Seacurus Daily: Top Ten Maritime News Stories 16/04/2018
1. 50/50 Shipping Vision
Just after 3pm UK time on Friday more than 170 nations agreed to move ahead with an initial strategy to halve shipping’s greenhouse gas (GHG) emissions from 2008 levels by 2050. Just two nations – old allies Saudi Arabia and the US – decided not to endorse
the measures that will eventually reshape the shipping industry. The strategy includes a specific reference to “a pathway of CO2 emissions reduction consistent with the Paris Agreement temperature goals”, and could ultimately
lead to cuts in GHG emissions of more than 50%.
the measures that will eventually reshape the shipping industry. The strategy includes a specific reference to “a pathway of CO2 emissions reduction consistent with the Paris Agreement temperature goals”, and could ultimately
lead to cuts in GHG emissions of more than 50%.
https://goo.gl/pESQwe
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2. Floating Crane Collision
China Cosco ShippingÂ’s product tanker "Tian E Zuo" was involved in a collision with a floating crane at Khor al Zubayr port, Iraq on Friday. A video showed that the tanker was anchored
while it was hit by the floating crane. Following the collision, the tanker suffered a hull breach and ballast water was leaking from the vessel. The tanker has headed to Dubai for repairs and according to latest AIS tracking
information is now anchored near Dubai. The 2012-built Tian E Zuo is currently on a one-year time charter contract with Russian energy firm Lukoil.
while it was hit by the floating crane. Following the collision, the tanker suffered a hull breach and ballast water was leaking from the vessel. The tanker has headed to Dubai for repairs and according to latest AIS tracking
information is now anchored near Dubai. The 2012-built Tian E Zuo is currently on a one-year time charter contract with Russian energy firm Lukoil.
https://goo.gl/FshKM7
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3. P&I Future Costs
The recent conclusion of the protection and indemnity (P&I) renewal season has resulted in premiums remaining unchanged in 2018 thanks to benign financial conditions. But large losses booked by reinsurers for a series of
natural disasters in 2017 will have the effect of pushing up P&I premiums in future years, though the impact will be considerably greater in the hull and machinery (H&M) market. These developments are significant in so far as total insurance costs, including
both H&M and P&I, account for as much as 10% of average vessel operating costs.
natural disasters in 2017 will have the effect of pushing up P&I premiums in future years, though the impact will be considerably greater in the hull and machinery (H&M) market. These developments are significant in so far as total insurance costs, including
both H&M and P&I, account for as much as 10% of average vessel operating costs.
https://goo.gl/DWPBZn
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4. Betting on the Black
Hedge funds have never been so invested in the global oil rebound. Their bets that Brent crude futures will climb reached a new high as growing tensions across the Middle East are putting almost half of the worldÂ’s supply
at risk. The escalation of strife in the region sent the key crude benchmark to its highest in more than three years, while volatility surged. “Clearly, emotionally, people view markets as tighter because they are actually
reacting so strongly to these tensions,” said Ashley Petersen, lead oil analyst at Stratas Advisors in New York. “There is money to be made here again” amid heightened volatility, she said.
at risk. The escalation of strife in the region sent the key crude benchmark to its highest in more than three years, while volatility surged. “Clearly, emotionally, people view markets as tighter because they are actually
reacting so strongly to these tensions,” said Ashley Petersen, lead oil analyst at Stratas Advisors in New York. “There is money to be made here again” amid heightened volatility, she said.
https://goo.gl/SgDZsu
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5. Fighting Bankruptcy
The Naples-based DÂ’Amato di Navigazione shipping company has been declared bankrupt by the local court but the main shareholder has not given up and intends to fight the decision. The DÂ’Amato family confirmed to Splash that
they have already filed a complaint against the verdict claiming it has many errors.
they have already filed a complaint against the verdict claiming it has many errors.
The long-standing legal dispute is against Equitalia, a state-owned tax collection agency, which has been asking for some years now a total amount of €14m ($17m) for tax litigations contested by the company.
https://goo.gl/vJHhyX
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6. Honam Still Ablaze
Efforts to suppress a fire on containership Maersk Honam continue more than a month after a blaze aboard the 15,000 TEU vessel killed five crew members. On March 6, a fire broke out in a cargo hold aboard Singapore-flagged
Maersk Honam while the vessel was en route from Singapore toward Suez, about 900 nautical miles southeast of Salalah, Oman. At the time of the incident, the ship was carrying 7,860 containers for the 2M Alliance between
Maersk Line and Mediterranean Shipping Co. (MSC).
