InterManager Daily News 19.06.2023.

1. The outcome of CSN Cyprus and Greece Marine Insurance Conferences “The Financial, Legal and Commercial challenges of a 3 year cycl(on)e” Shipping and by default, the Marine Insurance industry found itself in an unexpected cycl(on)e of having to deal with the combined impact of the knock-on effects of the COVID-19 pandemic, the invasion of Ukraine and the Russian sanctions, coupled with natural catastrophes and consequently increased claims costs, while trying to keep pace with regulatory and inflationary challenges.https://cyprusshippingnews.com/2023/06/16/the-outcome-of-csn-cyprus-and-greece-marine-insurance-conferences-the-financial-legal-and-commercial-challenges-of-a-3-year-cyclone/
2. Israel and Cyprus Ministers of Energy met with the aim to strengthen the energy cooperation between the two countries. The Israeli Minister of Energy and Infrastructure, Israel Katz, and the Cypriot Minister of Energy, Commerce and Industry, George Papanastasiou, met on 14-15 June for a round of discussions aimed at strengthening the energy cooperation between the two countries. During the talks, the Ministers and professional teams discussed the electricity interconnection between Israel and Cyprus, meant to connect the electricity grids of the two countries, with the goal of making progress ahead of COP28. https://cyprusshippingnews.com/2023/06/16/joint-press-release-by-the-cypriot-and-israeli-ministers-of-energy/
3. Meeting of the Shipping Deputy Minister of Cyprus with the ambassador of Greece to Cyprus On Wednesday, 14 June 2023, the Shipping Deputy Minister, Ms Marina Hadjimanolis, had a formal meeting with the Ambassador of Greece to Cyprus, Mr Ioannis Papameletiou, at the office of the Shipping Deputy Ministry in Nicosia. Welcoming the Greek Ambassador, Ms. Hadjimanolis referred to the close relations between Cyprus and Greece and expressed her wish that the two countries continue to work together so that the existing relations between them are strengthened even further. https://cyprusshippingnews.com/2023/06/16/meeting-of-the-shipping-deputy-minister-of-cyprus-with-the-ambassador-of-greece-to-cyprus/
4. Safer pilot transfers are still needed according to the BMA Despite the success of the Concentrated Inspection Campaign for pilot transfer arrangements instigated by The Bahamas Maritime Authority in 2021, the recent tragic death of a marine pilot in the Humber Estuary highlights that there is still more to be done. Capt Kapila Malawwethanthri MNI, Technical and Compliance Officer at The BMA, said: “These accidents simply shouldn’t be happening today. We implemented this CIC having noticed a consistent level of non-compliant pilot boarding arrangements across the industry and related deaths, as demonstrated in the International Maritime Pilots’ Association (IMPA) Safety Campaign. We introduced a range of steps to improve safety, including the expansion of our Safety Alert 2021-01, to highlight common defects and why they are non-compliant.” https://cyprusshippingnews.com/2023/06/16/safer-pilot-transfers-are-still-needed-according-to-the-bma/
5. Maersk purchases 25 Volvo e trucks for climate friendly container transports in Germany. Maersk, a leading innovator in integrated and sustainable logistics solutions, announces a new initiative to reduce GHG emissions in hinterland container transports by purchasing 25 state-of-the-art Volvo FH electric trucks in Germany. This strategic investment highlights the company’s commitment to decarbonizing global logistics and to becoming a net-zero company by 2040 across all business areas and all modes of transport. https://cyprusshippingnews.com/2023/06/16/maersk-purchases-25-volvo-e-trucks-for-climate-friendly-container-transports-in-germany/
6. Offshore wind giant formed as Sohmen-Pao and Lauro merge Cadeler and Eneti. Two titans of shipping, Andreas Sohmen-Pao and Emanuele Lauro, are combining forces in the offshore wind arena through a merger deal between the sector’s major construction players, Cadeler and Eneti. The merger takes place through a stock-for-stock exchange, where each Eneti share can be exchanged for 3,409 Cadeler shares. The proposal values each outstanding Eneti share at around $15.44 and its fully diluted share capital at $597m. https://splash247.com/offshore-wind-giant-formed-as-sohmen-pao-and-lauro-merge-cadaler-and-eneti/
7. China stimulus talk fails to lift dry bulk. Beijing is readying a stimulus package to boost its stuttering economy following the central bank’s interest rate cuts earlier this week. How much of a boost the increased spending will be to the deflated global dry bulk scene remains to be seen. JPMorgan Chase, UBS and Standard Chartered all trimmed their 2023 gross domestic product growth forecasts to 5.5% or lower this week after official figures for retail sales growth and fixed asset investment slowed in May and undershot expectations. https://splash247.com/china-stimulus-talk-fails-to-lift-dry-bulk/
8. Saudi Crude Tankers Cluster Near Red Sea Coast In Rare Move. Supertankers holding more than 20 million barrels of Saudi Arabian crude are clustered off Egypt’s Red Sea coast, the most since the depths of the worldwide pandemic in 2020, data from Vortexa showed. The reasons behind the buildup are unclear and it comes at a time when Saudi Arabia has vowed to make additional production cuts in an attempt to lift prices. Fears about a supply glut have gripped the markets as investors try to gauge the direction of demand growth, particularly in China. https://gcaptain.com/saudi-crude-tankers-cluster-near-red-sea-coast-in-rare-move/
9. Abandoned Superyacht Sells For $67.6 Million. Former Google CEO Eric Schmidt bought the Alfa Nero superyacht that was ditched in Antigua in March 2022 after Russian troops invaded Ukraine. The billionaire “won the auction this morning in a fully transparent process,” buying the vessel for $67.6 million, according to Sir Ronald Sanders, Antigua’s ambassador to the US. https://gcaptain.com/abandoned-superyacht-sells-for-67-6-million/
10. Baltic index rises to two-week highs on strong demand for capesize vessels. The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, gained on Tuesday, helped by higher rates for capesize vessel segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 18 point, or 1.7%, at 1,074, its highest level in two weeks. The capesize index extended gains for the seventh straight session, adding 55 points, or 3.6%, to 1,587. https://www.shippingtribune.com/news/shipping/Baltic+index+rises+to+two-week+highs+on+strong+demand+for+capesize+vessels