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10 October 2025
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Oct 10, 2025Splash247
US alternative financier Hudson Structured Capital Management (HSCM) has raised $719m for its latest shipping vehicle, marking the Connecticut-based firm’s largest maritime fund to date.
The new fund, Hudson Northern Shipping Fund V (HNSF V), exceeded its $700m target, underscoring continued investor appetite for ship finance outside traditional banking channels.
Based in Stamford, HSCM said the fund will primarily invest in senior loans and capital leases secured by vessels, targeting opportunities across the blue-water shipping market. The investor base includes a mix of public pension plans and insurance companies, with both new and returning backers participating in the round.
As part of the offering, HSCM structured a rated note feeder vehicle for the fund — capitalised through the issuance of notes, most of which were granted investment-grade ratings by an independent agency.
“The final closing of HNSF V reflects a major milestone for the Hudson Northern Shipping strategy, as it is our largest fund vintage to date,” said Jason Braunstein, co-chief investment officer at HSCM, adding: “Demand for non-bank lending has continued to grow, and we are excited to have broadened our investor base to meet that need.”
Managing partner Michael Millette noted that the new note vehicle “allows fresh investors to access this lightly correlated sector,” helping diversify capital sources for the maritime industry.
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Us Port Fees, And $3 Billion In Costs, Loom For Owners Of Chinese-Built Shipsin Port News
09/10/2025
The U.S. is one week away from imposing port fees on certain vessels with links to China, a move expected to cost the top 10 carriers $3.2 billion next year as President Donald Trump seeks to address China’s growing dominance on the high seas.
“While some observers believe the October 14 deadline may be extended — or even scrapped — as part of broader negotiations, the uncertainty has already unsettled carriers, adding another layer of geopolitical risk to fleet deployment strategies,” S&P said in a report this week.
Trump’s administration said fees imposed on ships built, owned or operated by Chinese entities will help pay to revive U.S. shipbuilding. A law to direct that long-term funding is making its way through the U.S. Congress with strong bipartisan support.
In an update late last week, the U.S. Trade Representative put ship owners on notice that they, not the agency, are responsible for establishing if the fees apply.
“The burden for determining if a vessel owes the fee is on the operator, NOT CBP,” USTR said.
It also said fees must be paid through the Department of the Treasury’s Pay.gov website, not at the port of entry.
Vessels owned or operated by a Chinese entity will face a flat fee of $80 per net tonnage per voyage to the U.S. Non-Chinese operators of Chinese-built ships will be charged the higher amount of either $23 per net tonnage or $154 per 20-foot equivalent unit capacity. Both fees are imposed on a ship no more than five times a year, maritime technology and data provider Alphaliner said.
Following intense industry push back, USTR significantly eased fees from initial proposals, exempted many U.S.-based operators and extended the timeline for fees on liquefied natural gas (LNG) carriers.
On the other hand, it expanded fees to include any non-U.S. built roll-on/roll-off auto carriers – with exceptions for U.S.-flagged ships.
Alphaliner estimated that Chinese carrier COSCO 601919, including its OOCL fleet, is most exposed to the fees.
COSCO’s fees could be as much as $1.53 billion next year – nearly half of the $3.2 billion projected for the top 10 cargo carriers, it said.
Many other carriers, including France’s CMA CGM, said they re-deployed Chinese-built ships to avoid the fees.
Meanwhile, Beijing has responded. Premier Li Qiang signed a decree pledging countermeasures against any discriminatory measures on Chinese ships or crews.
Trump and Chinese President Xi Jinping are slated to meet at the Asia-Pacific Economic Cooperation (APEC) summit scheduled for late October through November 1 in South Korea.
Last year, U.S. shipyards built fewer than 10 commercial ships. China shipyards, many of which build both commercial and military vessels, turned out well over 1,000.
Source: Reuters
Hellenic Shipping News
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10 October 20253 min readUs Port Fees, And $3 Billion In Costs, Loom For Owners Of Chinese-Built Ships
Hellenic Shipping News
10 October 2025
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Hudson Structured Capital Management Announces $719 Million Closing Of Hudson Northern Shipping Fund V Lpin International Shipping News
09/10/2025
Hudson Structured Capital Management Ltd. (“HSCM”), an investment manager focused on alternative assets across the Transportation and Re/Insurance sectors, announced the final closing of Hudson Northern Shipping Fund V LP (“HSNF V” or the “Fund”) with total commitments of $719 million, exceeding its $700 million target. HNSF V primarily invests in senior loans and capital leases secured by vessels.
