Seacurus Daily: Top Ten Maritime News Stories 12/07/2018
1. In the Eye of the Storm
A.P. Moeller-Maersk A/S may struggle to make a profit this year after the U.S. and China descended into a trade war that promises to hurt the worldÂ’s biggest shipping company. Maersk,
which is based in Copenhagen, has already lost almost a third of its market value this year as investors gird for more bad news. Trade protectionism means less demand, and history suggests the shipping industry will struggle to make the necessary supply cuts.
WhatÂ’s more, Maersk is now more exposed to shipping as the former conglomerate divests its energy business.
which is based in Copenhagen, has already lost almost a third of its market value this year as investors gird for more bad news. Trade protectionism means less demand, and history suggests the shipping industry will struggle to make the necessary supply cuts.
WhatÂ’s more, Maersk is now more exposed to shipping as the former conglomerate divests its energy business.
https://bit.ly/2m9ME5H
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2. Rig Strike Hits
Royal Dutch Shell has been forced to temporarily shut in its Knarr field in the Norwegian North Sea due to a strike. Statoil (now Equinor) has shut down drilling operations at another platform, Snorre B, but it says that production is unaffected so far. Knarr
has an output of about 24,000 bpd, and the shutdown contributed to a brief hike in the benchmark Brent crude price to $79 per barrel. On Wednesday, competing concerns about the return of Libyan oil exports and the negative impact of the U.S.-China trade war
combined to push Brent back down.
has an output of about 24,000 bpd, and the shutdown contributed to a brief hike in the benchmark Brent crude price to $79 per barrel. On Wednesday, competing concerns about the return of Libyan oil exports and the negative impact of the U.S.-China trade war
combined to push Brent back down.
https://bit.ly/2ufjPJH
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3. Massive Legal Dispute
Struggling Norwegian gas carrier operator I.M. Skaugen has revealed it has entered a “massive legal process” with an old business partner, Canadian shipping giant Teekay. Detailed at
the top of its annual report, I.M. Skaugen described how it has become embroiled in a number of legal cases with Teekay after the latter decided to ditch an LPG/petchem pool operated by the Norwegian owner last November and shift a number of its ships to a
rival pool of its own creation.
the top of its annual report, I.M. Skaugen described how it has become embroiled in a number of legal cases with Teekay after the latter decided to ditch an LPG/petchem pool operated by the Norwegian owner last November and shift a number of its ships to a
rival pool of its own creation.
https://bit.ly/2L06Vsy
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4. Newbuild Enthusiasm Wanes
The enthusiasm for newbuild orders across most shipping markets has started to wane after over USD 10 billion were committed in the first quarter of 2018, according to a report from VesselsValue. The total committed to new
deliveries is now the lowest since the start of 2016. Ordering trends in the start of the year were highest in the markets that recorded the highest returns. This includes the dry bulk and LNG carrier markets, while interest in the low earnings environment
tanker markets was softer.
deliveries is now the lowest since the start of 2016. Ordering trends in the start of the year were highest in the markets that recorded the highest returns. This includes the dry bulk and LNG carrier markets, while interest in the low earnings environment
tanker markets was softer.
https://bit.ly/2N2fRuM
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5. China’s Economic Innovation
China reached the world’s top 20 most-innovative economies in the Global Innovation Index ranking published annually by Cornell University, INSEAD and the World Intellectual Property Organization. Now in its 11th edition,
the Index ranks 126 economies based on 80 indicators, ranging from intellectual property filing rates to mobile-application creation, education spending and scientific and technical publications. China’s number 17 ranking
this year represents a breakthrough for an economy witnessing rapid transformation guided by government policy prioritizing research and development-intensive ingenuity.
the Index ranks 126 economies based on 80 indicators, ranging from intellectual property filing rates to mobile-application creation, education spending and scientific and technical publications. China’s number 17 ranking
this year represents a breakthrough for an economy witnessing rapid transformation guided by government policy prioritizing research and development-intensive ingenuity.
