Seacurus Daily: Top Ten Maritime News Stories 06/07/2018

Seacurus Daily: Top Ten Maritime News Stories 06/07/2018

1. Rolls-Royce Sells Out
Rolls-Royce has signed an agreement to sell its commercial marine business, to Kongsberg, for an enterprise value of £500 million ($660 million) and net proceeds of around £350 million to £400 million.The
move follows a strategic review by Rolls-Royce of its commercial marine operations announced in January 2018. The sale includes propulsion, deck machinery, automation and control, a service network spanning more than 30 countries and ship design capability,
which to date has seen around 1,000 ships of Rolls-Royce design delivered to offshore, cargo, passenger and fishing vessel customers worldwide.
2. Cape Rates Soar
Tight supply and markedly increased demand in fronthaul and transatlantic trades, with some healthy assistance from West Australian exports, have seen daily cape rates soar more than 40% this week to edge towards $23,000 a day. Brokers
Fearnleys notes in its latest weekly report that the transatlantic trades have been leading the charge, with rates up nearly 60% to $27,500 a day. 
The period focus has been on shorter durations supported by FFA values
with modern 181,000 dwt tonnage for prompt China delivery fetching $23,000 a day for seven to nine month contracts.
3. Big African Deal
Djibouti has launched the Djibouti International Free Trade Zones (DIFTZ), Africa’s biggest trade zone that will comprise a total investment of $3.5 billion and span an area of 4,800 hectares.  This
Free Trade Zone, which already hosts 21 companies, is expected to enhance trade in the Horn of Africa and strengthen Djibouti’s position as a trade and logistic hub. It is connected to the main ports of Djibouti, and provides benefits such as zero corporate,
income and value added taxes.
4. Ship Sinking and Exploding
The SSL Kolkata has listed further starboard and officials say it is likely to split in two as early as this weekend.nThe Shreyas feeder boxship suffered an explosion three weeks ago
in West Bengal waters. Its crew evacuated and the ship drifted on fire, before grounding near the maritime boundary with Bangladesh. It has since listed, with waves lapping over much of the ship and into the holds. Salvors are unlikely to be able to move it.
There are some 220 tonnes of bunker fuel onboard. 
A crack on the upper deck has widened while the port side of the ship is also starting to buckle.
5. University Celebratiion
Alongside the 70th anniversary of the IMO, in 2018, the World Maritime University (WMU) is celebrating 35 years. WMU has made a major contribution to global maritime education, research and capacity building, with 4,654 WMU alumni from 167 countries to
date. In the early 1980s, the IMO identified a shortage of well-qualified, highly educated maritime experts, particularly in developing countries. In order to support member States with high-caliber education in the maritime
field, WMU was officially established by the IMO on May 1,1983 and inaugurated on July 4, 1983, with the financial support of the Swedish government.
6. Things Looking Down
Things are not looking up for an Indian containership which suffered an explosion and fire more than three weeks ago in the Bay of Bengal off the east coast of India. Shreyas Shipping and Logistics, which operates the vessel,
reports the vessel is now aground and more explosions have been heard on board the ship as the fire continues to burn. 
The incident started on June 13 when an explosion rocked the cargo area of the SS Kolkata, causing
a major fire which spread to other containers.
7. Time to Get Real
Will somebody please tell commodity shippers there’s a trade war going on? Whether it’s the price of hiring giant freighters to haul hundreds of millions of tons a year of iron ore and coal, or smaller carriers moving grains,
there’s a theme emerging: dry-bulk shipping rates are rallying despite an escalating trade war that may yet damage China’s economy.
8. Iranian Trade Fears
Iran will stop oil exports from the Strait of Hormuz, the world’s most important oil chokepoint, if the U.S. succeeds in halting crude sales from the Persian Gulf nation, a Revolutionary Guards official said. “Any hostile
attempt by the U.S. will be followed by an exorbitant cost for them,” said Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran, according to the Young Journalists Club, affiliated with Iran’s national broadcaster. “If Iran’s
oil exports are to be prevented, we will not give permission for oil to be exported to the world through the Strait of Hormuz.”

9. OOCL Embraces Change
Always at the vanguard of new technology adoption in shipping, Hong Kong-based boxshipping line Orient Overseas Container Line (OOCL) is fully committed to making a step change in the way the container shipping business is run as it works with Microsoft
Research Asia (MSRA), Microsoft’s world-class research arm, on an 18-month joint-partnership to apply Artificial Intelligence (AI) research to improve network operations and achieve efficiencies. Announced in April, the collaboration
is expected to nurture over 200 AI developers by the middle of 2019 and focus on the three key areas of AI, IoT and blockchain.

10. IMO Embracing Fuel Changes
The International Maritime Organization (IMO) has started a study for a new 0.1% low sulphur emission control area (ECA) in the Mediterranean. The IMO Regional Marine Pollution Emergency Response Centre for the Mediterranean
Sea (REMPEC) is coordinating the study into the possible ECA to cover all, or part of the Mediterranean Sea. The ECA would set tougher limits of 0.1% sulphur content for marine fuel in the Mediterranean than the planned global sulphur cap of 0.5% globally
from 2020 and the current level in the region of a maximum of 3.5% sulphur.
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions
S. Jones
Seacurus Ltd
Seacurus Ltd.,
Barbican Group,  
33 Gracechurch Street,
London EC3V 0BT,
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