Seacurus Daily: Top Ten Maritime News Stories 05/03/2018

Seacurus Daily: Top Ten Maritime News Stories 05/03/2018

1. Yacht Seized in FBI Probe
Indonesian police questioned the captain and crew of a luxury yacht in Bali at the request of U.S. authorities, probing alleged money laundering at a Malaysian state fund, they said. The
yacht was impounded in Bali amid a multi-billion dollar corruption investigation launched by the U.S. Department of Justice (DOJ) and tied to Malaysian state fund 1Malaysia Development Berhad (1MDB). 
Police seized the
yacht, "Equanimity", after receiving a letter from the FBI requesting help to enforce a court order. T
he yacht’s AIS had allegedly been switched off several times in waters around the Philippines and Singapore.
2. Bottiglieri Bank Approval
Naples-based Giuseppe Bottiglieri Shipping Company has obtained a green light from banks on the restructuring plan proposed jointly with Bain Capital investment fund. Giuseppe Bottiglieri Shipping Company has expressed its
gratitude to all creditors, from brokers to suppliers and the banking system, namely Monte dei Paschi di Siena, MPS Capital Service, Banco di Napoli and UniCredit. 
“With their vote they allowed a historic company to stay
in Italy and keep jobs safe for 340 people” the company noted.
3. Maersk Loses Boxes
Dozens of containers fell off a Maersk vessel off the coast of North Carolina, prompting the US Coast Guard (USCG) to issue a warning to navigate the area with caution. The containers,
numbering between 70 and 73, came off the 2016-built  Maersk Shanghai on Saturday night while the ship was about 20 miles from Oregon Inlet, North Carolina. 
There 10,081 teu vessel alerted Sector North Carolina’s command
centre after the containers were lost with the ship in high winds and heavy seas. 
America’s east coast has experienced violent winds (approaching hurricane force), rain and flooding over the weekend.
4. Pilot Death Prompts Action
The sad news of yet another pilot death earlier this week has prompted calls again for all stakeholders to fully engage in trying to improve the standard of pilot transfer arrangements that are being used on a daily basis. The pilot died
after falling into the water while disembarking from a Hapag-Lloyd boxship on Wednesday morning during stormy weather. The incident is under investigation. D
espite regulatory requirements there continue to be tragic and
fatal accidents involving pilots. Pilot transfers were responsible for five fatalities during 2017, and even new vessel designs do not address the issue.

5. Valemax Dooms Capesize
The first of the new Valemax very large ore carriers (VLOCs) loaded 400,000t of iron ore at the Brazilian port of Tubarao this week — spelling possible doom for Capesize shipowners. The vessel, which at over 300metres long is bigger than most skyscrapers,
is part of Brazilian iron ore producer Vale’s plan to shift nearly all of its output away from the spot freight market. A total of 36 of these behemoth 400,000 deadweight tonne (dwt) Valemaxes are already on the market, carrying
1.6mn tonnes each every year between Brazil and either China, Oman or Malaysia — from where it is shipped on to China.
6. 3,000 Neopanamax Milestone
The Panama Canal announced the transit of its 3,000th Neopanamax vessel, exceeding initial traffic expectations by this date and reaffirming the value and impact its route has had on global maritime trade. The Panamanian
flagged containership MSC Caterina completed the milestone transit this morning traveling northbound from the Pacific to the Atlantic Ocean. The vessel measures 300 meters in length and 48 meters in beam, with a total TEU allowance (TTA) of 9,000 containers.
It was one of nine Neopanamax vessels welcomed at the Panama Canal during the day.

7. Scrapping for Better Returns
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.
8. Baltic Cruise Success
2017 was a record year for the Baltic cruise industry, according to Cruise Baltic’s latest market review. Member ports welcomed over five million passengers from 37 cruise lines in 2017, a 16.6 percent increase over 2016
numbers. The total number of day calls rose 15.4 percent, and the number of turnarounds increased by four percent.  
Cruise Baltic attributes the growth to the high service levels provided by ports. Additionally, the close
proximity of ports means that several capitals can be visited in a one-week cruise, offering a variety of cultural experiences with locals that speak English.

9. Congo Shaping for Development
DP World Ltd. may develop a $1.2 billion deep-water port in the Democratic Republic of Congo, according to documents published by a Senegalese whistle-blowing organization. DP World signed an agreement with the Transport
Ministry in February 2017 giving the Nasdaq Dubai-listed company exclusive rights to negotiate a contract to build and operate a deep-water harbour at Banana on Congo’s Atlantic coast. The accord, released by the Platform to Protect Whistleblowers in Africa
on Friday, calls for the creation of a company majority-held by DP World.
10. Singapore Ship Arrest
An oil/chemical tanker has been arrested in Singapore waters, according to data provided by Supreme Court of Singapore.  The 2008-built "Grand Ace 12" was detained in the evening hours of February 28, 2018. The
reason for the vessel’s detention was not disclosed. 
Focal Investigation & Security Agency has been appointed for security and investigation purposes related to the arrest of the MR2 tanker which flies the flag of Panama. Owned
by South Korean shipping company Pan Ocean Shipping, Grand Ace 12 was en route from Dongguan, China to Singapore at the time of the detention, VesselsValue’s data show.

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