Headlines Wednesday 23rd May 2018
Hong Kong proposes tax cuts to boost maritime industry
Hong Kong should take steps to develop its maritime industry, especially in terms of maritime financing and leasing, with the Financial Services Development Council (FSDC) releasing a research report setting out key recommendations for developing the sector in the city.
Top among these was a tax cut, with the report suggesting Hong Kong cut profits tax for maritime and ship leasing management and maritime and shipping-related supporting services by half or setting it not higher than 8.25%. This would encourage the growth of shipping and maritime-related support and management services, the report said.
Other recommendations include allowing qualified investors to access credit and liquidity enhancement products supported and/or endorsed by sovereign-rated financial institutions, encouraging the growth of shipping and maritime-related support and management services, talent development in the maritime cluster, signing more double tax agreements with major shipping jurisdictions, especially Australia and Brazil, increasing participation in international industry bodies by Hong Kong-based organisations, and upgrading the Hong Kong Maritime and Port Board (HKMPB) or creating a centralised Maritime Office to oversee maritime and shipping-related policy, regulation, other initiatives and act as a channel for private sector input into the policy process.
FSDC chairman Laura Cha, said: "The maritime industry has been traditionally one of the pillar industries of Hong Kong but has shrunk in size over the last decade. As an international financial centre, Hong Kong is in a uniquely advantageous position to drive shipping-related financial services. Hong Kong needs to further develop its maritime cluster in view of the fierce competition from global maritime centres. Hong Kong must maintain and enhance its competitive advantages of the maritime cluster for the sustainable growth of the shipping industry."
MPCC Invests in Three More Feeders
Oslo-listed containership owner and operator MPC Container Ships ASA (MPCC) has resumed its fleet buildup with the acquisition of three more feeders.
The company bought MV Victoria Schulte, a geared 2,500 TEU vessel built in 2005, from Triton Debt Opportunities S.C.A. and its subsidiary Victoria Schulte Shipping.
The deal has been structured as a combined cash and share deal. Hence, MPCC will pay a total consideration of USD 11.8 million and may settle up to USD 2.9 million of this amount by way of delivering new common shares in MPCC.
“Physical takeover of the vessels is expected to take place in the second quarter of 2018, lifting the fleet of MPCC to a total of 68 vessels, “the company said announcing the deal.
Of this, 40 vessels are owned and operated by the company’s wholly-owned subsidiary MPC Container Ships Invest.
“Within only 12 months, MPCC has become the largest owner globally of feeder container ships with a capacity of up to 3,000 TEU. During the same time charter rates in the segment have developed very positively. Although the supply and demand situation is now pointing towards a rebalancing with a much reduced idle fleet, the market continues to provide attractive acquisition opportunities.
“We are currently considering financing options to further grow our business, both via asset acquisitions or ship for share transactions. The recent main board listing on the Oslo Stock Exchange will make us even more interesting for global investors,” Constantin Baack, CEO of MPC Container Ships ASA, comments.
Number of over-65s in Scotland still working doubles
Scotland has seen the number of over-65s still working almost double over the past decade, new figures have revealed. A Scottish Government report on employment patterns revealed 84,700 people were working beyond the traditional retirement age. According to the document, 55.8 per cent of those working beyond the age of 65 said they were “not ready” to stop.
A total of 13 per cent said they needed to keep working to pay for essential items and 6 per cent said they needed to boost their pension pots. Brian Sloan, chief executive of Age Scotland, said: “It’s worrying that an increasing number of older Scots feel they have to continue working due to money concerns. “Our research suggests that this is a growing problem, with 43 per cent of those aged 40 to 64 saying they won’t be able to afford to retire at 65. There’s a clear need for more guidance to help people plan ahead for their working life and retirement.” A total of 2,618,100 people aged 16 years and over were in employment in Scotland in 2017 – the highest level on record.
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Headlines Tuesday 22nd May 2018
UK’s new air pollution strategy ‘hugely disappointing’, says Labour
A new clean air strategy published by the UK government has been criticised as “hugely disappointing” by the Labour party. Other groups said it did little to tackle the dirty diesel vehicles that are the main source of toxic air in urban areas.
