Seacurus Daily: Top Ten Maritime News Stories 27/11/2017
1. Bid to Beat Brexit
In a bid to beat the potential impact of Brexit on its business the UK P&I Club is setting up a subsidiary in the Netherlands. The UK Club has taken the move as the future trading relationship between the UK and the EU remains uncertain with Brexit negotiations
proving difficult. Although the precise future trading relationship between the UK and the EU remains uncertain, we are putting arrangements in place that will allow the UK Club to continue to provide cover for our Members regardless where their ships are
registered. The Club remains committed to doing business within Europe, said Hugo Wynn-Williams ceo.
proving difficult. Although the precise future trading relationship between the UK and the EU remains uncertain, we are putting arrangements in place that will allow the UK Club to continue to provide cover for our Members regardless where their ships are
registered. The Club remains committed to doing business within Europe, said Hugo Wynn-Williams ceo.
https://goo.gl/JfDXfh
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2. Dry Bulk Surge
The dry bulk market shrugged off Chinese government-enforced cuts in steel production to post more positive freight rates in October, with average monthly spot and one-year time charter rates higher than any month since 2014 for all bulker benchmarks.
Iron ore imports to China remain the strongest driving factor despite the downside risks. The most recent steel data available show a slowdown from the very high production levels of the third quarter, but there is still robust demand for tonnage for ore imports.
Iron ore and coking coal prices in China have both risen by about 17 percent so far in November.
Iron ore imports to China remain the strongest driving factor despite the downside risks. The most recent steel data available show a slowdown from the very high production levels of the third quarter, but there is still robust demand for tonnage for ore imports.
Iron ore and coking coal prices in China have both risen by about 17 percent so far in November.
https://goo.gl/4dJBGc
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3. Offshore Pains Continue
Singapore offshore vessel operator Miclyn Express Offshore (MEO) has raised going concern issues in its latest annual report. MEO posted a total comprehensive loss of $98.4m for the year, having recognised an impairment loss of $56.6m on its fleet after conducting
a review. In terms of debt, MEO has bank loans totalling $321.9m and a $150m senior secured guaranteed bond, with principal on the bond due in November 2018. In order to address its debt obligations, as well as its other general obligations and working capital
needs, MEO has appointed financial and legal advisors to assist the company with a debt restructuring.
Singapore offshore vessel operator Miclyn Express Offshore (MEO) has raised going concern issues in its latest annual report. MEO posted a total comprehensive loss of $98.4m for the year, having recognised an impairment loss of $56.6m on its fleet after conducting
a review. In terms of debt, MEO has bank loans totalling $321.9m and a $150m senior secured guaranteed bond, with principal on the bond due in November 2018. In order to address its debt obligations, as well as its other general obligations and working capital
needs, MEO has appointed financial and legal advisors to assist the company with a debt restructuring.
https://goo.gl/pJMK1D
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4. Panama and China Deal
Panama and China have signed an agreement on maritime transport in presence of Chinas president Xi Jinping and Panamas president Juan Carlos Varela, during Varela’s first visit to China after establishing diplomatic relations. The agreement aims to boost
commercial ship traffic, both cargo and passenger ships, between the two countries. Panama’s Minister of Maritime Affairs and administrator of the Panama Maritime Authority, Jorge Barakat, said that the agreement will help promote maritime and port development
in Panama and China, strengthen the Panama Ship Registry and support the Chinese Maritime Authority.
Panama and China have signed an agreement on maritime transport in presence of Chinas president Xi Jinping and Panamas president Juan Carlos Varela, during Varela’s first visit to China after establishing diplomatic relations. The agreement aims to boost
commercial ship traffic, both cargo and passenger ships, between the two countries. Panama’s Minister of Maritime Affairs and administrator of the Panama Maritime Authority, Jorge Barakat, said that the agreement will help promote maritime and port development
in Panama and China, strengthen the Panama Ship Registry and support the Chinese Maritime Authority.
https://goo.gl/QDCRxK
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5. Keeping it in the Family
Rodolphe Saadé has been appointed as chairman of CMA CGM in addition to his role as ceo. CMA CGM said the move was in accordance with the wishes of Rodolphes father Jacques Saadé who becomes founder chairman of the container line. To prepare the future, last
February 7th I appointed Rodolphe Saadé to the position of chief executive officer. His strategy has delivered very good operational and financial results. The group is strong, said Jacques Saadé.
