Posts by StatusQuo

Samo ukratko skupstina je bila jako zanimljva vidim da ima i dalje puno zelja i misljenja kako i sta je trebalo, kada se malo odmorim od puta i obveza napisem konkretniji dojam jer treba ipak nekako to sve sumirati i neki zakljucak pokusati zakljuciti, samo cu napisati do tada da lako je imati neko misljenje, smjer, zelje iz daljine, a da je ipak potrebno prisustovati ovakvim skupstinama i upoznati se s dogadjanjima, ljudima i odgovorima nadleznih i biti aktivan u trazenju odgovora na stvari koji vas zanimaju da bi mogli ispravno prosuditi sta je prikladno i primjereno u trenutku ovisno o ciljevima pojedinog dionicara kratkorocno ili dugorocno.

Osobno sam glasovao protiv 60kn, a o razlozima cete cuti naknadno.

A svoje neko razmisljanje prije skupstine sam naveo vec prije

Post

RE: ATPL (Atlantska plovidba d.d.)

[…]

Iz moga iskustva ljudi iz Atpl su pristupacni i normalni, u svakom slucaju je bolje ici i pokusati naci zajednicki jezik i zajednicki cilj jer bi to svim dionicarima trebalo biti u interesu jer se radi o zajednickoj imovini nije da ratujemo jedni protiv drugih osim ako neki dionicar ima ne casne radnje ili ako imamo drugacije vidjenje upravljanja kompanijom, s zajednickim jezikom bi onda puno lakse bilo i ostvarivati ciljeve, ne zaboravimo da je ovo ipak manjinska kompanija i da manjinski…

StatusQuo

August 11, 2022 at 8:41 PM

Skoro svi brodovi u luci valjda se sprema oluja neka

Revelin napokon dobio neko odrediste Pascaguola nakon 8 dana na sidru iako se jos nije pomakao nadam se da je direktno u brodogradiliste, Pascaguola je blizu pa cemo brzo i saznat.

1. AP ARGOSY U luci Algeciras

2. AP ASTAREA U luci Bremen

3. AP DRZIC U luci Chengxi

4. AP DUBRAVA Plovi za Uddevalla 10.09.

5. AP JADRAN U luci Jorf Lasfar

6. AP LIBERTAS U luci Xiamen

7. AP REVELIN Plovi za Pascaguola

8. AP SLANO U luci Nemrut Bay

9. AP STON U luci Taboneo

10. AP SVETI VLAHO U luci Chengxi

11. MIHO PRACAT U luci Icdas

12. ZAGREB U luci Rotterdam

Quote from lebowski

Quote from Hrx84

Da, DAC je naručio 6 novogradnji za 2024, ali to je stara vijest.

Taj potez sam smatrao greškom jer je jako upitno pošto će ih ugovoriti tada pošto dolazi poplava novogradnji te 2024. GSL je na vrijeme ugovorio dobre vozarine, nadam se da i DAC bude.

Inače slažem se Mintzom da se na DAC ili GSL ne bi trebalo izgubiti i u bear scenariju.

GSL je danas ugovorio vozarine za te novogradnje, odnosno danas je objavljeno. Direktor DAC-a je rekao da će čekati da vidi gdje će to sve ići. U svakom slučaju, ne brine me hoće li DAC ugovoriti dobro ili ne, mislim da uprava dobro radi svoj posao.

E sad, što se tiče ultimativnog bear scenarija, njega smo imali prije par godina, a rezultirao je preuzimanjem dionica ZIM-a, što se u međuvremenu itekako isplatilo.

Dakle, ti ugovori nisu uklesani u stijenu, ali materijal u koji su uklesani nije mnogo mekši.

Inače sam danas jedan omanji dio ulaganja prebacio iz DAC-a u ZIM jer mi je nekako nenormalno da ZIM baš ovoliko pada, s obzirom da i dalje zarađuje, ima hrpu love na računu, dividendnu politiku kakvu ima i plus što i dalje jato crnih labuda leti okolo po podružnicama sindikata.