The new strategy, announced on Tuesday by environment secretary, Michael Gove, aims to crack down on a wide range of pollutants. These include particulates from wet wood and coal burning in homes, ammonia emissions from farms and dust from vehicle tyres and brakes.
Ministers also want to give provide personalised pollution alerts to people and give local authorities new powers to cut pollution, all subject to public consultation.
The government said the new action would reduce the costs of air pollution to society by an estimated £1bn every year by 2020. The health costs of toxic air are currently estimated at £20bn a year, by the Royal College of Physicians and the Royal College of Paediatrics and Child Health.
The new clean air strategy is a response to an EU directive on cutting harmful emissions. An air quality plan, published in July 2017, is related to a separate EU directive on cleaner air. The latter plan was condemned as “woefully inadequate” by city leaders and “inexcusable” by doctors, and was ruled illegally poor in February, the third such high court defeat for ministers.
On Thursday, the government suffered another legal blow, with the UK referred to Europe’s highest court over its failure to tackle nitrogen dioxide pollution, which mostly comes from diesel vehicles.
Gove said: “Air quality has improved significantly since 2010 but 60 years on from the historic Clean Air Act a clear truth remains – air pollution is making people ill, shortening lives and damaging our economy and environment.
Diana Offloads Another Containership
Greek shipping company Diana Containerships has signed a Memorandum of Agreement to sell its 2006-built vessel Puelo to an undisclosed buyer.
The ship fetched a price of USD 20.5 million before commissions and will be handed over to its new owner by June 30, 2018.
The Post-Panamax had been chartered by Danish container shipping giant Maersk Line in August 2017 for a period of 8-18 months.
The sale follows last week’s disposal of a Post-Panamax container vessel, the M/V Hamburg.
The 2009-built ship was sold for a price of USD 21 million, which will also be used for debt payment.
Upon completion of the two sales, Diana Containerships’ fleet will consist of 4 container vessels, 2 Post-Panamax and 2 Panamaxes.
The company has been on a selling spree since the beginning of this year, having sold two 2010-built containerships, the m/v Sagitta and the m/v Centaurus, in March at a price of USD 12.3 million each.
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Headlines Monday 21st May 2018
Novatek Forms Its Own Shipping Company
The Board of Directors of PAO Novatek, one of the largest independent natural gas producers in Russia, has decided to set up a transportation subsidiary called Maritime Arctic Transport LLC.
The new company is being established with the aim of managing and optimizing transportation costs, building up the Arctic navigation capabilities as well ensuring a centralized management of the Arctic fleet.
“Novatek’s long-term development strategy envisages a significant growth in LNG production from the company’s vast hydrocarbon resource base located on the Yamal and Gydan peninsulas in the Arctic zone of more than 55 million tons per annum by 2030,” Novatek’s Chairman of the Management Board, Leonid Mikhelson, said.
“Therefore, establishing an efficient Northern Sea Route shipping model is one of our key priorities to realize our long-term strategy. Creating our own shipping company fully supports this goal and will optimize transport cost and ensure a well-balanced, centralized management structure to improve the competitiveness of Novatek’s Arctic projects.”
Novatek, together with its partners Total, CNPC and the Silk Road Fund, owns Russia’s Arctic gas project Yamal LNG.
The project marked a major milestone this month with the shipment of the second million of liquefied natural gas produced at its first LNG train.
AI to be 'new weapon' in cancer fight, Theresa May will say
Medical records will be cross-referenced with national data to spot those at an early stage of cancer.
Theresa May will unveil plans to use artificial intelligence to help prevent 22,000 cancer deaths a year by 2033.
In a speech setting out how science can transform health, the prime minister will also say at least 50,000 people each year with prostate, ovarian, lung or bowel cancer will be diagnosed at an earlier stage than they would have been.
Speaking in Macclesfield, Cheshire, Mrs May will say: "Late diagnosis of otherwise treatable illnesses is one of the biggest causes of avoidable deaths.
"And the development of smart technologies to analyse great quantities of data quickly and with a higher degree of accuracy than is possible by human beings opens up a whole new field of medical research and gives us a new weapon in our armoury in the fight against disease.