Rodolphe Saadé has been appointed as chairman of CMA CGM in addition to his role as ceo. CMA CGM said the move was in accordance with the wishes of Rodolphes father Jacques Saadé who becomes founder chairman of the container line. To prepare the future, last
February 7th I appointed Rodolphe Saadé to the position of chief executive officer. His strategy has delivered very good operational and financial results. The group is strong, said Jacques Saadé.
https://goo.gl/WsFYVg
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6. IMO Stance Welcomed
The German Shipowners Association (VDR) welcomes the commitment of the EU Member States to the global climate protection strategy of the International Maritime Organization (IMO). VDR President Alfred Hartmann: Our ships operate on the entire world’s oceans;
therefore, a global solution to reduce CO2 emissions is the only way to go. German shipowners are fully committed to the objective of the Paris climate agreement to limit global warming to below 2°C."
The German Shipowners Association (VDR) welcomes the commitment of the EU Member States to the global climate protection strategy of the International Maritime Organization (IMO). VDR President Alfred Hartmann: Our ships operate on the entire world’s oceans;
therefore, a global solution to reduce CO2 emissions is the only way to go. German shipowners are fully committed to the objective of the Paris climate agreement to limit global warming to below 2°C."
https://goo.gl/sHKuCx
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7. Sulphur Spectre Appears
In a little more than two years time, shipping will have to shift to low sulphur fuel and although many variables are still to be considered, some certainties are gradually shaping up. In its latest weekly report, shipbroker Gibson said that perhaps we are
all getting a little tired of reading about various warnings about the implementation of the new global sulphur emissions legislation effective from the 1st January 2020. However, the issues associated with that date are not going to disappear anytime soon.
Last month, an ExxonMobil survey highlighted an ongoing sense of confusion and a lack of preparedness.
https://goo.gl/fKWKda
In a little more than two years time, shipping will have to shift to low sulphur fuel and although many variables are still to be considered, some certainties are gradually shaping up. In its latest weekly report, shipbroker Gibson said that perhaps we are
all getting a little tired of reading about various warnings about the implementation of the new global sulphur emissions legislation effective from the 1st January 2020. However, the issues associated with that date are not going to disappear anytime soon.
Last month, an ExxonMobil survey highlighted an ongoing sense of confusion and a lack of preparedness.
https://goo.gl/fKWKda
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8. Reducing Bow Waves
When sailing through narrow channels, reducing vessel speed reduces both the size of the bow wave and coastal erosion caused by such waves. There several other methods that promise to reduce the size of vessel bow waves, with potential to reduce both vessel
fuel consumption and coastal erosion along navigable waterways. The submerged cross section of the bow of boats and ships accounts for most of vessel fuel consumption. Forward propulsion involves a transfer of energy that produces as waves on the water surface.
Increasing ship speed increases the size of the bow wave and also its fuel consumption.
When sailing through narrow channels, reducing vessel speed reduces both the size of the bow wave and coastal erosion caused by such waves. There several other methods that promise to reduce the size of vessel bow waves, with potential to reduce both vessel
fuel consumption and coastal erosion along navigable waterways. The submerged cross section of the bow of boats and ships accounts for most of vessel fuel consumption. Forward propulsion involves a transfer of energy that produces as waves on the water surface.
Increasing ship speed increases the size of the bow wave and also its fuel consumption.
https://goo.gl/H13xhu
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9. Tonnage Tax Boost
Since its introduction in 2000, Tonnage Tax has helped boost the UK fleet, seafarer training and investment from overseas and is now worth billions to our economy. In September, a delegation of shipping industry leaders visited 10 Downing Street to take part
in a round-table debate with government ministers to discuss the challenges and opportunities facing the UKs maritime industry. A review of the current Tonnage Tax (TT) regime was one of the key areas in which the delegation asked for change, although specifics
of the meeting remain private.
https://goo.gl/7Jyh6M
Since its introduction in 2000, Tonnage Tax has helped boost the UK fleet, seafarer training and investment from overseas and is now worth billions to our economy. In September, a delegation of shipping industry leaders visited 10 Downing Street to take part
in a round-table debate with government ministers to discuss the challenges and opportunities facing the UKs maritime industry. A review of the current Tonnage Tax (TT) regime was one of the key areas in which the delegation asked for change, although specifics
of the meeting remain private.
https://goo.gl/7Jyh6M
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10. Rotterdam Goes Green
In 2050, the port of Rotterdam will still be a thriving centre of economic activity and employment. The main difference with todays port is that this activity and this employment will be generated by industry and shipping sectors that release next to
no emissions. Re-using waste will be the most natural thing in the world. The port will be even safer and healthier thanks to digitisation and new technologies. And there will be an even stronger focus on the human dimension. This, in a nutshell, is Remco
Neumanns vision of the future.
https://goo.gl/SnXNeV
no emissions. Re-using waste will be the most natural thing in the world. The port will be even safer and healthier thanks to digitisation and new technologies. And there will be an even stronger focus on the human dimension. This, in a nutshell, is Remco
Neumanns vision of the future.
https://goo.gl/SnXNeV
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Daily news feed from Seacurus Ltd providers of MLC crew insurance solutions
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Best regards,
S Jones
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