Seacurus Daily: Top Ten Maritime News Stories 11/06/2018
1. Aegean Woes Deepen
Having announced a $200M hole in its finances last week, New York listed Aegean Marine Petroleum network now faces multiple class action lawsuits against the company and certain officers. the class actions on behalf of shareholders are seeking to recover
damages, claiming that Aegean violated federal securities laws by making false and misleading statements regarding the companys business, operational and compliance policies.
2. Positivity Returns to Posidonia
Athens airport painted a tale of a successful Posidonia as the tired returned home back to reality. The mood has been buoyant and Greek owners seem to have seen the mood pick up considerably since two years ago. This record breaking 2018 iteration saw
a massive uptick in visitors, and the vibe was extremely positive.
3. Nations Fighting Bad Cargoes
The Economist Intelligence Unit and the Transnational Alliance to Combat Illicit Trade (TRACIT) have released their Global Illicit Trade Environment Index, ranking 84 countries on the extent they enable or prevent illicit trade.
Finland ranks first in the Index with a score of 85.6 (out of 100), just barely ahead of the U.K. The rest of the top 10 includes a handful of European countries (Sweden, Austria, Netherlands, Denmark and Germany).
4. Greeks Eyeing Offshore Britain
Greek shipowners could relocate to Britain after it leaves the European Union if European regulators demand changes to favourable shipping taxes in Greece, a top industry official said on Friday. The European Union has been
pressing Greece to end generous tax allowances it grants shipowners, although the government has steered away from imposing heavy taxes on an industry that operates some of the worlds biggest vessels.
5. Working on Shipping AI
Technology conglomerate Hitachi and ferry operator Stena Line announced that they will work on installing artificial intelligence technologies aboard Stena’s vessels. Stena Line hopes to achieve cost savings by deploying AI to identify fuel consumption
factors and advise on ways to improve fuel efficiency.
6. Vessel Rendered Stateless
Belize has revoked the registration of the 50,000 ton Damanzaihao, the largest fish factory vessel in the world. The International Marine Registry of Belize (IMMARBE) stripped the "Damanzaihao" of its flag, at the request of
Sea Shepherd Legal, for failing to appropriately complete its vessel registration materials and notify Belize of its record of illegal, unreported, and unregulated (IUU) fishing, according to a statement issued last week.
7. Cleaning Upheaval
Recent moves by the IMO have signaled a strong determination by the sanctioning body to strictly enforce a tightening of marine fuel low-sulfur regulations, which will result in a period of huge upheaval in global oil markets, extraordinary margins for
some oil refiners, and a potential doubling of fuel costs for shippers, according to new analysis from IHS Markit (Nasdaq: INFO), the leading global source of critical information and insight.
8. Crude View Ahead
Crude tanker owners are going to have to wait another 12 to 18 months for a gradual cyclical recovery, although the second half of 2018 will be significantly better than the first according to DVB Bank. Speaking at Posidonia2018, Henriette BrentPetersen,
of DVB Bank,said: We see from 12 18 months from now fundamental improvement in the market, and we expect the improvement to be like what weve seen since 2016 in dry (bulk).
9. Piracy on the Slide
A total of eight incidents of armed robbery against ships were reported in Asia in May 2018. No piracy incident was reported. There was also no report of abduction of crew in the Sulu-Celebes Seas and no hijacking of ships for theft of oil cargo. In
May 2018, a total of eight incidents (comprising of six actual incidents and two attempted incidents) of armed robbery against ships were reported. All incidents have been verified and reported to the ReCAAP.
10. Sat Giant in Sights
Inmarsat Plc rebuffed a takeover proposal from EchoStar Corp., saying the bid undervalued the British satellite company and its outlook. The highly preliminary offer was turned down by the board after discussions with its
advisers, Inmarsat said in a statement on Friday. It very significantly undervalued Inmarsat and its stand-alone prospects. The board remains highly confident in the independent strategy and prospects of Inmarsat.
Daily news feed from Seacurus Ltd providers of MLC crew insurance solutions www.seacurus.com
33 Gracechurch Street,
London EC3V 0BT,
This communication is from the Barbican Insurance Group of companies. This email (and any attachment) is intended only for the attention of the addressee and may contain legally privileged and/or confidential information. Its unauthorised use, disclosure,
storage or copying is not permitted. If you are not the intended recipient, please permanently delete the original, destroy all copies and inform the sender by return email. An email reply to this address may be subject to interception or monitoring for operational
reasons or for lawful business practices. Seacurus Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office: Suite 3, Level 3, Baltic Place West, South Shore Road, Gateshead, Tyne and Wear, NE8 3BA. Registered in England and Wales
(company no. 05201529)