Maersk Honam while the vessel was en route from Singapore toward Suez, about 900 nautical miles southeast of Salalah, Oman. At the time of the incident, the ship was carrying 7,860 containers for the 2M Alliance between
Maersk Line and Mediterranean Shipping Co. (MSC).
https://goo.gl/2LSa8X
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7. Nut Tightening Explosion
On January 16, 2017, the vehicle carrier Alliance St. Louis was under way from Texas to Florida when a pipe plug on the fuel pump for the main engineÂ’s no. 6 cylinder came loose, resulting in fuel spray onto the engineÂ’s hot exhaust gas pipe manifold.
The atomized fuel quickly ignited. The fire was contained to the main engine room and extinguished by the CO2 fixed fire-suppression system. No injuries were reported, but property damage exceeded $3,750,000. The U.S. National
Transportation Safety Board determined that the probable cause of fire was improper tightening of a pipe plug on the top cover of the no. 6 cylinder.
The atomized fuel quickly ignited. The fire was contained to the main engine room and extinguished by the CO2 fixed fire-suppression system. No injuries were reported, but property damage exceeded $3,750,000. The U.S. National
Transportation Safety Board determined that the probable cause of fire was improper tightening of a pipe plug on the top cover of the no. 6 cylinder.
https://goo.gl/RzqG5D
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8. LNG Bunkering Beckons
Greater regulatory certainty and a burgeoning bunkering infrastructure worldwide means the conditions could not be better for LNG-fuelled vessels to set sail, says DNV GL – Maritime. With the global economy continuing to
pivot towards Asia, it is unsurprising that increased LNG demand within Asia accounted for 55% of total demand growth seen in 2017[i]. Currently Japan is the worldÂ’s largest importer of LNG, while China has edged its way into second place, overtaking South
Korea. Last year, total demand for LNG in China surged by 50%, reaching 38m tonnes.
pivot towards Asia, it is unsurprising that increased LNG demand within Asia accounted for 55% of total demand growth seen in 2017[i]. Currently Japan is the worldÂ’s largest importer of LNG, while China has edged its way into second place, overtaking South
Korea. Last year, total demand for LNG in China surged by 50%, reaching 38m tonnes.
https://goo.gl/CzXwDU
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9. Autonomous Trucks Rollout
Westwell recently developed a driverless container truck, introduced in China’s Zhuhai Port, in January. Adopting the latest artificial intelligence applications, it is a self-driving vehicle in a port environment. Artificial
intelligence is changing the world of container shipping. It is estimated that there are over a thousand overseas container terminals and that many of these call for cutting-edge technology, such as driverless vehicles, more than automation. Westwell’s
driverless container trucks can help logistics companies and terminals improve work efficiency and save labor cost by more than 50%, according to industry watchers.
intelligence is changing the world of container shipping. It is estimated that there are over a thousand overseas container terminals and that many of these call for cutting-edge technology, such as driverless vehicles, more than automation. Westwell’s
driverless container trucks can help logistics companies and terminals improve work efficiency and save labor cost by more than 50%, according to industry watchers.
https://goo.gl/mQZG1x
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10. Looking Back at Attack
A fully-laden very large crude carrier was shot by a projectile while underway in the southern Red Sea. The oil tanker was targeted by Houthi fighters while the ship was south-west of the port of Al Hudaydah in Yemen, on Tuesday, April 3. The
company said that the VLCC suffered only minor damage, adding that there were no injuries to its crew aboard. The cargo was unaffected and there was no loss of containment.
Dryad Maritime, says the security situation within the immediate area remains fluid. Whilst the threat persists the rebels are highly
unlikely to non- Saudi linked targets.
company said that the VLCC suffered only minor damage, adding that there were no injuries to its crew aboard. The cargo was unaffected and there was no loss of containment.
Dryad Maritime, says the security situation within the immediate area remains fluid. Whilst the threat persists the rebels are highly
unlikely to non- Saudi linked targets.
https://goo.gl/6XzLUK
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Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions www.seacurus.com
S. Jones
Seacurus Ltd
Seacurus Ltd.,
Barbican Group,
33 Gracechurch Street,
London EC3V 0BT,
UK
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