Economy

Cyprus Aims to Further Develop Maritime Influence

Cyprus Communications and Works Minister Efthymios Flourentzou expressed the country's goal to maintain and expand its sphere of maritime influence.

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World City America Advocates for US-Flagged Cruise Ships

World City America, home of the American Flagship Project, has written to US President Barack Obama encouraging him to reconsider legislation currently prohibiting the financing of nationally-flagged overnight passenger vessels.

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Free Market Still Industry’s Best Option

In light of South Africa considering introducing cabotage regulations along with similar protectionist measures being adopted by China and Korea, an industry commentator has written that cabotage laws still introduce more costs than benefits.

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Iranian Crude Oil Exports in Decline

A Lloyd's List Intelligence study indicates that Iranian crude oil export volumes for March 2012 were one-third lower than their monthly average for 2011, potentially suggesting that sanctions imposed on the country are having an effect.

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Lithuanian Shipowners Association Chairman Discusses Value of National Fleet

Reprint of "A flag flying on a vessel creates the state's image" first published in Made in Lithuania.

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Isle of Man Department of Economic Development opens Singapore Office

The Isle of Man Department of Economic Development has opened a satellite office in Singapore to further develop its burgeoning Asian presence.

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US Law Firm Explains Impact of Sanctions on Trade

The U.S. law firm Holland and Knight explains that in today's world of sanctions on Iran, North Korea and Syria shipping companies need to be extra cautious in conducting trade.

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Industry Lawyer Skeptical about German Shipowners' Association's Flag Fundraising Scheme

Maritime lawyer Hans-Heinrich Nöll is uncertain of the effectiveness of the German shipowners' association VDR's current plan to increase registrations with the national and EU flags.

VDR's idea is to charge shipowners a fee around €15,000 to obtain a permit to flag out a ship, and use this revenue to help fund training programs on German and EU-flagged vessels.

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India's National Shipping Board Chairman Asks for More Government Support

India's National Shipping Board Chairman Captain Mohan is calling for reforms to develop the national maritime industry.

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European Banks Have Little Interest in Turkish Flag

Turkish shipowners are struggling to find financiers for nationally registered vessels.

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