Seacurus Daily: Top Ten Maritime News Stories 31/09/2018

Seacurus Daily: Top Ten Maritime News Stories 31/09/2018

1. 2020 Check on Contracts
When it comes to the impact of the 2020 sulphur cap operational and regulatory issues have received a lot of attention, but there is also a commercial angle an North P&I is highlighting the possibilities of disputes and losses
from charter party agreements. 
North’s Freight, Demurrage and Defense (FD&D) department is encouraging its members to review their charter parties as soon as possible and new charters drafted with clauses that take the 2020
sulphur cap into account. This applies to both owners and charterers when it comes to charter party contracts.
2. Iran Cannot Close Straits
Saudi Energy Ministry adviser Ibrahim Al-Muhanna said on Tuesday that Iran is unable to completely or partially close the Strait of Hormuz or Bab Al-Mandeb. He said if Iran closes the Strait of Hormuz, the UN Security Council
is likely to authorize military action, according to statements reported by Reuters news agency. 
Speaking at an oil conference in the Norwegian city of Stavanger, Al-Muhanna said Iran would be the first to lose out on a
move to block those major shipping routes and that any such action would trigger further sanctions on Iran.
3. Big Port Battle Brews
ScotlandÂ’s biggest port operator has been accused of “sacrificing” the Clyde to protect the Mersey as the two great rivers compete for vital harbour and shipyard work. Peel Ports – which
owns and manages swathes of land along the West Coast – have always denied favouring their substantial holdings in England. 
Now a campaign questioning the concernÂ’s monopoly over both the Clyde and the Mersey has been endorsed
by politicians from the SNP, Labour and Green parties. 
Campaigners allege Peel Ports are letting key pieces of infrastructure lie idle that could help Scotland compete for shipyard and port jobs.


4. Hong Kong Acts to Keep Talent
Finally acknowledging the brain drain of shipping expertise from local shores to rival maritime hubs, principally Singapore, the Hong Kong government has unveiled a scheme whereby shipping professionals will be among 11 skill types welcomed into the city
with easier immigration processes. Among the 11 professions earmarked to get priority to live in the city even if they do not have a job lined up yet are marine insurers, naval architects, marine engineers and ship superintendents. Â“The
talent list highlights specific professions needed most for Hong Kong’s economic development,” a government statement said.
5. Japan Welcomes Ship Workers
Japan is investing in its Immigration Bureau – not to deter or deport economic migrants, but to welcome them in. Faced with an aging population and a shrinking workforce, Japan is opening up its economy to 500,000 blue-collar workers from abroad in order
to fill positions in shipbuilding and four other labor-intensive industries.  The problem is not new: In 2014, towards the end of the last shipbuilding boom, some Japanese shipyards reported delays in production due to an inability
to find enough labor. At least one – Tsuneishi Shipbuilding – has reduced its staffing challenges by opening a shipyard overseas.

6. Embracing Artificial Intelligence
The worldÂ’s largest operator of dry bulk vessels has revealed it has been using articificial intelligence for the last two years to predict which way capesize freight rates will go. JapanÂ’s Mitsui OSK Lines (MOL) announced
today it has concluded a technology consulting agreement with Professor Tomoharu Nagao of the Yokohama National University Graduate School of Environment and Information Sciences. MOL has been working with Nagao since 2016 to forecast the dry bulk market by
analysing a large range of data. 
MOL said it will continue to promote the use and application of ICT-based trends in advanced digitalisation.
7. Man Jumps Off Ferry
A major air and sea search was launched off Portsmouth after reports a man had jumped off a ferry. A mayday call was made at 10:50 BST reporting a man overboard a Wightlink ferry near Portsmouth Harbour. The
Royal Navy and harbour vessels were among those helping lifeboats and a coastguard helicopter scour the area. 
The search was suspended after three hours when nothing was found. A missing person investigation will now be
started by police.
8. Sails of the Future
As the quest for alternative power in shipping continues Maersk Tankers has gone back to the future installing two Norsepower rotor sails on a product tanker. The two 30m tall, five metres in diameter rotor sails have been
installed onboard the LR2 tanker Maersk Pelican in the port of Rotterdam. 
The cylindrical mechanical sails that spin to create a pressure differential – called the Magnus effect – that propel the vessel forward, and will
be used to provide auxillary power for the tanker reducing fuel consumption by 7 – 10%.

9.  Changing Face of Goodwill
A global accounting standard setter has said it will review how companies calculate “goodwill” on their balance sheets to avoid misleading investors with overly optimistic assessments of financial health. Goodwill refers to
an accounting value recorded when a company acquires another company, a measurement that goes beyond how much physical assets alone are worth. 
It is up to a company to decide each year how much, if any, this goodwill becomes
“impaired” and should be written down, a step that can plunge a company in the red.
10. Death Boat Court Motion
Federal US prosecutors have opened a criminal investigation into the sinking of the Stretch Duck 7 based on a referral from the U.S. Coast Guard. The investigation involves the captains of both duck boats on the water at Branson, Missouri, on the day of
the casualty. Kenneth Scott McKee, captain of Stretch Duck 7, and Barry King captain of Stretch Duck 54, are named as targets in the inquiry.  On August 13, Coast Guard investigators reached a preliminary determination of probable
cause for the sinking, and it likely went down due to the "misconduct, negligence or inattention to the duties of the captain of the vessel."
Daily news feed from Seacurus Ltd – providers of MLC crew insurance solutions
S. Jones
Seacurus Ltd
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