InterManager Daily News 21.10.2022.

1. The Shipping Limited Liability Company Law of 2022 – moving towards the “One-Stop-Shipping-Shop” in Cyprus

On the 6th of October 2022, the Cyprus Shipping Deputy Ministry (SDM) announced the passing of the new “Law on the Shipping Limited Liability Company” of 2022 (the “SLLC Law“) as approved by the House of Representatives. This new legislation is one of the steps taken towards the implementation of the long-term national strategy for Cyprus Shipping “SEA Change 2030”. Particularly, it implements Action with number 14 of the said strategy, as adopted by the Council of Ministers in October 2021.

2. President Anastasiades addresses inauguration ceremony of EuroAsia Interconnector

The construction of the electricity interconnection is expected to be completed by the end of 2027, since the project promoter has secured all the relevant permits and binding offers from the world’s leading manufacturers in the energy field: Siemens and Nexans. Commissioning is expected to follow in the first half of 2028.

3. No room for complacency, says IMB, as global piracy incidents hit lowest levels in decades

The ICC International Maritime Bureau (IMB) is calling for regional and international players to sustain their efforts, particularly in the Gulf of Guinea, as global piracy and armed robbery incidents reach their lowest levels since 1992.

ICC IMB’s latest global quarterly piracy report details 90 incidents of piracy and armed robbery against ships in the first nine months of 2022, the lowest recorded figure in three decades.

4. Will fishing companies be on the right side of history?

The final day of the conference included a focus on social accountability. There was wide recognition that retailers and consumers demand more accountability from the fisheries sector beyond the usual environmental sustainability. Existing certifications and standards do not go far enough. As Iain Pollard from Key Traceability said, “just being MSC certified is not enough”. Issues such as climate impact, carbon footprint, and human rights are becoming just as important as environmental sustainability.

5. California to invest $1.2bn in its ports and freight corridors

The California State Transportation Agency (CalSTA) has issued guidelines and a call for projects as the state makes available $1.2bn in one-time funding for port and freight infrastructure projects to build a more efficient, sustainable and resilient goods-movement system.

6. What you need to know when sourcing crew from Africa

Late last month, some of the most powerful figures in the maritime community assembled in Singapore to attend the Maritime CEO Forum, which I lapped up. Carl Schou, president and CEO of Wilhelmsen Ship Management, said Africa was coming up as a potential source of new crew. His point of view was eagerly taken up by Carl Martin Faannessen, CEO of Manila-based crewing specialist Noatun Maritime, who queried, “Why more people are not looking at that place is a mystery to me”.

7. US safety board issues recommendations following Seacor Power capsizing investigation

The Seacor Power liftboat capsized in April 2021 off the coast of Port Fourchon, Louisiana during a thunderstorm. Of the 19 people aboard the vessel, six died and seven are missing, presumed dead. Six people were rescued by the US Coast Guard and other vessels. The Seacor Power, valued at $25m, was a total loss.

8. ‘Ship Tracks’ Study Reveals IMO 2020’s Impact on Reducing Pollution from Ships

The International Maritime Organization’s (IMO) low sulphur fuel regulation was a marked shift in the shipping industry’s efforts to reduce air pollution from ships. Known as “IMO 2020”, the regulation put a new global limit on the sulphur content of bunker fuel used by ships, in turn reducing sulphur oxide (SOx) emissions which are harmful to human health, by some 85%.

9. Gains for larger vessels perk up Baltic dry bulk index

The Baltic Exchange’s dry bulk sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by gains in the capesize and panamax segments. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 32 points, or 1.7%, to 1,875. The capesize index (.BACI) rose 61 points, or about 2.8%, to 2,247.

10. China to keep more LNG, but still buy less than last winter

China’s inadvertent support for global liquefied natural gas (LNG) markets is likely drawing to a close, as the world’s second-biggest buyer of the fuel cuts back on re-selling unneeded cargoes. Europe has been the major beneficiary of China cutting its LNG imports in 2022, as the gas-starved continent has been able to buy both spot cargoes that China didn’t take, as well as some contracted cargoes that China re-sold.


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