Seacurus Daily: Top Ten News Stories 09/11/2018
1. Maersk Family Flexes Muscle
Danske Bankâs largest shareholder, the Maersk family, has ousted the lenderâs chairman after a money laundering scandal that has also forced out its chief executive. A.P. Moller Holding, which controls about 21 percent of the share capital in the bank, has nominated Karsten Dybvad, who currently heads the Confederation of Danish Industry, to replace Ole Andersen as chairman of Denmarkâs largest bank. The move is a rare example of Denmarkâs Maersk family openly flexing its muscles to seek change at one of its investments.
2. Norwegian Navy Rammed
A Norwegian Navy frigate was rammed by a tanker while it was docked in a harbor on the country’s west coast Thursday, the military said. The crew of 127 was evacuated and the vessel was deliberately grounded to avoid sinking. Eight people on the KNM Helge Instad were slightly injured when the accident occurred north of Bergen,
The Maltese-flagged tanker, Sola TS, was not damaged and its 23-man crew remained on board.
3. The Year of Tankers and Boxships
2018 will go down in history as the year of tankers and container shipsâ starring role, when it comes to demolition activity. In its latest weekly report, Clarkson Platou Hellas commented that âas we approach the Diwali festivities, buying interest has started to quieten but the Indian sub-continent remains volatile, especially in India and Pakistan with Bangladesh seemingly more stable. The below sales seem to be speculative compared to where the actual domestic markets lie and where, reportedly, some cash buyers in particular have gambled on a price surge âpost holidaysâ.
4. New App for Crew
V.Group has announced a new app for seafarers. Project Embark, is a programme designed to transform the way the leading supplier of independent ship management and related marine services handles crewing for its pool of 44,000 seafarers. The app will enhance the seafarersâ experience, while enabling V.Group to utilise regularly updated seafarer data to improve crewing performance and assist in planning. The app will provide a seamless experience to support professional development, performance appraisal, training, and documentation uploads throughout the vessel mobilisation process, including travel arrangements.
5. South Korea Hoovering Orders
Korean shipbuilders are highly likely to reclaim the top spot in the world in terms of annual shipbuilding order receipt in seven years, beating Chinese shipbuilders. Korean shipbuilders have sweeped about half of the worldâs shipbuilding orders placed so far this year. Global shipbuilding orders from January to October in 2018 totaled 23.05 million CGTs, more than double the volume recorded during the same period in 2016. Korean shipbuilders ranked first in the world, winning orders for 10.26 million CGTs, or 45% of the total. Chinese shipbuilders came in second with 7.1 million CGTs (31%).
6. Big Hit With Bunker Prices
Rising bunker prices and low shipping rates negatively impacted Wallenius Wilhelmsenâs earnings in the third quarter.
The Norwegian shipping group reported a total income of US$1 billion in the third quarter, up 7% compared to 2017. The company said the increase was primarily due to increased revenues in both its land-based and ocean segments, driven by a combination of slightly higher volumes and higher bunker fuel costs paid for by customers. EBITDA ended at US$152 million in the quarter, a decline of 19% largely driven by higher and rising bunker prices in the ocean segment, lower rates, and trade imbalances with more volumes out of Asia than Europe, the company said.
7. Owner Cannot Recover Damages
A shipping company that was indicted but found not guilty of using a âmagic pipeâ to bypass pollution-control equipment at sea cannot recover damages from the U.S. Coast Guard for detaining the vessel prior to trial, a federal appeals court held. The U.S. Circuit Court of Appeals for the District of Columbia said that the Coast Guard had acted reasonably in setting the bond and in holding the ship when its Maltese owner, Angelex LTD, failed to post it.
8. Fjord Scrubber and Fuel Ban
Norway is proposing to implement a new legislation to reduce emissions and discharges from cruise ships in the world heritage fjord, a move that will ban operators from burning high-sulphur fuel and using scrubbers. The Norwegian Maritime Authority (NMA) has proposed that fuel being used on ships in the world heritage fjords must have a maximum sulphur content of 0.1%. The authority has also proposed a prohibition against the use of exhaust gas cleaning systems, or scrubbers, including both open, closed and hybrid systems.
9. Seafaring Needs Better Connections
No one was arguing that seafarers shouldnât have internet access, but there are growing concerns over the impact it can have in terms of isolating individual crew members and their mental health. With smaller crew sizes isolation on board vessels was already becoming an issue and with the growth in connectivity this has been exacerbated by seafarers spending increasing amounts of time in their cabins on the internet rather than socialising with their fellow seafarers during non-work hours. âMore internet on board seems to have a connection to psychological challenges, it seems to be something that is growing numbers these days,â Simon Frank, director crew operations East for V.Ships told CrewConnect in Manila.
10. Greek Funds Frozen
Bank accounts of leading Greek shipowner Angeliki Frangou have been frozen by Greek judicial authorities investigating lending by Marfin Bank, which is now under the control of Piraeus Bank, Greece’s largest bank and leading domestic lender to Greek shipping. The investigation by a special corruption prosecutor, is examining all data on file, pertaining to Marfin Bank in recent years. The case under investigation concerns an amount of EUR178m ($200m) and relates to the period from 2006 onwards. The loans have now passed to Piraeus Bank, which has restructured its lending.
Daily news feed from Seacurus Ltd â providers of MLC crew insurance solutions www.seacurus.com