Seacurus Daily: Top Ten Maritime News Stories 02/07/2018

Seacurus Daily: Top Ten Maritime News Stories 02/07/2018

1. COSCO Buying Spree
China Cosco Shipping Holdings has announced that it has received approval from the Anti-monopoly Bureau of China for the takeover of Hong KongÂ’s OOIL, the parent of container shipping line OOCL, one day earlier than the intended
deadline of June 30. 
After receiving the approval, Cosco said all the preconditions to the takeover deal have been fulfilled. Last year, Cosco gained approvals from US and EU antitrust
regulators for the $6.3bn takeover deal.
2. Confidence Holds Steady
Shipping confidence held steady in the three months to end-May 2018 according to UK shipping accountant Moore StephensÂ’ latest Confidence Survey, which also marks the tenth anniversary since the poll started. The average
confidence level expressed by respondents was unchanged at the four-year high of 6.4 out of 10.0 recorded in February 2018. Confidence on the part of owners was also sustained at a four-year high, of 6.6, while managersÂ’ confidence was up from 6.4 to 6.7.
The rating for charterers was up to 6.7 from 5.0 and confidence in the broking sector was up from 6.1 to 6.3.

3. Lloyd’s Chief Steps Down
Dame Inga Beale, the first female chief executive of LloydÂ’s of London, is to step down as the head of the insurance market next year. Her departure comes amid concerns that despite a
modernisation drive, it is losing ground to rival centres such as Singapore and failing to stem losses. Last year, LloydÂ’s slumped to a ÂŁ2bn loss as the market was hit by a series of major hurricanes and earthquakes. 
was appointed chief executive of the 332-year-old insurance market in January 2014, becoming the first woman to hold the role and also one of the UKÂ’s few openly bisexual senior business leaders.
4. Last ULCCs Standing
Euronav now owns the only two remaining ULCCs in the world, having completed the $32.5m purchase of the Seaways Laura Lynn from its close tanker ally in the US, International Seaways. The ship has been renamed Oceania, and flagged with the Belgian registry.
It joins the TI Europe at Euronav, the only other ULCC in the world. Â“Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity,” Paddy Rodgers, CEO of Euronav,
5. Funding Decarbonisation
One of the largest charterers in shipping, agribusiness giant Cargill, has launched a global hunt for innovative technologies to help decarbonise the sector. The CO2 Challenge aims to find and scale new technologies capable of reducing a shipÂ’s gross CO2
emissions by 10%. The initiative has been launched in partnership with class society DNV GL and Rainmaking, a company which specialises in start-up accelerators, co-working projects and innovation partnerships. All businesses
and entrepreneurs who have a product in need of commercial assessment, testing, investment and scaling can apply to participate.

6. Hapag Lloyd Job Losses
Hapag-Lloyd will eliminate a series of jobs at its headquarters in Hamburg as part of a new efficiency plan aimed at reducing costs, the German liner shipping company confirms to ShippingWatch. German media report that the company and its staff have reached
agreement to reduce its workforce by 159 positions, though a spokesperson for Hapag-Lloyd declines to comment on this number. The reduction will come in the form of layoffs, as well as outsourcing a series of functions to other companies.

7. New Mooring Guidance
OCIMF released Mooring Equipment Guidelines, Fourth Edition on June 28. Originally launched in 1992, Mooring Equipment Guidelines is the industry standard publication for mooring.  The
fourth edition addresses questions raised by readers since the third edition was published in 2005. The technical content has been thoroughly reviewed and updated and written in an easy-to-understand format. The new edition contains guidance to enhance the
safety of mooring, including a human-centered design approach to mooring arrangements and increased focus on the use and understanding of mooring lines and tails.
8. Bunker Surcharges Continue
CMA CGM has announced that it will extend its emergency bunker recovery measures. The company said in a statement that a significant increase in bunker prices has been observed since the beginning of the year. “Unfortunately,
prices have continued to rise even more sharply recently. As a result, the CMA CGM Group decided on May 25 to recover bunker costs through its bunker-related surcharges which was applied to all cargo on all Worldwide trades. 
bunker prices have remained high, the CMA CGM Group has decided to maintain these measures.”
9. Tankers Competition Heats Up
As “slim pickings” is the norm in the wet markets this year, competition for cargoes in beginning to emerge across various classes and even between dirty and clean tankers. In its latest weekly report, shipbroker Gibson said that “it’s not unusual for
newbuild crude tankers to carry clean cargoes on their maiden voyage. However, with the crude tanker market in a depressed state of late, charterers have sought to take advantage to secure competitive freight costs on product flows from East to West. This
activity has had a profound effect on the product tanker market.
10. Lost Crew Found
Carnival Glory has rescued a crew member who went overboard from Norwegian Getaway on Saturday. The crewmember was found 21 miles north of Cuba on Sunday and is reported as being in a stable condition. The U.S. Coast Guard
initiated a search on Saturday after it was notified that the 33-year-old Filipino crew member was seen going overboard 28 miles northwest of Pinar del Rio, Cuba. 
A Coast Guard Air Station Miami HC-144 Ocean Sentry airplane
crew was diverted to conduct search patterns.

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