023, traders will also need to successfully complete a self-conformance test before connecting to ICS2, to verify their ability to access and exchange messages with customs authorities.

EU Member States will grant authorisation, upon request, to the affected traders to gradually connect to ICS2 within a time-limited deployment window. Member States can grant the deployment window anytime within the following timeframes: from 3 June 2024 to 4 December 2024 (maritime and inland waterway carriers); from 4 December 2024 to 1 April 2025 (maritime and inland waterway house level filers); and from 1 April 2025 to 1 September 2025 (road and rail carriers). If traders are not ready on time, and do not provide the data required under ICS2, goods will be stopped at the EU borders and will not be cleared by the customs authorities.

The EU is a major player in international trade – it accounts for around 14 % of the world’s trade in goods. By collecting safety and security data, EU customs authorities will be able to detect risks earlier and to intervene at the most appropriate point in the supply chain to keep trade safe for the EU and its citizens. ICS2 will simplify the movement of goods between customs offices at the first point of entry and final destination in the EU. ICS2 will provide a single access point to communicate with all EU Member States’ customs authorities for all EU operations instead of 27 national interfaces. For traders, ICS2 will also streamline requests for additional information and pre-departure risk screening by customs authorities, thus reducing administrative burdens for businesses.

ICS2 in detail
ICS2 has been prepared in close collaboration between the European Commission, Member States’ customs authorities and businesses. The system is being implemented in three releases that will gradually replace the existing import control system.

With Release 1, from 15 March 2021, postal and express consignments coming to or through the EU by air became subject to a subset of the Entry Summary Declaration (so called pre-loading advance cargo information – also known as PLACI) prior to their loading onto the aircraft bound for the EU.

With ICS2 Release 2, from 1 March 2023, air cargo general consignments also became subject to the PLACI filing and to the complete set of data of the Entry Summary Declaration (ENS) prior to their arrival.

Release 3 is the third phase and will include maritime and inland waterways, rail and road modes of transport from 3 June 2024. Affected traders will need to be operationally ready for ICS2 within a time-limited deployment window. Like Release 2, the data filing will be provided in one single complete ENS filing, if all the necessary data is available to the party that files and assumes the responsibility for bringing the goods into the EU customs territory. Alternatively, it can be done with multiple filings, where more than one partial ENS filing is submitted by different actors in the supply chain. In case of multiple filings, each filer is responsible for ensuring that their own filings are submitted in a timely, accurate and complete way.
Source: European Commission

Το άρθρο Safety and security changes in the transportation of goods by sea, road and rail to the EU εμφανίστηκε πρώτα στο Maritimes.

Unsurprisingly, the COP28 international climate conference did not end with a dramatic shift in the world’s response to climate change. However, it did mark the beginning of the end for fossil fuels as the main energy source in the global economy. There were some small wins such as the operationalising of the loss and damage fund and the unanimous agreement on increasing the role of renewables by 2030.

The loss and damage fund was an early success for the conference, and its pot has pledges of around $800mn so far. Large donations have come from Europe and the UAE, while large emitters like the US were criticised for their small contributions. Still, more is needed to ensure the fund is accessible by those in need.

Fossil fuels’ future role dominated talks around the Global Stocktake, with debates over phrases such as ‘phasing down’ or ‘phasing out’ of these energy sources. Sadly, the final draft included neither, with language broad enough for wider interpretation. Yet, the overall message is clear: The energy sector must transition away from fossil fuels and make room for cleaner energy. In this vein, most countries have agreed to triple renewables and double energy efficiency.

Compared to earlier COPs, adaptation and finance did not advance much. The global goal on adaptation still lacks firm targets and the new goal for finance was pushed to 2024.
COP28 began with high stakes, but tempered expectations. Everything feels more urgent as the science gets more dire – the WMO confirmed 2023 was the hottest on record. However, expectations for COP28 were more cautious as the hosts’ proximity to the oil and gas sector left many concerned ambitions would not be enough. The outcomes of the conference proved to be bookended by a strong start and a weaker ending on the Global Stocktake (GST) response. We summarise some of the key outcomes (Table 1).

