Seacurus Daily: Top Ten Maritime News Stories 14/02/2018

Seacurus Daily: Top Ten Maritime News Stories 14/02/2018

1. Hyundai Suffers Loses
South Korea’s leading line Hyundai Merchant Marine (HMM) issued its unaudited results for 2017 today with the red ink flowing in dramatic fashion. HMM, which came through a fierce restructuring in 2016, saw its annual net
loss more than double to $1.1bn. 
Revenues grew 10% to KRW5.03trn, while it managed to put a cap on its debt ratio, which improved from 349% in 2016 to 298%. The company claimed in
a release: ¬ďNet loss was result of a KRW479.5 billion loss in book value of 10 vessels that were sold to Korea Shipping and Maritime Transportation in March 2017.¬Ē
2. Blockchain Start Up Rockets
CargoX, a startup developing a blockchain smart bill of lading platform, has managed to raise $7m in just over seven minutes in an initial coin offering of its Ethereum-based CXO Tokens. ¬ďThe funding puts CargoX on the fast
track to disrupt the global logistics industry with its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork,¬Ē the company said in a release. 
CargoX claims logistics companies can save up to $5bn
a year by using its new bill of lading platform.
3. Deadly Drillship Explosion 
On Tuesday morning, five contractors were killed and 12 more were injured in an explosion and fire on the drillship Sagar Bhushan. The explosion occurred in a ballast tank during drydock
maintenance at Cochin Shipyard, a large state-owned shipbuilder in Kerala. "Thick fumes" slowed the rescue effort, according to shipyard officials, but the fire was brought under control. The injured personnel were transferred to a nearby hospital, including
four burn victims in critical condition. Early reports suggest that the fatalities were due to smoke, and the location of the fire within a confined space was a likely contributing factor.
4. NYK Fraud Probe
Japanese owner NYK has announced that it has discovered that former management personnel in its Shanghai-based affiliate NYK Car Carrier (China) may have been involved in illegal embezzlement activities. NYK has established
an investigation committee to look into the case and it estimated that the matter could lead to loss of JPY2bn ($18.7m). The company said it would reveal further details when available. 
In the meantime, NYK is considering
applying for an extension to the deadline to file its third quarter earnings due to the impact the matter may have.

5. Large Drug Hoard Found
Mexican navy units have found and recovered 42 kilograms of cocaine in suitcases hidden in a special underwater hull attached to the containership "Cautin" while it was docked in the Port of Lazaro Cardenas. The 2015-built
"Cautin", owned and operated by Hapag-Lloyd¬ís CSAV, arrived at Lazaro Cardenas from the Port of Buenaventura on Colombia¬ís Pacific coast. 
Lazaro Cardenas, in the west of Mexico, is the country’s largest seaport. It is
located in the state of Michoacan, which holds a notorious place in the nation’s bloody illicit drug trade.

6. MOL Joint Venture
Japan’s Mitsui O.S.K. Lines (MOL) and Nippon Concept Corporation (NCC) have agreed to share networks and conduct joint operations. Following challenging market conditions, MOL set out policies in its Rolling Plan 2017, announced
in April 2017, to invest in business areas that have a clear competitive edge. Since then, some of the fields in which it strategically allocated human resources and investment include chemical tankers and logistics.
7. Europe Tackles Scrapping
For the first time in Europe, public prosecutors are bringing criminal charges against a shipowner ¬Ė Seatrade ¬Ė for having sold vessels to scrap yards in countries ¬ďwhere current ship dismantling methods endangers the lives and health of workers and pollutes
the environment.¬Ē  The case is being heard in a Rotterdam Court this week, and the Dutch Public Prosecutor calls for a fine of EUR 2.35 million ($2.9 million) and confiscation of the profits Seatrade made on the sale of four
ships, as well as a six month prison sentence for three of Seatrade¬ís top executives.
8. Customers to Competitors
Maersk is trying to stop customers like Inc. and Alibaba Group Holding Ltd. from becoming competitors in just a few years¬í time. ¬ďAmazon is a threat if we don¬ít do a good job for them,¬Ē Soren Skou, the Chief Executive
Officer of A.P. Moller Maersk A/S, said in a phone interview. ¬ďIf we don¬ít do our job well, then there¬ís no doubt that big, strong companies like Amazon will look into whether they can do better themselves.¬Ē 
Shares of
FedEx Corp. and UPS Inc. dropped last week on a report that Amazon plans to handle more deliveries to its customers¬í doorsteps.

9. Flood of US Crude
The flood of crude leaving the U.S. could be about to get a major boost: the nation¬ís top imports terminal is testing one of the industry¬ís biggest tankers to load an export cargo for the first time. If the trial run signals
the start of regular exports from Louisiana Offshore Oil Port, it will be a step change in America’s capacity to export the burgeoning production that’s roiled global oil markets. The ability to load very large crude carriers, the industry term for giant ships
able to carry two million barrels, will significantly cut the cost of shipping cargoes overseas.
10. Sea Rise Accelerates
Global sea level rise has been accelerating in recent decades, rather than increasing steadily, according to a new study based on 25 years of NASA and European satellite data. This acceleration, driven mainly by increased
melting in Greenland and Antarctica, has the potential to double the total sea level rise projected by 2100 when compared to projections that assume a constant rate of sea level rise, according to lead author Steve Nerem, a professor of Aerospace Engineering
Sciences at the University of Colorado Boulder, and a member of NASA’s Sea Level Change team.

Daily news feed from Seacurus Ltd ¬Ė providers of MLC crew insurance solutions
S. Jones
Seacurus Ltd
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