Seacurus Daily: Top Ten Maritime News Stories 18/07/2017
1. IKEA Challenges Owners
Giant furniture retailer supports incoming sulphur regulations, says non-compliance would mean breach of contract. IKEA has called on shipping lines carrying its goods to comply with new IMO sulphur regulations or lose its business with the furniture retailer. Scott Hemphill, global sustainability developer at IKEA, said that if a shipping line is found not to be compliant with this legislation, this would represent “a material breach of terms and conditions resulting in business consequences up until termination.”
Giant furniture retailer supports incoming sulphur regulations, says non-compliance would mean breach of contract. IKEA has called on shipping lines carrying its goods to comply with new IMO sulphur regulations or lose its business with the furniture retailer. Scott Hemphill, global sustainability developer at IKEA, said that if a shipping line is found not to be compliant with this legislation, this would represent “a material breach of terms and conditions resulting in business consequences up until termination.”
———————————————————————————
2. Class Action Against Dryships
Seven US law firms have announced the filing of class action lawsuits against George Economou’s DryShips, joining three firms that launched action against the company last week alleging it violated federal securities laws. The law suits, many of which also name Economou and CFO Anthony Kandylidis as defendants, are calling on investors who acquired shares in DryShips between June 2016 and July 2017 to contact them to join the action. DryShips is accused of making materially false and misleading statements, systemic stock-manipulation to artificially inflate the company’s share price and using an illegal capital-raising scheme.
Seven US law firms have announced the filing of class action lawsuits against George Economou’s DryShips, joining three firms that launched action against the company last week alleging it violated federal securities laws. The law suits, many of which also name Economou and CFO Anthony Kandylidis as defendants, are calling on investors who acquired shares in DryShips between June 2016 and July 2017 to contact them to join the action. DryShips is accused of making materially false and misleading statements, systemic stock-manipulation to artificially inflate the company’s share price and using an illegal capital-raising scheme.
———————————————————————————
3. Reefer Tie Up Announced
French shipping line CMA CGM has announced collaboration with reefer transport specialist Seatrade Group to create a new vessel sharing agreement incorporating the services known by CMA CGM as Pad and by Seatrade as Meridian. This unique service will link Northern Europe, the East Coast of the United States, Central America, the Pacific Islands, Australia, New Zealand, Peru and the Caribbean on a weekly basis. CMA CGM said the new service brings together CMA CGM, Seatrade and Marfret and improves their frequency and port coverage.
French shipping line CMA CGM has announced collaboration with reefer transport specialist Seatrade Group to create a new vessel sharing agreement incorporating the services known by CMA CGM as Pad and by Seatrade as Meridian. This unique service will link Northern Europe, the East Coast of the United States, Central America, the Pacific Islands, Australia, New Zealand, Peru and the Caribbean on a weekly basis. CMA CGM said the new service brings together CMA CGM, Seatrade and Marfret and improves their frequency and port coverage.
———————————————————————————
4. APL Slashes Emissions
APL has announced its highest recorded fleet carbon dioxide emissions reduction of 48% in 2016, compared to its base level in 2009. Verified by Lloyd’s Register Group according to the Clean Cargo Working Group (CCWG) verification protocol and ISO14064-3:2006 standard, this achievement marks APL’s seventh consecutive year of improvements. “APL is pleased to register our best carbon reduction performance as yet, improving our fleet emission level by about 3%, versus our reduction in 2015. APL prides ourselves as a responsible carrier and will persevere in our pursuits of environmental excellence", the company said.
APL has announced its highest recorded fleet carbon dioxide emissions reduction of 48% in 2016, compared to its base level in 2009. Verified by Lloyd’s Register Group according to the Clean Cargo Working Group (CCWG) verification protocol and ISO14064-3:2006 standard, this achievement marks APL’s seventh consecutive year of improvements. “APL is pleased to register our best carbon reduction performance as yet, improving our fleet emission level by about 3%, versus our reduction in 2015. APL prides ourselves as a responsible carrier and will persevere in our pursuits of environmental excellence", the company said.
———————————————————————————
5. Old Ship New Life
Older tankers have been given a new lease of life, meaning that the tanker market’s tonnage oversupply issues could take longer to resolve. Shipbroker Charles R. Weber noted that “in a development that caught many industry participants off guard, the IMO agreed last week to urging by a number of flagstates to delay enforcement of Ballast Water Management Convention (BWMC) compliance for existing vessels from September 2017 to September 2019. Compliance for existing vessels calls for the fitting of Ballast Water Treatment systems from their first International Oil Pollution Prevention (IOPP) renewal survey.
goo.gl/nfjRQA
Older tankers have been given a new lease of life, meaning that the tanker market’s tonnage oversupply issues could take longer to resolve. Shipbroker Charles R. Weber noted that “in a development that caught many industry participants off guard, the IMO agreed last week to urging by a number of flagstates to delay enforcement of Ballast Water Management Convention (BWMC) compliance for existing vessels from September 2017 to September 2019. Compliance for existing vessels calls for the fitting of Ballast Water Treatment systems from their first International Oil Pollution Prevention (IOPP) renewal survey.
