InterManager Daily News 28.03.2024.

1. New shipbuilding risk cover launched at Lloyd’s A new shipbuilding risk cover has been launched at Lloyd’s of London. The Builders’ Risk Consortium has been formed by Apollo in partnership with Munich Re and Tokio Marine HCC International. https://splash247.com/new-shipbuilding-risk-cover-launched-at-lloyds/
2. Newcastle United co-owner loses in bankruptcy row with Greek shipping tycoon Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million). https://cyprusshippingnews.com/2024/03/27/newcastle-united-co-owner-loses-in-bankruptcy-row-with-greek-shipping-tycoon/
3. ETS: ‘Quite a year’ for ship owners It has been “quite a year” for ship owners preparing for the EU Emission Trading System, according to Steve Laybourn, chartering manager at Ardmore Shipping. Describing the preparation as a “bit of a rollercoaster ride”, Laybourn urged laggards to move quickly and put in place proactive measures. https://cyprusshippingnews.com/2024/03/27/ets-quite-a-year-for-ship-owners-2/
4. Baltic index slips to three-week low on weaker capesize, panamax rates The Baltic Exchange’s main sea freight index fell to over a three-week low on Monday, weighed down by weakness in the capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for the fifth straight session by 73 points, or 3.3%, to 2,123 points. https://cyprusshippingnews.com/2024/03/27/baltic-index-slips-to-three-week-low-on-weaker-capesize-panamax-rates/
5. Hamburg-based ship finance company Oceanis sees downside risk in banks pricing abilities moving forward in its Q1 State of Ship Finance Report Rising rates have resulted in a profit spike for many banks. As base rates increased, banks have raised the interest rate of their assets (your loans) more than their cost of funding (your deposits). https://cyprusshippingnews.com/2024/03/27/hamburg-based-ship-finance-company-oceanis-sees-downside-risk-in-banks-pricing-abilities-moving-forward-in-its-q1-state-of-ship-finance-report/
6. Small steps in the right direction at IMO meeting Progress is being made in negotiations about regulating the global shipping industry’s climate impact. But the process is complex and takes time. That’s the status after the first meeting of the IMO’s Marine Environment Protection Committee since the adoption of the new strategy for climate-neutral shipping around 2050. https://cyprusshippingnews.com/2024/03/27/small-steps-in-the-right-direction-at-imo-meeting/
7. Pacific Basin readies new propeller coating across its giant fleet Hong Kong dry bulk giant Pacific Basin has decided to apply a sustainable graphene-based propeller coating, XGIT-PROP, across its entire fleet. The biocide-free hard foul release coating, developed by Canadian company GIT Coatings, has demonstrated the potential to enhance vessel performance by up to 4%, the two companies stated in a release citing data from earlier tests carried out by Stolt Tankers. https://splash247.com/pacific-basin-readies-new-propeller-coating-across-its-giant-fleet/
8. Baltimore Bridge Collapse: Coal export likely to take a hit for around six weeks The collapse of a major Baltimore bridge Tuesday is likely to shut down the port’s coal exports for as many as six weeks and block the transport of up to 2.5 million tons of coal, said Ernie Thrasher, chief executive officer of Xcoal Energy & Resources LLC. https://www.shippingtribune.com/news/shipping/Baltimore+Bridge+Collapse%3A+Coal+export+likely+to+take+a+hit+for+around+six+weeks
9. Ship’s Mayday Call Before Baltimore Bridge Crash Saved Lives A mayday warning from the ship that slammed into a Baltimore bridge saved lives by prompting officials to stop cars from crossing, Maryland Governor Wes Moore said.“We’re thankful between the mayday and collapse we had officials that were able to begin stopping the flow of traffic,” Moore told reporters Tuesday.“Many of the vehicles were stopped before they got onto the bridge, which saved lives in a very, very heroic way.” https://gcaptain.com/ships-mayday-call-before-baltimore-bridge-crash-saved-lives/
10. Can Biden Deliver On His Promise To Baltimore? The collapse of Baltimore’s Francis Scott Key Bridge this morning was a terrifying event, deeply affecting a public already struggling with the escalating visibility of shipping news. This incident follows a series of national challengesincluding port congestion, low water levels in the Mississippi River, delays in the Panama Canal,and US Merchant Marine ships being targeted in the Red Sea. https://gcaptain.com/can-biden-deliver-on-his-promise-to-baltimore/