Seacurus Daily: Top Ten Maritime News Stories 17/07/2018
1. IMF Trade Warning
The International Monetary Fund claims that while global GDP growth remains healthy, the benefits are not evenly shared, and the downside risk has increased due to the trade dispute between the U.S. and China. "The
risk that current trade tensions escalate further—with adverse effects on confidence, asset prices, and investment—is the greatest near-term threat to global growth," IMF wrote in its assessment. "If current trade policy threats are realized and business confidence
falls as a result, global output could be about 0.5 percent below current projections by 2020." A loss of $500 billion in annual economic activity.
risk that current trade tensions escalate further—with adverse effects on confidence, asset prices, and investment—is the greatest near-term threat to global growth," IMF wrote in its assessment. "If current trade policy threats are realized and business confidence
falls as a result, global output could be about 0.5 percent below current projections by 2020." A loss of $500 billion in annual economic activity.
https://bit.ly/2NmRw34
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2. Fire on VLCC
A major fire erupted onboard a decommissioned VLCC under demolition at PakistanÂ’s Gadani yesterday, just days after the country gave approval to accept tankers for recycling again. Local police officials said the incident
occurred when workers were conducting welding work onboard the vessel. Twenty workers were rescued from the burning vessel. The 1997-built VLCC Ada was sold by its German owner DS Tankers for scrapping in March this year.
occurred when workers were conducting welding work onboard the vessel. Twenty workers were rescued from the burning vessel. The 1997-built VLCC Ada was sold by its German owner DS Tankers for scrapping in March this year.
https://bit.ly/2JutGQK
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3. Massive Scrubber Order
Finnish technology group Wärtsilä says it has received a 170 million euro order to install exhaust scrubbers on the fleet of a major European container shipping company. Wärtsilä Services
will deliver 50 MW, 60 MW and 70 MW Wärtsilä hybrid exhaust gas cleaning equipment which it will retrofit onto the container vessels. The European container company and number of units included in the order were not disclosed.
will deliver 50 MW, 60 MW and 70 MW Wärtsilä hybrid exhaust gas cleaning equipment which it will retrofit onto the container vessels. The European container company and number of units included in the order were not disclosed.
https://bit.ly/2JtnhFo
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4. Ezra In Trouble
Hong Kong online regional financial consultancy Asia Fund Space Group has abandoned its plans to acquire new shares in SingaporeÂ’s Ezra Holdings. Under an agreement proposed in March, Asia Fund Space was required to procure
the holding company to submit a listing application for catalist board SGX-ST and acquire EzraÂ’s Myanmar Property Business. This has not been done, so Ezra Holdings has terminated the proposal. Ezra Holdings filed for
chapter 11 in the US last March and has been seeking investors since.
the holding company to submit a listing application for catalist board SGX-ST and acquire EzraÂ’s Myanmar Property Business. This has not been done, so Ezra Holdings has terminated the proposal. Ezra Holdings filed for
chapter 11 in the US last March and has been seeking investors since.
https://bit.ly/2uGf4YW
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5. Pakistan Recycling Again
Pakistan is finally accepting tankers for recycling again. After a series of deadly accidents the Asian country had banned all tankers heading for the country for scrapping for more than a year. A number of recyclers in the
past week have been given the go ahead to restart rcycling tankers. There are a vast number of ships beached in and around Gadani waiting to be torched. However, Clarkson Research notes in its most weekly report permission
was only granted for a few tankers, rather than all of those that have been delivered, and it will take some time until yards are able to sell on the inventories from the remaining units.
past week have been given the go ahead to restart rcycling tankers. There are a vast number of ships beached in and around Gadani waiting to be torched. However, Clarkson Research notes in its most weekly report permission
was only granted for a few tankers, rather than all of those that have been delivered, and it will take some time until yards are able to sell on the inventories from the remaining units.
https://bit.ly/2Ni7Nq3
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6. Greeks Applaud IMO
Greek shipowners have been quick to applaud the International Maritime Organization’s (IMO) decision to consider safety implications associated with the 2020 marine fuels and their respective challenges. Within hours of the
July 9 – 13 Intersessional Working Group rising the Union of Greek Shipowners (UGS) has issued a statement of support of the session’s decision to examine "several valid safety concerns linked to the transition to new low-sulphur fuels, especially blended
fuels". Noting they are expected to be widely used to ensure compliance with the 0.5% global sulphur cap for marine fuels.
July 9 – 13 Intersessional Working Group rising the Union of Greek Shipowners (UGS) has issued a statement of support of the session’s decision to examine "several valid safety concerns linked to the transition to new low-sulphur fuels, especially blended
fuels". Noting they are expected to be widely used to ensure compliance with the 0.5% global sulphur cap for marine fuels.
https://bit.ly/2moAxSH
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7. British Minister Names Ship
One of the latest additions to Hapag-LloydÂ’s fleet the 15,000 teu Afif was named by the UKÂ’s Shipping Minister Nusrat Ghani on Monday. The LNG-ready containership was named at DP WorldÂ’s London Gateway Terminal in front of
some 260 guests comprising 260 importers, exporters, supply chain executives and Government officials. “It is an honour to name Afif, Hapag-Lloyd’s latest container ship, as it will have a vital role in the growth of the
UK economy by moving our exports and imports,” said Ghani.
some 260 guests comprising 260 importers, exporters, supply chain executives and Government officials. “It is an honour to name Afif, Hapag-Lloyd’s latest container ship, as it will have a vital role in the growth of the
UK economy by moving our exports and imports,” said Ghani.
https://bit.ly/2JvirY7
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8. How Are We on Cyber?
Pantelis Skinitis, Business Development, ABS Advanced Solutions about the current state of play and lessons learnt about the importance of cyber security following the NonPetya attack in June 2017, which cost Maersk Line around USD 300 million. In
terms of cyber security, the need is real, he says, whether looking onboard the ship or ashore. “The growth in communication and data transfer means that all businesses must think about cyber security in a holistic way.”
terms of cyber security, the need is real, he says, whether looking onboard the ship or ashore. “The growth in communication and data transfer means that all businesses must think about cyber security in a holistic way.”
https://bit.ly/2NRstpU
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9. Fighting Charter Drops
The rapid growth of charter rates in the container shipping market is likely to be over as ocean carriers release some ships back to the open market in order to curb the impact of weak profitability. However, shipping consultancy
Drewry expects rates to remain close to their current levels over the remainder of the year.
Drewry expects rates to remain close to their current levels over the remainder of the year.
Suspension of a number of services by carriers over the past few weeks as they scramble to fight off the red ink has seen rates drop slightly, reversing their 50 pct growth recorded in the first half of 2018.
https://bit.ly/2mp3X32
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10. Touching Canal Bottom
The 2018-built crude oil tanker Kimolos suffered hull damage after scraping the bottom in the Suez Canal. According to the shipÂ’s operator, the Piraeus-based shipping group Okeanis Eco Tankers, the 157,000 dwt vessel touched
bottom while it was transiting the Suez Canal in a Southbound direction on July 13. At the time of the incident, the tanker was laden with fuel oil and under pilotage. Okeanis Eco
Tankers informed that there were no reports of injuries or pollution. The ship is crewed by 23 Greek and Philippine seafarers.
bottom while it was transiting the Suez Canal in a Southbound direction on July 13. At the time of the incident, the tanker was laden with fuel oil and under pilotage. Okeanis Eco
Tankers informed that there were no reports of injuries or pollution. The ship is crewed by 23 Greek and Philippine seafarers.
https://bit.ly/2uuANDQ
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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
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