Seacurus Daily: Top Ten News Stories 22/11/2018
1. Maersk Happy to Shrink Back
Liner rivals are reportedly gaining ground on Maersk, as the giant of containerisation seems to be holding back on any expansion plans. Maersk’s global share of the box market has shrunk by 1.5% in the last 12 months. According to CEO Soren Skou the company is expected to continue its retreat, and will not pursue acquisitions or order new large vessels in 2019.
2. More Palm Oil Protests
Ships carrying palm oil around the world have been put on warning by Greenpeace. Environmental activists have warned that they will be targeting more vessels for boarding. Norwegian Shipowners Mutual War Risks has also announced and warned its assured that vessels could be victims of boardings when loading cargo at export terminals, or when entering European waters.
3. Fears of Climate Change
The UK Ministry of Defence has published a report which outlines the physical threat that out-of-control climate change poses to the global shipping industry. Changing weather patterns could disrupt key shipping chokepoints, including the Panama Canal, the extensive report reveals. Inland waterways are also likely to be affected – which could dramatically raise the cost of shipping to North America via the Great Lakes.
4. Dramatic Tanker Rescue
On Tuesday morning, the French frigate Cassard rescued twelve crewmembers from a sinking asphalt tanker in the Persian Gulf. The Cassard was preparing for a refueling operation when she received a distress call from the asphalt tanker Durban Queen. The Queen was located about seven nm away, and the Cassard launched her onboard helicopter to respond. Shortly after the helicopter’s arrival, the Durban Queen capsized and sank, leaving 12 Indian crewmembers in the water.
5. Corporations Want Climate Action
Almost 100 organizations signaled their willingness to do more on climate action and called on European governments to make it easier to source renewable energy, during an event in Amsterdam this week. The companies signed a declaration at The RE-Source 2018 event taking place from November 20-21. The RE-Source Platform is a European alliance of stakeholders representing clean energy buyers and suppliers. It is coordinated by SolarPower Europe, WindEurope, The Climate Group and CDP (RE100) and WBCSD.
6. Mystery Fuel Problems
The International Council on Combustion Engines (CIMAC) has released a statement on marine fuel incidents that have occurred this year highlighting that it is unable to draw any firm conclusions about the cause of the problems.
CIMAC Working Group Fuels â WG7 â made the statement after the unusually large number of ships that experienced fuel-related problems with seemingly on-spec fuels earlier this year. The statement confirms much of what the International Bunker Industry Association (IBIA) has already said on the issue.
7. Dipping into the Market
As 2018 nears its end, more and more ship owners are taking a dip in the S&P market with activity strong across the board. Of course, this activity is also extended in the newbuilding sector as well. In its latest weekly report, shipbroker Allied Shipbroking said that it was âa very interesting week for the newbuilding market, with plenty of fresh orders coming to light these past few days.
8. Great News for Crews
International seafarer welfare charity, The Mission to Seafarers, has signed an agreement with the Panama Maritime Authority for the provision of seafarer welfare services in Panama. The Memorandum of Understanding (MoU) between the Mission and Panama recognises the work of the Mission to Seafarers in Panama and will enable the Mission to establish welfare services at all major Panamanian ports, including the Panama Canal, one of the busiest waterways in the world. As a result, the Mission becomes the first seafarer welfare charity to operate in this important strategic location for global shipping, which links the Pacific and Atlantic oceans.
9. Worries for Trade Development
Tax cuts and a spending splurge will be needed if the global economy slips into a sharp downturn because central banks have nothing left in the tank, according to the OECD. The worldâs largest economies should stand ready to coordinate on fiscal stimulus, it said, adding that growth is losing vim due to trade headwinds, tighter financial conditions and a higher oil price. Its warning came amid a global stock sell off thatâs dragged European stocks to a two-year low and sent the S&P 500 careening toward a correction.
10. Checking Out Sail Power
Danish shipowner Ultrabulk has teamed up with a handful of companies in the UK the feasibility of fitting a modern bulk carrier with sail power in hopes of advancing technology that could help overall CO2 emissions in the shipping industry. For the project, Ultrabulk is teaming with Drax, operator of the UKâs largest power station, along with the Smart Green Shipping Alliance (SSGA) and naval architects at Humphreys Yacht Design to launch a Â£100,000, 12-month feasibility study examining the potential of fitting an innovative sail technology known as Fastrig onto Ultrabulk ships that import biomass into the UK.
Daily news feed from Seacurus Ltd â providers of MLC crew insurance solutions www.seacurus.com