Seacurus Daily: Top Ten Maritime News Stories 22/02/2018

Seacurus Daily: Top Ten Maritime News Stories 22/02/2018

1. Huge Percentage Shipping Share
More than 87% of the global fleet capacity is controlled by only ten out of 67 shipping lines operating fully cellular containerships, which is less than 7% of the total lines. Maersk Line is on the top of the list with over
21% of the global market (excluding intra-regional). 
Maersk Line is followed by its 2M Alliance partner Mediterranean Shipping Company (MSC) in the second place and CMA CGM in the third place. The remaining top ten players
include German liner Hapag-Lloyd, COSCO, Evergreen, OOCL, MOL, Yang Ming and NYK. 
The top 10 shipping lines have seen their combined market share increase from 68 to 83% in 4 years.
2. Global Trade Driving Ships
The International Monetary Fund (IMF) has published its World Economic Outlook for January 2018 and has subsequently revised its original forecast for global growth in 2018 and 2019 – up by 0.2 to 3.9% for both years. The development
in global growth is driven by a higher growth from advanced economies than first anticipated. The IMF now expects the GDP for advanced economies to grow by 2.3% in 2018 and 2.2% in 2019, which is an upward revision of 0.3 percentage points for 2018 and 0.4
for 2019. If this growth materialises, it will be highly beneficial for the container shipping industry.

3. Newbuild Orders Collapse
The global newbuilding orderbook to existing fleet ratio has dropped to its lowest level in 20 years dropping to just 10% of capacity. After nearly a decade of tough times for much of the
shipping industry the global newbuilding orderbook has been wound down to levels that bode for more rational expansion. 
The global fleet stands at 95,000 vessels with some 3,500 on order, equating to 10% of current capacity
according to a report by Crucial Perspectives.
4. Huge Fines for Errant Owners
Four shipping companies – CSAV, K Line, NYK and WWL-Eukor – have been fined EUR395m ($486.6m) by the European Commission (EC) for collusion in operating a cartel on the car carrier trades. The European Competition Commission
found that five shipping companies operated a cartel covering nearly 50% of the 10m vehicles imported and exported annually from the EU.
5. First LNG Bulker Delivered
South Korea’s Ilshin Logistics has taken delivery of Ilshin Green Iris, the world’s first LNG-fueled bulk carrier, from Hyundai Mipo Dockyard, Lloyd’s Register informed. With a dual class of Lloyd’s Register and Korean Register,
the 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. 
The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new
generation of environmentally-friendly LNG-fueled bulkers.
6. Port Row Hits Vessels
Shipments of oil products from a Russian Black Sea outlet have been disrupted since early February due to a row over the port’s control, industry sources state. Oil products shipments from the IPP terminal at the port of Novorossiisk
have been delayed over a managerial conflict. 
The port is reportedly not responding to requests for comment. According to the sources, between 1,000 and 2,500 rail cars with oil products
are stuck near the port waiting to be loaded on to tankers.
7. Navios Hits Hard Times
Navios Maritime Holdings Inc. (NM) on Wednesday reported a loss of $51.6 million in its fourth quarter. On a per-share basis, the company said it had a loss of 46 cents. Losses, adjusted for non-recurring costs, were 13 cents
per share. 
The shipping and logistics company posted revenue of $128.5 million in the period.
For the year, the company reported that its loss narrowed to $165.9 million, or $1.50 per share. Revenue was reported as $463 million.
8. Cryptocurrency Investment Round
The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency. Prime Shipping Foundation, a partnership between Gibraltar-based Quorum Capital Ltd. and
ship broker Interchart LLC, is looking to raise the funds by midyear in a so-called initial coin offering. Using its own cryptocurrency would ease conversions into and out of traditional currencies, speeding settlement, according to Chief Executive Officer
Ivan Vikulov. 
The company was the first to execute a freight deal in Bitcoin, shipping 3,000 tons of Russian wheat to Turkey at the end of last year.
9. Flagship Heads to Brazil
The U.K. has sold Royal Navy flagship "HMS Ocean" to Brazil for about 84 million pounds ($117 million) as new aircraft carrier HMS Queen Elizabeth prepares to take over as leader of the fleet. HMS Ocean will be modified by
BAE Systems Plc and Babcock International Group Plc, with the work funded by Brazil, before the 21,500 metric-ton ship is handed over to the South American nation in June, the Ministry of Defence said in a statement.

10. Chinese Arrive in Indian Ocean
Eleven Chinese warships sailed into the East Indian Ocean this month, a Chinese news portal said, amid a constitutional crisis in the tiny tropical island chain of the Maldives now under a state of emergency. A fleet of destroyers
and at least one frigate, a 30,000-tone amphibious transport dock and three support tankers entered the Indian Ocean, media reports claim, without linking the deployment to the crisis in the Maldives or giving a reason.

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