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21 November 2024 - Year XXVIII
Independent journal on economy and transport policy
11:37 GMT+1
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BRIEFS
June 14, 2001
Shipping Timesweb site
Shipping News
  • S'pore oil tanker explodes and sinks off NW India
    AN empty Singapore-flagged and operated oil tanker Heng San sank off the north-west Indian coast yesterday after an explosion on board.
  • HK mid-stream handling fee: call for transparency
  • John Lu re-elected SNSC chairman
  • Royal Caribbean ship to resume sailing
  • Panama fake cert probe 'not over'
Air and Land Transport
  • Tread cautiously, investors eyeing China airports told
    CHINA's airport count and capacity may be booming but steady air traffic and lucrative privatisation deals may follow more slowly, according to a leading capital market transaction lawyer.
  • Small equity stake cannot secure BA-KLM link
  • BA should vacate Gatwick slots if it seeks tie-ups: easyJet
  • Strike takes heavy toll on S Korean airlines
  • Former airline buyer admits stealing US$2.8m
  • New rules make it tougher for US rail lines to merge

Shipping Timesweb site
Shipping News
  • S'pore oil tanker explodes and sinks off NW India
    AN empty Singapore-flagged and operated oil tanker Heng San sank off the north-west Indian coast yesterday after an explosion on board.
  • HK mid-stream handling fee: call for transparency
  • John Lu re-elected SNSC chairman
  • Royal Caribbean ship to resume sailing
  • Panama fake cert probe 'not over'
Air and Land Transport
  • Tread cautiously, investors eyeing China airports told
    CHINA's airport count and capacity may be booming but steady air traffic and lucrative privatisation deals may follow more slowly, according to a leading capital market transaction lawyer.
  • Small equity stake cannot secure BA-KLM link
  • BA should vacate Gatwick slots if it seeks tie-ups: easyJet
  • Strike takes heavy toll on S Korean airlines
  • Former airline buyer admits stealing US$2.8m
  • New rules make it tougher for US rail lines to merge

The Journal of Commerceweb site
JUNE 13, 2001
  • GOP offers fast-track bill
    A House bill would give Bush trade promotion authority to negotiate agreements that Congress would approve or reject without amendment.
  • FedEx: Overhaul air traffic control
    A company executive called for better technology and management to break the gridlock over U.S. skies.
  • GT Nexus test OK; roll-out next
    The company will open its Web-based containerized freight services to general use in July.
  • Customs meets on drawback
    Drawback specialists are meeting today with Customs officials on exporters' duty drawback claims.
  • DHL tabs former Circle COO Clark
  • Euro air cargo weakens
  • Korean Air, pilots reach settlement
  • USCO Logistics appoints Chapman VP
  • Virgin Atlantic Cargo names GM Ryan
  • Nazi victims sue French railroad
  • Malaysian carrier sets major expansion
  • Lufthansa warns on profits
  • Dry bulk volume off for Lakers
  • Protest over SF drawback office closing

Sched Netweb site
  • MOL adds loop to Japan-Hong Kong/Straits rotation
  • China Shipping goes green
  • APL names senior staff
  • Yutang port opening up
  • Maersk Logistics in Shanghai
  • Antwerp sees box traffic rise
  • New horizons for Columbus MD
  • New England expansion for Davies Turner
  • Anhui revamps main airports
  • Emirates SkyCargo appoints India manager

Cargowebweb site
JUNE 13, 2001
  • SupplyLinks e-commerce casualty
  • Begemann continued sales
  • Support for Silk Route Revival
  • Port of Cu'acao certified
  • FreightMatrix forms alliance with ReturnCentral

