World Trade Organization (WTO) economists have issued a strong upward revision to their forecast for 2017 trade expansion following a sharp acceleration in global trade growth in the first half of the year. The estimate for growth in world merchandise trade volume in 2017 was raised to 3.6 percent. The previous estimate for 2017 was 2.4 percent, although this was set within a range of 1.8-3.6 percent, reflecting the high level of economic and policy uncertainty. The new estimate puts the focus on the top end of that range.
South Korean owner Polaris Shipping is close to clinching a deal with compatriot shipyard Hyundai Heavy Industries (HHI) for the construction of ten VLOCs, plus options for another five, as part of a COA deal the owner has signed with Brazilian miner Vale. An official at Polaris Shipping confirmed to Splash that the company is at the final stages of concluding the contract with HHI, although an official contract has yet to be signed. Polaris in currently in the midst of a fleet optimisation plan following a fleet-wide inspection in the wake of the Stellar Daisy sinking in March year.
Lloyd’s List reports confirmation that MSC has ordered a series of eleven 22.000 TEU vessels. This comes in the wake of CMA CGM having ordered 6 similar vessels recently with an option on another 3. What does this mean for the market? First of all, if this is seen purely in isolation it does not really rock the boat. The vessels will be delivered during 2019-2020 where the orderbook is very slim presently. In and of itself the 440.000 TEU of capacity amounts to a 2% growth of the global fleet – and given the delivery spread on 2019-2020 is actually reflecting a 1% market capacity growth annually.
Scottish OSV operator Fletcher Shipping has been forced into administration by a local court again, only two years after it was brought back from the brink of oblivion. Fletcher Shipping went into administration in 2015. It managed to resume operations after securing $18m financing from private investment firm Grovepoint Capital, and all of the company’s vessel assets, including four OSVs, were transferred to a new company FS Shipping. According to a notice by UK’s High Court of Justice from late last week, the court has appointed business advisory firm Deloitte as the administrator of FS Shipping on September 1.
Biofuels are now being touted as a future fuel for shipping. A roundtable this week organised by the Maritime and Port Authority of Singapore (MPA), BHP and GoodFuels Marine brought together shipowners of different ship types to network, share insights into the use of biofuels to meet increasingly stringent environmental regulations as well as explore areas of collaboration. BHP and GoodFuels also signed a Letter of Intent (LOI) to collaborate on a biofuels pilot project in Singapore, which is expected to be carried out early next year.
General cargo ship ATLANTIC early in the morning Sep 23 ran aground south of Oskarshamn, eastern Sweden, Baltic sea, while en route from Visby to Oskarshamn. Swedish Coast Guard found Master and Officer on watch, both Russian nationality, being drunk. No visible damages, no leak reported, weather is calm, there’s no imminent danger of some major accident. According to AIS track,ATLANTIC didn’t changed course when being abeam of Oskarshamn, and sailed straight ahead until grounded in shallows at around 0200 UTC Sep 23. Understood those on bridge fell asleep. No news yet on salvage, maybe waiting for high tide.
UK’s superyacht industry posts fifth consecutive year of growth with highest ever revenue figures The UK’s superyacht sector remains buoyant, posting its fifth consecutive year of growth and the highest ever revenue. It contributed £450m in Gross Value Added to UK GDP, while generating an estimated £186m in taxes for the UK exchequer. Industry revenue has grown 1.7% to £615m, the highest ever recorded, Superyacht sector exports to both the EU and the rest of the world have grown at their fastest rate in the last 7 years, and full time employment figures have risen 3.3% to 4,244
Human Rights at Sea is very pleased to announce that following the success of the mental health welfare leaflet “Remaining Resilient after Traumatic Events”, the leaflet is now available in the Tagalog language. The leaflet is now available on both the HRAS (Publications) and UK P&I (Knowledge) websites and can be downloaded for free. Translation of the leaflet was made possible with the help of the UK P&I Club. Sophia Bullard, the Club’s Crew Health Programme Director commented:
Europe is set to export a record volume of diesel in September as Latin American buyers struggle to recover from a drop in U.S. supplies in the wake of Hurricane Harvey, according to shipping data and traders. Europe regularly imports large volumes of the road fuel as the region’s refineries are unable to meet demand.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions www.seacurus.com
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