Seacurus Daily: Top Ten Maritime News Stories 05/10/2016
1. Bracing for Hurricane Hit
Cruise lines and merchant vessel operators are reconsidering their voyage plans to account for the arrival of Hurricane Matthew, the strongest storm in the Caribbean in a decade. Matthew made landfall over Haiti Tuesday morning, bringing 20 to 40 inches of rain and a storm surge of up to 10 feet near the epicenter. Its wind speeds were in the range of 150 mph. After Haiti, the storm is expected to track north-northwest past Cuba and along the coast of Florida.
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2. Financial Fears Spread
Singapore’s junk-bond market is suffering its worst rout in at least four years as debt restructurings spread among shipping and oil-and-gas service companies. Rig and vessel chartering group Swissco Holdings Ltd. added to the list of firms seeking to reorganise debt Tuesday. It appointed Ernst & Young Solutions LLP to assist in the refinancing and restructuring of S$100 million ($73 million) of notes maturing in 2018, according to an exchange filing.
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3. Mystery Tanker Anchored
A liquefied natural gas tanker plying the waters of the Mediterranean has created a guessing game for energy traders. The Maran Gas Delphi has taken a meandering course after loading up on U.S. shale gas a month ago at Cheniere Energy Inc.’s Sabine Pass export terminal in Louisiana. The ship anchored off the coast of Greece for several days, prompting speculation that it would deliver its supplies to a port in the region.
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4. John Digs Deep for Drilling
John Fredriksen is said to be willing to lend offshore drilling contractor Seadrill up to $1.2bn as part of a plan to restructure company debts with banks and bondholders, reports Bloomberg. Bloomberg sources said that a proposal by a working group included a loan by Fredriksen, the company chairman and largest shareholder, of between $800m and $1.2bn as well as a postponement of bank maturities until at least 2020.
http://goo.gl/g8etSe
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5. BP Leak Still Flowing
BP Plc’s Clair offshore field near the U.K.’s Shetland Islands is still shut following an oil leak. BP, which operates the field, said it wants to be “completely certain” the technical issue that caused the leak on Oct. 2 has been resolved before restarting, so production will remain offline as it investigates. About 95 metric tons of oil, or fewer than 700 barrels, was released into the sea from the Clair platform in a leak that lasted less than an hour, BP said.
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6. Bulker First for Panama
The expanded Panama Canal has achieved yet another first with the transit of the first dry bulk cargo through the new locks. The Bermuda-flagged MSC bulk carrier "MV Carouge" recently completed a southbound transit from the Atlantic to the Pacific Ocean on its voyage from the port of Carbonera Muelle, Colombia to the South Pacific. The capesize vessel is the first of its kind to use the expanded waterway since its inauguration this past June.
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7. Hanjin Brought Down by Creditors
Hanjin Group chairman Cho Yang-Ho said today that Hanjin Shipping could have survived had creditors provided the company with aid, Bloomberg reports. Cho was speaking at a parliamentary hearing, explaining events that led to Hanjin management opting for court receivership when its creditors, led by Korea Development Bank, ended support for the line by rejecting restructuring plans.
http://goo.gl/WQuUWT
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8. DP World Grabbing Africa
Building on its recent expansion in the Horn of Africa, DP World says it stands ready to work with African leaders to develop ports and logistics infrastructure. DP World already operates the most advanced port on the African continent at Doraleh, Djibouti, plus two ports in Algeria, one in Egypt and one in Dakar. Last month the firm signed a $450 million, 30-year concession to develop and operate a multipurpose port at Berbera, Somaliland.
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9. Abu Dhabi Goes Digital
Port developer and operator Abu Dhabi Ports has launched its digital Vessel Management System which enables automation of all vessel management processes and services through the Port Community System, Maqta Gateway. Through the new system, all vessel arriving at any of Abu Dhabi’s commercial ports will be able to process the needed formalities and exchange unified digital information with the Port Community.
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10. Jebsen Takes Intermanager Presidency
Bjørn Jebsen has been elected as the new president of InterManager, succeeding Gerardo Borromeo, vice-chairman and CEO of Philippine Transmarine Carriers, who is stepping down after four years in the role. Jebsen is CEO of Jebsens, one of the world’s oldest family-run shipping companies, which has over 220 onshore personnel and over 8,000 seafarers in its pool. The company is based in Bergen, Norway.
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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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