Exim Indiaweb site
  • APL launches first-ever container service from Kakinada port
  • DBK-hit garment exporters worried over cash flow problems
  • Software MNCs eye SME segment
  • CBU definition revised to plug auto import loopholes
  • Germany may emerge as India's top trade partner this year
  • Apeda may set up marketing outlet in Amsterdam
  • FCI allowed to sell 4.35 lakh tonne maize for export
  • V. Ranganath appointed Addl Docks Manager, MbPT
  • Haldia Dock set to handle furnace oil imports
  • Commerce Ministry to seek 3-month restoration of DBK rates
  • Exim Bank gets RBI nod for export factoring, forfaiting
  • Govt rules out changes in wheat tender norms
  • Surat Hira Bourse handles record $ 85 m in May
  • Jalan hints at softer interest rate regime
  • Declining imports narrow trade deficit
  • Panel endorses VAT design
  • Govt seeks more bank credit for 3 sectors
  • Sinha recovering
  • 75-member Ficci team for US
  • IMC honours Dr C. Ranawat with Bharat Gaurav Award 2001
  • Tata Steel gets CII-Exim Bank award for business excellence
  • Iran-Pak-India onshore gas pipeline: India agrees to conduct study

The Bunker Bulletinweb site
JUNE 13, 2001
  • Softer prices in Montreal and Halifax this week
  • Healthy market in Chile
  • Firmer market in Panama, St Eustatius continues s/e
  • IPE gas oil futures set new daily record
  • Mixed avails in major South African ports
  • Bunker prices for Argentina
  • Brazil bunker price update
  • New posted prices for Saudi Arabia, avails seen improving in Jeddah
  • Short term congestion in Fujairah
  • Oil prices rise after API reports huge decrease in US crude stocks
  • Suez: No avails in Port Said
  • New price indications for Montevideo/Alpha Zone
  • Bakri to start operations in Dammam; update
  • Four missing after Singaporean tanker sinks in Indian Ocean
  • Iraq preparing for prolonged halt of oil exports?

International Transport Journalweb site
  • Air Afrique
  • Atlantic Container Line
  • Walvis Bay: Corridor gets support
  • WEC to the Comoros
  • New service to Tunisia
  • Lego takes the yellow brick road
  • Rates and tariff changes
  • CMA CGM upgrades South America service
  • Zim/CSAV cooperate
  • New tonnage for SLCS

Marine Logweb site
JUNE 13, 2001
  • Majors team for USCG Deepwater Program
    Lockheed Martin and Northrop Grumman Ingalls Shipbuilding are creating a joint venture partnership to submit a "best value" solution for the U.S. Coast Guard's Deepwater Program.
  • Røkke tries to buy out Aker Maritime minority shareholders
    Norwegian entrepreneur Kjell Inge Røkke is seeking full control over Aker Maritime.
  • Bush names Navy acquisition nominee
    President George W. Bush intends to nominate John J. Young to be Assistant Secretary of the Navy for Research, Development and Acquisition.
  • IMO to act on places of refuge
    International Maritime Organization member governments are to consider of the issue of providing places of refuge to vessels in distress.
  • Piracy on rise
    The number of acts of piracy and armed robbery against ships reported to the IMO during 2000 was up by more than 50 per cent over the equivalent figure for 1999

World Wide Shipperweb site
JUNE 13, 2001
  • Greenbrier continues downsizing work force throughout the company including Portland
  • Crowley Maritime orders Protector II class tug from Marco Shipyard in Seattle
  • Second Port of Portland call of giant Hanjin ship draws visit from Nike transp and logistics team
  • Port of Portland offers on-dock storage to help importers manage inventory flows
  • Hanjin begins operations at Oakland's new marine container facility on June 18

Lloyd's Listweb site
  • Four crew lost in rescue as blast-torn Heng San sinks
    Ocean Tankers' 241,168 dwt VLCC Heng San, which had part of her hull and deck torn open by an explosion, sank in heavy weather yesterday with the loss of four crew. In satphone conver...
  • Maersk Sealand eyes Le Havre hub
    MAERSK Sealand and CMA CGM are looking to join Mediterranean Shipping Company in setting up hub operations at Le Havre's planned new Port 2000 container terminal. CMA CGM was already k...
  • General Maritime listing raises $144m
    Peter Georgiopoulos' General Maritime Corp has raised $144m through an initial public offering, around $18m more than expected owing to strength of demand. General Maritime has become...
  • New blow for Ocean Tankers
    OCEAN Tankers, the operator and manager of the VLCC Heng San is a major Singapore tanker owner and operator that generally keeps a low profile, writes Marcus Hand. What little has been publi...