"Achieving this mission will not only save thousands of lives. It will incubate a whole new industry around AI-in-healthcare, creating high-skilled science jobs across the country, drawing on existing centres of excellence in places like Edinburgh, Oxford and Leeds - and helping to grow new ones."
All of the data and technological advances needed to help cut cancer deaths are available but a system has not yet been set up to bring everything together.
Medical records, along with information about patients' habits and genetics, will be cross-referenced with national data to spot those at an early stage of cancer.
Mrs May will also announce another target to ensure that five more years of people's lives will be healthy, independent and active by 2035.
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Headlines Friday 18th May 2018
ITF, UAE Sign Deal to Protect Seafarers in UAE Waters
The International Transport Workers’ Federation (ITF) and the United Arab Emirates (UAE) Federal Transport Authority (FTA) agreed to work together to protect the rights of all seafarers operating in UAE waters.
The parties signed a Memorandum of Understanding on the matter at the International Maritime Organisation (IMO) in London.
“This is a significant opportunity to work with our partners in the UAE to bring seafarers and workers’ safety to forefront of the conversation,” Stephen Cotton, ITF general secretary, said.
“This agreement is just the beginning and will hopefully pave the way for similar agreements in other territories. We are keen to work for greater cooperation, in all areas of transportation.”
This is the first agreement of its kind between a government authority and the ITF. The parties are committed to working closely together and sharing information to provide comprehensive and timely support to vessels and seafarers in need within UAE waters.
UK: Digital Growth Could Shape the Port of the Future
A number of developments in the digital and augmentation/automation areas could transform competitiveness and customer propositions at UK ports, according to a survey released by the UK Major Ports Group (UKMPG).
UKMPG’s members, the UK’s biggest port owners and operators, believe that these developments could shape the port of the future.
These build on continued evolution of the physical assets of ports, their hinterlands and their connectivity with main economic and urban areas. And these changes must occur within an environment of sustainability and responsibility, UKMPG added.
The survey informed the response of the UKMPG to the Government’s Maritime 2050 Call for Evidence which closed this week.
Taken together, and with the right enabling pre-trade and pro-investment policy frameworks from Government, these developments would build further the powerhouse ports needed for Brexit Britain, boosting the UK’s ability to trade with the world.
Princes sets 50% recycling target for plastic bottles
Major UK producer of plastic bottles for drinks and oils is aiming to hit new target within four months
A major producer of plastic bottles in the UK is to increase its recycled content to more than 50% within four months.
Princes, which produces 7% of plastic bottles used in the UK, says it has started the process to increase the amount of recycled plastic in all its bottles and will finish by September.
The company is a major producer of plastic bottles for drinks and oils, averaging 900m plastic bottles each year for its own brand and other retailers in the UK.
David McDiarmid, corporate relations director for Princes, said: “We want to increase the recycled content of all the plastic we use and have been working for some time to implement 51% RPET [recycled plastic].
“This is a significant step for not only ourselves, but the wider grocery industry too as we will reach millions of households through our supply of brands and customer own-brand soft drinks and oils.”
McDiarmid said the company wanted to commit to 100% recycled plastic in all its products “as soon as we can”.
The company said it was sourcing recycled material from a UK supplier.
Major producers of plastic bottles have traditionally lagged behind “green” companies in the drive to use more recycled plastic. The Belgian company Ecover rolled out a 100% recycled plastic washing-up bottle earlier this year. The company has pledged to have 100% recycled plastic in all its household products by 2020.
On Tuesday, Iceland became one of the first supermarkets to announce it was to use a new labelling system to allow consumers to avoid plastic packaging.
It is hoped the new plastic-free “trust mark”, launched by the campaign group A Plastic Planet, will be prominently displayed on food and drink products, and will be taken up by other major supermarkets.
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Headlines Thursday 17th May 2018
Brokers: Sinokor Merchant Marine In for Up to 20 Bulkers
Seoul-based shipping company Sinokor Merchant Marine has been linked to an order for up to 20 bulkers at Jinhai Intelligent Manufacturing, according to Oslo-based broker Fearnleys.