goo.gl/nfjRQA
———————————————————————————
6. Advice on MRV
With less than two months to go until the first compliance deadline, getting ready for the new EU regulations on monitoring, reporting and verification of fuel consumption (MRV Shipping) has become top priority for shipowners and managers with operations in European waters Participation in MRV Shipping is mandatory for merchant vessels above 5,000 GT calling at European ports. But even if your vessels do not currently trade in Europe, you might want to prepare your fleet for compliance anyway to continue to successfully compete for charters. A new definitive Guide about MRV had been released.
With less than two months to go until the first compliance deadline, getting ready for the new EU regulations on monitoring, reporting and verification of fuel consumption (MRV Shipping) has become top priority for shipowners and managers with operations in European waters Participation in MRV Shipping is mandatory for merchant vessels above 5,000 GT calling at European ports. But even if your vessels do not currently trade in Europe, you might want to prepare your fleet for compliance anyway to continue to successfully compete for charters. A new definitive Guide about MRV had been released.
———————————————————————————
7. Selling On the Fleet
The judicial managers of bankrupt Swissco Holdings have arranged the disposal of five vessels of the OSV firm for the purpose of repaying debts and reducing asset liabilities. Singapore’s Swissco has disposed of five vessels, namely "Swissco Venus", "Selat Goodman", "Selat Topman", "Selat Hope" and "Swissco Opal".
Based on the aggregate net book value of the five vessels as at 30 September 2016 of approximately $15.7m and sale proceeds of $11.2m, Swissco is expected to incur a loss on disposal of around $4.5m.
———————————————————————————
8. Slew of Charity Ideas
Jeff Bezos, the founder of Amazon, has taken to Twitter to ask for charitable giving advice. The responses came quick. At the time of writing, there were more than 45,000 replies. Bezos must have expected it; his announcement hints at a once-in-a-generation gift of wealth. Giving away money can be surprisingly hard to do. There is a large philanthropy industry in the world, and that industry is certainly not free from controversy. The response has seen calls for a fund to help stranded seafarers get back home after they have been abandoned by owners.
———————————————————————————
9. Ship Capsizes Loss of Crew
General cargo ship "VTB 26", carrying 4,700 tons of coal and 13 crew members on board capsized and sank on Monday, July 17 in Cua Lo anchorage, Gulf of Tonkin, amid relentless waves caused by typhoon Talas. According to the latest update from Vietnam’s Ministry of Transport, 7 people have been rescued, while three seafarers were found dead and three more are still missing. The search for the missing crew members is underway. Ships passing in the vicinity of the incident have been informed to be on the lookout for potential survivors.
———————————————————————————
10. Disney Looks to More Ships
Walt Disney Company has added another ship to the existing order of two new vessels with Meyer Werft shipyard in Germany. The new vessel will become the line’s seventh. Speaking at Disney’s D23 Expo in Anaheim, chairman Bob Chapek said: "We decided two ships wouldn’t be enough to hold all of the exciting new experiences we have been dreaming up to take family cruise vacations to a whole new level. "By the time all three new ships are sailing, we’ll have nearly doubled the size of our existing fleet." No specific details have been disclosed yet on the design or specific amenities of the three new ships.
Walt Disney Company has added another ship to the existing order of two new vessels with Meyer Werft shipyard in Germany. The new vessel will become the line’s seventh. Speaking at Disney’s D23 Expo in Anaheim, chairman Bob Chapek said: "We decided two ships wouldn’t be enough to hold all of the exciting new experiences we have been dreaming up to take family cruise vacations to a whole new level. "By the time all three new ships are sailing, we’ll have nearly doubled the size of our existing fleet." No specific details have been disclosed yet on the design or specific amenities of the three new ships.
———————————————————————————
Daily news feed from Seacurus Ltd C providers of MLC crew insurance solutions www.seacurus.com
Best regards,
S Jones
Seacurus Ltd
Registered in England No. 5201529
Authorised and regulated by the Financial Conduct Authority
A Barbican Group company
Telephone: +44 191 4690859
Facsimile: +44 191 4067577
Email: [email protected]
Website: www.seacurus.com
Registered Office: Suite 3, Level 3,
Baltic Place West, Baltic Place,
South Shore Road,
Gateshead,
NE8 3BA,
United Kingdom
This message, and any associated files, are intended only for the use of the individual or entity to which it was addresses and may contain information that is confidential, subject to copyright or constitutes a trade secret. If you are not the intended recipient you are hereby notified that any dissemination, copying or distribution of this message, or files associated with this message, is strictly prohibited. If you have received this message in error, please notify us immediately.