Fairplayweb site
JUNE 13, 2001
  • IRI courts Asian owners
  • FMC slams Mississippi contracts
  • Chennai workers go not-so-slow
  • More time needed on EU port policy
  • American Classic cuts shore staff
  • Re-positioning costs hit Baltic
  • Indian shipping at a crossroads
  • SCI seeks revised cabotage rules
  • Japanese eye China LNG venture
  • Hutchison upping interest in ports
  • Commercial status for Cam Ranh?
  • Washington ferries in the wars
  • Panama starts security programme
  • Mooring line accidents probe
  • Sour grapes for US producers
  • Genmar opening price falls short
  • Aker MTW warns of job losses
  • Cosco faces Cuba arms sanctions
  • Four missing as tanker sinks
  • Keppel unit receives hostile bid

Antwerpse Lloyd n.v.web site
  • La SNCB compte sur le ”Main Hub” pour augmenter sa part de marché
    “Ce terminal est un exemple de la stratgie que notre groupe SNCB développe à Anvers premier port ferroviaire européen, qui est très important pour nos activités, de même que ce port a besoin de nous. Nous nous rencontrons donc dans les efforts en ce sens que nous voulons augmenter et y développer nos positions et par la même occasion celle du port scaldien dans le contexte de la rangée des ports du Nord. Ces 5 dernières années, nous avons augmenténotre part de marché fret de 1% par an, ce qui peut paraître modeste mais compte tenu de la croissance d’Anvers nous sommes satisfaits. La concentration des trafics sur ce centre est l’occasion d’organiser plus de trains-blocs à des fréquences plus élevées et vers plus de destinations, ce qui est également à l’avantage du port”. C’est ce qu’a déclaré E. Schouppe administrateur délégué de la SNCB à l’occasion de l’inauguration officielle mercredi dernier du “Main Hub” qu’exploite la filiale Inter Ferry Boats.
  • Intercontainer-Interfrigo fête son millionième wagon du Qualitynet
    Le 8 juin dernier, ICF accueillait à la gare de triage de Metz-Sablon, la plaque tournante de son Qualitynet, son millionième wagon. L’occasion de faire le point sur la technique et sur son évolution. Il faut en effet bien garder en tête que la technique du hub s’applique au trafic dit diffus, de wagons isolés, en attendant que le volume justifie la création d’un train complet qui, alors, ne passe plus par le triage de Metz.
  • Le Dienst voor Scheepvaart clôture le millénaire sur un résultat record
    Pour la quatrième année consécutive, le Dienst voor de Scheepvaart (DvS) peut rapporter une hausse générale du trafic. Au cours de la dernière année du 20ème siècle, 36,04 mio. de t de marchandises ont été transportées sur le réseau de canaux de 324,5 km de long géré par le DvS. Par rapport à 1999, cela correspond à une hausse de près de 5 mio. de t ou de 16%. Sur le plan des prestations de transport, les résultats sont encore meilleurs: 2,7 mia. de t/km, une progression de 457 mio. de t/km ou de 20,33%.

Marine Linkweb site
JUNE 13, 2001
Maritime Contract News
  • Is DD21 Program In Peril?
Breaking News
  • FMC Acts On Mississippi Towage Arrangements
  • Lockheed Martin, Northrop Grumman To Team For USCG Proposal
  • Northrop Grumman Completes Litton Acquisition
  • Contract Awarded To Build Hybrid Electric Ferries
  • Crowley Re-powered Tugs Win Annual Race
  • Small Fuel Oil Tanker Freight Rates Tank
  • Disputed Tanker Fleet Bought
  • Is DD21 Program In Peril?

Marine Linkweb site
JUNE 13, 2001
Maritime Contract News
  • Is DD21 Program In Peril?
Breaking News
  • FMC Acts On Mississippi Towage Arrangements
  • Lockheed Martin, Northrop Grumman To Team For USCG Proposal
  • Northrop Grumman Completes Litton Acquisition
  • Contract Awarded To Build Hybrid Electric Ferries
  • Crowley Re-powered Tugs Win Annual Race
  • Small Fuel Oil Tanker Freight Rates Tank
  • Disputed Tanker Fleet Bought
  • Is DD21 Program In Peril?

