Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
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Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)

The number of foreign tourists visiting Portugal surpassed 2.8 million from January through March, making it the best first quarter on record despite high global inflation and interest rates, data from the National Statistics Institute (INE) showed on Friday.

Measuring only foreigners staying in Portuguese hotels, the number by far topped 1.8 million people a year ago, and was above the 2.5 million reported in the first three months of 2019, which was a record year for tourism, before the COVID-19 pandemic crippled global travel in 2020.

Tourism, a key driver of Portugal's economy, accounted for almost 15% of gross domestic product before the pandemic.

The INE earlier on Friday said Portugal's economic growth accelerated sharply to 1.6% in the first quarter from the previous three-month period, stoked by net exports that include revenue from tourism.

In March alone, more than 1.2 million guests entered the country, with visitors from Britain accounting for the largest share of arrivals, followed by neighboring Spain and the United States, which has recently grown as a source of tourism to Portugal.

It may also have received an additional inflow of visitors after February's devastating earthquake in Türkiye - a major tourism destination - and thanks to the general perception of Portugal as a safe place, far from the war ravaging Ukraine.



Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)

The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite US sanctions.

The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the US sanctions over the conflict in Ukraine.

The US Treasury has also placed sanctions on the new vessel, which Russia's leading tanker group Sovcomflot ordered to be built at Zvezda, Russia's most advanced shipbuilding yard. LSEG ship-tracking data shows it is anchored near the Pacific port of Vladivostok.

Sovcomflot has not replied to a request for comment.

Novatek, which owns 60% of Arctic LNG 2, has said 15 Arc7 ice-class tankers that are able to cut through two meter (6.5 ft) thick ice to transport LNG from Arctic projects, will be built at Zvezda shipyard.

According to a source familiar with the matter, Novatek shut down commercial operations at the first and only operational train of its Arctic LNG 2 project in October with no plans to restart it during winter.

Ice-class tankers usually have double hulls - strengthened structures to withstand the pressure of ice - and reinforced propellers.

So far, only three suitable gas tankers have been built for Arctic LNG 2, according to public information: the Alexey Kosygin, Pyotr Stolypin and Sergei Witte vessels.

Six more Arc7 tankers were due to be built by Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, including three for Sovcomflot and three for Japan's Mitsui O.S.K. Lines.

However, the three tankers ordered by Sovcomflot were cancelled due to the sanctions against Russia, Hanwha said last year in regulatory filings.