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Kad smo kod zima tjedni graf crta zanimljivi falling wedge sta kaze statistika za njih u kojem ce smjeru, kazu da je kao reversal patternm pa sad ?. Dosad nas je poprilicno izudarao tko ga je kupovao, uvjek kada nesto kupin na osjecaj dobijem po prstima, a trziste naracito povecava premiju na consumer orijentiranje biznise u ovom ciklusu, nije da nismo znali .

Quote from hugh

Quote from BudFox

Možda nas sutra ipak iznenade i izglasaju 60 kn, nikad ne znaš .

Obično je na burzi većina u krivu, a manjina ponekad pogodi

tih 60 kn je čista utopija.......makar nigdje ne piše da ta dobit mora biti do 40% ostvarene dobiti iz redovnog poslovanja svi znamo da tih 60 kn nisu zaradili na taj način da bi realno i opravdano bilo očekivati isplatu od 60 kn kao dio od 40% (stvarne) dobiti.......uz to, tajming skupštine divno je katastrofalan zbog njihovog kašnjenja u svemu.........pa još datum prava stjecanja dividende......pa isplata gotovo nagodinu.......gledamo u 2023 a oni ni dividendu za 2021 još nisu izglasali.......da je skupština bila u 6 mj još bi prijedlog od 40 kn možda i prošao ali sad 60?.....ali tad nije bila skupština pa nemožemo ni znat što bi bilo kad bi bilo......60 kn sad?......neznam......izgledalo bi ko casino isplata od klađenja na crno il crveno......

Uprava je donijela odluku o politici dividende da ne bude prenasanje dijelova citirat cu odluku, ovdje se spominje do 40% kosolidirana dobit, tu je nejasno kako gledaju na utjecaj revalorizacije na tu dobit koju bi trebali uzesti, u svakom slucaju u najgorem scenariju da ne uzmemo revalorizaciju dobit bi bila za 2021 godinu oko 160 mil kn ako cemo gledat bas zaradjenu lovu kao oporezivu dobit, 40% od toga je 64 mil kn ili oko 45kn po dionici, sad jasno je da je kompanija u procesu, refinanciranja dugova, kupnje brodova, izgradnje stabeno-poslovnog kompleksa i dokovanja i da u ovoj fazi je prioritet rijesit sve to te onda razmisljat od dobiti koja se moze podijeliti, dividenda ove godine je putokaz namjere za buducnost ukoliko razvoj i rast bude po planu.

"

POLITIKA ISPLATE DIVIDENDE

društva ATLANTSKA PLOVIDBA d.d.

S obzirom na dugoročne planove rasta, Politika isplate dividende društva ATLANTSKA PLOVIDBA d.d. (u daljnjem tekstu: „Društvo”) temelji se na konceptu da se optimalan dio dobiti ostvarene u poslovnoj godini zadrži u svrhu daljnjeg investiranja u razvoj Društva.

Politika isplate dividende Društva provodit će se u skladu s razvojnim planovima i stanjem na tržištu kapitala, odnosno sukladno rastu neto dobiti, razine prihoda, očekivanom porastu vrijednosti imovine Društva, optimizaciji zaduženosti Društva te potrebi za optimalnom likvidnošću.

U slučaju da su svi gore navedeni uvjeti zadovoljeni, Upravni odbor Društva Glavnoj skupštini Društva predložit će da se dioničarima isplaćuje do 40% konsolidirane dobiti (nakon oporezivanja) u obliku dividende.

O prijedlogu Upravnog odbora konačnu odluku o isplati dividende, iznosu i načinu njezine isplate donijet će Glavna skupština Društva. Sukladno Statutu Društva i Zakonu o trgovačkim društvima (dalje u tekstu: „Zakon“), izvršni direktori su ovlašteni su, uz prethodnu suglasnost Upravnog odbora iz predvidivog dijela neto dobiti, isplatiti dioničarima predujam na ime dividende.