Click here for the full research briefing:

Το άρθρο COP28 – Incremental but not transformative εμφανίστηκε πρώτα στο Maritimes.

Sapura Energy Berhad (“Sapura Energy” or “the Company”) has received written confirmation from the Corporate Debt Restructuring Committee (“CDRC”) that at least seventy-five percent (75%) of the financiers of its approximately RM 10.3 billion in Multi-Currency Financing Facilities (“MCF Financiers”) have provided the requisite approval-in-principle for a proposed debt restructuring scheme (“PRS”).

The confirmation marks a significant milestone in Sapura Energy’s Reset plan, which includes efforts to address its unsustainable level of debt and amounts owed to trade creditors. The achievement reflects the Company’s commitment to formulating a fair and equitable solution for all its stakeholders, particularly Malaysian vendors who are small and medium enterprises. The exercise involves approximately RM1.5 billion in claims from vendors.

Since September last year, Sapura Energy and the MCF Financiers have been engaged in CDRC-mediated negotiations to reach an accord on the PRS. The approval-in-principle for the PRS paves the way for court-convened meetings with the relevant classes of creditors of Sapura Energy and its relevant subsidiaries.

“The Board of Directors and senior management of Sapura Energy extend their appreciation to the members of the CDRC for their invaluable guidance and professionalism during the mediation process. We are also grateful to the MCF Financiers for their continued support for Sapura Energy,” said Sapura Energy Group CEO Datuk Mohd Anuar Taib.

“We also wish to record our special acknowledgment to our advisors PricewaterhouseCoopers Advisory Services Sdn Bhd, Sage 3, Mr. Saheran Suhendran, Rahmat Lim & Partners, Kirkland & Ellis, Malaysian Industrial Development Finance Berhad, and Albar & Partners, as well as the advisors to the MCF Financiers including Kroll, Wong & Partners and Mayer Brown. Their collaboration, strategic insights, and commitment were instrumental in achieving this accomplishment.”

The Company and its advisors will continue working with the MCF Financiers and the CDRC to achieve successful closure of this debt restructuring. “With the approval-in-principle, we are quite confident that we are now approaching the last few milestones of this journey,” Datuk Anuar added. “This is indeed a positive step towards regularising our financial position, ultimately helping Sapura Energy exit from its status as a Practice Note 17 company.”

He also acknowledged Sapura Energy’s clients and vendors who had maintained their confidence in the Company throughout this challenging period. “Given the hurdles we faced, it’s understandable that not everyone could give us their backing. Hence, we are immensely grateful to the valued partners who have consistently demonstrated their unwavering support,” Datuk Anuar remarked. “We genuinely appreciate your trust, and we assure you of our continued efforts to deliver on promises and strengthen collaborations.”

About Sapura Energy Berhad

Sapura Energy Berhad is a global integrated energy services and solutions provider operating across the entire upstream value chain, including renewables. The Group’s spectrum of capabilities covers exploration, development, production, rejuvenation, decommissioning, and abandonment. With a highly skilled and technically capable workforce, strategic world-class assets, and strong project management capabilities, the Group today delivers its integrated solutions and expertise in over 20 countries. In 2019, Sapura Energy was named APAC Company of the Year for the Energy Services, Offshore and Marine category by the Energy Council.

Το άρθρο Sapura Energy receives financiers’ approval-in-principle for proposed restructuring scheme εμφανίστηκε πρώτα στο Maritimes.

Within the context of the 25th Annual Capital Link Invest in Greece Forum the New York Stock Exchange in cooperation with Capital Link organized for yet another year, a special ceremony, in honor of Greece, titled “GREEK AMERICAN ISSUER DAY” at the New York Stock Exchange.

This special ceremony has been taking place for 19 years in a row.

On this special occasion, the New York Stock Exchange (NYSE) flew the Greek flag on Wall Street and issued special commemorative medals to honor the occasion.

