InterManager Daily News 09.08.2023.

1. Cooperation Agreement between the Cyprus Shipping Chamber and University of Cyprus. In the context of further strengthening the cooperation between the two organizations, the Cyprus Shipping Chamber signed a “Cooperation Agreement” with the University of Cyprus, on Friday 4 August 2023. The signing ceremony took place at the Chamber’s offices in Limassol, and the “Cooperation Agreement” was signed by the President of the Cyprus Shipping Chamber, Mr. Themis Papadopoulos, and the Rector of the University of Cyprus, Dr. Tasos Christofides. https://cyprusshippingnews.com/2023/08/07/cooperation-agreement-between-the-cyprus-shipping-chamber-and-university-of-cyprus/
2. Death in confined spaces – a hidden danger. International freight transport insurer TT Club is seeking to draw attention to the life-threatening hazards caused by enclosed and confined spaces prevalent throughout the global supply chain. Toxic gases produced by some cargoes as well as leakages, residual fumigants and other causes of a reduced oxygen environment are the chief problems, with 60% of fatalities suffered by would be rescuers. https://cyprusshippingnews.com/2023/08/07/death-in-confined-spaces-a-hidden-danger/
3. IINO LINES, J-Power and Norsepower collaborate to install world’s first rotor sail on a dedicated coal carrier. IINO LINES and Electric Power Development have agreed to install a Norsepower Rotor Sail™ (wind propulsion auxiliary device) manufactured by Norsepower on the dedicated coal carrier YODOHIME (completed in February 2016). This is the world’s first use of the Norsepower Rotor Sail™ on a bulk vessel that is dedicated to coal cargoes, and the installation will take place in Q3 2024. https://cyprusshippingnews.com/2023/08/07/iino-lines-j-power-and-norsepower-collaborate-to-install-worlds-first-rotor-sail-on-a-dedicated-coal-carrier-2/
4. Russian gas flows to Europe hit seven-month high on TurkStream record. Russia’s pipeline gas flows to Europe hit a seven-month high in July, driven by record deliveries via the European string of the TurkStream pipeline, an analysis of data from S&P Global Commodity Insights showed Aug. 2. Total Russian pipeline flows to Europe — excluding Moldova — reached 2.28 Bcm in July, the highest level for pipeline deliveries since December 2022. https://cyprusshippingnews.com/2023/08/07/russian-gas-flows-to-europe-hit-seven-month-high-on-turkstream-record/
5. Asia Fuel Oil-cst cash differential hits 16-month high. Asia’s cash differential for 380-cst high sulphur fuel oil (HSFO) spiked to a 16-month high on Wednesday, as bids continued to firm day-on-day on tight prompt supplies. The product’s cash differential soared to a premium of $29.40 per metric ton, a level last higher in April 2022, while front-month crack climbed to a discount of $5.59 a barrel. https://cyprusshippingnews.com/2023/08/07/asia-fuel-oil-cst-cash-differential-hits-16-month-high/
6. Seafarer morale slips further. Seafarer morale has fallen further in the second quarter of 2023. The latest Seafarers Happiness Index (SHI) report compiled by the welfare charity Mission to Seafarers has revealed a significant drop in happiness levels from 7.1 to 6.77 out of 10, compared to Q1 this year. https://splash247.com/seafarer-morale-slips-further/
7. Italian fund buys into RINA in $198m deal. RINA is getting a new shareholder in a three-way deal that will see Milan-based private equity firm Fondo Italiano d’Investimento buy a 33% stake in the Italian classification society. The transaction, agreed by RINA, its main shareholder Registro Italiano Navale and the fund is expected to close in autumn 2023, with a capital injection of up to €180m ($198.5m) in equity upon completion. https://splash247.com/italian-fund-buys-into-rina-in-198m-deal/
8. Performance Shipping seals $20m refinancing. Greek tanker owner Performance Shipping has refinanced its existing loan from 2019, in a deal with Nordea Bank for a revolving credit of up to $20m. The Nasdaq-listed firm said it intends to use the proceeds to repay the current $18.8m loan with Nordea secured by vessels P Blue Moon and P Briolette and the rest for general corporate and working capital requirements. https://splash247.com/performance-shipping-seals-20m-refinancing/
9. Five South Korean Companies Vie to Take Over Flagship Carrier HMM. Five South Korean corporations have shown an interest in taking over flagship carrier HMM. State-controlled finance institutions Korea Development Bank (KDB) and Korea Ocean Business Corp (KOBC) invited tenders to acquire their combined 57.87% stake in HMM. https://gcaptain.com/five-south-korean-companies-vie-to-take-over-flagship-carrier-hmm/
10. Suez Canal Tugboat Sinks After Collision With Tanker. A Suez Canal tugboat sank on Saturday and one of its crew was missing after it collided with a Hong Kong-flagged LPG tanker though shipping traffic in the strategically important waterway was largely unaffected, the canal authority said.Convoys of ships passing through the canal from the north were not affected, while the passage of ships travelling from the south returned to normal by about midnight on Saturday, Suez Canal Authority (SCA) said in a statement. https://gcaptain.com/suez-canal-tugboat-sinks-after-collision-with-tanker/