The Fund received commitments from both new and existing investors, consisting primarily of public pension plans and insurance companies. As part of the Fund offering, HSCM structured a rated note feeder vehicle to invest in the Fund, which was capitalized by the issuance of notes, a majority of which received investment-grade rating from an independent third-party rating agency at closing. Ratings are opinions and are not guarantees of future performance.
“The final closing of HNSF V reflects a major milestone for the Hudson Northern Shipping strategy, as it is our largest fund vintage to date. Demand for non-bank lending has continued to grow, and we are excited to have broadened our investor base to allow us to meet the needs of our customers” said Jason Braunstein, Co-Chief Investment Officer for the strategy.
“We are pleased to announce the launch of a rated note feeder vehicle focused exclusively on blue-water shipping,” said Michael Millette, Managing Partner of HSCM. “This structure has allowed new investors to access this lightly-correlated sector.”
Performance Trust Capital Partners LLC acted as structuring advisor and Haynes Boone acted as counsel for the rated note feeder vehicle. Seward & Kissel LLP acted as fund counsel for HNSF V.
Hudson Structured Capital Management Ltd. is an asset manager focused on alternative investments in the Re/Insurance and Transportation sectors. The firm pursues opportunities across primary, secondary, and structured transactions with an emphasis on disciplined underwriting, alignment, and capital efficiency.
Source: Hudson Structured Capital Management Ltd.
Hellenic Shipping News
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10 October 20252 min readHudson Structured Capital Management Announces $719 Million Closing Of Hudson Northern Shipping Fund V Lp
Hellenic Shipping News
10 October 2025
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Alternative Lender Hudson Structured Raises $719M For Ship FinanceUS alternative financier Hudson Structured Capital Management (HSCM) has raised $719m for its latest shipping vehicle, marking the Connecticut-based firm’s largest maritime fund to date.
The new fund, Hudson Northern Shipping Fund V (HNSF V), exceeded its $700m target, underscoring continued investor appetite for ship finance outside traditional banking channels.
Based in Stamford, HSCM said the fund will primarily invest in senior loans and capital leases secured by vessels, targeting opportunities across the blue-water shipping market. The investor base includes a mix of public pension plans and insurance companies, with both new and returning backers participating in the round.
As part of the offering, HSCM structured a rated note feeder vehicle for the fund — capitalised through the issuance of notes, most of which were granted investment-grade ratings by an independent agency.
“The final closing of HNSF V reflects a major milestone for the Hudson Northern Shipping strategy, as it is our largest fund vintage to date,” said Jason Braunstein, co-chief investment officer at HSCM, adding: “Demand for non-bank lending has continued to grow, and we are excited to have broadened our investor base to meet that need.”
Managing partner Michael Millette noted that the new note vehicle “allows fresh investors to access this lightly correlated sector,” helping diversify capital sources for the maritime industry.
Splash247
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10 October 20252 min readAlternative Lender Hudson Structured Raises $719M For Ship Finance
Splash247
10 October 2025
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Rio Tinto And Partners To Invest $733 Million In Pilbara Iron Ore Projectin Commodity News
08/10/2025
Rio Tinto RIO said on Tuesday it along with its joint venture partners Mitsui Iron Ore and Nippon Steel 5401 will invest $733 million to develop new iron ore deposits at the West Angelas hub in Western Australia’s Pilbara region.
Rio Tinto, which will contribute $389 million, said the West Angelas Sustaining project will maintain the hub’s annual production capacity at 35 million tonnes, extending mining operations for several years.
The construction will create about 600 jobs, while around 950 full-time roles will be sustained once the project becomes operational. Autonomous trucking of ore is set to begin in 2027.
Mining major Rio added the project forms part of a suite of replacement iron ore developments across Pilbara, supporting a total capacity of around 130 million tonnes per annum.
The West Angelas hub has been a critical part of Rio Tinto’s operations since 2002. Beyond this project, Rio Tinto is advancing a pre-feasibility study for Rhodes Ridge, targeting an initial capacity of up to 40 million tonnes per annum and first ore by 2030.
Shares of Rio Tinto RIO rose 0.9% to A$124.72, outperforming the broader benchmark index XJO, which edged 0.1% lower as of 2329 GMT.
The miner also recently opened the $2 billion Western Range iron ore mine in partnership with China Baowu Steel Group, aimed at sustaining output from its Paraburdoo hub in the Pilbara for up to two decades.