Sinokor is said to have firmed up its order for four Newcastlemaxes at Jinhai, with options to boost its order with 16 more ships.
The delivery date for the firm 208,000 dwt newbuildings from the contract has been set for 2020. Price details of the deal have not been revealed.
The order is being reported on the back of Sinokor’s second-hand feeder purchases. Namely, in April, Sinokor bought two MAX feeder vessels, which had been commercially managed by Dutch Vroon, with one more acquisition expected to follow soon.
Sinokor is in the process of merging its container shipping operations with compatriot Heung-A Shipping.
The merger is expected to take place by the end of the year before the duo joins forces with Hyundai Merchant Marine (HMM). The integration is expected to be completed by the end of 2019, the country’s Ministry of Oceans and Fisheries (MOF) said in a statement.
New rules on ship emissions herald sea change for oil market
New rules coming into force from 2020 to curb pollution produced by the world’s ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.
The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.
But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner fuel and few ships fitted with equipment to reduce sulfur emissions.
This raises the risk of a chaotic shift when the new rules are implemented, alongside more volatility in the oil market.
“The reality is that the industry has already passed the date beyond the smooth transition,” Neil Atkinson, head of the oil industry and market division at the International Energy Agency (IEA), said in April.
WHAT ARE THE NEW RULES?
The rules, drawn up by the U.N. International Maritime Organization (IMO), will ban ships using fuel with a sulfur content higher than 0.5 percent, compared to 3.5 percent now, unless a vessel has equipment to clean up its sulfur emissions.
Any vessels failing to comply will face fines, could find their insurance stops being valid and might be declared “unseaworthy” which would bar them from sailing.
HOW WILL IT AFFECT THE FUEL OIL MARKET?
The global shipping fleet now consumes about 4 million barrels per day (bpd) of high sulfur fuel oil, but about 3 million bpd of that demand will “disappear overnight”, according to the average market forecast calculated by Norway’s SEB Bank.
Most demand is expected to shift to marine gasoil, a lower sulfur distillate fuel.
Windier Britain creates renewable energy opportunity
Wind farms could become a greater energy source as global warming creates blowier conditions across Britain, a study has found.
If global temperatures reach 1.5C above pre-industrial levels, the UK and large parts of northern Europe are likely to be more windswept, say researchers.
As a result there could be a 10% increase in on-shore UK wind energy generation, with turbines operating at peak capacity almost all year round.
The additional wind output would produce enough electricity to power the equivalent of 700,000 extra homes per year.
Lead scientist Dr Scott Hosking, from British Antarctic Survey, said: “In future, nine months of the year could see UK wind turbines generating electricity at levels currently only seen in winter.
“Future summers could see the largest increase in wind generation.
“Therefore, wind could provide a greater proportion of the UK’s energy mix than has been previously assumed.”
The scientists combined data from 282 onshore wind turbines collected over 11 years with information from climate simulations.
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Headlines Wednesday 16th May 2018
Tensions Heat Up over Panama Canal Safety Dispute
The dispute between the Panama Canal Authority (ACP) and its tugboat captains over safety issues at the canal is intensifying.
The conflict started on April 12 when tug captains refused to transit ships through the expanded canal, thus impacting the traffic through the Neopanamax locks, ACP said.
As a result, the canal authority decided to sanction the workers saying that they broke the law by refusing to fulfill their duty “which affected the regular operation and caused a negative economic impact on the country.”
However, the Union of Tugboat Captains and Deck Officers of the Panama Canal (UCOC Panama) said the tugboat captains in question refused to conduct the maneuvering as it endangered the safety of crews and the canal as well.
According to UCOC, the Panama Canal Authority is deploying a reduced number of crew members to the tugboats as a way of cutting costs.
In particular, the captains’ union is criticizing ACP’s decision to reduce the number of deckhands handling lines aboard tugboats in the locks from three to two. The reduced number of workers has been linked to wear and tear on the locks, the death of a worker in November, and the collision of the U.S. Coast Guard cutter Tampa.
Nevertheless, ACP said that the reduction was in fact “normalization of operations” which was planned all along. As explained, the third mariner was introduced on board the tugs to test the security of the winches, a stage which has now been concluded.
