The British Standard Institute (BSI) reports a spike in terrorist incidents in the global supply chain last year. According to the study, there was a total of 346 attacks in 2016, a rise of 16% on the previous year. Over the last decade, the BSI calculates that there has been an average of 161 attacks per year, last year reflects a trend for increasing violence in the supply chain. Reports describe cargo theft, extortion, hijacking, kidnapping and smuggling and as well as more violent attacks. These incidents have affected 58 countries. Those experiencing the highest number are Colombia, India and Turkey.
A ship has been detained in port near Bristol after ‘modern day slavery’ conditions were found on board. Crew members were reportedly living off sea water and out-of-date food on freighter docked at Severnside port of Sharpness. Described as having conditions close to ‘modern day slavery’, the Panama-registered Tahsin has been prevented from sailing from Sharpness by the Maritime and Coastguard Agency. Maritime officials found failings with navigation equipment, invalid employment contracts, non-payment of wages, damage to cargo and expired licenses.
George Economou’s Dryships has revealed in its second quarter results that it has received a subpoena from the Securities and Exchange Commission (SEC) requesting documents and information related to offerings made by the company between June 2016 and July 2017. The controversial offerings saw DryShips issue around $700m worth of discounted new shares to Kalani Investments, who then resold them on the open market. The dilution saw DryShips shares continuously slide, only halted temporarily by a series of reverse stock splits.
One in 3 South Korean maritime experts blame the government for the bankruptcy of Hanjin Shipping Co., once the nation’s leading shipping company, a poll has revealed. Hanjin Shipping, previously the world’s seventh-largest shipper, was put under court protection in September last year as its creditors refused to save the failing company before being declared bankrupt in February. According to the survey of 36 corporate executives, scholars, government officials and journalists, 37 percent of the respondents said Hanjin Shipping’s failure was caused by the government’s lack of awareness of the shipping industry’s importance.
New alliances, structural change and positive economic trends have transformed the container shipping market over the past year, driving growth and pushing business performance figures from deep red into black. However, despite long-term rates that are, in some cases, up 120 percent year on year, the future remains uncertain due to a looming shadow on the horizon, according to market intelligence company Xeneta. Strong consumer demand, and alliances have help push up utilization and rates, Berglund says, but there remains uncertainty. The industry may be unwittingly planning to sabotage its own success.
The Danish Maritime Accident Investigation Board has released its report into the sinking of the decommissioned PSVs Maersk Searcher and Maersk Shipper in December 2016. The DMAIB concluded that the fenders between the two ships failed during a side-by-side tow through the English Channel, and that the ships collided repeatedly until damage and flooding caused them to founder. The two aging Maersk Supply ships were prepared for scrapping in 2016. The Chancellor lacked the winch arrangements for a standard double tow, but the plan for a side-by-side tow on one wire was seemingly flawed.
The container logistics industry will see improved connectivity, efficiency and security thanks to blockchain. That’s the conclusion of a successful pilot program, delivered by logistics technology company Marine Transport International (MTI), and summarised in a whitepaper written and verified by the University of Copenhagen and Blockchain Labs for Open Collaboration (BLOC). The project, which has connected supplier, shipper, load point, customs and terminal on a shared blockchain ledger, has far reaching consequences for the logistics industry as it seeks new ways to improve security and profitability.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions www.seacurus.com
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