Seacurus Daily: Top Ten Maritime News Stories 19/09/2017
1. Impending Insurance Shake Up
Opening this week’s annual International Union of Marine Insurance (IUMI) conference in Tokyo, President Dieter Berg predicted an impending shake-up in the marine insurance sector driven by technology “disruption.” Disruption, according to Berg, is the raft of technology and business innovation that is destroying existing business models and which extends to every corner of the business world. It is exacerbated by the current macro-environment of a stagnant economy and increasing national protectionism that is continuing to affect premium income.
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2. DP World Digging Deep
Terminal operator DP World is buying both Drydocks World and Dubai Maritime City (DMC) for $405m increasing its position in the marine services market. In a major consolidation of Dubai’s maritime sector is buying 100% of shipyard group Drydocks World through a capital injection of $225m. The largest ship repair yard in the Middle East is being acquired by DP World’s marine services arm P&O Maritime. The shipyard sector has been hit hard by the downturn in the offshore market. The injection of $225m in capital is eight times Drydocks World 2016 annual EBITDA.
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3. London Hails Success
London International Shipping Week 2017 has been hailed a resounding success with thousands of global shipping industry leaders attending more than 160 official events throughout last week. Initial estimates place the number of U.K. and international visitors at over 15,000. Visitors from over 50 countries attended the week, including 15 ministers from foreign governments such as Saudi Arabia, Nigeria and Ghana. Such was the international interest in the week that #LISW17; #LISW2017; and @LISW17Official trended on Twitter twice during the week, with an estimated 11.2 million user Twitter reach.
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4. US Navy Relieves Commanders
In a statement, U.S. 7th Fleet announced that the commanders of Task Force 70 and its attached Destroyer Squadron 15 (DESRON 15) have both been relieved of their duties. The Navy cited "a loss of confidence in their ability to command." The collision-damaged warships USS John S. McCain and USS Fitzgerald both belong to DESRON 15. Rear Adm. Marc Dalton, commander of Task Force 76, assumed the duties of outgoing Task Force 70 commander Rear Adm. Charles Williams. Capt. Jonathan Duffy, deputy commander of Destroyer Squadron 15, assumed the duties of outgoing commodore Capt. Jeffrey Bennett.
In a statement, U.S. 7th Fleet announced that the commanders of Task Force 70 and its attached Destroyer Squadron 15 (DESRON 15) have both been relieved of their duties. The Navy cited "a loss of confidence in their ability to command." The collision-damaged warships USS John S. McCain and USS Fitzgerald both belong to DESRON 15. Rear Adm. Marc Dalton, commander of Task Force 76, assumed the duties of outgoing Task Force 70 commander Rear Adm. Charles Williams. Capt. Jonathan Duffy, deputy commander of Destroyer Squadron 15, assumed the duties of outgoing commodore Capt. Jeffrey Bennett.
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5. Search for Gas Partners
Croatian state-owned company LNG Hrvatska is looking for counterparts for the development of a new LNG import terminal on the island of Krk. The Zagreb-based firm has just launched an invitation to interested parties to submit a request to participate in the procurement of works for the LNG terminal based on a floating storage and regasification unit (FSRU) consisting of the design and construction of jetty, connecting gas pipeline and high-pressure installations. The deadline for the submission of the requests to participate is October 6.
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6. Room for More Mergers
There is still room for more buyouts in the shipping industry despite recent mergers, according to a senior industry executive. Maersk chief operating officer Soren Toft told a media briefing that mergers and acquisitions will become more important as growth in the shipping industry slows. Maersk Line in April announced it would buy out German competitor Hamburg Sud for €3.7 billion (S$5.96 billion), a deal first mentioned last December. It followed the proposed operations merger of Japan’s three biggest shippers.
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goo.gl/y6HDxH
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7. Call for Fire Changes
With the growing size of container vessels, and a recent spate of fires onboard these ships, the International Union of Marine Insurance (IUMI) has voiced concern that current firefighting provisions are insufficient. IUMI has published a position paper calling for better onboard firefighting systems for container vessels.
Fires onboard container vessels are very real threats. Recent examples include fires on NNCI Arauco a year ago and a large fire on the MSC Daniela while transiting near Sri Lanka earlier this year.
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8. Search and Rescue Duties
Search and rescue (SAR) is a humanitarian process, aimed at assisting persons in distress, without regard to the nationality or circumstances of the persons in distress. International Maritime Organization (IMO) ‘s Chris Trelawny highlighted this global responsibility, during the first Coast Guard Global Summit, jointly hosted by the Japan Coast Guard and Tokyo-based Nippon Foundation, in Tokyo (14 September). He also outlined the international legal framework for SAR; the implementation of effective SAR systems; and the need for and benefit of international and inter-regional cooperation for effective SAR on a global basis.
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9. Migrant Rescue Nobel Nominations
An international group of citizens in Parma, Italy, is preparing to nominate 66 people and organizations involved in migrant rescues in the Mediterranean for the 2018 Nobel Peace Prize. “The Righteous of the Mediterranean Sea – for the Humanitarian Marine Rescue of Migrants” will be a joint candidature of 66 subjects from 19 different nations which have continuously provided a humanitarian response motivated by the universal principle that every person in danger at sea must be rescued and treated with dignity. It includes fishermen, volunteers, artists, seamen, doctors, lifeguards, nurses, pilots, ship masters and others.
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10. Giant Wind Farm Beckons
A consortium planning to build Britain’s Triton Knoll offshore wind park will buy 90 giant turbines from MHI Vestas, it said on Monday, in what the maker said was the first announced deal for its record 9.5 megawatt (MW) capacity product. A final investment decision for the wind park, in Britain’s North Sea, is likely in 2018 with full onshore construction starting shortly after, and offshore construction starting in 2020, it added. The 9.5 MW turbine, made by a joint venture between Japan’s Mitsubishi Heavy Industries and Denmark’s Vestas.
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Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions www.seacurus.com
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S Jones
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