The ceremony was held with the participation of Greek Government Officials, the President of ATHEX Group and high level executives representing shipping and other companies listed on the New York Stock Exchange, as well as representatives of companies that participated the previous day, Monday, December 11th, at the 25th Annual Capital Link Invest in Greece Forum “Accelerating Investments for Sustainable Growth”. The Annual Capital Link Invest In Greece Forum, an international summit about Greece taking place in New York annually, was organized this year in cooperation with the New York Stock Exchange, the Athens Exchange and major investment banks.

Mr. John Tuttle – Vice Chairman NYSE & President NYSE Institute Intercontinental Exchange Inc. (NYSE: ICE) welcomed the Greek Delegation and the NYSE listed companies. He highlighted the long-standing relationship between the New York Stock Exchange and the Greek and Greek American business communities, and also pointed out that NYSE’s commitment to the Greek American diaspora, the Greek shipping and business community and the listed companies, remains strong.

Following Mr. Tuttle’s remarks, Dr. Nikolas P. Tsakos, Founder, President & CEO, TEN Ltd. (NYSE: TNP), and Mr. Yianos Kontopoulos, CEO, ATHEX Group, each delivered brief remarks in honor of the day. They referred to the increasing attractiveness of Greece as a business and investment destination, the internationalization of Greek businesses, the close relations between the United States and Greece across the board and also thanked the New York Stock Exchange for the long-standing cooperation and support and for hosting today’s event.

Prior to the closing bell ceremony, an exchange of commemorative gifts took place between Mr. John Tuttle – Vice Chairman NYSE & President NYSE Institute, Intercontinental Exchange Inc. (NYSE: ICE), Dr. Nikolas P. Tsakos, Founder, President & CEO, TEN Ltd. (NYSE: TNP) and Mr. Yianos Kontopoulos, CEO of ATHEX Group.

Dr. Nikolas P. Tsakos, Founder & CEO of TEN Ltd. (NYSE:TNP) and Mr. Yianos Kontopoulos, CEO of the Athens Exchange, rang the “Closing Bell”, closing the trading session on Tuesday, December 12th, 2023, of the NYSE-New York Stock Exchange, accompanied by: the Vice Chairman of NYSE & President of NYSE Institute, Intercontinental Exchange Inc. (NYSE: ICE), Mr. John Tuttle, Dr. Vassiliki Lazarakou- Chair of the Hellenic Capital Market Commission, (HCMC), Mr. Nikos Stathopoulos, Chairman of Europe & Member of the Management Committee-BC Partners, and representatives of the following NYSE listed companies : Mr. Panayiotis Peter Contis, Vice President Ameresco Inc. (NYSE: AMRC), Mr. Ted Xenohristos, Co- Founder & Chief Concept Officer of CAVA Group, Inc. (NYSE: CAVA) – Mrs. Semiramis Paliou, CEO of DIANA SHIPPING INC. (NYSE:DSX), – Mr. Paul Ferneyhough, Executive Vice President & Chief Strategy and Commercial Officer of ELDORADO GOLD CORP. (NYSE:EGO). Mr. Ted Petrone, Vice Chairman of NAVIOS MARITIME PARTNERS L.P. (NYSE:NMM), as well as Ms. Olga Bornozi, Managing Director – Capital Link, and Mr. Nicolas Bornozis, President – Capital Link.

The event was broadcasted live on major news stations in the United States and abroad to an estimated audience of 150 million viewers worldwide.

The active support and participation of NYSE, the world’s largest stock exchange, enhances the prestige and the visibility of Greece to a wider international investment audience. It also shows the stable support of NYSE to Greece, the Greek companies, the Greek shipping industry and the Greek American Diaspora. The US Capital Markets are a major source of capital for a growing number of companies of Greek interest and the New York Stock Exchange is playing a leading role in this.

THE CAPITAL LINK HELLENIC APPRECIATION AWARD TO NYSE

The previous day, in the context of the official luncheon held during the 25th Annual Capital Link Invest in Greece Forum “Accelerating Investments for Sustainable Growth”, Nicolas Bornozis, President of Capital Link gratefully presented “THE CAPITAL LINK HELLENIC APPRECIATION AWARD” to Mr. John Tuttle, Vice Chairman – NYSE ; President – NYSE Institute, for NYSE’s and his own longstanding support & contribution to Greece, Greek Entrepreneurs, the Greek Maritime Community & the Greek-American Diaspora.

