Seacurus Daily: Top Ten Maritime News Stories 22/12/2017

Seacurus Daily: Top Ten Maritime News Stories 22/12/2017

Wishing you all a very merry Christmas.

1. Philippine Ferry Tragedy 

The Philippine ferry sank off the country’s eastern coast on Thursday after being caught in a heavy storm and choppy waters, coast guards said. Officials said that at least four passengers had died in the accident, while between 40 and 88 remained unaccounted
for, according to varying media reports. The remaining passengers had been rescued. "We also heard reports that there were casualties but we have not yet been able to validate this," said Armand Balilo, a spokesman for the Philippine coast guard. "Our concern
now is to ensure that all rescued are in good condition."

2. Profound Shake Up
The Ocean Alliance is facing a profound network shake-up as its members prepare to welcome a large tranche of ultra-large containership (ULCV) capacity next year. While its rivals – the 2M and THE alliances – have relatively modest and well-established orderbooks
for the largest class of box ships, the Ocean is set to see the make-up of its respective fleets undergo radical change, according to liner consultancy SeaIntel. It said: “2M and THE Alliance essentially have a very stable development. This means that the
phase-in of new deliveries will primarily be used to augment existing services, and reducing unit costs.

3. Looking to Year Ahead
Shipowners who had managed to survive the tumult of the past decade dared to peer out of the gloom during 2017. The bruised and battered owning community prayed that the end of the downturn was in sight. And for most sectors it does look hopeful, albeit
market fundamentals are more brittle than an icicle this Christmas. Restraint, not something in the DNA of most owners, will be required to make any recovery a meaningful one. Bargains were on offer throughout 2017 for the brave and the year is likely to go
down as a record one for S&P deals with the Greeks accounting for close to a quarter of all secondhand acquisitions.
4. More Hacking Updates
Security company Naval Dome has demonstrated what it says is the maritime industry’s nightmare security scenario with a series of cyber penetration tests on systems in common use on board tankers, container ships, super yachts and cruise ships.  The tests
demonstrated the ease with which hackers can access and over-ride ship critical systems. With the permission and under the supervision of system manufacturers and owners, Naval Dome’s cyber engineering team hacked into live, in-operation systems used to control
a ships’ navigation, radar, engines, pumps and machinery.

5. Euronav and Gener8 Deal
The Boards of Euronav NV and Gener8 Maritime, Inc. are pleased to announce that they have reached an agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a whollyowned
subsidiary of Euronav. The merger will create the leading independent large crude tanker operator including: 75 crude tankers, including 44 VLCCs and 28 Suezmax crude tankers, representing over 18 million DWT in the aggregate.

6. Insurers Facing New Risks
The development of unmanned and autonomous vessels will have a huge impact on the marine insurance sector, similar to driverless cars and motor insurance. A report by marine insurer The Shipowners’ Club examined how the insurance sector is responding to the
development of unmanned and autonomous ships, such as how the liability regime is keeping pace with technology. The reports differentiated between unmanned vessels (UVs) and autonomous vessels (ASVs), with the former having no crew on board but being remotely
controlled from the shore, while the latter are pre-programmed and operate on algorithms.

7. Eying Intelligent Ships
Rolls-Royce has signed a deal with Mitsui O.S.K. Lines (MOL), to collaborate in the development of its intelligent awareness system. The collaboration will be on board 165 metre passenger ferry SUNFLOWER, which is owned and operated by Mitsui O.S.K. Lines’
subsidiary company. Ferry SUNFLOWER operates on a 222-nautical mile route between Kobe and Oita via the Akashi Kaikyo, Bisan Seto and Kurushima Straits. Rolls-Royce Intelligent awareness systems will make vessels safer, easier and more efficient to operate
by providing crew with an enhanced understanding of their vessel’s surroundings.
8. Stepping Up Safety
The Maritime and Port Authority of Singapore (MPA) has stepped up efforts to enhance safety at sea during the year-end festive season. As everyone unwinds during this period, MPA urges the public and all port users to remain vigilant and safe at sea. Typically,
the Port of Singapore sees as much as a 15 per cent increase in the number of passengers during the months of November to January. This period coincides with the Northeast monsoon season, which may create unfavourable conditions at sea. Passengers should continue
to be mindful of basic safety practices while enjoying the festive mood.
9. Swooping to Buy Tankers
US-based tanker shipping company International Seaways has entered into a binding letter of intent to acquire the holding companies for six 300,000 dwt VLCCs from Euronav NV. The purchase price for the six vessels, with an average age of 1.7 years, is
USD 434 million, inclusive of assumed debt. The transaction was agreed in connection with the closing of Euronav’s acquisition of Gener8 Maritime. The ships in question include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao
Shipbuilding. The units are expected to be delivered to the company in the second quarter of 2018.

10. Big Getting Bigger
The ‘jumbo-isation’ of containerships is back in fashion, with MSC and CMA CGM reportedly planning to upgrade 21 14,000 teu vessels to ultra-large container vessels (ULCVs) of 17,000 teu nominal capacity. According to Alphaliner, the conversions will take place
at Chinese shipyard Qingdao Beihai Shipbuilding Heavy Industry (BSIC), which has already won firm orders to upgrade nine MSC ships, with another two subject to negotiation. BSIC has also reportedly signed with CMA CGM to lengthen five of the French carrier’s
13,800 teu vessels, with another five subject to options.

Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions


Best regards,

S Jones
Seacurus Ltd


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