Seacurus Daily: Top Ten Maritime News Stories 09/07/2018

Seacurus Daily: Top Ten Maritime News Stories 09/07/2018

1. Seafarer Wages Inch Higher
Cost growth returned to seafaring in 2018 and is projected to accelerate moderately on recovering vessel earnings and continued shortfall in officer numbers, according to the latest Manning Annual Review and Forecast report
published by shipping consultancy Drewry. 
Manning costs have risen moderately in 2018 following several years of stagnation as a recovery in most cargo shipping markets has taken some pressure off vessel operators, enabling
employers to lift wage levels, particularly amongst the market-related officer ranks.

2. CMA CGM Iranian Announcement
CMA CGM has announced it is ceasing its Iran operations in the face of U.S. sanctions on the nation. The U.S. has threatened to blacklist companies doing business with Iran, with some sanctions commencing in August and some
in November.  
The U.S. withdrew from the 2015 Joint Comprehensive Plan of Action (JCPOA) in May, and last week, the five remaining signatories to the deal, Britain, France, Germany, China and Russia, offered Iran a package
of economic measures counter U.S. sanctions. The announcement by CMA CGM is seen as a blow to the negotiations.

3. Swipe At Chinese
Having announced the decision to cease Iranian operations, the head of CMA CGM appears to have taken a swipe at its Ocean Alliance partner, Cosco, in statements regarding the French carrier’s decision to quit doing business with sanctioned Iran. Rodolphe
Saade told reporters that
“Our Chinese competitors are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules,” Saade said.
4. Port Deal Agreement
China Cosco Shipping Holdings has announced that it has receive approval by the Committee on Foreign Investment in the US for the deal to take over Hong Kong’s OOIL, the parent of containerline OOCL, after it reached an agreement with the US government
to divest the Long Beach container terminal business to an unrelated third party. The takeover deal was held by the Committee on Foreign Investment for national security concerns about handing over OOCL’s Long Beach terminal
concession to Cosco. 
Cosco will transfer the Long Beach terminal into a US-run trust while the company will seek a buyer to take over the terminal.
5. Rolls-Royce Maritime Sale
Norwegian technology group Kongsberg has entered into an agreement to acquire Rolls-Royce’s struggling commercial marine business in a GBP 500 million deal. The acquisition includes the marine products, systems and aftermarket
services businesses of subsidiaries of Rolls-Royce Plc. 
“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,” Rolls-Royce Plc said in a statement.
6. Huge Sums Connecting Ships
Bangladesh Communication Satellite Company Limited (BCSCL) has signed a memorandum of understanding (MoU) with the shipping ministry so that Bangabandhu-1 satellite will provide the connectivity to around 39,000 ships in the country in a year. Saiful
Islam, managing director of the government-owned company claimed BCSCL is also engaged negotiations with eight other ministries and divisions to provide them connectivity. 
It said BCSCL will earn huge amount yearly by
providing this service to shipping ministry when after the country’s first communication satellite will starts its commercial activity in September.
7. Northern Sea Route Success
In a landmark moment reshaping global gas trades the laden Vladimir Rusanov LNG carrier arrived at the Bering Strait today, completing an 11-day voyage along the Northern Sea Route from the Yamal LNG plant at Sabetta port. The
icebreaking gas carrier – jointly owned by Japan’s Mitsui OSK Lines (MOL) and China Cosco Shipping – departed remote Sabetta in northwest Siberia on June 25 without any icebreaking support. Having successfully navigated its way along the Northern Sea Route
it is now bound for Jiangsu Rudong port to the north of Shanghai.

8. Baltic Sees Growth
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, inched up on Friday, helped by higher demand for capesize and panamax vessels. The overall index, which factors in
rates for capesize, panamax and supramax shipping vessels, rose 10 points, or 0.6 percent, to 1,622 points, the highest since Dec. 14. The index was up for a second-consecutive week gaining 17.1 percent, its biggest weekly jump in four.

9. Cruise Giant Loans Deal
Miami-based cruise line Royal Caribbean Cruises Ltd. (RCL) has entered into a USD 700 million loan agreement to finance a part of the Silversea Cruises acquisition deal. The company informed that the proceeds from the 364-day
unsecured term loan agreement, which was signed on June 29, would also be used to pay fees and expenses related to the acquisition. 
In mid-June RCL said it would purchase a 66.7% equity stake in Silversea Cruises based
on an enterprise value of approximately USD 2 billion.
10. Sightseeing Tourist Disaster
Up to fifty Chinese tourists are missing while 17 were confirmed dead after three ships carrying over 150 people capsized off Phuket, Thailand. According to a statement by the Consulate General of the People’s Republic of
China in Songkhla, the ships capsized on July 5 due to inclement weather conditions off the island. 
Relevant authorities were immediately sent to undertake a search and rescue mission. The
officials informed that as of 9 am local time on July 6, 53 people were still missing, while over 94 were rescued. Eleven of these were transferred to a hospital for treatment.
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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