Seacurus Daily: Top Ten Maritime News Stories 20/06/2018
1. Maersk Facing Reality
Heeding the words of its group CEO, Maersk Line is making sweeping changes to its service network in a bid to drive profitability at a difficult time for the Danish carrier. In the groups
latest quarterly results, announced last month, the Copenhagen-headquartered company made a $239m loss, with Maersk Line singled out for specific criticism. Søren Skou, CEO of A.P. Moller Maersk, lashed his shipping division for delivering unsatisfactory
results. At the time he said measures were being taken to improve performance. These measures are now becoming clear with a number of unprofitable routes being axed.
latest quarterly results, announced last month, the Copenhagen-headquartered company made a $239m loss, with Maersk Line singled out for specific criticism. Søren Skou, CEO of A.P. Moller Maersk, lashed his shipping division for delivering unsatisfactory
results. At the time he said measures were being taken to improve performance. These measures are now becoming clear with a number of unprofitable routes being axed.
https://bit.ly/2t9JTp3
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2. Peak Box Trade
The TT Club and McKinsey have issued a report on how the container business might develop through to 2043. Peregrine Storrs-Fox, TT Clubs risk management director, ponders whether we might be approaching peak container. In
the context of the qualitative research carried out by TT Club and McKinsey, the four projected futures were aimed at a 25-year horizon. Inevitably, because businesses are used to considering much shorter time horizons, key debate around any of the scenarios
will be what signposts are available and to what extent could the industry already be journeying in one direction more than another.
the context of the qualitative research carried out by TT Club and McKinsey, the four projected futures were aimed at a 25-year horizon. Inevitably, because businesses are used to considering much shorter time horizons, key debate around any of the scenarios
will be what signposts are available and to what extent could the industry already be journeying in one direction more than another.
https://bit.ly/2K8okia
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3. Generator Fire Tackled
The USCG has responded to a self-discharging Great Lakes bulk carrier that suffered a generator fire. The fire was extinguished just over an hour after the incident was reported. The US-flagged
vessel Paul R. Tregurtha was on the eastern end of the southern shore of Lake Superior between Michigan and Ontario at the time. All 23 crew members of the ship were reported safe and uninjured and no pollution spill was
noted. The Paul R. Tregurtha flagship of the Ohio-based Interlake Steamship Company was carrying 68,200 tons of coal, 124,000 gallons of fuel and 88,000 gallons of caustic soda.
vessel Paul R. Tregurtha was on the eastern end of the southern shore of Lake Superior between Michigan and Ontario at the time. All 23 crew members of the ship were reported safe and uninjured and no pollution spill was
noted. The Paul R. Tregurtha flagship of the Ohio-based Interlake Steamship Company was carrying 68,200 tons of coal, 124,000 gallons of fuel and 88,000 gallons of caustic soda.
https://bit.ly/2lhWoun
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4. Libya Fighting Fears
Libya declared force majeure at Ras Lanuf and Es Sidr over the weekend after fighting in and around both key oil export ports intensified over the past week. Libyas National Oil Corporation has reported significant damage
to at least one storage tank and has evacuated all its staff from both ports amid severe fighting between factions in the civil war-torn North African country.
to at least one storage tank and has evacuated all its staff from both ports amid severe fighting between factions in the civil war-torn North African country.
https://bit.ly/2M6o1C7
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5. In Hole and Digging
The tanker market has dug itself a hole, its now struggling to get out of. The past week didnt bring any sort of respite. According to the latest weekly report from Charles R. Weber, VLCC rates continued easing this week despite a fresh increase in
demand as the Middle East surplus increased at the conclusion of the June program. In isolation, however, rates in the Atlantic Americas posted further gains on a sustaining of strong regional demand and a growing disconnect with natural positions.
demand as the Middle East surplus increased at the conclusion of the June program. In isolation, however, rates in the Atlantic Americas posted further gains on a sustaining of strong regional demand and a growing disconnect with natural positions.
https://bit.ly/2tjVdy1
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6. Surge In Russian Exports
Russian wheat exports in the 2017-18 (July-June) were 48.5% higher on the year at 39.05 million mt as of June 13, data from the ministry of agriculture showed. Exports accelerated in last week to 514,000 mt, up 11% from the
previous week. As the harvest has already started for barley, producers need storage capacity to store the new crop. The wheat harvest is expected to start by the end of this week or the beginning of next in the southern regions of Russia and Ukraine. Around
40.5 million mt of wheat was forecast to be exported by the end of the campaign, up from 38.5 million mt.
previous week. As the harvest has already started for barley, producers need storage capacity to store the new crop. The wheat harvest is expected to start by the end of this week or the beginning of next in the southern regions of Russia and Ukraine. Around
40.5 million mt of wheat was forecast to be exported by the end of the campaign, up from 38.5 million mt.
https://bit.ly/2K19WoW
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7. Bad Loan Buyer Found
Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said. Germanys flagship
lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.
lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.
https://bit.ly/2K1g4NT
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8. Tanker Breaks Up
One of two tankers that ran aground off Kaohsiung, Taiwan last week, split in two in the morning hours of June 18. According to Taiwans Maritime and Port Bureau (MOTC), the tankers were not loaded with cargo at the time, however,
they jointly had around 200 metric meters of oil on board.
they jointly had around 200 metric meters of oil on board.
The tankers Shine Luck and Winner 19 ran aground due to a tropical low that had almost reached typhoon strength off Taiwan on June 14. The ships 32 crewmembers were safely evacuated from the units, the countrys Ocean Affairs Council informed.
https://bit.ly/2M3ZptL
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9. VLCC Owners and OPEC
For tanker owners, there is much at stake on 22 June when OPEC oil ministers gather in Vienna for what is likely to be a particularly bad-tempered meeting. It is at the oil cartels Austrian headquarters that the worlds leading
oil producers will decide whether or not to keep production curbs in place they are due to stay until the end of this year or allow output to rise in light of recently firmer oil prices. A dip in oil prices over this last week suggest that the market is
factoring in a likely rise in production levels.
oil producers will decide whether or not to keep production curbs in place they are due to stay until the end of this year or allow output to rise in light of recently firmer oil prices. A dip in oil prices over this last week suggest that the market is
factoring in a likely rise in production levels.
https://bit.ly/2ljC2kf
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10. Grounding Shuts Port
Minnesotas Duluth Harbor was briefly shut on Sunday after a large laker ran aground just short a breakwall. The 990-foot M/V American Spirit was departing Duluth Harbor fully loaded with
taconite when it grounded about 50-feet from the breakwall at approximately 3:30 p.m. local time while attempting to turn out of the harbour. A time-lapse video made from footage from a harbor camera, which is posted below,
shows the incident as it unfolded.
taconite when it grounded about 50-feet from the breakwall at approximately 3:30 p.m. local time while attempting to turn out of the harbour. A time-lapse video made from footage from a harbor camera, which is posted below,
shows the incident as it unfolded.
https://bit.ly/2t9w5uO
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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,
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London EC3V 0BT,
UK
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