Seacurus Daily: Top Ten Maritime News Stories 02/03/2018

Seacurus Daily: Top Ten Maritime News Stories 02/03/2018

1. Shipping Finance Giant Sold
HSH Nordbank, once the world’s largest shipping bank, has been sold to American private equity investors just before an EU deadline that would have forced its dissolution.  HSH took heavy losses during the financial downturn
in 2007 and the shipping downturn in 2016, and it required two separate taxpayer bailouts to remain open. The EC had set a deadline of February 28 requiring the bank’s previous owners, the German states of Hamburg and Schleswig-Holstein, to either sell off
the bank or wind down its operations.
2. Great Time for StartUps
The first Wärtsilä SparkUp Challenge, an initiative by the technology group Wärtsilä to find innovative start-ups to develop ideas for the smart shipping value chain, has been won by KNL Networks and The prize for the winners is a four-month
collaboration and co-creation in the Wärtsilä Digital Acceleration Centre (DAC) beginning in March. In addition, they will receive a capital grant of EUR50,000. Finland-based KNL Networks provides a data network for maritime communications., based in the USA, offers a collaboration platform that logs incoming and outgoing ships in ports, and optimises port operations.

3. High Scrapping Helps
With 3.5m dwt of tankers scrapped so far this year alone, noted that high scrapping and market consolidation will contribute to better returns for owners over the next several years. Typically,
older units are removed in a weak market and replaced with new vessels as rates recover. pointed out. Meanwhile the tremendous increase in ordering of newbuildings means that the tanker fleet is relatively young while the oversupply situation
will lead to premature scrapping, meaning the scrapping situation is likely to snowball this year.
4. Women Taskforce Launched
The maritime sector recently held the first meeting of its new Women in Maritime Taskforce. Maritime Minister Nusrat Ghani MP joined the first meeting, demonstrating government support for the initiative. At the meeting she
“This task force will be crucial in opening up the wealth of career opportunities in the maritime industry to women around the country. “The UK has one of the most competitive maritime
sectors in the world and with only 3% of the workforce being women, it is vital more take advantage of the exciting opportunities the sector has to offer.
5. Good Times Ahead
Better days ahead for VLGC shipowners, as a slowdown in fleet growth should begin the recovery cycle from the second half of 2018, although freight rates will not reach the levels seen during the bull run of 2014-15, according to the latest edition of
the LPG Forecaster published by global shipping consultancy Drewry.
 2017 was one of the toughest years in the history for VLGC shipping as ample vessel supply squeezed the freight market. VLGC earnings in the spot market (on the benchmark AG-Japan route) averaged $12,500pd; way below the break-even
rate of $21,000pd.
6. Latest Security Reports
The latest maritime security report from PVI shows a range of attacks on vessels. These include, the use of skiffs to attack the chemical tanker "Leopard Sun" off Somalia. It also includes a suspicious approach in the Gulf of Aden, also using a skiff.
While off West Africa, A merchant vessel reported being attacked at 0115 hrs local time in Cotonou Harbour. No additional details were reported. Robbers often attempt to steal items from vessels in the Cotonou port area. In addition, a group of 10 armed pirates
on a speedboat attacked a reefer vessel underway 40 nm southwest of Bonny Fairway buoy.
7. Fire and Failure Assessed
The U.K. Marine Accident Investigation Branch (MAIB) has release its report on the catastrophic engine failure on the crew transfer vessel Windcat 8 off the Lincolnshire coast on September 7, 2017 citing the need for more crew training. Windcat
8 was on passage to Grimsby, U.K., from the Lynn Wind Farm in the North Sea with two crew and eight windfarm technicians on board. Shortly after setting off, the vessel’s port engine suffered catastrophic damage and caught fire. The passengers were quickly
transferred to Windcat 31, and the fire was contained within the port engine space and soon extinguished.
8. Getting Millennials Onboard
The Cruise Lines International Association recently highlighted millennials, the generation born between 1980 and 2000, as one of the key trends influencing the cruise industry. The first truly digital generation, millennials are reportedly seeking out
cruises in record numbers, but with very different expectations to those of older generations.   Numbering roughly 80 million in the U.S. alone, millennials have overtaken baby boomers as the largest population demographic. By
2020, they will spend $1.4 trillion annually, around 30 percent of total retail sales, according to the consulting firm Accenture.
9. BV Issues E Certificates
Following swiftly on the heels of fellow classification society DNV GL, Bureau Veritas (BV) has now started issuing both classification and statutory e-certificates following successful pilots with ship owners and flag states. Bureau
Veritas digital certificates may now be issued on behalf of 52 flag states, representing 72% of the BV-classed fleet, the classification society said in a press release. In 2017, BV issued more than 50,000 e-certificates for different services including the
inspection of shipping containers.

10. First Box Giant Arrives
Cosco-managed Piraeus port entered a new era this week when it handled its first 20,000 teu plus containership, the newbuild Cosco Shipping Taurus. The 20,000 teu megamax containership made
her maiden call at the Greek port while enroute from China to Rotterdam, her Piraeus call marking the inauguration of the 3rd berth for 20,000 teu plus vessels at the Piraeus Container Terminal (PCT).  “With the container business booming, the call of Cosco
Shipping Taurus will bring more business to Piraeus port,” said Captain Fu Chengqiu, ceo Piraeus Port Authority (PPA).

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