InterManager Daily News 16.10.2019.

1. Geopolitical Risks Send Supertanker Rates to Record Levels. Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years. Rates have rallied so high that a secondhand supertanker could theoretically pay for itself in a couple of voyages, according to estimates from Clarkson Platou Securities AS. A normal payback period would often be about a decade.

2. ITF Calls on France to Continue Search for Bourbon Rhode Crew.

The International Transport Workers’ Federation has joined Ukrainian and Croatian maritime unions in demanding that the search for seven missing Bourbon Rhode seafarers continues in the mid-Atlantic. The Luxembourg-flagged Bourbon Rhode sank on September 26 after becoming caught in Hurricane Lorenzo, a category 4 hurricane at the time.

3. Cargo Ship Runs Aground in Corsica.

Authorities in France are responded to the grounding of a cargo ship on the island of Corsica early Sunday morning.

The 90-meter M/V Rhodanus with seven people on board was underway to Port-Saint-Louis-du-Rhone when it ran aground at around 3 a.m. local time near the town of Bonifacio despite repeated calls from the Regional Operational Center for Surveillance and Rescue (CROSS) in Corsica.

4. China Wants More Talks Before Signing Trade Deal With Trump.

China wants to hold more talks this month to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it, according to people familiar with the matter. Beijing may send a delegation led by Vice Premier Liu He, China’s top negotiator, to finalize a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next month in Chile, one of the people said. Another person said China also wants Trump to scrap a planned tariff hike in December in addition to the hike scheduled for this week, something the administration hasn’t yet endorsed. The people asked not to be named discussing the private negotiations.

5. Project Is Launched To Transform Shipping Registries Globally.

Confirming Singapore’s position as an international hub for innovation, the Singapore Shipping Association (SSA) is working with the world’s largest business organisation, the International Chamber of Commerce (ICC) and pioneering Singapore tech startup Perlin, to build an advanced digital blockchain ship registration preparation system for international adoption.

6. Insurance implications of the latest Middle East oil tanker crisis.

Amidst heightened tensions in the Middle East, an Iranian oil tanker ‘Sinopa’ has been damaged by what Iranian media said was a rocket attack. Whilst the explosion caused an oil spill into the Red Sea, this was brought under control, according to Iranian news agency, IRNA and the crew was reported to be safe. However, what will be the implications for the insurance industry? Jonathan Moss, Head of Marine & Trade at DWF, explores the cost to the insurance market.

7. The Malta flag: Shipping funds and sale and leaseback transaction.

The popularity of sale and leaseback transactions is now evident to whoever is involved in the shipping industry. In the current global ship finance scenario, financiers and ship-owners now appear comfortable in selecting this method of finance for maritime assets.

8. Pacific Basin Sees Tight Dry Bulk Market Conditions Until the End of 2019. The dry bulk freight market strengthened significantly in the third quarter with market freight rates in early September reaching multi-year highs across all dry bulk segments. Improved demand was driven by seasonally strong grain exports out of South America and the Black Sea area and a return to normal levels of exports following earlier disruption to Mississippi River grain and Brazilian iron ore traffic. Global fleet inefficiencies and therefore tighter supply have also supported stronger rates, as ships prepare to comply with IMO 2020 low sulphur fuel regulations.

9. Analysis: India Hopes US, Russian Crude Flows Can Cushion Potential Middle East Shock.

India will witness a sharp rise in US crude flows in the coming months and even next year as refiners consider options to sign both spot and term contracts to cushion themselves from any potential supply disruption in the event Middle East tensions escalate and disrupt oil flows, delegates attending the India Energy Forum by CERAWeek said Monday.

10. VLCC Rates Hit $300,000 A Day In Robust Yet Volatile Market. Freight rates of VLCCs have surged to a high of $300,000 a day in a market boosted by a quick succession of unrelated incidents, as the different events have reinforced each other to lead to the spike. Today, rates of VLCCs are anywhere between $200,000-300,000 a day, according to analyst Poten & Partners.


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