Top Ten Maritime News Stories 02/08/2017

Seacurus Daily: Top Ten Maritime News Stories 02/08/2017
1. Yangtze Collision Crew Lost
General cargo vessel "Xin Hang Hai 2" collided with containership "Chong Lun J3010" near Taicang part of Yangtze River. Xin Hang Hai 2 was carrying wood product from Japan to Taicang while Chong Lun J3010 was headed from Chongqing to Shanghai when the incident happened. The incident led to the sinking of Chong Lun J3010, with183 containers and all 15 crew onboard the vessels falling into the water. 13 of the 15 crew, were rescued.
2. Two Million Boxes Stranded
No fewer than two million containers laden with various cargoes worth millions of dollars are currently stranded at the Lagos port complex, due to the inability of importers to evacuate them. Many of the cargoes are now incurring demurrage after enjoying three rent-free days from the day of discharge. The containers continue to accumulate due to the blockade of ports’ access roads for repairs.
3. New Blockchain Initiative
A Hong Kong startup has launched a new blockchain initiative today that it claims could transform container shipping. 300cubits announced it will conduct its initial token sale of its brand new crypto currency called TEU on August 16.
The founders of 300cubits stated, “Industry people complain the lack of trust between liners and customers. We think the trust-free nature of Ethereum is just the solution container shipping needs.”
4. Bulk Guidance Announced
RightShip and The Nautical Institute are partnering with a number of industry bodies to prepare and peer review a best practice guide for the bulk cargo sector. The proposed International Safety Guide for Bulk Carriers and Terminals (ISGBCT) will provide best practice guidance to ship and terminal personnel on the safe carriage and handling of cargoes on bulk carriers and in terminals, just as ISGOTT does for liquid cargoes.
5. IMO Speaks on Sulphur
The IMO has been talking on low carbon shipping and air pollution control. Speaking at a conference, IMO’s Edmund Hughes explained the work being carried out to support effective and consistent implementation of the 0.50% global limit on the sulphur content of fuel oil which will apply from 1 January 2020. Preparations involve likely types of compliant fuel oil, use of exhaust gas cleaning systems, and development of a bunkering infrastructure.
6. Understanding Reputational Risks
Navigating the changing tides of perception takes openness and a conviction in values, argues Nick Arthur from BLUE Communications. Structural challenges are altering the big picture for shipping. Freight rates and secondhand values remain low, while, despite a slowdown in newbuilds, oversupply remains an issue. The industry continues to lick its wounds and collectively hope for an upturn in global trade dynamics, all the while reputation matters more than ever.
7. Sale of Three Oldies 
Crude oil shipping company Gener8 Maritime has entered into agreements to sell its three older vessels. Following the sale, agreed in July, the company expects to receive USD 3.4 million after debt repayment of USD 24.1 million. The vessels in question are two 1999-built Suezmax tankers, "Gener8 Horn" and "Gener8 Phoenix" and they will be sold for demolition. In addition, the company intends to dispose of the 2002-built Aframax, "Gener8 Elektra".
8. NYK Rebounds to Profit
One of the world’s largest shipowners Nippon Yusen Kaisha (NYK) returned to the black in the first quarter ended 30 June 2017 and has maintained its full year profit forecast. NYK reported a profit of US$48.6m for the first quarter ended 30 June 2017 compared to a loss in the corresponding period in the previous year. The Japanese shipowner described markets in the in the first quarter as mixed with favourable spot rates for container shipping. 
9. Baltic Bids Farewell to Baltex
The Baltic Exchange will close its freight derivatives platform Baltex at the end of the year after a review. Baltex was launched by the centuries-old Baltic Exchange in June 2011 as the first central electronic marketplace for freight forward agreements (FFA), which allow investors to take positions on freight rates at a point in the future. Singapore Exchange completed its $114.19 million acquisition of the Baltic in November.
10. Brazil and Chile Change
The cost of shipping goods between Brazil and Chile is expected to fall by about 5 percent with the 2020 expiry of a pact that limited trade to ships registered in either country, the Brazilian industrial lobby CNI said on Monday. Last week, Brazil’s foreign trade chamber CAMEX decided not to renew the 1975 pact, and to allow cargo to be transported on ships under any flag, citing the need for greater competition.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions


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