Na ime predujma može se isplatiti najviše polovina iznosa dobiti umanjenog za iznose koji se po Zakonu i Statutu Društva moraju unijeti u rezerve Društva. Isplata predujma na ime dividende ne može prijeći iznos polovine dobiti iz prethodne poslovne godine

"

Btw tajming skupstine je ovisio o revizoru ne o njima, jer je revizor kasnio s izvjestajem.

Sta se tice same dividende mislim da je u ovakvim uvjetima nepoznate vidljivosti buduceg krakorocnog razvoja vozarina dividenda od 20kn primjerena pogotovo uzevsi u obzir sve troskove, a sa upravom se moze pokusati iskomunicirati recimo predujam dividende pocetkom 2023 godine ukoliko vozarine u 4Q budu dobre i potpisani ugovori u skladu s time.

Quote from Infinity

Quote from KicanCRO

Da su se neke stvari poslozile, i sam bih bio za 60 kuna. Ovako, uz dva broda trenutno u remontu, jednom izvan stroja, vozarine koje danima padaju a dolazi najbolji dio sezone, te svu ovu nesigurnost u svitu, i 20 kuna je dovoljno, pa ako se sve poslozi u sljedecim godinama nek nas bogato nagrade.

Što je najgore možda je čak dobro da je trnutna potraznja za brodovima slaba što se tiče ATPL.

Ukoliko su svi ugovoreni plus dokovanja i havaria.

Nek potražnja bude jača kad se sve odradi 😁

Uvijek ima druga strana medalje, vidjet cemo

Evo jedna anketica o tome kolika ce dividenda biti na kraju da osjetimo sentiment prije skupstine.

Quote from looserst

Izgleda da ostajemo bez grindroda, steta:

https://finance.yahoo.com/news/grindrod-…-132000203.html

To je tek ponuda

Heavy Norwegian gas maintenance adds to energy price pressure

OSLO, Aug 26 (Reuters) - Norway, which has overtaken Russia as the biggest gas supplier to Europe in the wake of the war in Ukraine, will curtail its gas exports significantly next month due to heavy maintenance activity, with some work deferred from earlier this year.

Heavy Norwegian gas maintenance adds to energy price pressure

Norway, which has overtaken Russia as the biggest gas supplier to Europe in the wake of the war in Ukraine, will curtail its gas exports significantly next…

www.reuters.com

Gogl i dalje rastura, ni 4Q ne mogu zavrsit u minusu tek tako

Estimated TCE rates, inclusive of charter coverage, calculated on a load-to-discharge basis are

approximately:

▪ $27,900 per day for 80% of Capesize available days and $27,100 per day for 96% of Panamax

available days for the third quarter of 2022; and

▪ $29,500 per day for 25% of Capesize available days and $21,900 per day for 27% of Panamax

available days for the fourth quarter of 2022.

▪ Announced a cash dividend of $0.60 per share for the second quarter of 2022, payable on or about

September 14, 2022 to shareholders of record on September 7, 2022. Shareholders holding the

Company’s shares through Euronext VPS may receive this cash dividend later, on or about September

16, 2022

I dalje ih ne pusta optimizam

Despite recent weakness in freight rates caused by easing port congestion and the contraction in China’s

economy due, in part, to its “zero COVID” policy, our market outlook remains optimistic. Slowing fleet growth

and new environmental regulations provide a strong offset to a potential short-term slowing of demand

growth which combined with our charter coverage and superior fuel economics from our modern fleet will

support continued healthy returns.