Source: Reuters
Hellenic Shipping News
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09 October 20252 min readRio Tinto And Partners To Invest $733 Million In Pilbara Iron Ore Project
Hellenic Shipping News
09 October 2025
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Danaos Corporation Announces Senior Notes Offering Of $500 Millionin Hellenic Shipping News
07/10/2025
Danaos Corporation announced today that it plans to commence an offering of up to $500 million of Senior Notes due 2032, subject to market conditions and other factors. The notes are to be offered and sold in a private offering exempt from the registration requirements under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
The Company intends to use the net proceeds from the offering to (i) redeem in full the $262.8 million outstanding principal amount of the Company’s 8.500% Senior Notes due 2028 (the “2028 Notes”) on or about March 1, 2026, (ii) repay in full the outstanding principal amount under its BNP Paribas/Credit Agricole $130 million Secured Credit Facility on December 1, 2025, (iii) repay in full the outstanding principal amount under its Alpha Bank $55.25 million Secured Credit Facility on December 1, 2025, (iv) to pay costs, fees and expenses related to the refinancing, including commissions, placement, financial advisory fees and other transaction costs and professional fees, and (v) for general corporate purposes.
This release does not constitute a notice of redemption with respect to the 2028 Notes and investors are urged to refer to the relevant notice of redemption, when available, for more information regarding the conditions precedent to such redemption, redemption price, record date and redemption date.
This announcement is not an offer for sale or a recommendation or solicitation to buy or sell any securities, nor shall there be any offer, solicitation, or sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws.
Source: Danaos Corporation
Hellenic Shipping News
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08 October 20252 min readDanaos Corporation Announces Senior Notes Offering Of $500 Million
Hellenic Shipping News
08 October 2025
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Pakistan Sends First-Ever Rare Earth Shipment To U.S. Under $500 Million DealPakistan has exported its first-ever shipment of rare earth elements and critical minerals to the United States, marking the beginning of a $500 million partnership between Islamabad and Missouri-based U.S. Strategic Metals (USSM).
The development follows an agreement signed in September aimed at strengthening bilateral cooperation in mineral exploration and processing.
The consignment, prepared locally in coordination with the Frontier Works Organisation (FWO), includes antimony, copper concentrate, and rare earth elements such as neodymium and praseodymium, according to Dawn.
Officials said the delivery represents a major step in implementing the newly signed framework between Pakistan and the U.S. for developing the entire mineral value chain.
Two Memorandums of Understanding (MoUs) were signed on 8 September 2025 between the Government of Pakistan and USSM, witnessed by Prime Minister Shehbaz Sharif, Field Marshal Asim Munir (N.I.), and senior officials from both countries.
The agreement sets out cooperation in exploration, beneficiation, processing, and the establishment of refining facilities within Pakistan.
According to government sources, the arrangement aligns with U.S. President Donald Trump’s strategy to diversify supply chains for critical materials needed in defence, renewable energy, and advanced manufacturing sectors.
Officials in Islamabad said the deal will help Pakistan enter the global minerals supply network, potentially generating substantial revenue and employment while supporting technology transfer.
The country’s mineral reserves are estimated at around USD 6 trillion, placing it among nations with significant untapped natural resources.
A statement released by USSM described the first shipment as a “milestone” in the Pakistan–U.S. partnership, adding that the company intends to expand cooperation with the FWO in the coming phases. The American firm specialises in the production and recycling of critical minerals identified by the U.S. Department of Energy as vital for modern technologies.
The partnership offers the U.S. an opportunity to strengthen supply security for strategic materials while reducing dependency on dominant suppliers that currently control the global market.
However, the agreement has drawn criticism from Pakistan’s opposition party, Pakistan Tehreek-e-Insaf (PTI). Party Information Secretary Sheikh Waqqas Akram urged the government to disclose full details of what he termed “secret deals” with Washington. He argued that such arrangements must be debated in parliament and made public to ensure transparency.
Reference: US Strategic Metals
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In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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08 October 20253 min readPakistan Sends First-Ever Rare Earth Shipment To U.S. Under $500 Million Deal
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08 October 2025
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2020 Bulkers Sells Newcastlemax Trio In $209M DealLars-Christian Svensen-led 2020 Bulkers has inked an agreement to sell three of its newcastlemax vessels for $209m to an unnamed buyer.
