Seacurus Daily: Top Ten Maritime News Stories 04/07/2018

Seacurus Daily: Top Ten Maritime News Stories 04/07/2018

1. Investors Kick Hapag-Lloyd
Investors have dealt savagely with Hapag-Lloyd shares after the German line announced a profit downgrade on Friday with analysts warning of imminent further profit warnings from other lines. Hapag-Lloyd
shares closed trading at EUR29.68 yesterday, a drop of 17.8% from the price early Friday when the downgrade was released. Shares today are currently trading down further at EUR29.48, which represents a decrease in market capitalisation for the line of around
EUR1.18bn ($1.38bn).
2. More IMO Criticism
Transparency International is releasing another report that claims there are several transparency and accountability flaws that could hinder the IMO’s ability to deliver on its own climate goals in reducing carbon emissions. Entitled
"Governance at the International Maritime Organisation: The Case for Reform", it outlines several key policy issues and recommendations to meet international standards for transparency, accountability, and integrity. These changes, are essential if the IMO
is going to honour its environmental and climate mandates and reach a reduction of greenhouse gas emissions of at least 50 per cent by 2050.
3. Korean Revival Needed
The Korea Ocean Business Corporation (KOBC), a state-run entity aimed at supporting the local shipping and shipbuilding industry, has been officially launched in Busan. The government
proposed to establish the entity last year to help revive the nation’s slumping maritime industry. The company’s roles include investing in new ships, providing payment guarantees for shipbuilding orders, purchasing and chartering seconhand vessels, providing
market information to shippers, supporting shipping companies to replace old vessels and implementing major shipping mechanism in emergency cases.
4. Grounded to Save Lives
At least 24 people have died after a ferry carrying over 139 passengers sank in waters off Bulukumba district of Indonesia’s South Sulawesi province on Tuesday. The KMP Lestari Maju was heading to Selayar island and sank
about 300 meters (1,000 feet) from shore in bad weather at 2:30 pm local time. The captain deliberately grounded the sinking ferry in shallow waters in an attempt to save the lives of those on board. 
The vessel was loaded
with 48 cars and motorcycles as well as the passengers.
5. Trade War Fears
A full-scale trade war would likely be as devastating for the world economy as the 2008-2009 recession, warned France’s Council of Economic Advisors, a body which gives input to the country’s prime minister. The United States
and China could see a permanent loss of three percent of economic output and the European Union (EU) four percent in the case of a full-blown trade war, it estimated on Tuesday. 
In the EU’s case, that translates into the
loss of 1,250 euro (1,104.53 pounds) annually per habitant, it added.

6. Oriana Set to Retire
Cruise ship Oriana will be retired after 24 years in service, it has been announced. The Southampton-based ship was named by The Queen in the city’s port on 6 April 1995. Operator P&O
Cruises said the 1,880-passenger ship would leave its fleet in August 2019 following a special final sailing. 
The cruise firm said Oriana would be replaced by Iona, a new 180,000-ton ship which is due in 2020.
7. Seadrill Emerges from Ch11
John Fredriksen’s Seadrill has emerged from chapter 11 after completing its reorganisation plan as confirmed by the US Bankruptcy Court in April. The restructuring under chapter 11 has equitised close to $2.4bn in unsecured
bond obligations and more than $1bn in contingent newbuild obligations. It leavesSeadrill with over $1bn in fresh capital while leaving employees, customers, and ordinary trade claims largely unimpaired. 
Seadrill filed
for chapter 11 last September, together with subsidiary companies North Atlantic Drilling and Sevan Drilling, after reaching an agreement with its banks and a large percentage of bondholders.
8. Largest US Built Ship
The largest container ship ever built in the U.S. was christened in a ceremony at the Philly Shipyard on Saturday, June 30.  Built for Honolulu-based Matson, the new vessel is named Daniel K. Inouye in honor of Hawaii’s late
senior U.S. Senator who was a longstanding supporter of the U.S. maritime industry and its important role in supporting Hawaii’s economy. She is the first of two new ships being built for Matson by Philly Shipyard at a total cost of approximately $418 million
for the pair, and the first of four new vessels that Matson will put into its Hawaii service during the next two years.
9. Alert Crew Averts Disaster
Crew members’ concern over the safety of rescue boats being lowered from heights prevented an accidental release of a boat during a training exercise from turning fatal, the Danish Maritime Investigation Branch said in a report on the incident. The
DMAIB reports on the unintentional release of a rescue boat on the Fjord Line passenger vessel Bergensfjord. D
uring a training exercise, the rescue boat was unintentionally released after the hook’s release lever contacted
the arm of the davit when the rescue boat was hoisted out of its cradle, essentially causing an on-load release of the hook.

10. New Carnival Maritime Head
Carnival Maritime, the Hamburg-based marine service unit for Costa Group—AIDA Cruises, Costa Cruises and Costa Asia—appointed Hermann J. Klein as managing director. He starts Sept. 1. He succeeds Lars Ljoen, who is going
to Carnival Cruise Line in Miami as EVP operations. 
Klein is currently managing director and group COO of CPO Holding (Offen Group) in Hamburg.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions
S. Jones
Seacurus Ltd
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