Brodove koje su narucili u 6 mjesec dobivaju tek 2025

In June 2022, the Company entered into agreements to construct a total of three Kamsarmax vessels, with

the same design and shipyard group as the seven previously announced newbuilding contracts. The three

incremental vessels are expected to be delivered to the Company by the first quarter of 2025

https://ml-eu.globenewswire.com/Resource/Download/d141d3ae-d41e-4fbb-af24-09c385118809

Quote from Shogun

Kao prvo moraju naci dok, potom te "zeljezne ploce" moraju biti odredjene debljine i kvalitete. Potom ako je ostecen aft peak to je balastni sustav broda koji mora inspekcija pregledati i testirati. Pitom brod za spasavanje se mora dobaviti i instalirati naravno i sustav za brodicu. Nakon instalacije to se sve treba testirati i pregledati i izdati nove certifikate..... Ali dobro vidjet cemo, vrijeme ce pokazati tko je u pravu...

U svemu tome je najbitnije do kad postojeci ugovor traje zbog naplate od osiguranja kasnije

Quote from Shogun

Komadi lima kazes?? Da ok...

Nego kako se radi zeljezne ploce koje se spajaju zavarivanjem koliko vremena treba za to s obzirom da nije bilo nadgradja osim lifeboata, jedno ne znam sta je onim tankom vode jer se iz ove slike ne vidi gdje je, bilo bi vise posla da ga je pogodio gdje je nagradje ili po sredini broda gdje je strukturni integritet bitniji. S obzirom da se radi o amerikancima njihova birokracija zna bit spora i komplicirana pa je ovdje bitnija logistika rijesavanja toga i nalazenja brodogradilista koji moze odma pocet radit na tome

Quote from Shogun

Uh lose. Cini mi se da je stradao aft peak, lifeboat i lifeboat launcher.... Minimalno 2 mjeseca out of action ako ne i vise....

Cijeli brod se napravi u godinu dana, a tebi treba 2 mjeseca za popravit malo vece ostecenje zada, moze potrajat dva mjeseca zbog logistickih problema ali ne zbog samog popravka, pa nije to auto to su sve komadi lima koji se izrezu i zavaruju sekcijski

The U.K.’s largest container port, Felixstowe, is essentially at a standstill after 1,900 members of the Unite union walked out for eight days over failed wage negotiations.

48% of all containers for the U.K .are processed at Felixstowe Port, and the strike could threaten the arrival of holiday products.

MDS Transmodal tallies the total value of containers impacted by the eight-day strike is estimated at $4.7 billion

Project44 shows the eight-day labor strike at the port of Felixstowe will have far-reaching consequences not only in maritime activity in the region but across Europe.

“The congestion is expected to worsen across Europe with an increase in blank (canceled) sailings and the container rollovers as a result of these cancellations will further impact the supply chain,” said Josh Brazil, VP of supply chain insights for Project44. “European ports have floundered in their attempts to reconcile with their striking labor force, causing ports like Rotterdam, Hamburg, and Bremerhaven to struggle with accommodating vessels, leading to vessel queuing off their coast. The average cargo lead time for the TransAtlantic route has climbed to 27 days in July, close to its all-time high of 29 days at the start of the year.”

Crane Worldwide Logistics told CNBC it will take around two months for this congestion to be cleared out.

$4.7 billion in trade to be delayed in eight-day strike at Port of Felixstowe

The U.K.'s largest container port, Felixstowe, is at a standstill after 1,900 Unite union members walked out for eight days over failed wage negotiations.

www.cnbc.com

Quote from Infinity

Quote from StatusQuo

The 18,000 dwt general cargo ship Damgracht was inbound from Italy transporting a cargo of cement. The 13- year-old vessel sailing under the flag of the Netherlands had been authorized to move from the anchorage where she had been for several days into the port. During the inbound maneuver, a U.S. Coast Guard spokesperson reports that an engine alarm sounded on the vessel, and the engine shutdown causing a loss of steering.

Outbound from Port Arthur was the 38,700 dwt bunker AP Revelin. The bulker registered in Croatia had loaded a cargo of wood chips and was departing for the Immingham port in Great Britain.