The Oslo Børs-listed newcastlemax shipowner said it had agreed to offload the 208,000-dwt Bulk Sandefjord and Bulk Santiago, both built in 2019, and the 2020-built vessel, Bulk Shenzhen.
The three newcastlemax vessels will be sold to an unaffiliated third party for a total consideration of US$209m.
As it is reported, each sale is subject to certain closing conditions, in line with industry standards.
The company will retain the vessels’ respective operating cashflows until closing of each vessel transaction, the shipowner said in a filing, each of which is agreed to take place during the first quarter of 2026.
Meanwhile, the shipowner expects to recognize a net book gain of around US$89m upon completion of the transactions.
The company’s board of directors will, subject to completion of the sales, determine the allocation of the net proceeds from the transactions.
Currently, 2020 Bulkers has six newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.
Shipping Telegraph
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30 September 20251 min read2020 Bulkers Sells Newcastlemax Trio In $209M Deal
Shipping Telegraph
30 September 2025
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India Approves $8 Billion Plan To Become Global Shipbuilding Leader By 2030In a historic move to strengthen its maritime capabilities, India’s Union Cabinet approved a ₹69,725 crore (around $8 billion) incentive package for the shipping and ports sector on Wednesday.
The decision aims to transform India’s shipbuilding industry, modernise port infrastructure, encourage domestic ship ownership, and position India as a major player in global shipping.
The goal is to move India from the 16th position in global shipbuilding to a place among the top 10 by 2030, and to reach the top five by 2047. The initiative is expected to generate 3 million jobs and attract investments worth ₹4.5 trillion.
Union Information and Broadcasting Minister Ashwini Vaishnaw said the maritime reforms are part of a larger ₹95,000 crore government package that also includes investments in railways, highways, human resources, and medical education.
Four Pillars of the Maritime Growth Plan
The ₹69,725 crore package rests on four major pillars:
1. Shipbuilding Financial Assistance (₹24,736 Crore)
The SBFA scheme will offer direct financial incentives to shipyards. Vessels valued below ₹100 crore will get a 15% subsidy, those above ₹100 crore will get 20%, and special, green, and hybrid vessels will receive 25%, with a requirement of at least 30% local value addition.
Additionally, a credit note equivalent to 40% of a vessel’s scrap value will be provided when the ship is dismantled in India. This credit can be used toward the cost of constructing a new vessel. A total of ₹20,554 crore has been allocated for SBFA until March 2036.
2. Maritime Development Fund (₹25,000 Crore)
The MDF will include a ₹20,000 crore Maritime Investment Fund to support equity investments and a ₹5,000 crore Interest Incentivisation Fund offering a 3% interest subsidy for loans linked to shipbuilding, ship repair, port expansion, inland waterways, and coastal shipping projects.
3. Shipbuilding Development Fund (₹19,989 Crore)
This fund will promote the creation of shipbuilding and maritime clusters to enhance efficiency, infrastructure, and scale in the sector.
4. Legal and Policy Reforms
The government will work with stakeholders to build a legal framework for dispute resolution and arbitration, ensuring smoother operations and investor confidence.
Impact on Shipbuilding and Ports
The reforms aim to raise India’s shipbuilding capacity from just over 0.1 million gross tonnes to 4.5 million gross tonnes initially, with the potential to reach 8.2 million gross tonnes. The package also seeks to add 250 million tonnes per annum to port capacity and more than 2,500 vessels to the fleet.
The maritime sector has widely welcomed the announcement. Rear Admiral Vipin Kumar Saxena (retd), CEO of Swan Defence and Heavy Industries, called it an important step for shipbuilding growth. Capt Anand Jayaraman of Mitsui O.S.K. Lines said strengthening shipbuilding in India is essential as global supply chains change.
Nagarajan Jambunathan, CFO of JSW Infrastructure, said the move will speed up trade flows and attract private investment. Pushpank Kaushik, CEO of Jassper Shipping, said the shipbreaking incentives will support sustainable and circular economy practices.
References: cnbctv18, livemint
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In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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26 September 20254 min readIndia Approves $8 Billion Plan To Become Global Shipbuilding Leader By 2030
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26 September 2025
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Nyk Completes First Ship-To-Ship Transfer Of 23,000 Tons Of Liquefied AmmoniaJapanese shipping company, NYK Line completed its first-ever ship-to-ship (STS) transfer of liquefied ammonia, moving approximately 23,000 tons between two vessels in open waters off Ceuta, Spain on September 2, 2025.