The canal authority also stressed that the last year’s incident had nothing to do with the labor stoppage and that the workers’ are being sanctioned for refusing to work not for their safety concerns.
Britain's strategy to meet climate change targets not sufficient – MPs
The British government’s Clean Growth Strategy to reduce greenhouse gas emissions will not be enough to meet legally binding climate change targets, a committee of cross-party lawmakers said on Wednesday.
The strategy, launched last year, outlines investment in research and innovation to help reduce emissions which lead to global warming.
Britain has committed to cut emissions by 80 percent by 2050 compared to 1990 levels and must produce proposals on how to reach its climate targets as part of carbon budgets set every five years.
Although the amount of electricity generated from low-carbon energy doubled to a record 50 percent last year from 2009, there are signs that investment might have stalled in the past two years, the Environmental Audit Committee said in a report.
Annual clean energy investment in Britain is now at its lowest level since 2008, threatening the country’s ability to meet its carbon budgets from 2023.
The report also said that changes to low-carbon energy policies in 2015 has undermined investor confidence and reduced the number of renewable energy projects in development.
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Headlines Tuesday 15th May 2018
Carnival, Meraas Partner Up on Future Dubai Cruise Terminal
Miami-based cruise liner conglomerate Carnival Corporation and Dubai’s holding company Meraas have partnered up on the future Dubai Cruise Terminal to be built at Dubai Harbour.
The duo has signed a strategic partnership agreement “that aims to transform Dubai into a major regional maritime tourism hub.” Under the deal, Carnival and Meraas intend to collaborate across several strategic areas including port development, terminal management and new cruise development opportunities at Dubai Harbour and the broader region.
As informed, Carnival will assist Meraas in ensuring the cruise terminal meets the highest international standards of the cruise industry, while the relevant authorities will be responsible for security, immigration and customs.
Operations at the Dubai Cruise Terminal are scheduled to commence in October 2020. The terminal will become the main cruise terminal in Dubai and all cruise ships visiting Port Rashid will be redirected gradually from its opening date, according to Meraas.
Commenting on the signing of the agreement, Abdulla Al Habbai, Group Chairman of Meraas, said: “Dubai Harbour is a new and unique addition to the city’s infrastructure and our alignment with DP World to make Dubai Cruise Terminal the main cruise terminal in the emirate will drive the transformation of Dubai into a fully integrated maritime tourism hub.”
The Dubai Cruise Terminal will become Carnival Corporation’s primary hub for its homeporting and transit operations in the region. Carnival will launch new cruises from Dubai Cruise Terminal and aims to attract new source markets from India and China.
VLCC Scrapping Ramps Up as Pakistan Opens for Business
Owners continue to commit their Very Large Crude Carriers (VLCC) for recycling in an effort to bring some ease to the depressed market.
The reopening of Pakistani recycling market for tankers further spurred the offloading of unsold tanker tonnage.
“There were further VLCC sales concluded this week, gradually bringing the total number of units sold through 2018 towards the 30 mark,” GMS said in its weekly report, adding that the mark is likely to be hit by the end of May.
Demolition of tankers and liquefied petroleum gas (LPG) carriers was banned at Pakistan’s Gadani shipbreaking yards for almost a year and a half, following several fatal incidents that killed over 30 workers.
The country has allowed the recycling of tankers to resume under the condition that tankers are totally gas free and their cargo residues, slops and sludges completely cleaned.
Nicola Sturgeon insists Brexit process has strengthened case for Scottish independence
NICOLA Sturgeon has claimed the Brexit process has “strengthened the democratic case” for Scottish independence as she warned Theresa May that if she ignored Holyrood’s rejection of the Brexit Bill today, it would prove she could not be trusted.
But the First Minister declined to say if the argument for holding a second referendum on Scotland's future had also been strengthened, suggesting people would “have to wait and see” regarding her future decision on whether or not to call for another vote on Scotland’s future.
And Ms Sturgeon, speaking at a Reuters Newsmaker event in the City of London, also claimed there was now a "realistic possibility" that MPs could force the Prime Minister into a U-turn to keep Britain in the European customs union.
