Top Ten Maritime News Stories 08/02/2017

Seacurus Daily: Top Ten Maritime News Stories 08/02/2017

1. Hyundai Losses Beckon
Hyundai Merchant Marine CEO Yoo Chang-keun has said the firm expects to post losses through the first half of next year due to poor market conditions.  “This year will be the year to strengthen our financials,” Yoo told Bloomberg. “We are targeting to make an operating profit in the third quarter of next year. By early next year, we expect much of the overcapacity in the market will be resolved . . . We are cautiously expecting rates this year to recover." 
2. Hanjin Sealed Bids Issued
Sealed bids have been lodged at a court in Hong Kong for the last real jewels in the once mighty Hanjin crown. Up for sale are five 13,100 teu ships – all built in South Korea in 2012 and 2013. While technically the winning bid is scheduled to be announced on February 14, sources in Hong Kong claim that one line has jumped the queue with what is thought to be an unbeatable offer.
3. BP from Red to Black
BP has reported a profit of $115 million for 2016 compared to its 2015 loss of $6.5 billion and citing disciplined expansion in gas, long-term low-cost oil and retail marketing as the way forward this year. Bob Dudley, BP group chief executive, commented: “2016 was the year we made significant strides in creating a stronger platform for growth. We launched six major project start-ups…and made final investment decisions on a further five major projects."
4. Blame Culture Evident
A senior port official in India has laid the finger of blame on the "BW Maple" VLGC for the collision which took place off Chennai on January 28 resulting in a massive fuel leak that washed up on nearby beaches. The BW Maple collided with a local product tanker, Dawn Kanchipuram, hitting its tanks and leading to tons of fuel leaking, something local authorities have been heavily criticised for their poor response to the accident.
5. Indonesian Coal Woes
Loading disruptions at ports in East and South Kalimantan on the Indonesian side of Borneo island are causing a coal supply shortage in one of the world’s most important export regions, causing delays as ships wait to take on new cargoes. Shipping data in Thomson Reuters Eikon and port loading schedules seen by Reuters show 136 ships were offshore Indonesia as of Feb. 6, waiting to take on coal.
6. Another Company Liquidates
The Naples-based Fratelli D’Amato shipping group has just put into liquidation two companies and will transfer the property of five PSVs left in its fleet into a new single purpose vehicle. Fratelli d’Amato Spa and Dolphin Tanker Srl are the two companies that have been canned since they remained with no assets both in dry and liquid bulk business. Luigi D’Amato confirmed the decision to start the voluntary liquidation of both the companies.

7. Top Panamax Bulker Routes
Due to the tendency of trade routes to change pushing demand somewhere else, VesselsValue has put together a report showing the current state of affairs at the top 5 Panamax Bulker trade routes based on the total ton miles moved.
Mainly a grains trade, especially soybeans, the volatile Panamax bulker trade has been dominated by vessels moving cargos from Brazil to China. However, this route has been on a downtrend from 2015, according to VesselsValue.
8. Freight Forward to the Future
In 20 years, freight shipping will still likely take place with 20’, 40’ and ULDs. The main difference will be the underlying data technology that stitches carriers, forwarders, shippers and ports together.  Taxis fought Uber. Hotels fought Airbnb. Airlines fought Priceline. But freight digitalisation is different. Digitalisation means increased efficiency. Technology isn’t the enemy; it’s a lifeboat. And the alternative for providers is ctrl-alt-delete.
9. Jamaica Launches IMO Offensive
Jamaica launched its bid to be re-elected to the Council of the International Maritime Organization (IMO) at a Jamaica House ceremony. The council is the executive organ of IMO and is responsible, under the assembly, for supervising the work of the organisation. Between sessions of the Assembly, the council performs all the functions of the Assembly, except that of making recommendations to Governments on maritime safety and pollution prevention.
10. Fire Leaves Vessel Adrift
The general cargo ship "Thorco Crown" is adrift off the coast of Port aux Basques, Newfoundland, Canada, after suffering an engine room fire. The 13-year-old vessel is registered to Antigua and Barbuda and was en route to Montreal from Argentina. The Canadian Coast Guard was called on Tuesday when the vessel was about 32 nautical miles off the coast and passing through the Cabot Strait.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions


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