Seacurus Daily: Top Ten Maritime News Stories 29/01/2018

Seacurus Daily: Top Ten Maritime News Stories 29/01/2018

1. Snapping Up Euro Capacity
From the start of this decade to the present day Chinese state-owned enterprises (SOEs) have leapt to snap up an astonishing amount of container terminal capacity in Europe. Latest statistics from the OECD’s International Transport Forum show Chinese SOEs,
led by Cosco, now control 10% of European container terminal capacity, up from less than 1% at the start of the decade. While Chinese SOEs have been able to buy up majority stakes in ports across Europe, Beijing has not reciprocated with no European terminal
operator able to hold a majority holding of any port in the People’s Republic.

2. Fall in Volumes
Orient Overseas Container Line (OOCL) reported a 3.3% fall in volumes for the fourth quarter of 2017, but a much better margin, with overall average revenue per teu increasing by 9.6% compared with the previous corresponding period. Total volumes fell
to 1.61m teu in the last quarter of the year from 1.67m teu previously while total revenues increased by 6.0% to $1.38bn from 1.30bn in the previous corresponding period, OOCL said in a press release. While loadable capacity increased by 1.0%, the overall
load factor fell 3.7%.
3. Sanchi Oil Still Spreading
It has been almost a fortnight days since the NITC tanker "Sanchi" sank in the East China Sea after an explosion onboard, and the oil spill caused by the incident continues to spread off the Chinese coastline leading to increasing environmental concerns.
According to State Oceanic Administration of China, more oil slicks have been spotted at locations between 500m to 2km southwest of the ship wreckage site. The oil spill could cause long-term impact on the marine environment, especially the unpredictable expansion
of the oil slick could endanger marine organism in the waters of Zhoushan, China’s largest fishery hub.
4. Tackling Dodgy Manning Agents
The maritime charity ISWAN is launching a new campaign to discourage Indian seafarers from signing up with crewing agencies which have not registered with the Directorate General of Shipping. Every year, thousands of Indian seafarers join merchant shipping
through unregistered crewing agencies. Many of them have been left stranded outside India or not been paid their wages. Some have even fallen into the trap of working on a ship carrying illegal cargo, and have had to spend a considerable amount of time in
prison, most likely through no fault of their own.
5. Greeks Still Expanding
Difficulties in obtaining finance for shipping projects continue, though they appear to have done little to slow the expansion of many leading Greek shipowners who continue to grow while reducing the age of their fleets. With the traditional avenue favoured
by Greek owners being bank finance to support their ambitions being harder to get these days the challenge to get funds many have looked at the available, alternative sources, albeit they are expensive. Greek owners taking advantage of the relatively poor
markets and low level prices to acquire young secondhand vessels, with Japanese built tonnage the main target.
6. Sanctions Busting Continues
North Korea shipped coal to Russia last year which was then delivered to South Korea and Japan in a likely violation of U.N. sanctions. The U.N. Security Council banned North Korean exports of coal last Aug. 5 under sanctions intended to cut off an important
source of the foreign currency Pyongyang needs to fund its nuclear weapon and long-range missile programs. But the secretive Communist state has at least three times since then shipped coal to the Russian ports of Nakhodka and Kholmsk, where it was unloaded
at docks and reloaded onto ships that took it to South Korea or Japan.
7. Dynamic Positioning Inventor Dies
Tributes are being paid to Howard Shatto, the father of dynamic positioning, who died earlier this month aged 92. Shatto began work for Shell in 1946 where his first job was to convert a former swamp rig into a diesel-electric offshore unit. After working
on control systems for gasoline plants and oilfield automation Shatto was assigned to the Marine Division in Los Angeles where he became involved in what was eventually to become the first dynamically positioned offshore vessel: the Eureka. DP technology is
nothing short of amazing and is shaping modern shipping and the very future, even today.
8. Making E-Nav Work
Reliable, user-friendly and integrated navigation and communications systems can help with decision making on a ship. That is where e-Navigation comes in. IMO attended the e-Navigation Underway International Conference which takes place every year on board
a ship travelling between Copenhagen and Oslo.  IMO’s Sascha Pristrom gave a presentation on IMO’s plan to lead shipping into a new digital era. He updated participants on IMO’s e-Navigation Strategy Implementation Plan (SIP) as well as its work with the International
Hydrographic Organization (IHO) to develop guidance on definition and harmonization.
9. Giants Look at Gas Bunkering
Kawasaki Kisen Kaisha (K Line), Chubu Electric Power, Toyota Tsusho Corporation and Nippon Yusen Kabushiki Kaisha (NYK Line) have decided to work in the field of liquefied natural gas (LNG) bunkering in Japan. A joint statement that LNG is expected to
become an important alternative to heavy fuel oil due to its relatively low carbon footprint, which will enable ships to meet increasingly stringent international regulations on emissions. The group is looking to commercialize a new business to supply liquefied
natural gas as a marine fuel to ships in the country’s Chubu region.
10. Looking for Investment
Greece-based containership owner Costamare is looking to collect USD 115 million from a share offering to finance possible vessel acquisitions. The offering of 4,600,000 shares of 8.875% Series E preferred stock was priced at USD 25.00 per share. The company
has also granted the underwriters a 30-day option to purchase up to an additional 686,000 shares. Costamare informed that the gross proceeds from the offering, in the amount of USD 115 million, would be used for general corporate purposes, which may include
vessel acquisitions or investments and repayments of indebtedness.

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


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