News on Turkey.
The US on Monday imposed new sanctions against Turkey. According to President Donald Trump, tariffs on Turkish steel will be raised to 50 percent, a move that comes in response to Turkey's offensive in northern Syria.
Turkey is a major market for DFDS, which last year acquired Turkish UN Ro-Ro. As such, CEO Torben Carlsen hopes that President Erdogan will work to get the country's strained economy back on track at the G20 summit.
Turkey, as the latest in a series of countries, has just ratified the Hong Kong convention on shipbreaking. Seven nations now support the regulations.
Brexit is at the top of the agenda for DFDS in a 2019 in which continued expansion in Turkey is more important than other major issues in the sector. In an interview with ShippingWatch, CEO Niels Smedegaard outlines the biggest objectives for the company in the year to come.
After DFDS' acquisition of Turkish carrier U.N. Ro-Ro shortly before summer, the company's stock has mow been impacted by the financial turmoil in Turkey. This marks the largest decline in ten years.
UN Ro-Ro, Turkey's biggest RoRo carrier, is allegedly gearing up for an initial public offering, say sources with knowledge of the plans.
A new 28 nautical mile channel will help reduce the dense ship traffic through the Bosporus Strait, and the channel will be Turkey's most expensive construction project to date.
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