Today, a majority of MSPs is expected to reject giving consent to the EU Withdrawal Bill, which they believe is a “power-grab” by Whitehall.
The FM said that, far from the SNP Government being isolated on the Brexit Bill as Whitehall has suggested, the vote today expected to withhold consent and also be backed by Labour, the Liberal Democrats and the Greens, would prove it was the Conservatives and Mrs May’s Government, who were isolated on the issue.
Ms Sturgeon said with time almost out that, at “three minutes to midnight,” there was still a path to a deal with the UK Government.
“What happens after tomorrow, the ball will be very much in the UK Government’s court; they have a decision to make as to whether they are going to ignore the views of the Scottish Parliament or listen to those views and try very hard to get a deal and to close the gap that remains between us.”
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Headlines Monday 14th May 2018
Royal Navy nuclear submarines to get £2.5bn boost
The defence secretary is expected to announce a £2.5bn investment in the UK's nuclear submarine programme.
Under the plans, an Astute hunter-killer submarine will be built costing £1.5bn, and £960m will go towards completing a fleet of four nuclear-armed Dreadnought submarines.
Gavin Williamson will say it is part of a commitment to secure the UK "from intensifying threats".
The Ministry of Defence says the deal will help to sustain thousands of jobs.
Mr Williamson will announce the plans during a visit to defence giant BAE Systems' shipyard in Barrow-in-Furness in Cumbria.
He will say the Astute submarine - which will complete the Royal Navy's seven-strong fleet of hunter-killer attack subs - will be called Agincourt.
The deal with BAE will also help with the second phase of construction for the UK's Dreadnought submarines.
Blast Holes Turkish Bulker Bound for Yemen
Turkish bulk carrier Ince Inebolu suffered massive hull damage last week while carrying wheat to Yemen’s Houthi-controlled port of Saleef.
Nevertheless, the exact cause of the damage is unclear as there are contradictory accounts on what happened.
According to Yemen’s Ministry of Transport, the ship was targeted by a missile attack conducted by the Saudi-led coalition. The ship was reportedly anchored about 70 miles off Saleef, when the explosion occurred.
Based on the images released by the ministry and Yemen Red Sea Ports Corporation, there is a major rupture on the aft side of the ship’s hull.
Following the incident, a naval vessel of the Saudi-led coalition received a call from the captain of the stricken bulker, reporting the damage.
The coalition forces, cited by Reuters, said that they inspected the ship, ascribing the damage to an explosion that occurred from the inside of the vessel.
As the vessel was unable to resume its voyage, it was towed to the port of Jizan in Saudi Arabia.
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Headlines Friday 11th May 2018
MAIB: Overconfidence Led to Islay Trader Grounding
The general cargo vessel Islay Trader grounded due to lack of planning and overconfidence, according to a report from UK’s Marine Accident Investigation Branch (MAIB).
The vessel ran aground near Margate Harbour, Kent, in the morning hours of October 8, 2017, after it dragged its anchor as the length of its anchor cable was insufficient in the tidal conditions experienced.
The chief officer did not monitor the vessel’s position and was not aware that the vessel had dragged its anchor until alerted by the London Vessel Traffic Service. The officer then attempted to reposition the vessel without the assistance of the master and subsequently became overwhelmed and uncertain of the ship’s position.
Islay Trader grounded near Margate beach and was refloated some 12 hours later. There were no injuries and no pollution.
MAIB’s report highlights the importance of planning when going to anchor and the requirement for ensuring that an effective watch is kept whilst at anchor.
North Sea oil and gas firms to recruit 40,000 people
THE North Sea oil and gas industry may have to recruit 40,000 people over the next 20 years amid huge changes in the sector but the size of the workforce could shrink by a much bigger number a study has found.
The findings hold out the prospect the industry will create thousands of high value jobs as advances in technology create the demand for a new kind of North Sea worker.
They will be studied with interest as the North Sea industry emerges from the brutal downturn that started in 2014 and led to oil and gas firms shedding 70,000 jobs.
The study by industry training body OPITO and Robert Gordon University found around 10,000 people will need to be recruited in emerging digital roles that don’t exist today in areas such as data analytics and robotics.
