Seacurus Daily: Top Ten Maritime News Stories 08/01/2018

Seacurus Daily: Top Ten Maritime News Stories 08/01/2018

1. Fireball Tanker Collision  
A tanker has collided with a bulk carrier in the East China Sea, leaving 32, the entire tanker crew, missing. The Iranian tanker, "Sanchi", is ablaze and leaking oil after colliding with the Hong Kong-registered vessel CF Crystal. Rescue efforts are being
hampered by fire in and around the tanker and by bad weather. The tanker was carrying 136,000 tons (nearly one million barrels) of condensate and headed for South Korea. The incident occurred late on Saturday about 160 nautical miles off the coast near Shanghai
and the mouth of the Yangtze River Delta.
2. Painful Year Ahead
2018 looks set to be another “painful” period for tanker owners, with a continued wave of new tonnage and potentially challenging demand conditions, Gibson Shipbrokers has warned in its most recent weekly report. On the supply side, 40m dwt of crude and
product tankers (over 25,000 dwt) are due for delivery, compared to the 35.5m dwt delivered in 2017, potentially making 2018 the busiest delivery year since 2010. Gibson noted however that delays are expected to be a factor in reducing the volume of tonnage
entering the market this year.

3. Environmental Wrestling Match
Regulations pertaining to the environment will be the key issue shipping will have to grapple with in 2018 according to Angus Frew, the secretary-general of global shipowning body BIMCO. Frew said both greenhouse gas emissions due for debate at IMO in
April and the looming sulphur cap in 2020 were going to dominate shipping this year. He said it was vital the regulatory debate on the environment ensures a level playing field for all. Frew, who recently extended his term at the helm of BIMCO, voiced his
concern that come 2020 there might not be enough low sulphur fuel in place for the entire shipping industry.
4. Looking for ONE Answer
K Line, MOL and NYK are banking their future group profitability on the success of the Ocean Network Express (ONE) – the merger of the Japanese transport groups’ respective container businesses scheduled for April. According to reports, the trio say they expect
to save ÂĄ50bn ($440m) in costs in the first fiscal year ending 31 March 2019m and thereafter ÂĄ110bn a year. The synergies will come from personnel consolidation, combining agencies and subsidiaries and a lowest-common-denominator-reduction strategy on port
costs and service provider fees.
5. Horror of Cruise Storm
Up to 4,000 passengers aboard the cruise ship "Norwegian Breakaway" were hit by 30-foot high waves Thursday while sailing in the Atlantic Ocean during the winter "bomb cyclone." Several videos from the ship showed the water in the sea rising to the level of
the shipÂ’s deck. Passengers shared their experience Friday with CBS 2 in New York. They claimed to be severely shaken by the ordeal and concerned they wouldn’t survive the trip from the Bahamas to New York. Karoline Ross, of Stony Brook, New York, who was
on the ship with 20 of her family members, was traumatized by the ordeal.
6. Council Leaps on Shipping
East Riding, a council in the northern English county of Yorkshire, has emerged as a major stakeholder in the fast growing private equity firm Tufton Oceanic. East Riding has now built up an 11% share in the maritime-focused fund manager having bought 10m shares.
Tufton OceanicÂ’s IPO was held on December 20 with the issuance of 91m shares priced at $1 each. Tufton Oceanic had a very busy 2017 snapping up vessels in just about every ship sector.
7. Ding Dong Name Battle
The descendants of Danish scientist Hans Christian Orsted will take legal action on Friday against one of Denmark’s biggest companies over its decision to change its name to Orsted, their lawyer said. DONG Energy, the world’s largest developer of offshore
wind farms, in October renamed itself Orsted as part of its shift to renewable energy from oil and gas. DONG was short for Danish Oil and Natural Gas. It said the new name, chosen from more than 3,000 alternatives, was inspired by 19th century Danish physicist
Hans Christian Orsted, who discovered electromagnetism.
8. Cyber Extortion Woes
Cyber security has become an important management issue for shipowners. It has given rise to cyber extortion, which is a growing threat to the shipping industry. Cyber extortion can take various forms. One of the better publicised attack vectors is ransomware,
which is a type of malware that can infect a computer system and encrypt data until a ransom is paid, often in the form of a “cryptocurrency” such as Bitcoin. A high-profile example of a ransomware attack was the recent “WannaCry” virus which severely impacted
a number of UK state health bodies that had failed to implement software updates.
9. Pressure on Ship Recyclers 
In 2016, 86 percent of the worldÂ’s end-of-life vessels were broken up under rudimentary conditions on Asian beaches. To many shipowners, beaching appears to be an inexpensive means of recycling a marine vessel. But in reality, it comes at a steep cost to the
environment and human life, with 52 deaths on South Asian shipbreaking beaches reported in 2016, and real figures feared to be much higher. As a result, the International Labour Organisation has recently named shipbreaking as the most dangerous job in the
world, and shipowners and recycling companies are under pressure to take responsibility.
10. Guard Held over Medication
A 61-year-old British maritime security guard has been in a Dubai jail for five weeks, after customs officers seized his anti-anxiety medication. Perry Coppins, a maritime security officer from Eastwood, had to take enough of the drugs to last him his
six-month voyage at sea, but a customs officer confiscated them anyway, according to justice group Detained in Dubai. He has now been detained for the last five weeks in Dubai and has not had access to the medication for his anxiety, nor for his prostate cancer.
Mr Coppins has been in jail while waiting for a court appearance.

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


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