Seacurus Daily: Top Ten Maritime News Stories 15/09/2016
1. Keeping Collateral Close
Creditors of Hanjin Shipping Co., fearful of having their collateral disappear over the horizon, have asked a U.S. bankruptcy judge to reconsider a ruling preventing them from seizing several of the South Korean carrier’s ships. A group of creditors who have gone unpaid for services have liens against Hanjin ships that would ordinarily allow them to foreclose on the vessels. Unless the U.S. judge intervenes, ships that have unloaded their cargo in the U.S. are free to set sail for foreign ports that may not recognize the creditors’ rights.
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2. Hanjin Fire Sale
A fire sale of troubled Hanjin Shipping Co.’s fleet has begun with the sale of three of the bulk carriers that it has been chartering, giving the clearest sign yet since Hanjin filed for bankruptcy protection last month that the South Korean government has no plans to bail out the shipping company. Brokers said Japanese owner Kumiai Senpaku is selling the Hanjin Matsuyama, a cape-size dry bulk carrier capable of moving around 160,000 tons of cargo, to a Chinese buyer for $23 million as the result of Hanjin’s failure to make charter payments since early summer. The ship was on a long-term charter for around $29,000 a day.
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3. Singapore Spooked by Debt
Rickmers Maritime has spooked Singapore investors admitting it is close to liquidation unless creditors come to its rescue. The listed shipping trust which focuses on containerships has said it needs to push back a total of $253m of debt. The company is unable to repay $179.7m of bonds due in March 2017 and the interest and principal on S$100m ($73.3m) of notes due in May 2017. The company is now negotiating with investors to exchange their debt with S$28m of new perpetual bonds to avoid potential liquidation or judicial management which Rickmers Maritime says would be “likely to result in zero recovery for noteholders”.
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4. Encouraged to Join ReCAAP
Indonesia may get stronger support for its fight against piracy by joining the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP), a US official has said. "If Indonesia joins ReCAAP and coordinates with this multilateral agreement and the International Maritime Bureau [IMB], it’ll get even bigger coordinated patrols. You’ll have better assets, better awareness, better targeting capacity and that will start to drive piracy down," the US Department of Homeland Security’s said. “It is in everybody’s best interest,” they added.
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5. New Northern Alliance
Ports in northern England are coming together to create what they are terming a “gateway to the world”. The new Northern Ports Association sees PD Ports in Teesport, and the ports of Tyne, Liverpool and Hull join forces. Geoff Lippitt, business development director at PD Ports, said: “The launch of the Northern Ports Association is incredibly positive. It will unite us in developing a stronger, more progressive and prosperous northern economy linked to international trade.” To date, English ports have been dominated by those in the south of the country.
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6. Ferry Explodes and Kills Passengers
An explosion on a ferry carrying 35 tourists between the Indonesian resort islands of Bali and Lombok on Thursday has reportedly killed two people, an Indonesian and a Dutch national, and injured 13. “Two of them died, 13 were injured,” Bali police spokesman Made Sudana told Reuters, adding the explosion happened off the coast of Lombok. “It seems there was some sort of explosion on the boat, so there was an emergency with the engine.” Other reports said one person, thought to be a German woman, had died, with up to 20 others wounded. It was not immediately possible to verify the differing reports.
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7. Guidance on MLC Checks
AMSA has issued Marine Notice to advise on AMSA’s approach to implementing the Maritime Labour Convention, 2006 (MLC, 2006) requirements for the maximum continuous period that a seafarer can serve on board a vessel without taking leave. It also outlines how these requirements will be enforced by AMSA during MLC, 2006 more detailed inspections. The relevant sections of MLC, 2006, Regulation 2.4 – Entitlement to leave and Regulation 2.5 – Repatriation, which make reference to the maximum continuous period that a seafarer can serve on board a vessel without taking leave.
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8. Killing Zika Mosquitoes
The London P&I Club has published advice on Requirement of MEC for vessels from ZIKA Affected Areas from Chinese Quarantine Authority. Operators will already be aware of the Zika prevention measures required by the Chinese Entry-Exit Inspection and Quarantine Bureau (CIQ). These measures include the provision of a Mosquito Eradication Certificate (MEC) where the vessel’s last port of call was in a Zika affected area. Singapore has been added to the list of Affected Areas. Notably, an MEC will be required if personnel are either embarked/disembarked from the ship or if cargo operations are performed.
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9. Lack of Joined Up Thinking
Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year, in the overall level of satisfaction on the part of respondents that sound risk management had contributed to the success of their organisations. The involvement of senior management in managing risk at the highest level also declined against last year.
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10. BIMCO Assisting with Ballast Issues
In response to the recent ratification of the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (Ballast Water Management Convention), BIMCO and Fathom Maritime Intelligence have published an updated 2016 edition of their practical, step-by-step guidance publication that helps shipowners understand ballast water management requirements. This guide, originally published in December 2013 with Fathom, provides holistic practical guidance that covers all facets of ballast water management compliance. In addition, it outlines the systems available and their type approval status.
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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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