Seacurus Daily: Top Ten Maritime News Stories 24/07/2018

Seacurus Daily: Top Ten Maritime News Stories 24/07/2018

1. Funds Shorting Maersk
The threat posed by a global trade war is taking its toll on the shares of Maersk. Citing IHS Markit data, Bloomberg is reporting that as of last Friday, short interest in A.P. Moller-Maersk
has leapt to around 6% of the company’s share capital, the highest on record since the data provider started tracking the Danish carrier’s shares in 2006. 
Maersk has lost more than 20% of its market value this year on
the back of struggling results. 
Among many hedge funds reviewing their options is AQR Capital Management. A July 18 regulatory filing showed the firm has a short position equal to 0.5% of Maersk’s share capital.
2. UAE Tackling Shipping
The United Arab Emirates (UAE) is continuing its crackdown on substandard shipping. The country’s Federal Transport Authority issued a circular yesterday demanding that as of January 1 next year ships flying 25 different flags that are due to call in UAE
waters must be classed by a member of the International Association of Classification Societies (IACS) or Tasneef, the UAE’s own class society. The 25 flags are a mix of the Paris MOU’s Black and Grey Lists. During
much of the shipping downturn, the UAE became a dumping ground for distressed shipping assets in local waters.
3. New Welfare Training Course
Although training has been available in different aspects of maritime welfare, there has not yet been a training programme that addresses all aspects, giving participants a full 360-degree perspective on maritime welfare.
This is about to change with the launch of MARI-WEL – the Professional Development Programme in Maritime Welfare. 
MARI-WEL is a new training programme specifically designed to provide the skills and knowledge needed to
support seafarer welfare. Created through collaboration between the ITF Seafarers’ Trust and the World Maritime University (WMU), the course covers all the bases.
4. London Club Cypriot Move
Another British insurer is making Brexit plans. London P&I Club has revealed to Reuters it is establishing a subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access. Five
other British P&I clubs have created European hubs in Holland, Ireland and Luxembourg in recent months with Brexit looming. 
For Cyprus, the decision by London P&I Club is a big vote of confidence as the island has recently
upped its maritime hub marketing and now has a shipping cabinet position within government.

5. Huge Asian Cruise Boom
Cruise Lines International Association (CLIA) has released its 2018 Asia Cruise Trends report indicating that most Asian source markets registered double-digit year-on-year growth in 2017. Asian sourced ocean cruise passenger
numbers hit a record high in 2017 with 4.052 million taking an ocean cruise, an almost 40 percent compound annual growth rate over the last few years, and Asia accounted for about 15 percent of total global ocean passenger volume. Mainland China maintained
its dominance as a source market, accounting for almost 60 percent of all Asian passengers.
6. Ferry Suffering Payments
Seoul’s Central District Court has ruled that families of the Sewol victims are to be paid $176,000 each. 304 people were killed in the 2014 disaster when the ferry sank, many of them school children. An additional payment
will also be made to the parents and other family members. Adding in compensation for lost income for those that died, each family is set to receive around $530,000. 
The judge noted the intense suffering that the victims
were subject to, and he criticized operator Chonghaejin Marine for allowing the vessel to sail in an “overloaded and defective” state.
7. Oceans at Acidic High
The world’s oceans are likely to become more acidic than at any time in the past 14 million years, according to scientists from Cardiff University in the U.K. Ocean acidification occurs when CO2 from the atmosphere is absorbed
by seawater, resulting in more acidic water with a lower pH. Around a third of the CO2 released by burning coal, oil and gas gets dissolved into the oceans. Since the beginning of the industrial era, the ocean has absorbed around 525 billion tons of CO2, equivalent
to around 22 million tons per day.
8. Yards Swing to Net Loss
Two of the world’s largest shipyards, South Korea’s Samsung Heavy Industries and Hyundai Heavy Industries, have swung to a net loss. Samsung Heavy Industries said in a regulatory filing that it posted a net loss of 142.7
billion won ($126 million) in the second quarter, compared with a net profit of 22.7 billion won a year earlier. The company blamed increased fixed costs and losses stemming from a delay in the delivery of a drill ship to Ocean Rig.
9. Master in Political Crosshairs
Maritime rescue NGO Proactiva Open Arms has filed a formal criminal complaint against the master of a cargo vessel that allegedly failed to assist three migrants in distress off Libya last week, illustrating the dual liabilities of maritime rescue operations
for merchant shipping in the central Mediterranean.  Italy has closed its ports to vessels carrying rescued maritime migrants. As masters have a duty to assist those in distress and to deliver rescuees to a "safe" port, several
ships have seen their normal commercial operations delayed after a rescue as a result of the new Italian policy.

10. Car Carrier Runs Aground
The Panama-flagged car carrier Makassar Highway ran aground in the Tjust archipelago, off the coast of Loftahammar, Sweden in the morning hours of July 23. An undisclosed amount of oil leaked from the vessel following the
incident, the Swedish Coast Guard confirmed, adding that the risk of further pollution is currently low. 
The initial damage report showed that the 6,890 dwt vessel suffered two ruptures in its hull, however, these were
not near the ship’s fuel tanks.
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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