TradeWindsweb site
JUNE 13, 2001
  • Norden orders two tankers at Daedong
    The Danish owner has completed its latest newbuilding deal and revised its profit forecast upwards again.
  • USCG gets unexpected budget boost
    The US House of Representatives approved an additional $300m for the USCG's fiscal 2002 budget.
  • MarineProvider plunges into the red
    Frontline and Fearnley-backed e-commerce venture MarineProvider is off to rough start.
  • Northrop, Lockheed eye USCG Deepwater project
    Both shipbuilders have formed a joint-venture, hoping to land the coveted Deepwater project contract.
  • Fison Invest outlines bid to revitalise NaviBulgar
    Sweden's mystery Varna Shipyard bidder lays out its plans to pump $500m into the yard and state-run owner.
  • Exclusive US tugboat services under threat
    The lack of freedom to choose their own tugboat operator costs shipowners about $12m annually.
  • Statoil shortlists Sn'hvit bidders
    At least five shipowning groups are still in the running for Sn'hvit's LNG newbuildings.
  • Ecuador halts oil export shipments
    Repairs on a rupture to the country's main transnational oil pipeline will take 3-4 days.
  • Varun Shipping gears up for fleet expansion
    The Indian owner is raising money to enter the secondhand tanker market.
  • Canada fines tanker owner for oil spill
    The Singapore-registered oil tanker was charged with dumping 1,200 litres of oil near Nova Scotia.
  • SCI searches for suezmaxes
    Shipping Corp of India is looking to Korea in the pursuit of two 140,000-dwt tankers.
  • NITC grabs ULCCs for storage
    Both the National Iranian Tanker Co and Vela have snapped up large tanker tonnage in a sluggish market.
  • Wilhelmsen investment arm sees values rise
    A rising real estate market has upped the value of Wilh. Wilhelmsen's investments.
  • Noble mulls ship management expansion
    The Hong Kong shipping group may open a branch in Singapore, according to boss Richard Elman.
  • Cosco caught gun running to Cuba
    US officials say the Chinese shipping firm has been smuggling weapons to the Caribbean.
  • Seafarers lost as Heng San sinks
    Mystery surrounds whether crew were killed in blast or are missing during rescue operations.
  • Baltic Exchange in the red
    Freight market funds fall as it struggles to find new future.
  • Genmar IPO raises $144m
    General Maritime Ship Holdings has become the latest tanker owner to be listed on the NYSE.
  • Albert Peter new boss at Silversea Cruises
    Former head of Centre Solutions' cruise financing operation to head up luxury cruise line.
  • American Classic Voyages slashes staff
    The largest operator of US flagged cruise ships is sacking 15% of staff in a cost cutting exercise.

