1. Island Oil’s vessel Alexandria took part in EMSA’s oil spill drill in Limassol
Last week EMSA was in Cyprus, where the oil spill response vessel Alexandria of the Cyprus based marine bunker, Island Oil Holdings and the on-board Remotely Piloted Aircraft Systems (RPAS) took part in a drill to test capabilities in response to a pollution incident, including boom and skimmer deployment as well as testing procedures and equipment – including the on board drone – to ensure that EMSA is ready at the request of member states in case of an oil spill incident. https://cyprusshippingnews.com/2021/08/03/island-oils-vessel-alexandria-took-part-in-emsas-oil-spill-drill-in-limassol/
2. MICHAEL KYPRIANOU ranked as #2 largest law firm in Cyprus
MICHAEL KYPRIANOU & CO. LLC has been ranked as the 2nd largest law firm in Cyprus, according to the latest edition of GOLD magazine “The Legal Issue” for 2021. The magazine which was distributed on Sunday 18th July 2021, in printed and digital format, features 90 law firms, ranked according to the number of lawyers employed. https://cyprusshippingnews.com/2021/08/03/michael-kyprianou-ranked-as-2-largest-law-firm-in-cyprus/
3. New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
Launched the new Seafarer Workforce Report from BIMCO and the International Chamber of Shipping warns that the industry must significantly increase training and recruitment levels if it is to avoid a serious shortage in the total supply of officers by 2026. Given the growing demand for STCW certified officers, the Report predicts that there will be a need for an additional 89,510 officers by 2026 to operate the world merchant fleet. The report estimates that 1.89 million seafarers currently serve the world merchant fleet, operating over 74,000 vessels around the globe.
https://cyprusshippingnews.com/2021/08/03/new-bimco-ics-seafarer-workforce-report-warns-of-serious-potential-officer-shortage-2/
4. Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021
Tallink Grupp has today published its 2021 second quarter financial results, which continue to be impacted by the ongoing travel restrictions due to the COVID-19 pandemic. In the second quarter (1 April – 30 June) of the 2021 financial year, Tallink Grupp carried a total of 427 767 passengers, which is 10.2% more than in the second quarter last year. The number of cargo units transported increased by 6.0% in the same comparison and the number of passenger vehicles transported in Q2 2021 increased by 22.7% compared to the same period last year. https://cyprusshippingnews.com/2021/08/03/ongoing-travel-restrictions-continue-to-impact-tallink-grupp-financial-results-in-q2-2021/
5. Subsea Mining: All Eyes on Marine Minerals Offshore Norway
Marine minerals are coming under sharp focus offshore Norway. Analysts suggest it could be a $20 billion annual revenue industry by 2050, which is why many are taking an interest and developing the technology to make it happen. Marine mineral mining has been something of a slow burner in the wider marine world. It has some clear challenges, not least location and depth of these potential resources, but also concerns around its environmental impact. https://www.marinelink.com/news/subsea-mining-eyes-marine-minerals-489614
6. Maersk says ‘exceptional’ market expected to continue, ups profit forecast
Maersk has raised its full year profit forecast to an EBITDA of $18bn-19.5bn, from $13bn – $15bn previously, with its EBIT forecast raised to $14bn – $15.5bn, compared to a previous forecast of $9bn – $11bn. The Danish line raised its forecast saying, “the exceptional market situation still expected to continue at least until the end of the full-year 2021”. https://www.seatrade-maritime.com/containers/maersk-says-exceptional-market-expected-continue-ups-profit-forecast
7. China starts production at world’s first 100,000 DWT deep-water semi-submersible FPSO
China Classification Society (CCS) is reporting the successful surveying of the world’s first 100,000 DWT deep-water semi-submersible floating production storage and offloading installation (FPSO). The platform named the SHEN HAI YI HAO is formally commencing production after being installed at the Lingshui (LS) 17-2 gas field in the South China Sea following an announcement by Wang Dongjin, the chairman of its operator China National Offshore Oil Corporation (CNOOC) which is China’s largest producer of offshore crude oil and natural gas. CNOOC estimates the Lingshui 17-2’s reserves at about 136 billion cubic metres (BCM) of recoverable gas.
https://www.hellenicshippingnews.com/china-starts-production-at-worlds-first-100000-dwt-deep-water-semi-submersible-fpso/
8. Inland Vessels Bill, 2021 Passed In Parliament
The Rajya Sabha has passed the Inland Vessels Bill, 2021 to introduce a uniform regulatory framework for inland vessel navigation across the country. The Bill, which will repeal the Inland Vessels Act of 1917, was passed by the Lok Sabha last week. As per Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, the 2021 Bill also promotes cheaper and safer navigation, and ensures protection of life and cargo. https://www.shippingtribune.com/news/shipping/Inland+Vessels+Bill%2C+2021+Passed+In+Parliament+
9. Baltic Index Eases On Capesize, Panamax Slide
The Baltic Exchange’s main sea freight index dipped on Monday on losses in the large and medium-sized vessel segments. The index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, inched 10 points lower, or 0.3%, to 3,282.The capesize index dropped 34 points, or 0.8%, to 4,272. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, lost $284 to $35,429. https://www.shippingtribune.com/news/shipping/Baltic+index+eases+on+capesize%2C+panamax+slide
10. Sailor’s Society Wellness At Sea – 10 Ways To Look After Your Mental Health At Sea
Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are proud to be working in partnership with Sailors’ Society’s Wellness at Sea programme, sharing helpful advice and resources over a period of 27 weeks. https://www.shippingtribune.com/news/shipping/Sailor’s+Society+Wellness+at+Sea+–+10+ways+to+look+after+your+mental+health+at+sea
