Seacurus Daily: Top Ten Maritime News Stories 01/03/2019
1. IMO On Track
This week, the IMO made substantial progress towards the Organizationâs final preparations for the new global Sulphur regulation which enters into force on 1 January 2020. Member States also finalised the methodology for assessing the socioeconomic impacts of a possible ban on carriage and use of Heavy Fuel Oil as fuel in Arctic waters. Based on this outcome, Member States will further discuss the impact assessment at the next sub-committee meeting in 2020.
2. Losing Arbitration Crown
It seems that London may be losing its status as the major maritime arbitration centre in the future as Asian cities, including Singapore and Hong Kong, are catching up. David Roberts MD of The Standard Club Asia believes there is a gradual shift of arbitration happening in the maritime industry. China and Japan are the second and third largest shipowning nations, so they are increasingly looking closer to home.
3. Worries for Insurance Spike
Experts believe Nigerian insurance premium may have to increase as sea robbers now attack ships at berth at the Federal Ocean Terminal (FOT) and the Federal Liter Terminal (FLT) at Onne Port, Rivers State. Any robbery, riot or civil commotion that could hamper the delivery of goods usually spike insurance premium in the country. A public notice circulated by vessel captains in the area over the weekend revealed that there has been an upsurge in ship burgling and criminal activities in the last couple of weeks.
4. Box Recovery on Track
The global container shipping market is expected to stay on a recovery course this year with demand growth predicted to outpace supply growth, according to Yang Ming Marine Transport Corp chairman Bronson Hsieh.
Despite continuing uncertainties in the global economy, Hsieh believes that the container shipping market has hit rock-bottom and prospects for this year will improve, though he remains cautiously optimistic. Hsieh predicts that demand growth will outpace supply growth this year, though there is a challenge of an anticipated higher bunker fuel prices.
5. Keep Northern Route Ice Free
Russian gas producer Novatek wants to use nuclear icebreakers to keep the Northern Sea Route, a shipping path traversing the Arctic to Asia, open all year long for its liquefied natural gas (LNG). âOur plan is to keep the Northern Sea Route open twelve months a year in 2023 to 25 with 100-megawatt-hour nuclear icebreakers,â Novatek Chief Financial Officer Mark Gyetvay told delegates at an energy conference.
6. Shipyard Stay of Execution
The Commercial Court in Croatian port city Rijeka issued a decision to postpone bankruptcy of shipyard â3. Majâ, one of the biggest shipbuilders in Croatia that has been in financial trouble for a long time. The decision on bankruptcy was postponed until March 12 when it will be known whether the interested strategic partner, Brodosplit from Split, will participate in the financial consolidation of the shipyards Pulaâs âUljanikâ and Rijekaâs â3. Majâ.
7. Worries Over Canada Tanker Ban
A proposed crude oil tanker moratorium on British Columbiaâs northern coast would interfere with international maritime trade, the International Chamber of Shipping (ICS) has warned. The Canadian Senate is giving consideration to legislation â Bill C-48 â that would prohibit large tankers carrying crude and heavy oils from stopping, loading or unloading at ports in northern B.C. The area covered by the proposed ban would extend from the Canada-Alaska border to the northern tip of Vancouver Island.
8. Great News for Safety
Mitsui O.S.K. Lines has announced that MOL has been selected as a White 500Company, in the large enterprise category of the 2019 Certified Health andProductivity Management Organization Recognition Program, a cooperativeinitiative by Japanâs Ministry of Economy, Trade and Industry (METI) and NipponKenko Kaigi. MOL received a high evaluation, and placed in the top 10% among 1,800 enterprises responding to the health management survey that was used in the selection process.
9. Vessel Slams into Bridge
Russian cargo ship Seagrand struck a bridge in Busan, Korea, at around 1623 LT Feb 28. Both ship and bridge sustained serious damages. Bridge traffic is closed, status and position of the ship not known yet. No details on the cause of accident. According to the news source which posted the news and a video, “either the ship went out of control, veered off course and struck the bridge, or people on the bridge were, kind of, deranged”.
10. Spectrum of the Seas Uncovered
Spectrum of the Seas, Royal Caribbeanâs newest ship designed specifically for the Chinese market, has left Meyer Werftâs covered building dock II. The ship has a rating of 169,300 GT and measures 347.75 m in length and 41.4 m in width, with ca-pacity for 4,188 passengers. Spectrum of the Seas will berth at the shipyard’s out-fitting pier to be fitted with its funnel cladding. Weather permitting, the North Star (glazed viewing capsule) will also be installed on the ship.