›››File
FROM THE HOME PAGE
New historical record of monthly container traffic in the port of Long Beach
Long Beach / Los Angeles
In October, strong growth in Los Angeles climbing activity.
ZIM records excellent quarterly economic performance driven by noli uptick and activity with Latin America
ZIM records excellent quarterly economic performance driven by noli uptick and activity with Latin America
Haifa
The fleet transported a record number of containers
In the third quarter, the Viking cruise group's revenues grew by 11.4% percent.
Los Angeles
Increase of 14.3% of turnover generated by ocean cruises
Signed the final agreement on the contract of port workers
Rome
Italian Antitrust initiates an investigation into SAS (MSC group), Moby and Large Navi Fast
Rome
According to the AGCM, competition restrictions may have occurred as a result of the 49% acquisition of Moby's capital by SAS.
T&E highlights the need to also count the well-to-tank emissions for LNG used by ships
T&E highlights the need to also count the well-to-tank emissions for LNG used by ships
Brussels
Total greenhouse gases produced would be more than 30% higher than those considered by the FuelEU Maritime Regulation
DFDS and Ekol are rethinking and agreeing on the sale of the Turkish company's international network to the Danish group
Copenhagen / Istanbul
Revised the terms of the deal expired on the first November
Slight downturn in freight traffic in the port of Hamburg in the third quarter
Hamburg
Stable container traffic
The Companies inform
Accelleron initiates partnership with Geislinger to expand service business in the Mediterranean region
Cargotec agrees to the sale of MacGregor to funds managed by Triton
Helsinki
Sale of the value of 480 million that is expected to be completed by the first half of 2025
In the July-September quarter freight traffic in the port of Koper increased by 8.3%
Lubiana
In the first nine months of 2024, the increase was 3.2% percent.
Ok of Ukraine's antitrust enforcement at the entrance of MSC in the capital of HHLA terminalist company
Kiev
The company operates the CTO terminal of the port of Odessa
Inaugurated the new Peruvian port of Chancay operated by China's COSCO Shipping Ports
Lima
Has 1,500 linear metres of docks
More than doubling the value of new orders acquired by Fincantieri in the first nine months of 2024
Trieste
The sunshine committed for shipbuilding grew by +154,3 percent.
Established the Ship Recycling Alliance to speed up the recycling of safe and environmentally friendly ships
Copenhagen
The initiative in view of the entry into force on June 26 of the Hong Kong International Convention
Kuehne + Nagel will acquire 51% percent of the capital of American IMC Logistics
Schindellegi / Collierville
US company mainly operates drayage services
In the third quarter of this year, Hapag-Lloyd's revenues grew by 28.2%
In the third quarter of this year, Hapag-Lloyd's revenues grew by 28.2%
Hamburg
Increase of 3.8% of containers carried by the fleet. Average value of nils up 22.9%
In the third quarter freight traffic in the port of Genoa decreased by -4.9% percent while in Savona-I went up by 15.7% percent.
Genoa
Decided increase in transshipment containers determined by the Red Sea crisis. Down the cruises
In the third quarter, HMM revenues increased by 67% thanks to the 83% growth in the container segment
In the third quarter, HMM revenues increased by 67% thanks to the 83% growth in the container segment
Seoul
+116% increase in the value of the average nole per container transported
Evergreen's quarterly financial performance hike
Evergreen's quarterly financial performance hike
Taipei
Taiwanese company invests 186.8 million to buy new shipping containers
In the third quarter, container traffic at the Eurokai port terminals grew by 9.9% percent.
In the third quarter, container traffic at the Eurokai port terminals grew by 9.9% percent.
Hamburg
In Germany (Eurogate) the increase was 13.6% percent. In Italy (Contship Italy) of 6.8%). Slowing growth at Tanger Med. Damietta terminal will become operational in April
Danaos reports a new drop in quarterly revenue generated by fleet of container carriers
Athens
Coustas : With the Trump administration, which has promised new duties, a future reduction in container traffic is possible
In the first ten months of 2024, the traffic of goods in Russian ports decreased by -3.2%
St. Petersburg
The dry goods amounted to 370.8 million tonnes (-3.5%), those liquids at 372.2 million tonnes (-2.9%)
Alpe Adria activates new rail service between the port of Trieste and the Malpensa Intermodal terminal in Sacconago
Trieste
Euroseas order in China the construction of two 4,300-teu feeder container
Athens
Quarterly revenue from rentals inj growth of 5.8%
The Analysis of the Fedespea Studies Centre on economic and operational performance of Italian container terminals
Milan
GNV strengthens its business department with two nominees
Genoa
New business manager and new general manager of the company in Spain
On the former Carbonyl of the Port of Genoa, the yards of the foranea dam and the subport tunnel
Genoa
The AdSP Management Committee deliberated it yesterday.
In Genoa, the Graduation Day of the Italian Academy of Mercantile
Genoa
Delivered 50 diplomas at the end of the biennial and three-year formative course
On November 27 in Rome, the public assembly of UNIPORT will be held