Caught in the confines of the shipping channel the two vessels collided. The Coast Guard reports the bow of the Damgracht came in contact with the port quarter of the AP Revelin. The bow of the cargo ship suffered significant damage and the vessel took on water, although the Coast Guard reports her pumps have been able to handle the water.

https://www.maritime-executive.com/article/cargo-…rt-arthur-texas

Detailed explanation of the incident :

POTENTIAL RELEASE REPORT

CALLER REPORTS A VESSEL (NAME: DAMGRACHT) IS SUSPECTED TO HAVE LOST STEERING CAPABILITIES, RESULTING IN A COLLISION WITH ANOTHER VESSEL (NAME: AP REVELIN). THE FRESH WATER TANK ON THE PORT SIDE OF THE AP REVELIN WAS DAMAGED IN THIS INCIDENT. THE OTHER VESSEL DID NOT APPEAR TO HAVE VISIBLE DAMAGE. THERE WAS NO SHEEN OR RELEASE REPORTED AT THIS TIME. AP REVELIN IS A BULK CARRIER CARRYING PALLET BOARDS. TYPE AND QUANTITY OF FUEL ON THE VESSELS WAS NOT REPORTED.

https://thepressreleaseengine.com/Incident+on+SA…-214473-1345121

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….puno ugodnije ,pravno, da je udaren sa lijeve strane

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Da po svemu sudeci prema informacijama odgovornost za sada je prilicno ocita na suprotnoj strani, s tim da se ovdje radi o sudaru u tijesnom kanalu u kojem brodovi trebaju vozit starboard stranom blize obali pa je i utvrdjivanje kretanja brodova i pogreska u istom lakse utvrditi s tim i odgovornost, a brod u ovom slucaju Revelin ovakve velicine u takvim uvjetima u kanalu nema nikakve mogucnosti pokusaja manerva izbjegavanja sudara pa se i s te strane smanjuje mogucnost izbjegavanja krivice drugog broda i prebacivanja dijela krivice.

Sta se tice osiguranja i pokrivanja evo i jednog izvora.

What does P&I insurance cover?

The primary purpose of P&I insurance is to provide policyholders with protection against personal injury, illness and death claims from crew, passengers and so forth. P&I insurance also covers things like:

- Liability claims as a result of collision

- Removal of wreck

- Stowaways and repatriation

- Damages to or loss of cargo

- Damages to fixed or floating objects

- Civil liabilities imposed after pollution or oil spill

- Liability under approved towage contracts

It does not cover risks that would fall under a workers’ compensation policy or under the collision clause in a traditional hull policy.

What is protection and indemnity insurance?

Its roots trace back to 19th century London

www.insurancebusinessmag.com

Yulin, China's 2nd-largest coal-producing city, has shut down at least seven coal mines after a #coal driver was tested positive for #COVID-19, market sources said, adding to the already supply tightness driven by the recent increased demand

Indian officials are reportedly considering a proposal to close less than 5 GW of existing coal-fired power capacity by the end of the decade, a much relaxed scheme compared with the plans worked out in 2020 that proposed cutting down about 25 GW during the same period, according to Bloomberg.

This came as the country strives to meet growing electricity demand amid global energy shortage, but could threaten its performance on climate goal as it may pull up coal-fired power plants for years, Bloomberg said, citing people familiar with the matter.

The country currently has about 204 GW of coal-fired power capacity and the plans under discussion would see the capacity expand to more than 250 GW in the next decade.

India has committed to attaining only 50% of its total power installed capacity through non-fossil fuel-based energy resources by 2030, according to the updated Nationally Determined Contributions, giving it space to continue relying on coal for decades.

Based on the latest data from the Central Electricity Authority, India's current total installed power capacity reached 404 GW, of which 50% comes from coal, 28% from renewable sources and 10% from hydropower

India considers to put off coal plants closure amid rising power demand

The 18,000 dwt general cargo ship Damgracht was inbound from Italy transporting a cargo of cement. The 13- year-old vessel sailing under the flag of the Netherlands had been authorized to move from the anchorage where she had been for several days into the port. During the inbound maneuver, a U.S. Coast Guard spokesperson reports that an engine alarm sounded on the vessel, and the engine shutdown causing a loss of steering.

