Seacurus Daily: Top Ten Maritime News Stories 15/02/2018

Seacurus Daily: Top Ten Maritime News Stories 15/02/2018

1. Protectionism Concerns Rise
In the last six months, two nations passed laws that will reserve certain export cargoes for their own shipping industries. Indonesia plans to require exporters to use Indonesian vessels for the carriage of crude palm oil (CPO) and coal, and Russia plans
to restrict loadings of hydrocarbon cargoes at Northern Sea Route ports to Russian vessels.  The details of these restrictions are not yet clear, but the proposed rules are attracting concern from international shipowners. Domestic
cabotage restrictions are common, but it is unusual for a modern state to limit the nationality of vessels used in international trade.
2. Year of the Dog 
The Chinese Year of the Dog takes over from the Rooster this week. What this canine future holds for shipping at first glance looks more volatile than a Rottweiler. “Dog years are usually bringing numerous changes, good and
bad. Although, they are normally growth years for the economy, the earth element this year prompts to volatility in stock markets and/or currencies, hence one should take extra care with investments this year,” Lion Shipbrokers says in its Feng Shui analysis
However, a Chinese proverb also says: “To be followed home by a stray dog is a sign of impending wealth.”

3. MSC Appoints Port Chief
Mediterranean Shipping Company (MSC) has appointed Ammar Kanaan to the position of CEO of its cargo container terminals arm, Terminal Investment Limited (TiL), effective from April 9, 2018. As the founder and Chairman of
International Port Management, Kanaan brings a wealth of expertise and 30 years’ experience in the transport and port sectors. He has built companies focused on port management, transport engineering and transport consulting and also led the development and
operations of MSC’s joint venture terminal in King Abdullah Port, Saudi Arabia.
4. Welding Triggered Explosion
Officials are increasingly thinking a welding accident was behind Tuesday’s blast at India’s Cochin Shipyard, which killed five workers and injured many more. The explosion happened during routine maintenance work of an oil
rig belonging to ONGC. 
Investigations are still ongoing but the yard’s managing director Madhu Nair has gone on the record to say the yard suspects the leakage of acetylene as the cause.
5. Box Orderbook Rallies
A spate of orders from Taiwan is pushing the container orderbook-to-fleet ratio back to above 15% territory again. Citing Evergreen and Yang Ming’s recently announced 20-ship each expansion plans, analysts at Alphaliner report
that the total containership orderbook is now more than 2.8m teu, or 13.2% of the existing fleet in slot capacity terms. 
The orderbook-to-fleet ratio had fallen to only 12.4% in August last year – an all-time low.

6. Rise in Charter Rates
Already facing higher fuel costs, ocean carriers could now be hit by a rise in charter hire rates. Container shipping lines are being obliged to pay higher daily hire rates for chartered vessels as the availability of tonnage
falls to a new low. 
Speaking during Maersk Group’s 2017 Q4 earnings call last week, Maersk Line COO Soren Toft conceded that shipowners were finally beginning to regain the upper hand in charter party negotiations. “We
are seeing some pressure on the time charter rates, mainly as a result of the idle fleet being low,” he said.
7. Dealing With Wage Slaves
Are you what is termed a “wage slave”, crawling unwillingly to work and counting the hours until the weekend, or even the end of the shift? There can be no illusions that this is reality for large numbers of people, all over the world. The maritime industry
is no different to any other sector, in this respect. Indeed it is difficult to forget the words of the onetime seafarer and distinguished professor of maritime law Edgar Gold, who said “we shall have failed if the only people
who join our industry do so because they have no other choice”. It is certainly worth a thought, as the manning agencies scour the planet for new mariners.
8. Run Aground in Suez
The crude oil tanker "Zaliv Amurskiy", owned by Russian shipping major Sovcomflot, grounded in the Suez Canal on February 13 due to a steering failure. The vessel ran into trouble at 41 kilometer mark in the afternoon hours,
while transiting the canal in northern direction. 
GAC cited the Suez Canal Authority as saying that the incident affected vessel traffic in the area. The ship was number 19 in the Northbound convoy, made up of 25 vessels.
All Southbound vessels cleared the canal, while 6 vessels were detained from the Northbound convoy.
9. Major Posidonia Launches
Saudi Aramco, Saudi Arabia’s state oil company, and its partners; Lamprell Plc; the National Shipping Company of Saudi Arabia (“Bahri”); and Hyundai Heavy Industries Co. Ltd. (HHI), have chosen Posidonia 2018 for the global unveiling of its International
Maritime Industries (IMI) joint venture. When the yard is fully operational in 2022, IMI will offer new build and maintenance, repair and overhaul of vessels, including Very Large Crude Carriers (VLCCs) and Offshore Rigs. Spread over 11.8 square kilometers,
IMI will be one of the world’s largest full-service maritime facilities.
10. Big Bang Theory
The Royal Navy has detonated an 1,100-pound Second World War bomb in the River Thames. The vintage unexploded ordnance was found on Sunday during construction work near London City Airport. The discovery of the bomb led to
the closure of the airport and forced the temporary evacuation of nearby residents.  
After examination, the device was confirmed as a WWII-era, 1,100-pound tapered end shell measuring five feet long. It was blown up at
1200 hours on Wednesday in the waters off the UK Ministry of Defense’s Shoeburyness range.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions
S. Jones
Seacurus Ltd
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