Seacurus Daily: Top Ten Maritime News Stories 10/01/2018

Seacurus Daily: Top Ten Maritime News Stories 10/01/2018

1. ECDIS Updates Stall

Shipping has reportedly not been updating its ECDIS software. In August 2015, the IIEC published the new edition 4.0 of IEC61174 ECDIS – Operational and performance requirements, methods of testing and required test results.”  There had been no newer edition
of the respective IMO Performance Standard for ECDIS since 2006/2007. Given that we are over two years on from this update, and that this was the first in over a decade, you would assume uptake would be prompt and as universal as could be reasonably expected. 
But unfortunately, from our industry observations, this has not been the case.
2. OPEC Hits Tankers
OPEC’s strategy to end a worldwide crude glut is causing havoc for supertankers that shuttle fuel between continents. The ships’ average earnings plunged last year by more than half to levels not seen since 2009 and far below what shipping analysts had
been predicting. Now, the producer group’s extension of output cuts throughout 2018 is adding to the downturn. “These cuts reduced the number of cargoes from the Middle East to Asia significantly at a time when a large amount of newly-built vessels are being
delivered,” Olivier Jakob, managing director at Petromatrix reports.
3. New Shuttle Tanker Concept
A new shuttle tanker concept has been developed by the world’s largest provider of shuttle tanker services Teekay, in cooperation with Wärtsilä. The concept has been endorsed with orders for four of these next generation vessels. The ships will be built at
Samsung Heavy Industries (SHI) in South Korea. Wärtsilä claims the new design will reduce annual emissions of CO2 equivalents by more than 40%, compared to conventional shuttle tankers. In addition to operating on LNG as the primary fuel, the dual-fuel engines
will be able to run on a mixture of LNG and recovered volatile organic compounds (VOC).

4. Old Bulkers’ A Bargain
Using VesselsValue‘s Future Market Value module, older tonnage is tipped to increase by the largest percentage from the first quarter this year through to Q1 in 2019. Topping the list are 15-year-old handysize bulkers, which are predicted to increase in value
by 33%, from $8.92m in Q1 2018 to a forecasted value of $9.73m in Q1 2019. Coming in second are 15-year-old LPG vessels sized 35,000 cu m, forecasted to increase by 11%, and 15-year-old LR1 tankers are in third place, with a forecasted 9% increase over the
next 12 months.
5. Wary of Old Problems
Nobu Su’s attempts to get back into dry bulk shipping are meeting a series of speedbumps with brokers and financiers wary of doing business with the Taiwanese magnate. Su, one of the world’s largest shipowners a decade ago, has been seeking a return into dry
bulk as the sector picks up after a lengthy recession.
At the end of November last year he contacted brokers Simpson Spence Young (SSY) seeking to find cargo for the F Whale, an ore/oil carrier. However, SSY senior management have decided to proceed with caution, telling Su that the company lost money in previous
dealings with Su’s firm, TMT.

6. Arming Fleet of Drones
American defense contractor Textron has signed a study agreement with the U.S. Navy to examine ways to arm the Common Unmanned Surface Vehicle (CUSV) platform.  The CUSV, also known as the "Fleet-class" unmanned boat, is a 40-foot launch originally designed
to support the mine countermeasurers mission of the Littoral Combat Ship. It was built to tow a minesweeping array to detonate classes of mines that listen for the audio and electromagnetic signatures of large vessels. New design variants equipped with surface
warfare equipment like small missiles, target designators or remotely operated weapons stations beckon.

7. Piracy at 22 Year Low
A total of 180 incidents of piracy and armed robbery against ships were reported to the International Chamber of Commerce’s (ICC) International Maritime Bureau (IMB) in 2017, according to the latest IMB report. It is the lowest annual number of incidents since
1995, when 188 reports were received.
In 2017, 136 vessels were boarded, while there were 22 attempted attacks, 16 vessels fired upon and six vessels hijacked. In 15 separate incidents, 91 crewmembers were taken hostage and 75 were kidnapped from their vessels in 13 other incidents. Three
crewmembers were killed in 2017 and six injured.
8. IMO Message on Disaster
“Our thoughts and prayers are with the seafarers still missing from the oil tanker Sanchi, following a reported collision off the coast of China. I send my deepest sympathies to all their families and loved ones. “I would like to commend all those who
have been involved in the international search and rescue operations so far and in the efforts to battle the fire and contain pollution from the ship. “This is an ongoing situation which we are monitoring. IMO stands ready to offer any technical assistance
that may be needed. In the longer term, it is expected that there will be a full investigation into this incident.”

9. Rebels Threaten Chokepoint
Yemen’s armed Houthi movement threatened to block the strategic Red Sea shipping lane if the Saudi-led coalition it is fighting keeps pushing towards the port of Hodeidah it controls. Yemen lies beside the southern mouth of the Red Sea, one of the most important
trade routes in the world for oil tankers, which pass near Yemen’s shores while heading from the Middle East through the Suez Canal to Europe. While SABA gave no details on how Houthis could carry out any such move, the Bab al-Mandab strait, where the Red
Sea meets the Gulf of Aden in the Arabian Sea, is only 12 mile wide.
10. Refinery Theft Raid
Eleven men were charged in a Singapore court on Tuesday in connection with a large-scale oil theft at Shell’s biggest refinery, while police said they were investigating six other men arrested in a weekend raid. Police in the island-state said on Tuesday
they had detained 17 men, whose ages ranged from 30 to 63, and seized millions of dollars in cash and a small tanker during their investigations into theft at the Pulau Bukom industrial site, which sits just south of Singapore’s main island. Oil refining and
shipping have contributed significantly to Singapore’s rising wealth during the past decades.

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


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