Outbound from Port Arthur was the 38,700 dwt bunker AP Revelin. The bulker registered in Croatia had loaded a cargo of wood chips and was departing for the Immingham port in Great Britain.

Caught in the confines of the shipping channel the two vessels collided. The Coast Guard reports the bow of the Damgracht came in contact with the port quarter of the AP Revelin. The bow of the cargo ship suffered significant damage and the vessel took on water, although the Coast Guard reports her pumps have been able to handle the water.

Cargo Ship and Bulker Collide in Sabine Pass Near Port Arthur, Texas

A general cargo ship inbound for Port Arthur, Texas, and an outbound bulker collided on Sunday, August 21 causing significant damage to both vessels....

www.maritime-executive.com

Detailed explanation of the incident :

POTENTIAL RELEASE REPORT

CALLER REPORTS A VESSEL (NAME: DAMGRACHT) IS SUSPECTED TO HAVE LOST STEERING CAPABILITIES, RESULTING IN A COLLISION WITH ANOTHER VESSEL (NAME: AP REVELIN). THE FRESH WATER TANK ON THE PORT SIDE OF THE AP REVELIN WAS DAMAGED IN THIS INCIDENT. THE OTHER VESSEL DID NOT APPEAR TO HAVE VISIBLE DAMAGE. THERE WAS NO SHEEN OR RELEASE REPORTED AT THIS TIME. AP REVELIN IS A BULK CARRIER CARRYING PALLET BOARDS. TYPE AND QUANTITY OF FUEL ON THE VESSELS WAS NOT REPORTED.

Incident on SABINE PASS , SEE GPS COORDINATES , PORT ARTHUR , TX , JEFFERSON , incident date 21 August 2022 10 42 - Atlantska Plovidba Dd ( VESSEL , Cause EQUIPMENT FAILURE ) (incidents)

Quote from hugh

koji je problem panamaxa da tako rone več par dana?.........postali su preskupi u odnosu cijena vs tonaža u odnosu na cape?.........nemogu u manje luke gdje supre mogu?.......nešto treće, četvrto +- prvo dvoje navedeno?......ima ćumura?......nema ćumura?.......jel treba ćumura?.......cijene mu visoke a najmovi brodova idu u podrum (nema logike ali nešto mora bit?)?......previše je brodova?........kina = game over?.....drugi nemogu tu potražnju nadomjestit?.......

niš' se ne uklapa u "sliku" osim ako brodari ne misle biti "first in, last out" u nekoj eventualnoj večoj ili manjoj krizi.......odnosno BDI bi trebao bit "življi" u ovo doba godine.......jel misi on gore ili će se brodari "potrgat" da jeftino daju najam ujesen na 6 mjeseci samo da izbjegnu minus u q1 2023?......

borba trenutno dobrih fundamenata brodara vs trenutna banana na bdi-u +- budući outlook koji bi kao trebao biti ok u drugom djelu godine (prema dosadašnjim najavama), i evo nas tu u drugom dijelu godine al ništa?.........

Sta se tice panamaxa, zabrana ugljena je krenila nedavno u EU problem je sta je u isto vrijeme nastao i veliki problem s niskim vodostajem rijeka pa onda imaju problema s prebacivanjem postojeceg ugljena na odrediste, koliko to utjece u potpunosti ne znam sigurno je nesto da se dio narudzbi odgadja ista situacija u Eu je i s iron orom kojeg ugljen istiskuje na skladistu pa imaju problema sa skladistim prostorom iako nisam vidio sluzbenu statistiku vec vijest o tome, logika kaze da cim zazimi sjevernije da bi se trebao povecat interes za ugljen, isto tako ocito je da capovi su ti koji ruse ostale tako da su oni kljucni za preokret trenda iako se ovi manji dobro drze pogotovo supre i dalje.