The ammonia was transferred from the carrier Berlian Ekuator, owned by NYK and time-chartered by Mitsui & Co., to the ammonia carrier Eco Enchanted, operated by Trammo, Inc., a leading ammonia trading company.
This was NYK’s first STS transfer of liquefied ammonia, adding to its established experience in STS operations involving crude oil, liquefied natural gas (LNG), and liquefied petroleum gas (LPG).
NYK leveraged its expertise and upgraded safety management system to ensure the transfer was completed securely under strict safety measures.
Trammo brought in its years of experience in ammonia handling, working with its designated STS specialist provider, International Fender Providers Ltd., to support the operation. The collaboration ensured the safe movement of the entire cargo in compliance with rigorous safety protocols.
Ammonia is a vital industrial product, widely used in fertilizers and chemicals. Beyond these uses, it is gaining attention as a carbon-free fuel option for the future.
Industry experts believe ammonia could play an important role in decarbonising shipping and other sectors, making it a key part of future energy systems.
Unlike conventional port-based transfers, STS transfers are flexible because they do not depend on port facilities, making them a good solution for growing ammonia transport needs. The success of this operation is seen as a milestone toward developing a global ammonia supply chain.
Reference: NYK Line
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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26 September 20253 min readNyk Completes First Ship-To-Ship Transfer Of 23,000 Tons Of Liquefied Ammonia
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26 September 2025
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Singapore Shipping Firm Refuses To Pay $1 Billion Fine For Sri Lanka’S Worst Pollution DisasterA Singapore-based shipping company, X-Press Feeders, has refused to pay US$1 billion in damages ordered by Sri Lanka’s Supreme Court for the country’s worst environmental pollution disaster, caused by the sinking of the MV X-Press Pearl near Colombo Port in June 2021.
The ship caught fire for nearly two weeks, reportedly due to a nitric acid leak, while carrying 81 containers of hazardous materials (including acids, lead ingots) and hundreds of tonnes of plastic pellets. Attempts to offload the leaking acid in Qatar and India were refused before it reached Sri Lankan waters.
The disaster polluted an 80-kilometre stretch of Sri Lanka’s western coast, with microplastics affecting beaches and marine life. Fishing was banned in the area for several months.
In July 2025, the Supreme Court of Sri Lanka ordered X-Press Feeders to pay an “initial” US$1 billion in damages within a year, with US$250 million due immediately and further payments required later.
Shmuel Yoskovitz, CEO of X-Press Feeders, told AFP that the company would not comply with the ruling, citing concerns about its impact on global maritime trade and the principle of limiting liability.
He said the company has already spent US$170 million on cleanup, wreck removal, and compensating fishermen and is willing to pay more under maritime conventions as a final settlement. He described the court ruling as a “hanging guillotine” that threatens normal operations.
The Sri Lankan government plans to seek advice from the attorney general on next steps. Government spokesman Nalinda Jayatissa said officials will follow legal guidance to enforce the judgement.
The United Nations in Colombo welcomed the Supreme Court’s ruling, describing it as an important move for justice and accountability. It noted that the “polluter pays” principle is recognised under international agreements, including the UN Convention on the Law of the Sea.
Experts warn that long-term environmental damage will persist despite major cleanup efforts immediately after the incident. Hemantha Withanage of the Centre for Environmental Justice said beaches may look clean, but marine ecosystem damage will continue for years.
The court also directed police and prosecutors to start criminal proceedings if the company or associated parties fail to comply. The ship’s Russian captain, Vitaly Tyutkalo, has been barred from leaving Sri Lanka for over four years.
X-Press Feeders had offered a fine to secure the captain’s release, but it was rejected. The company had also obtained a London Admiralty Court order in July 2023 limiting its liability to a maximum of £19 million (US$25 million), a decision currently being challenged by Sri Lanka.
Additionally, the Sri Lankan government has filed a case against X-Press Feeders in the Singapore International Commercial Court. The case is on hold until the London proceedings conclude, with a pre-trial hearing expected in May 2026.
Reference: FirstPost
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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24 September 20254 min readSingapore Shipping Firm Refuses To Pay $1 Billion Fine For Sri Lanka’S Worst Pollution Disaster
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24 September 2025
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Eu Seizes 2,435 Containers Worth €250 Million In Biggest Ever Bust At Port Of PiraeusThe European Public Prosecutor’s Office (EPPO) in Athens has carried out the largest container seizure in European Union history, intercepting 2,435 shipping containers at the port of Piraeus. The containers, valued at around €250 million, were mainly loaded with e-bikes, textiles, and footwear.