https://bit.ly/2ueXr3c
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6. Whistleblowing Upheld
Whistleblowing ship master wins case against Matson and hails "SeamanÂ’s Protective Act" as powerful tool to require ship owners to maintain safe ships. Captain John Loftus, an advocate for merchant marine safety, won a decision
from the Department of Labor that sustained a $1.1 million judgement against a company that punished Loftus for reporting unsafe conditions aboard the company ships. The decision, delivered on May 24, 2018 may also open
the gate wider for seamen to qualify for protection under the “Seaman’s Protective Act” and help prevent tragedies similar to the loss of the SS El Faro.
from the Department of Labor that sustained a $1.1 million judgement against a company that punished Loftus for reporting unsafe conditions aboard the company ships. The decision, delivered on May 24, 2018 may also open
the gate wider for seamen to qualify for protection under the “Seaman’s Protective Act” and help prevent tragedies similar to the loss of the SS El Faro.
https://bit.ly/2maslVS
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7. Better Verification Needed
BIMCO, has called upon the IMO to adopt more accurate sulfur verification procedures and an effective implementation plan for compliance to the IMO 2020 rule. This comes as an intersessional meeting of the IMO on sulfur implementation
is being held over July 9-13. The IMO rule on the 0.5% limit on sulfur in marine fuels, compared with 3.5% now, will take effect January 1, 2020. It applies outside designated emission control areas where the limit is
already 0.1%. The introduction of the 0.5% global sulfur cap is the most significant change since the introduction of liquid bunkers.
is being held over July 9-13. The IMO rule on the 0.5% limit on sulfur in marine fuels, compared with 3.5% now, will take effect January 1, 2020. It applies outside designated emission control areas where the limit is
already 0.1%. The introduction of the 0.5% global sulfur cap is the most significant change since the introduction of liquid bunkers.
https://bit.ly/2NIHSsw
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8. Hapag-Lloyd Cutting Back
Hapag-Lloyd is cutting costs to cope with a rise in fuel prices that led it to slash full year earnings forecasts last month, its chief executive told shareholders. “Major cost positions have risen more than initially expected
and are pressuring operating margins,” CEO Rolf Habben Jansen said in Hamburg. “We are responding short-term to this development through forceful cost management and will keep Hapag-Lloyd competitive this way,” he added. Among
the measures being taken are accepting more valuable cargo, trying to reduce terminal contract costs and stripping out economically inefficient ship systems, he said.
and are pressuring operating margins,” CEO Rolf Habben Jansen said in Hamburg. “We are responding short-term to this development through forceful cost management and will keep Hapag-Lloyd competitive this way,” he added. Among
the measures being taken are accepting more valuable cargo, trying to reduce terminal contract costs and stripping out economically inefficient ship systems, he said.
https://bit.ly/2zxnNm3
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9. Unqualified Ship Tragedy
An unqualified and non-English speaking deck officer in charge of the Dominica-flagged 108m-long trailing suction hopper dredger JBB De Rong 19 involved in a fatal collision with an Indonesian tanker in Singapore waters last year was jailed for two years
by a Singapore court after he pleaded guilty to causing the deaths of five of his crew by performing a rash act, The Straits Times reported. A district court was told that Chinese national Ding Zongde, who was the vesselsÂ’ first
chief officer was neither qualified nor certified to be in control of a vessel of that size and in addition could not speak English, according to the report.
by a Singapore court after he pleaded guilty to causing the deaths of five of his crew by performing a rash act, The Straits Times reported. A district court was told that Chinese national Ding Zongde, who was the vesselsÂ’ first
chief officer was neither qualified nor certified to be in control of a vessel of that size and in addition could not speak English, according to the report.
https://bit.ly/2L6iqii
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10. Bulker Fire Alongside
A fire broke out on an ocean-going vessel at Mallegat-Noord in Dordrecht, the Netherlands, in the afternoon hours of July 10, 2018. The fire started in the cargo hold of the ship loaded with scrap. The burning scrap caused
huge plumes of smoke, Zuid-Holland Zuid Safety Region informed. The vessel in question is the 58,600 dwt bulk carrier Kouyou, operated by Japanese company Doun Kisen.
huge plumes of smoke, Zuid-Holland Zuid Safety Region informed. The vessel in question is the 58,600 dwt bulk carrier Kouyou, operated by Japanese company Doun Kisen.
https://bit.ly/2upNCyw
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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,
33 Gracechurch Street,
London EC3V 0BT,
UK
www.seacurus.com
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