1. ShipMoney and V.Group form strategic partnership to digitalise crew and corporate payments
ShipMoney has announced a new long-term strategic partnership with V. Group to digitalize its seafarers’ payroll system, ensuring a more secure and efficient way to pay its workforce. In addition to crew payments, the agreement enables V. Group to make international corporate remittances, network payments, money transfers and all other forms of shoreside and onboard payments. https://cyprusshippingnews.com/2022/10/11/shipmoney-and-v-group-form-strategic-partnership-to-digitalise-crew-and-corporate-payments/
2. Powerful international shipping personalities meet in Limassol for the Maritime Cyprus 2022 conference
Today marked the opening of the internationally renowned “Maritime Cyprus 2022” Conference at the Carob Mill Conference Centre in Limassol. Organized in partnership by the Shipping Deputy Ministry of the Republic of Cyprus, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners, this year’s conference theme is “Shipping’s Response to the 3 Cs – Crises – Challenges – Competitiveness”. More than 900 shipping professionals from around the world, originating from 35 countries, attended the conference, organized biennially in Cyprus. https://cyprusshippingnews.com/2022/10/10/powerful-international-shipping-personalities-meet-in-limassol-for-the-maritime-cyprus-2022-conference/
3. European Union: 8th sanctions package
The Russian Maritime Register of Shipping has been added to the list of Russian state-owned entities as listed in Annex XIX of the Regulation and subject to the restrictions under Article 5aa. EU entities are consequently prohibited from directly or indirectly engaging in any transaction with the Russian Maritime Register of Shipping, but there is a wind-down period until 8 January 2023 to allow for the execution of any contracts entered into before 7 October 2022 or any ancillary contracts necessary for the execution of those contracts. https://cyprusshippingnews.com/2022/10/11/european-union-8th-sanctions-package/
4. Maritime Mental Health Professionals’ Community of Practice Championing best practice for Mental Health for Seafarers, Shoreside Staff, and the Maritime Industry
United by a common passion to support the mental health and wellbeing of seafarers and those working ashore in the maritime industries, a network of accredited and clinically experienced psychological practitioners has come together to form the Maritime Mental Health Professionals Community of Practice. https://cyprusshippingnews.com/2022/10/11/maritime-mental-health-professionals-community-of-practice-championing-best-practice-for-mental-health-for-seafarers-shoreside-staff-and-the-maritime-industry/
5. Abuse and harassment among key challenges to seafarers’ mental health
Data from ISWAN’s renowned helpline service, SeafarerHelp (available for free, 24/7, to seafarers around the world), shows the significant impact that the COVID-19 pandemic and resulting crew change crisis had on seafarers’ psychological wellbeing. Among those who contacted SeafarerHelp with mental health issues at the height of the pandemic in 2020, being stranded on board for long periods was a key factor for 39% of seafarers, while 14% said they were suffering from fatigue. https://cyprusshippingnews.com/2022/10/11/abuse-and-harassment-among-key-challenges-to-seafarers-mental-health/
6. Saverys family splashes more cash on Euronav shares
The Saverys family’s Compagnie Maritime Belge (CMB) has further increased its stake in Euronav, intensifying the battle with Norwegian magnate John Fredriksen for control of the tanker giant and its merger with Frontline.
Between July and October 10, the Saverys’ purchased around 2.8m shares in Euronav for $44m, taking their stake in the Antwerp-based owner to 21.67%.
7. Dagfinn Lunde: Why I am an optimist
Banks are very much back into shipping, and my guess is they will be for the following few years as markets are good – the ClarkSea Index still at more than double the 10-year average. It’s hard to recall a year where so many different sectors of our industry have registered all-time high freights rates, whether it’s containers, car carriers or LNG – and we’ve still got a couple of months left for VLCCs to pull something extraordinary out of the bag. https://splash247.com/dagfinn-lunde-why-i-am-an-optimist/
8. IMF Lowers Outlook for Global Economy
According to the IMF’s World Economic Outlook report, global economic activity is experiencing a broad-based and sharper-than-expected slowdown as inflation rages at levels not seen in several decades. Global growth measured by GDP is now forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023—the weakest growth since 2001 with the exception of the global financial crisis and initial economic hit of the COVID-19 pandemic. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the IMF’s outlook. https://gcaptain.com/imf-lowers-outlook-for-global-economy/
9. U.S. Gulf Grain Exports Slowed by Low Mississippi River
U.S. crop exports at Louisiana Gulf Coast terminals were at their lowest level in nine years for the first week of October, a period when export shipments typically accelerate, according to U.S. Department of Agriculture (USDA) data issued on Tuesday.
10. Baltic index extends fall on dip in larger vessels
The Baltic Exchange’s main sea freight index (.BADI) extended its declines to a fourth session on Tuesday, pressured by a dip in the capesize and panamax vessel segments. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 40 points, or about 2%, to 1,904.