Rome
Meeting on the theme "Italian Ports, a network of businesses in the service of the country and of Europe"
Roberto Nappi, founder and director for 40 years of "Corriere Marittimo", has died.
Genoa
His career had begun at the writing of the Telegraph in 1958
New EU sanctions to prohibit the use of ships and ports for the transportation of drones and missiles produced by Iran
Brussels
Masucci confirmed president of Italian Propeller Clubs
Genoa
New mandate for the three years 2024-2027
The seamen of the Galaxy Leader have been hostage for a year
London / Hong Kong
Platten (ICS) : It is unacceptable ; humanity prevails and they are immediately released
MSC will implement a markup of noli for maritime transport from the Far East to the Mediterranean
Geneva
Increases of 25% and 18% for containers from 20 'and 40' direct in the western Mediterranean and Adriatic
Completed the dual-fuel retrofit of a large container ship in Maersk
Copenhagen
He will be able to navigate methanol. Increased the hold capacity
Environmental authorization of the Region to dredging the quays from 19 to 26 of the port of Ancona
Ancona
The intervention will cost a total of 16.5 million euros.
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
Conference of the CNEL on the Sustainability of Maritime Transport
Rome
It will be held on November 27 in Rome
Intermodal shipments between the port of Trieste and Slovakia are growing
Trieste
In the third quarter the container traffic handled by HHLA dropped by -2%
Hamburg
In Trieste the volumes processed by PLT Italy in the first nine months of 2024 have decreased
In October container traffic in the port of Hong Kong grew by 0.7%
Hong Kong
In the first ten months of 2024, a decline of -5.2%
In the July-September quarter freight traffic in the port of Civitavecchia fell by -11.8%
Cyvitavecchia
The Cruserists increased by 2.7%
Last month the port of Singapore handled 3.5 million containers (+ 8.1%)
Singapore
In the first ten months of 2024, growth was 6.2% percent.
MSC has completed the acquisition of the majority of logistics company MVN
Geneva / Milan
The Milanese business plans to close 2024 percent with a turnover of 100 million euros.
Conference of Assiterminal entitled "Ports in Connection-ESG, IA, CSRD"
Genoa
It will be held on December 5 in Rome
In the summer quarter passenger traffic in the cruise terminals of Global Ports Holding grew by 27.5%
Istanbul
Revenue up 23%
SDC freight forwarder introduced artificial intelligence in the management of customs practices
Venice
Annually the practices followed exceed 15mila units
The sale of the shipping company Santandrea from the Pacorini to Aprile
Trieste
The company was founded in 1989 in Trieste
Port of Gioia Tauro, the memorandum of understanding for security in working environments and port operations
Joy Tauro
Will have a duration of three years
PORTS
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
DATABASE
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
MEETINGS
Conference of the CNEL on the Sustainability of Maritime Transport
Rome
It will be held on November 27 in Rome
Conference of Assiterminal entitled "Ports in Connection-ESG, IA, CSRD"
Genoa
It will be held on December 5 in Rome
››› Meetings File
PRESS REVIEW
Sudan govt scraps $6bn Red Sea port deal with UAE
(The North Africa Post)
Argentina enfrenta tarifas portuarias hasta 500% más altas que otros países de la región
(Pescare)
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del presidente Nicola Zaccheo
Roma, 18 settembre 2024
››› File
Paola Piraccini appointed as Legal Technical Collaborator of Spininvest
Genoa
Joined in magistrate in 1981, he is a retired cassation adviser
The meeting in Rome between the representatives of Italian ports and ports in Florida
Rome
Expect a comparison to find common themes on which to set up a benchmarking task
This year the Cruserists in the port of Ancona have grown by 18.9%
Ancona
25.1% increase in transits and drop by -5.1% of landings and embarkation
Changed Risso constitutes a joint venture in Cagliari
Cagliari / Genoa
Partnership at 50% with Fausto Saba and Riccardo Vargiu
Ok to the 2025 forecast budget of the AdSP of the Tyrrhenian Sea Centre North
Cyvitavecchia
It presents a surplus of more than 2.5 million euros
In Palermo, the first sheet of the new ferry for the Sicilian region was cut off.
Trieste / Palermo
The delivery of the ship is scheduled for 2026
Global Ship Lease's quarterly revenue records show the first decrease since the end of 2018
Athens
The company believes that its container fleet has very good future prospects of employment
DP World signs an agreement to buy Australian Silk Logistics
Dubai / Melbourne
The expected value of the transaction is approximately 115 million
A worker has passed away in the port of Crotone
Joy Tauro
He would suddenly go down to the ground while talking to some colleagues
Torbianelli : well the ok of CIPESS in financing the future Molo VIII of the port of Trieste
Trieste
Of the estimated 315 million euros, 206.9 are expected by the state
The French state has acquired 80% percent of the capital of Alcatel Submarine Networks
Calais
The company has a fleet of seven posacavi vessels
Eurizon Capital (Intesa Sanpaolo Group) has acquired a majority stake in Germany-based
Milan
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