This special ceremony, “GREEK AMERICAN ISSUER DAY”, has been taking place for 19 years in a row. 

ABOUT CAPITAL LINK
Founded in 1995, Capital Link is a New York based investor relations, financial communications and advisory firm with a strategic focus on the maritime, commodities and energy sectors, MLPs, as well as Closed-End Funds and ETFs. In addition, Capital Link organizes 18 high quality Investment Forums, webinars and podcasts, focusing on maritime transportation and U.S. investment products in 10 countries in the United States, Europe and Asia, in key industry centers, such as New York, London, Oslo, Hamburg, Athens, Limassol, Shanghai, Singapore, Tokyo and Hong Kong all of which are known for combining rich educational and informational content with unique marketing and networking opportunities. Capital Link is a member of the Baltic Exchange. Based in New York City, Capital Link has presence in London, Athens & Oslo.

Το άρθρο “Greek American Issuer Day” at the New York Stock Exchange εμφανίστηκε πρώτα στο Maritimes.

Saturday, 9 December 2023
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Dubai
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Press release
Speech by Commissioner Hoekstra at the High-Level Ministerial Roundtable on pre-2030 Ambition
“Check against delivery”

Distinguished ministers, dear colleagues,

I am not telling you anything new when I am saying that we are living in a critical decade for battling climate change.

We simply cannot ignore the impacts that we see all across the globe.

And despite of that, the production of fossil fuels in 2030 is currently expected to be double the amount that we need for a 1.5oC pathway.

We have to do something about this. If we don’t tackle fossil fuels, there truly is a risk to our credibility, but much more importantly, there is the huge risk that we will significantly overstep 1.5, and we know what a disaster that would be.

The European Union is delivering on its promises, and we are trying to do that at home and abroad. At home by outperforming our NDCs of 55 %. Our latest calculation suggests that we will reach 57 % by 2030. And this is crystal clear where we need to be in 2050.

We will come up with a new target by 2040 as well somewhere in the next year.

Internationally, I hope you’ve seen what we have managed to do on loss and damage, but we have also ensured € 28.5 billion – so 30 billion dollars – for the 100 billion package, which is substantial money.

Let me now, in the interest of time, reply to the guiding questions with our vision.

We need to make sure:

we have fossil fuel consumption peaking this decade and then continuously phase out afterwards.
[we achieve] the immediate end of new coal-based power installations.
[we achieve] the tripling of globally installed renewable energy capacity by the end of this decade, and the doubling of energy efficiency improvements globally, to take us towards a decarbonised global power system.
We all understand the benefits of these transitions, but we also know that in order to arrive at them, global financial flows need to be aligned.

We have already collectively committed to phase out fossil fuel subsidies. This commitment cannot just be an aspirational target anymore.

It needs to be underpinned by clear action. We need to free up resources so that they can be efficiently used for meaningful climate action.

There is a crucial role for Multilateral Development Banks and other Development Financial Institutions.

Let us make sure we have this nailed by the end of this COP.

Thank you.

Το άρθρο Speech by Commissioner Hoekstra at the High-Level Ministerial Roundtable on pre-2030 Ambition εμφανίστηκε πρώτα στο Maritimes.

bringing together thousands of young people from across the globe under the banner of climate action. 

COP28 President Dr. Sultan Al Jaber said: “This COP is working to build a global legacy and a better future for youth and children. This is a turnaround COP that will ensure full inclusivity is at the heart of the climate process.” 

Youth, Children, Skills and Education Day convened in Dubai on 8 December, with the COP28 Presidency delivery on its commitment to put young people at the center of climate diplomacy. The day finished with a graduation ceremony for the first-of-its-kind Youth Climate Delegates Program. 

