Seacurus Daily: Top Ten Maritime News Stories 01/08/2018
1. ONE Big Loss
Ocean Network Express (ONE), the ocean carrier comprising the container operations of NYK, MOL and K Line, posted a loss of $120 million in the first quarter due to "operational teething problems that affected service quality" and higher bunker prices.
The first-quarter result puts it on track to post a $38 million loss for the first half, down from a break-even forecast. Utilization of ONE’s combined fleet was 73 percent, due in part to what K Line described as "clumsy services
in the initial stage" of its launch. Shippers and forwarders complained of booking difficulties as the three ocean carriers attempted to merge their business.
The first-quarter result puts it on track to post a $38 million loss for the first half, down from a break-even forecast. Utilization of ONE’s combined fleet was 73 percent, due in part to what K Line described as "clumsy services
in the initial stage" of its launch. Shippers and forwarders complained of booking difficulties as the three ocean carriers attempted to merge their business.
https://bit.ly/2v5IO2n
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2. Gas Looking Good
Clarksons Research is bullish on LNG prospects. The research unit of the worlds largest shipbroker has just published a report on LNG, predicting shipping volumes will grow 11% this year. Steve Gordon, managing director
of Clarksons Research, commented, Global trade in LNG has moved into a strong growth phase, with a 9% increase in 2017 expected to be followed by further growth of 11% in 2018. With 85m tonnes of export capacity under construction and a further 169m tonnes
of export capacity with FEED underway, further positive trade growth is expected.
of Clarksons Research, commented, Global trade in LNG has moved into a strong growth phase, with a 9% increase in 2017 expected to be followed by further growth of 11% in 2018. With 85m tonnes of export capacity under construction and a further 169m tonnes
of export capacity with FEED underway, further positive trade growth is expected.
https://bit.ly/2LY3Ee0
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3. Pressure on Management
Pressure is growing for a change of top management at Japans third largest shipping line, Kawasaki Kisen Kaisha (K Line) after a set of disappointing results. K Line, along with its
peers Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK), reported red ink for the first quarter of the Japanese financial year which ended on June 30. All three lines cited issues with the launch of Ocean Network Express (ONE), their merged containerline,
as contributing to the weak results. However, K Lines figures stood out in particular, being forced to change its interim forecast and nix a planned interim dividend payout.
peers Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK), reported red ink for the first quarter of the Japanese financial year which ended on June 30. All three lines cited issues with the launch of Ocean Network Express (ONE), their merged containerline,
as contributing to the weak results. However, K Lines figures stood out in particular, being forced to change its interim forecast and nix a planned interim dividend payout.
https://bit.ly/2O1LMMm
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4. Port State Happy on Nav
The Paris MoU has released its final report into its Concentrated Inspection Campaign (CIC) on Safety of Navigation conducted last year, saying the overall result was satisfactory. The campaign focused on compliance with
ECDIS requirements, verifying the minimum standards for navigation equipment and including familiarity with the equipment. Navigation equipment has always been considered an inspection item for PSC inspections, but regulations on navigation equipment have
undergone frequent changes, and deficiencies concerning navigation equipment, around 6.21 percent over a six year period, have been noted as high.
ECDIS requirements, verifying the minimum standards for navigation equipment and including familiarity with the equipment. Navigation equipment has always been considered an inspection item for PSC inspections, but regulations on navigation equipment have
undergone frequent changes, and deficiencies concerning navigation equipment, around 6.21 percent over a six year period, have been noted as high.
https://bit.ly/2OA5bW7
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5. Doubling Down on Tariffs
The Trump administration will propose raising to 25 percent its planned 10 percent tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said. The
U.S. imposed 25 percent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. President Donald Trump has threatened an additional $200 billion with levies of 10 percent, a level the
administration may raise to 25 percent in a Federal Register notice in coming days, one of the people said.