The seizure followed a coordinated raid at the end of June 2025 under EPPO’s Operation Calypso, which targeted organised groups smuggling goods from China to avoid customs duties and VAT. The operation, carried out in four countries, led to the arrest of ten suspects.
In Athens, six people, including two customs officers, have been charged with fraud. Investigators say the officers repeatedly issued false certificates, causing over €871,000 in losses to the EU budget. Four customs brokers are also accused of customs fraud and encouraging false declarations, involving the same amount in unpaid duties and taxes. One broker was arrested last Friday, while four others arrested in June remain in custody.
The first 500 containers were seized during the June raid itself. Later, an additional 1,935 containers in transit to the EU were intercepted upon arrival in Piraeus, bringing the total to 2,435 containers, the largest seizure of its kind in the EU. Authorities confirmed that all containers were directly linked to the alleged fraud network.
Greek customs officials have begun inspecting the containers, but only a few have been opened so far. Each checked container shows similar misdeclarations and undervaluation. Officials said that opening and analysing thousands of containers is an unprecedented task for the Piraeus customs team and also presents safety risks.
Among the seized shipments, 500 containers were packed with e-bikes, and 360 of them had not been declared at all. Investigators said that, on average, only 10–15% of the e-bikes in each container were declared to customs. This method allowed the importers to avoid anti-dumping duties applied to e-bike imports from China. Losses from these e-bikes alone are estimated at €25 million in unpaid customs duties and €12.5 million in VAT.
The European Public Prosecutor’s Office (EPPO) reported that this fraud had been ongoing for at least eight years, with similar numbers of containers declared each month to avoid detection. Overall, the EU budget suffered around €350 million in lost customs duties and €450 million in lost VAT.
Investigators found that the networks, mostly run by Chinese nationals, not only imported and distributed the e-bikes but also laundered the profits and sent money back to China.
Since the June raid, Greek customs at Piraeus port have seen improvements: importers are now declaring goods at closer-to their actual market price.
Reference: EPPO
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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21 September 20254 min readEu Seizes 2,435 Containers Worth €250 Million In Biggest Ever Bust At Port Of Piraeus
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21 September 2025
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Hanwha Ocean Secures $1.4 Billion Order For Seven Lng Container Shipsin Shipbuilding News
19/09/2025
Hanwha Ocean has secured an order for seven large container ships worth approximately 2 trillion Korean won from Taiwan’s Yang Ming Marine.
On the 17th, Hanwha Ocean announced that it had signed a contract with Yang Ming Marine to build seven 15,880 TEU (1 TEU = 20-foot container)-class LNG dual-fuel propulsion container ships. The total contract value is $1.4 billion, equivalent to approximately 1.93 trillion Korean won. The vessels will be constructed at the Geoje shipyard and delivered sequentially by the first half of 2029.
This marks Hanwha Ocean’s second major contract with a Taiwanese company. In March, it also won a contract from Taiwan’s Evergreen Marine for six 24,000 TEU-class LNG dual-fuel propulsion eco-friendly ultra-large container ships.
Taiwan is the only country in the world to host two of the global top 10 shipping companies (Evergreen and Yang Ming Marine), with their combined market share ranking fifth worldwide. By partnering with both leading Taiwanese shipping firms, Hanwha Ocean has strengthened its position in Taiwan’s maritime market.
The newly ordered container ships are large vessels capable of transporting 15,880 twenty-foot containers simultaneously. Notably, they are equipped with LNG dual-fuel propulsion engines as standard and are designed as “Ammonia Ready” specifications, allowing future conversion to ammonia dual-fuel propulsion.
“Ammonia Ready” means the ships are not immediately using ammonia fuel but are designed for potential retrofitting into ammonia-fueled vessels in the future. The engines and fuel supply systems incorporate specifications and durability required for ammonia fuel compatibility in advance, preparing for future carbon neutrality regulations.
Hanwha Ocean’s core technologies are extensively applied to these vessels. They feature LNG fuel tanks capable of withstanding 1.0 bar (atmospheric pressure, where 1 bar equals the pressure exerted by approximately 10 tons of weight on 1 square meter), a world-first achievement. Conventional fuel tanks typically withstand around 0.7 bar, but increasing the pressure allows for longer and safer storage of LNG vaporized gas.
Source: The Chosun Daily
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