Seacurus Daily: Top Ten Maritime News Stories 11/08/2016
1. Time to Think About Crews
Charterers should “think twice” about taking ships from owners who have a history of crew neglect, a leading UK shipping charity has told Splash today. The Mission to Seafarers is challenging charterers to avoid using companies that have mistreated crew in the past, while asking port authorities to ensure that vessels have the necessary financial securities in place before allowing them into port.
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2. Tweaking With Supply to Fix Demand
High capacity utilization levels on the major east-west trades in the beginning of the third quarter are a result of supply-side adjustments rather than stronger demand for containerized cargo shipping in the peak season, according to Alphaliner. Average linehaul capacity utilization in the third quarter so far was reported to be in the mid-90 percent level, with only the Asia-Mediterranean routes at below 90 percent, due in part to capacity additions.
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3. Panama Chases More Tonnage
“The Panamanian Maritime Administration, is running important market strategies to expand our fleet, and thanks to these efforts for the period 2016-2020, we expect about 665 new-buildings to join the Panamanian registry, which will generate valuable income for the State,” said the Administrator of the Panama Maritime Authority (AMP), Jorge Barakat Pitty. His statements were made at a Panamanian Maritime Law Association (APADEMAR) event.
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4. ASEAN Tackling Tensions
Asean has reached a consensus on the East Sea dispute, one of which is that maintaining peace, stability and co-operation in the East Sea plays a key and inseparable role for peace, stability and co-operation in the whole Southeast Asia region. The East Sea, therefore, is in the mutual interests of all Asean member nations and even of the international community, as it affects global transportation, the economy and security, for all countries.
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5. Bridge Teams Ignoring COLREGS
Clearly some bridge teams are neglecting to follow ship anti-collision regulations (Colregs), causing damaging and polluting crashes. Two incidents involving tankers in the last seven days have highlighted the dangers of miscommunication between ships and ignorance of the Colregs – the International Regulations for Preventing Collisions at Sea. The collisions are warnings to bridge teams worldwide to ensure they know and follow the ColRegs.
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6. CMA CGM Ties In Charters
Two small containerships owned by Global Ship Lease (GSL) have had their charters to CMA CGM extended by up to 3.25 years. The vessels, Marie Delmas and Kumasi (both 2,207 teu, built 2002), will each earn $13,000 per day during their respective extension periods, which commenced on August 1. The earliest expiry of the charters is September 2017, after which GSL has an option period of 1.25 years and two additional one-year option periods.
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7. China Hoovers Up Piraeus
China Cosco Shipping Corporation has completed the acquisition of a 51 percent stake in the Piraeus Port, the largest port in Greece. Cosco Shipping Hong Kong has officially become the controlling shareholder of the port, and now takes over its management and operation. Cosco has operated two container terminals in Piraeus since 2009 under a 35-year concession agreement. It has paid $311m for the 51 percent stake in the port.
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8. Eagle Bulk Looks to Soar
Eagle Bulk Shipping has announced that it has closed the private placement of common stock with aggregate gross proceeds of $88m. The company inked two fund raising deals to raise $85m and $3m respectively in July. Eagle Bulk has sold 60.9% of its outstanding common stock through the sale of the combined $88m worth of equity, which it said “will have the effect of diluting the company’s existing shareholders that are not investors in the private placement”.
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9. Hanjin Will Not Be Bailed
The head of South Korea’s financial watchdog on Wednesday said Hanjin Shipping should prepare for receivership if it can’t reach an agreement with creditors and tonnage providers, signaling the government is unlikely to bail out the country’s largest container line. “Overall, Hanjin Shipping is implementing debt restructuring on three fronts (charterhire costs, bank loans and bonds)," said Yim Jong-yong of South Korea’s Financial Services Commission.
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10. Steamship Supports Seafarers
P & I Club Steamship Mutual has agreed a one-year sponsorship of the physical wellness module of Sailors’ Society’s Wellness at Sea coaching programme. Wellness at Sea, which was launched in 2015, is a coaching and support programme devised by the international maritime welfare charity to promote health and well-being among the world’s seafarers. The vast majority of incidents occurring at sea are attributable to ‘human error’.
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Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions www.seacurus.com
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S Jones
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