Around one billion children are currently at extreme high risk from the impacts of climate change and many young people are already leading climate action all over the world. However, young people still have limited input into climate policymaking. Acknowledging the value and necessity of meaningful youth inclusion in the COP process, COP28’s Youth, Children, Skills and Education Day brought together young leaders to discuss central youth policy proposals for COP28 and to formulate a 2023 Global Youth Statement. 

Youth, Children, Skills and Education Day saw the Dubai Youth Climate Dialogue and Youth Stocktake Launch event. Attended by Parties, young leaders, and key youth stakeholders, it marked the finale of the COP mandated youth-led dialogue forum to discuss the central youth policy proposals for COP28 and the 2023 Global Youth Statement. 

The day included the announcement and discussion of the first ever Youth Stocktake, led by YOUNGO (the Children and Youth Constituency of the UN Framework Convention on Climate Change) and supported by Her Excellency Shamma Al Mazrui, the Youth Climate Champion (YCC). The Youth Stocktake represents the first extensive research analysis of youth inclusion in UNFCCC and youth policy outcomes. It offers a comprehensive analysis of youth inclusion, engagement, best practices, and strategies for amplifying youth participation in decision-making. 

Reflecting on the day, Her Excellency Shamma Al Mazrui, Youth Climate Champion commented: “At this COP, we have witnessed unprecedented initiatives fostering children and youth inclusion. With 110 dedicated delegates on the ground, our youth have not only made a significant impact through numerous speaking engagements and negotiations but have also effectively represented their communities. Today, and all the activity that has led to it, is focused on catalyzing transformative change that will stand as a lasting legacy for future COPs.” 

Throughout 2023, the COP28 Presidency has also called for strong action to improve global climate education, ensuring that future generations are equipped with the skills they need to unlock the opportunity of a Just Transition. During Youth, Children, Skills and Education Day, 38 countries agreed to sign the UNESCO Greening Education Partnership Declaration, committing to incorporate climate education into their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs). 

Education and future skills were a key focal point throughout the day, with a series of events designed to help young people unlock future career opportunities. 50 young people joined the Marketplace of the Future, a speed-dating-style event that sought to connect young delegates with access to funding, mentorship and job opportunities. 

Around 1,000 young people also attended a Green Skills Fair, which connected participants with potential employment opportunities or funding and offered an opportunity for networking with potential employers and leading climate experts. 

Youth, Children, Skills and Education Day closed with a graduation ceremony for the COP28 Youth Climate Delegates Program, which saw 110 young people from all over the world come together to celebrate their participation in the program. The Youth Climate Delegates Program represents the largest initiative to-date to expand youth participation in the COP process and had a special focus on delegates from Least Developed Countries, Small Island Developing States, Indigenous Peoples, and other minority groups. The young delegates who took part were equipped with full funding to participate, establishing a pioneering new model for youth inclusion in the COP process. 

In September, the United Nations Committee on the Rights of the Child adopted the ‘General Comment No. 26 (2023) on Children’s Rights and the Environment with a Special Focus on Climate Change’. This landmark pronouncement acknowledged the negative impact of climate change on all child rights, reemphasizing the right that every child has to a clean, healthy and sustainable environment. However, despite their greater vulnerability to climate change, just 2.4 percent of climate finance from key multilateral funds is child responsive. COP28’s Youth, Children, Skills and Education Day therefore represents a critical moment to engage youth in climate policymaking, ensuring the meaningful inclusion of children, young people and other marginalized groups in the process of climate policymaking. 

Recognizing the critical role of children and young people in global climate action and peacebuilding, the COP28 Presidency is committed to ensuring the meaningful engagement of young people and other marginalized groups in the COP process. As a country with a young population, the UAE has long emphasized the importance of youth in leadership positions, demonstrated by the appointment of Her Excellency Shamma Al Mazrui as the YCC, who was the youngest minister in the world when she first stepped into the role. 

During COP28’s Youth, Children, Skills and Education Day, the UAE also announced a new $220 million funding package for Africa, to help drive better health outcomes for youth.

Το άρθρο COP28’s flagship youth day hosted the first ever Youth Stocktake εμφανίστηκε πρώτα στο Maritimes.