1. Cyprus Marine Club’s 6th Annual General Meeting
More than 115 Members attended the 6th AGM of Cyprus Marine Club which was held in a fully renovated Marina Beach Bar (now called Gazebo which opened just a couple of days prior to the event). Capt. Koch, Cyprus Marine Club President’s opened the meeting with an annual report updating Members on recent developments, membership statistics, a summary of past events, and future outlooks. https://cyprusshippingnews.com/2021/06/18/cyprus-marine-clubs-6th-annual-general-meeting/
2. A new initiative for the arbitration of Human Rights Abuses at Sea
The ongoing development of a new arbitration model and ad hoc international tribunal for addressing human rights abuses at sea by providing an alternative route to effective remedy has been reinforced with a new article for the International Bar Association by our project partners at Shearman and Sterling LLP. https://cyprusshippingnews.com/2021/06/18/a-new-initiative-for-the-arbitration-of-human-rights-abuses-at-sea/
3. Shipping companies can now minimize expenses related to invoicing and payments with new integration between SERTICA and S5 Agency World.
Operating a vessel involves many costs such as stores, fuel, lube oil, propulsion, catering, hull, navigation, survey, class and vetting inspections. Many of these costs are somehow technical related, but when analyzing the full OPEX, you also need to consider commercial costs such as crew expenses, travelling, transport, insurance and agency costs. https://cyprusshippingnews.com/2021/06/18/shipping-companies-can-now-minimize-expenses-related-to-invoicing-and-payments-with-new-integration-between-sertica-and-s5-agency-world/
4. Brittany Ferries eyes zero-emission, sea-skimming ‘flying ferries’
Brittany Ferries is exploring the potential for a new high-speed, sustainable and more efficient form of ferry travel called a seaglider. The concept, an all-electric, wing-in-ground effect vehicle (WIG), is under development in the United States through Boston-based start-up REGENT (Regional Electric Ground Effect Nautical Transport). https://cyprusshippingnews.com/2021/06/18/brittany-ferries-eyes-zero-emission-sea-skimming-flying-ferries/
5. Florida Wins Reprieve From CDC’s Limits on Cruises
Florida won a temporary freeze on a set of CDC coronavirus rules for the cruise industry, potentially easing the companies’ path back to the sea. The preliminary injunction against the recent restrictions from the U.S. Centers for Disease Control and Prevention bars the CDC from enforcing its “conditional sailing order” at ports in Florida. But U.S. District Judge Steven Merryday put the injunction on hold until July 18 and gave the CDC until July 2 to propose a narrower order. https://gcaptain.com/florida-wins-reprieve-from-cdcs-limits-on-cruises/
6. Shipping Industry Urges Governments to Act Swiftly on $5 Billion Decarbonization Fund
With the conclusion of the International Maritime Organization’s MEPC 76meeting, several major shipping industry bodies are calling on governments to make good on their word and not waste any more time in moving forward with decisive action to support the decarbonization of the industry.
https://gcaptain.com/shipping-industry-urges-governments-to-act-swiftly-on-5-billion-decarbonization-fund/
7. IMO Sec-Gen claims ‘considerable progress’ at MEPC, mandatory efficiency rating agreed
The MEPC 76 meeting produced the expected results on shipping’s decarbonization pathway agreeing previously proposed short term measures on the Efficiency Existing Ship Index (EEXI) and carbon intensity indicator (CII), but making no further progress in terms of an R&D fund for new technologies or a proposal mandatory levy of $100 per tonne CO2 equivalent on heavy fuel oil. IMO Secretary-General Kitack Lim stressed the lengthy and common nature of guiding shipping to a decarbonized future. https://www.seatrade-maritime.com/regulation/imo-sec-gen-claims-considerable-progress-mepc-mandatory-efficiency-rating-agreed
8. IMO Adopts Ban on Heavy Fuel Oil Use by Ships in Arctic
The United Nations shipping agency on Thursday adopted a ban on the use of heavy fuel oil in the Arctic region while green groups said the regulations contained loopholes which will allow many vessels to keep sailing without enough regulatory control. https://www.marinelink.com/news/imo-adopts-ban-heavy-fuel-oil-ships-488554
9. Baltic Index Snaps Seven-Session Winning Streak As Capesize Rates Dip
The Baltic Exchange’s main sea freight index snapped a seven-session winning streak on Friday as capesize rates declined, but was up for the second straight week. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 49 points, or 1.5% to $3,218. The main index was up more than 12% for the week. https://www.shippingtribune.com/news/shipping/Baltic+index+snaps+seven-session+winning+streak+as+capesize+rates+dip
10. BIMCO Publishes New Standalone Refund Guarantee For Shipbuilding Contracts
A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects. https://www.shippingtribune.com/news/shipping/BIMCO+publishes+new+standalone+Refund+Guarantee+for+Shipbuilding+Contracts