Ali recimo kad gledam objavljene vozarine koje ja mogu vidit to mi je i dalje u nesrazmjeru s onim sta paper market pokazuje, jedino je ocitija veca volatilnost u razlikama postignutih vozarina jer neko postigne 14k netko 25k sta su velike razlike, vidljivo iz primjera zadnje tri objave.

Quote from jasko

Atlantska handysize ‘seriously damaged’ in US collision | TradeWinds (tradewindsnews.com)

Svi samo citiraju izvor od atpl nigdje neovisne vijesti sa necim konkretnim o sudaru

Evo bas naletio danas na jedan twitt na takvu temu i sire

Malo iz Torm-ovog tranksripta zanimljvosti

TORM plc (TRMD) CEO Jacob Meldgaard on Q2 2022 Results - Earnings Call Transcript

TORM plc (NASDAQ:NASDAQ:TRMD) Q2 2022 Earnings Conference Call August 18, 2022 09:00 AM ET Company Participants Andreas Abildgaard-Hein - Head of Investor…

seekingalpha.com

Please turn to slide seven. Now on this slide, what we tried is to quantify the expected increase in ton miles from the drivers for this year that I mentioned earlier. And here, when we do a bottom up and calculate, the EU ban on Russian oil products and the corresponding trade recalibration will add a net of 7% to the product tanker ton mile. This is purely based on changes in trade distances only.

So, for instance, Northwest Europe, imports is from the Middle East instead from the Russian Baltic coast. It will increase the ton mile for the same amount of fuel by around 3 times. Now this is a permanent effect which will bring the fleet utilization rate to a new higher level as long as the sanctions against Russia are in effect

On top of that 7%, we expect a ton mile growth of 3% from the continued oil demand recovery from the COVID-19 effect during the year. This comes to include, as well, the impact of the recent refinery closures in, for example, Australia, New Zealand, South Africa, which with the import to all of these regions actually increasing.

Finally, since the beginning of the year, we've seen a considerable number of LRs and shifting into dirty trades on the searching Aframax rate immediately after Russian invasion of Ukraine, and then we saw a shift partly back to clean trade center of this climbed above the dirty trades. And this has led into to a 2% net decline in clean trading the LR2s compared to the beginning of the year.

Now please turn to our slide number 8. And here, when we look more closely on the impact of EU sanctions in Russia, we can say that so far, we have actually only seen a limited shift in trade pattern and the full demand effect will only be recognized by early February 2023, when the EU sanctions will come into full effect.

If we look at more detailed data, European imports from Russia have actually declined since February 2020, when Russia invaded Ukraine, but the decline has been relatively small and from a high base. The positive impact on the freight rates has up, however, been significant already.

This recalibration will be facilitated by the ramp-up of the Jizan refinery, as already mentioned in Saudi Arabia and the start-up of The Al Zour refinery in Kuwait, both scheduled for -- to coincide in the coming months.

At the same time, more than 4 million [ph] barrels per day of new capacity is scheduled to come online, mainly in the Middle East, China, and India, regions we saw today are the large exports of oil trucks. Both these trends are positive for trade and Torm in the coming years with only a few projects which are less positive for the trade.

Slide 10, please. As already mentioned, oil product inventories have been reduced since the summer of 2020, as refinery production has lagged behind the recovery in order momentum. Especially the case for diesel where inventories in main training hubs have fallen to 20% below pre-2019 levels, the same magnitude as the excess stock seen in the early months of the quarter 2019 pandemic. So, the need here to replenish the stock to at least pre-COVID-19 levels translate into higher fuel transportation needs, adding at least 2% to the ton-mile demand for product tanker

Now, the exact timing of this 2% effect is concerned, given that currently we have a tight supply/demand situation for diesel and on top of that, a backwardated price structure.

So, yes, conclusion -- my concluding remarks on this product in market is that we really expect that we'll continue to see volatility on the market, of course, due to the current geopolitical tension, but that there will be considerable ton-mile increases due to the ultra-rerouting. This is supported, again, by the increased refinery dislocation effect and the need to rebuild impeded crude and product inventories.