“BP pauses oil cargo on Red Sea as missile attacks affect global trade…”

Global trade is suffering a major setback from missile attacks in the Red Sea, where 10% of the world’s seaborne trade passes through.

Oil giant British Petrol (BP) announced on Monday that it had temporarily halted all transits via the Red Sea after recent attacks carried out by the Yemeni Houthi rebel movement, an ally of Iran.

“Given the deterioration of security conditions for navigation in the Red Sea, BP has decided to temporarily halt all transits in the Red Sea,” the company said, according to Reuters.

“The safety of our staff and those who work on our behalf is BP’s priority.” 

A British maritime authority on Monday reported a possible explosion near a ship near the Bab al-Mandab Strait as well as two other incidents in the area, located at the southern end of the Red Sea.

Houthi attacks on ships derail global trade

Many of the world’s major shipping companies have decided to abandon Red Sea routes in recent days, after escalated attacks on ships in the area. 

After several attacks or near-misses by Iranian-backed rebels Yemen’s Houthis, the world’s biggest shipping company Maersk and German-based shipper Hapag-Lloyd both paused all their container ship traffic in the region temporarily.

The Houthis have sporadically targeted ships in the region, but the attacks have increased since the start of the Israel-Hamas war.

They have used drones and anti-ship missiles to attack vessels and in one case used a helicopter to seize an Israeli-owned ship and its crew, reported AP.

There is “a further degree of instability facing commercial operators within the Red Sea which is likely to continue to see heightened rates across the short to medium term,” said Munro Anderson, head of operations for Vessel Protect, which assesses war risks at sea and provides insurance with backing from Lloyd’s.

Insurance costs are skyrocketing

The biggest immediate impact of the Houthi escalation has been increased insurance costs.

Insurance costs have doubled for shippers moving through the Red Sea, which can add hundreds of thousands of dollars to a journey for the most expensive ships, said David Osler, insurance editor for Lloyd’s List Intelligence, which provides analysis for the global maritime industry.

Malta:

Brussels welcomes Malta’s energy plans, government says

The government said on Monday the European Commission had welcomed Malta’s draft proposal to update the National Energy and Plan, first presented in 2019.

The final version is set to be presented to the commission in June 2024.

Malta’s main positive elements:

Energy security:

Malta’s draft updated NECP convincingly sets out targets and policies to enhance the security of energy supply, for instance, plans to reduce gas and oil consumption through efficiency measures and the deployment of renewables

Decarbonising transport: 

the plan highlights the necessity for large-scale deployment of zero- and low-emission mobility, transport and vehicles. The included projects focus on the development of onshore power supply infrastructure for marine vessels when at berth.

Non-CO2 emissions: 

The plan addresses methane emissions in waste management and N2O emissions from agricultural soils. The plan also includes measures aimed at reducing methane emissions in agriculture, including manure management.  

Research and innovation:

The plan highlights the Mediterranean Island Cleantech Innovation Ecosystem project to enhance cooperation between Malta and Cyprus on research and innovation activities.  

Malta Company Announcements:

Melite Finance p.l.c

The Board of Directors of Melite Finance p.l.c. (the “Company”) hereby announces that it has convened an extraordinary general meeting of the shareholders of the Company, to be held on Monday 18th December 2023 at 9.30am, during which meeting the Company will be proposing that the Memorandum and Articles of Association of the Company be replaced in their entirety with a new Memorandum and Articles of Association.

The changes being proposed to the Memorandum and Articles of Association relate to the reduction in the minimum number of Directors of the Company from five directors to four directors, and related changes required as a consequence of such reduction

Harvest Technology p.l.c.

The Board of Directors of Harvest Technology p.l.c. (the “Company”) hereby announces that it has received notice of resignation of Mr Chris Fenech (holder of identity card number 75689(M) and residing at 163, Il-Kenn, Triq Guze Ellul Mercer, Swatar, Malta), the Chief Financial Officer of the Company, effective 7 February, 2024. With effect from such date, Mr Fenech shall also be resigning from his role as director of the subsidiaries of the Company.

Mr Fenech joined Hili Ventures, the group of companies of which the Company forms part, in April 2016, and has occupied various roles in finance teams across the group since then. He was appointed Chief Financial Officer of the Company in 2019 and was instrumental in the process leading to the listing of the Company that year. The Board of Directors of the Company wishes to express its gratitude to Mr Fenech for his service and dedication to the Company over the years.

Medservregis p.l.c

In the fiscal year up to September 2023, the company has witnessed a notable upturn in its revenues compared to the previous year. Management is reasonably confident that this positive trajectory will persist through the entire year.

Operational margins have also seen marked improvements, reflecting the Company’s enhanced profitability from its core business activities. However, the adverse conditions in foreign exchange rates continue to exert a negative impact on the Company’s bottom line.

During this period, both ILSS and OCTG have contributed significantly to bolstering the EBITDA margins, further reinforcing the company’s overall financial performance.

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