U.S. imposed 25 percent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. President Donald Trump has threatened an additional $200 billion with levies of 10 percent, a level the
administration may raise to 25 percent in a Federal Register notice in coming days, one of the people said.
https://bit.ly/2M46w5B
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6. Salvors Cleaning Up
Salvors are carrying out an emergency tow of the car carrier Makassary Highway after a survey revealed serious damage and cracks in the ships hull that could impact its stability, the Swedish Coast Guard reported Tuesday. The
emergency tow was expected to commence Tuesday evening following approval of the plan from the Coast Guard and other agencies involved in the on-going response. An update from the Coast Guard said the ship raised its anchor at around 8:51 p.m. local time. The
environmental protection vessel KBV 031 has joined the tow to help clean up any oil that may leak from the car carrier.
emergency tow was expected to commence Tuesday evening following approval of the plan from the Coast Guard and other agencies involved in the on-going response. An update from the Coast Guard said the ship raised its anchor at around 8:51 p.m. local time. The
environmental protection vessel KBV 031 has joined the tow to help clean up any oil that may leak from the car carrier.
https://bit.ly/2NZTKFW
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7. Details of Cyber Attack
Clarskon Plc has revealed details of a cyber security incident that took place last year in which an unauthorized third party gained access to the companys computer systems in the UK, copied data, and demanded ransom for its return. Clarskons
said it learned of the breach on November 7, 2017 and immediately took steps to respond, manage and investigate the incident. Through a forensic investigation, it was revealed that an unauthorized third party had accessed
certain Clarksons computer systems in the UK from May 31, 2017 until November 4, 2017, copied data, and demanded a ransom for its safe return.
said it learned of the breach on November 7, 2017 and immediately took steps to respond, manage and investigate the incident. Through a forensic investigation, it was revealed that an unauthorized third party had accessed
certain Clarksons computer systems in the UK from May 31, 2017 until November 4, 2017, copied data, and demanded a ransom for its safe return.
https://bit.ly/2n2TSci
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8. VLCCs Gather Off Oman
Saudi-owned VLCCs have started to gather off the southern coast of Oman after state-owned Saudi Aramco temporarily halted oil shipments through the Bab el-Mandeb strait at the bottom of the Red Sea, impeding its access to Europe. Three
part-laden VLCCs owned by Saudi state shipping company Bahri the Marjan, the Khuzama and the TI Hawtah have interrupted their voyages over the past 24 hours to wait at the port of Salalah in south-west Oman, according to S&P Global Platts trade flow software
cFlow.
part-laden VLCCs owned by Saudi state shipping company Bahri the Marjan, the Khuzama and the TI Hawtah have interrupted their voyages over the past 24 hours to wait at the port of Salalah in south-west Oman, according to S&P Global Platts trade flow software
cFlow.
https://bit.ly/2LRb1Up
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9. New Panama Online System
Panama Ship Registry has launched the Maritime Safety and Inspection System Global Platform, an accurate and fast data system working on a 24/7 basis. This platform, in addition to facilitating the work of Panamanian inspectors,
will guarantee the safety of the navigability of the vessels registered under the Panama flag and will show warning measures for the decision- making based on the different processes carried out by the Department of Navigation and Maritime Safety, for the
realization of Annual Flag Inspections (ASI), Interior Service Inspections (ISI), as well as Port State Inspections (PSC).
will guarantee the safety of the navigability of the vessels registered under the Panama flag and will show warning measures for the decision- making based on the different processes carried out by the Department of Navigation and Maritime Safety, for the
realization of Annual Flag Inspections (ASI), Interior Service Inspections (ISI), as well as Port State Inspections (PSC).
https://bit.ly/2LNc73x
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10. EU Moves Piracy Base
The European Union has extended the mandate for the EU counter-piracy Operation Atalanta off the coast of Somalia and approved the move of its headquarters to Spain and France. The EU Naval Force (EU NAVFOR) mission off
the Horn of Africa will continue until 31 December and its operational headquarters (OHQ) will be moved from Northwood, London, to Rota, Spain, and Brest, France. The OHQ, which is co-located with the United Kingdoms
Permanent Joint Headquarters, will continue to command EU NAVFOR until 29 March 2019, after which it will be led by Spanish Navy Vice Admiral Antonio Martorell Lacave.
the Horn of Africa will continue until 31 December and its operational headquarters (OHQ) will be moved from Northwood, London, to Rota, Spain, and Brest, France. The OHQ, which is co-located with the United Kingdoms
Permanent Joint Headquarters, will continue to command EU NAVFOR until 29 March 2019, after which it will be led by Spanish Navy Vice Admiral Antonio Martorell Lacave.
https://bit.ly/2n05k8s
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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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