Shippers are getting concerned by the dramatic drop in choice of carriers in the wake of the unprecedented consolidation seen in the container shipping space. Moreover, as the container shipping sector digests the news of Cosco Shipping’s $6.3bn bid for Orient Overseas (International) Limited, the parent of OOCL, the dynamics of individual tradelanes are set for a significant shake-up. Olaf Merk, the ports and shipping expert of the International Transport Forum at the OECD, noted on Twitter that with the Cosco takeover the market share of the top four carriers would stand at 53.8%.
The World Shipping Council (WSC) published its 2017 survey findings, concerning the number of containers lost at sea per year. The updated survey reveals that the average number of containers lost each year has dropped since 2014 by 48 percent. Based on the most recent survey results, WSC estimates that for the combined nine year period from 2008 to 2016, on average, there were 568 containers lost at sea each year, not counting catastrophic events, and 1,582 containers lost at sea each year including catastrophic events. On average, 64% of containers lost during this period were attributed to a catastrophic event.
Hong Kong-listed Cosco Shipping Development subsidiary Florens Container Investment has entered into a contract with CLC II to acquire containers for $200.38m. Cosco didn’t disclose the ultimate owner of CLC II but said the sellers are third parties independent of the company. The acquisition will be funded by both internal resources and external debt financing. The acquisition would increase the proportion of self-owned containers of the group and ensure that the group’s demand for containers is satisfied,” the company said in a release.
Farid Khan Kaim Khan, chairman of Bourbon Offshore Asia Pacific, is hoping to be elected as Singapore’s next president. The 62-year-old announced his candidacy on Tuesday saying that he is very concerned with the growing threat of radicalism. "If elected, I will work closely with the government and various organizations to resolve the issue," he said, adding that he would like to strengthen trust among Singaporeans regardless of race or religion. "Let us enhance our efforts in helping the needy, including troubled youths, to strengthen our social fabric," he said.
ISWAN and CHIRP have entered into a MoU to cooperate in improving seafarers’ safety and welfare. By working together, ISWAN through its SeafarersHelp will assist seafarers to complete the initial report to CHIRP highlighting unsafe working practices. This will be particularly helpful for seafarers whose first language is not English. ISWAN regularly hears from seafarers about unsafe working practices and in future will assist seafarers to complete the initial report to CHIRP highlighting lessons learned. By working together in this way, CHIRP and ISWAN will help to ensure that seafarers’ safety and welfare are given a high priority.
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