Top Ten Maritime News Stories 12/07/2016

Seacurus Daily: Top Ten Maritime News Stories 12/07/2016

1. Understanding Claims and Losses
The Swedish Club has launched its latest publication, Claims at a Glance, which provides an insight into the full range of claims the Club has handled over the last five years. Claims at a Glance investigates the causes of a wide range of incidents and makes practical recommendations on how to prevent them. It makes full use of Interactive Root Cause Analysis to analyze the root cause of a variety of claims. Costly cargo claims are often due to catastrophic circumstances such as total losses, fires or navigational claims, states the report. The top three most expensive categories are inherent vice, collision and grounding.
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2. Female Skipper Bravery Award
Captain Radhika Menon, Master of the oil products tanker "Sampurna Swarajya", is to receive the 2016 IMO Award for Exceptional Bravery at Sea for her role in the dramatic rescue of seven fishermen from a sinking fishing boat in tumultuous seas. Menon was nominated by the Government of India, for the rescue of all seven fishermen from the fishing boat Durgamma, which was adrift following engine failure and loss of anchor in severe weather. Food and water had been washed away and they were surviving on ice from the cold storage. It took three arduous attempts in the lashing wind and rain and heavy swells.
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3. Excess Production Scuppering Trade
Excess industrial-production capacity is a global issue that has depressed international commerce and harmed workers, trade ministers from the Group of 20 industrial and developing nations have heard. The declaration cast a spotlight on China’s influence as the world’s largest exporter of manufactured goods such as steel. The G20 meeting sought to address a “very sluggish recovery” marked by growing protectionism, reduced foreign direct investment and other signs of fragmentation in the global trading system that together risk making 2016 the fifth-straight year that international commerce lags behind global growth.
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4. RBS Struggling to Sell
The Royal Bank of Scotland is facing setbacks over a proposed sale of its Greek ship finance business, with potential suitors backing off, partly due to the British vote to leave the European Union, sources told Reuters. Britain’s June 23 vote has raised the risk of recession and earnings downgrades that have battered bank shares. Reuters reported earlier that week that RBS had received bids for its Greek shipping operation. Sources said Credit Suisse and China Merchants were among the suitors. Banking and finance sources say Brexit has put into doubt any advancement of discussions for now.
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5. Brexit Could Bring Sulphur Change
The prospect of the United Kingdom leaving the European Union has raised a number of questions regarding the status of sulphur regulations in the UK, according to the International Bunker Industry Association (IBIA). The EU’s sulphur regulations go beyond the minimum requirements of the IMO MARPOL Annex VI. Although the EU and IMO regulations are aligned regarding the 0.10% fuel sulphur limit for ships operating within an emission control areas (ECAs). The UK could allow vessels to use fuels with up to 3.50% sulphur while at berth in the ports that are not inside an ECA, as well as in UK waters.
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6. European Shipping Week Themes
The themes for European Shipping Week 2017 have been formally announced with the competitiveness of European shipping globally and the strategies being developed by the European Union and its respective bodies to foster that competitiveness sitting at the heart of the week’s events and debate.
Digitisation and modernisation of the policy framework are indispensable for the maritime sector to become even more quality oriented, sustainable and competitive in the years ahead. These are also the policy priorities outlined by the European Commission.
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7. Connectivity Needs Cyber Sense
An increase in internet access at sea will lead to an increased risk of suffering a cyber-attack. However, if addressed correctly, this risk can be lowered to sit comfortably within the acceptable risk tolerance levels of an organisation. The maritime sector is a very competitive one. If there is a perceived lack of preparedness against all threat vectors, then a customer may very well choose to use a competitor. Can you really afford to lose a contract because of a lack of due diligence? The three pillars of information security are to maintain the confidentiality, integrity and availability of data – all are necessary.
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8. Stocks Forced to Sell
Sainty Marine has announced that a court has enforced the sale of stocks held by former president Wang Junmin, and former GM Li Jiu, due to debt issues. Shenzhen Stock Exchange has sold 12.75m shares held by Wang and 11.47m shares held by Li through auction at the request of the court, for around RMB117m ($17.5m) and RMB105.4m ($15.75m) respectively. Sainty Marine is currently in the process of a major restructuring, and it is going to quit shipbuilding business and dispose of all its shipbuilding assets upon completion of the restrucuturing.
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9. Massive North Sea Drug Haul
Three tonnes of cocaine worth £512million, the UK’s biggest class A drugs haul , were found on a boat seized in the North Sea. The massive haul of drugs being removed from the tugboat. The captain and first officer of tugboat MV Hamal were yesterday found guilty of drug trafficking. It had left Turkey for Guyana in South America where drugs were loaded.
http://goo.gl/yynf87
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10. Marshall Islands Commits to Greece
The Marshall Islands Registry (RMI Maritime Registry) has kept growing steadily over the course of the past year, continuing its trend of attaining No1 status among the Greek ship owning community. In an interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Mr. Theofilos Xenakoudis, Director, Worldwide Business Operations, Managing Director-Piraeus, Greece, International Registries, Inc., talks about its potential, the overall trends witnessed in the shipping market and the challenges lying ahead.
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