There is great excitement in the industry about the potential to use high-tech solutions such as drones to help slash the cost of operating in the North Sea.
However, at least 80,000 workers are expected to leave the industry as fields run dry, people retire and some work is automated.
The authors reckon total workforce numbers will fall to 130,000 in 2035 from around 170,000 in a best case scenario.
But workforce numbers could shrink to 65,000 unless oil and gas firms improve their performance in the North Sea sufficiently, win more export business and manage to diversify into other energy businesses.
“If the industry can work together to achieve ambitions around production and energy diversification, tens of thousands more roles can be safeguarded and our industry will continue to be one of the key industrial sectors in the UK for years to come,” said OPITO chief executive John McDonald.
Leave.EU fined £70,000 and campaign chief referred to police over EU referendum spend
The chief of the pro-Brexit group has been referred to police following an investigation by the Electoral Commission.
Leave.EU has been fined a maximum £70,000 for breaches of electoral law during the EU referendum campaign, with the head of the pro-Brexit group referred to police.
The Electoral Commission announced the findings of its investigation on Friday, with Leave.EU found to have incorrectly reported what it spent at the EU referendum.
It exceeded its statutory spending limit of £700,000 and delivered incomplete and inaccurate spending and transaction returns.
The group, which was not the official Brexit campaign, failed to include at least £77,380 in its spending return.
This means Leave.EU exceeded its spending limit by at least 10%, although the Electoral Commission believes the unlawful overspend may have been considerably higher.
The investigation also found the group, which was initially endorsed by former UKIP leader Nigel Farage and was founded by millionaire businessmen Arron Banks and Richard Tice, inaccurately reported three loans it received from Mr Banks worth £6m.
During the course of its investigation, the Electoral Commission said it found "reasonable grounds to suspect" Leave.EU's chief executive Liz Bilney committed criminal offences.
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Headlines Thursday 10th May 2018
Offshore Production Buoy Developed for Stranded Fields
Aberdeen-based SLLP134 Ltd has developed a offshore production buoy which can be redeployed multiple times throughout its lifetime.
The company says the OPB buoy is low CAPEX and low OPEX and has been designed for deployment in stranded fields without nearby operator infrastructure. It enables operators to access oil reserves which were previously thought to be uneconomical for connecting to new or existing infrastructure. It can also be used to replace a manned floating facility where production has fallen below economic rates but where continued use of the existing subsea infrastructure is still possible.
Oil can either be off-loaded to a tanker or exported into existing pipeline systems.
The OPB system is based on a low-pressure self-contained oil production system, which uses gas for heat and power to separate oil and water and to stabilize the crude for export.
The Underwater Centre rescued by offshore industry
A Highland subsea training centre has been rescued from the threat of closure after an industry collaboration with a hat-trick of offshore firms.
The Underwater Centre, based in Fort William, was placed in a risky financial situation late last year when its subsidiary in Australia fell into liquidation. But last night it was announced a collaboration between Oil and Gas UK (OGUK), Subsea 7, TechnipFMC, Premier Oil and the Scottish Government’s Highlands and Islands Enterprise, had secured its long-term future.
However, the subsea training company will now operate as a not-for-profit group limited by guarantee, which will be funded and supported by its members, comprising operators, service companies and industry. The deal will also result in senior representatives of Subsea 7, TechnipFMC and Premier Oil joining the board of the Underwater Centre.
OGUK chief executive Deirdre Michie said: “I visited the Underwater Centre and I saw first-hand the value it adds to the UK’s world-leading subsea sector. As we continue to move out of the downturn and adapt to a changing future, it’s increasingly important that the UK’s offshore oil and gas industry works together to consolidate areas of strength.
Hapag-Lloyd Cruises Gets Nod for 3rd Hanseatic Expedition Ship
German TUI Group has given the green light to the construction of the third Hanseatic class expedition cruise ship for Hapag-Lloyd Cruises.
Hapag-Lloyd Cruises will shortly launch the planning and negotiation process for a further Hanseatic class ship, which is scheduled for delivery in 2021, TUI Group CEO Fritz Joussen said while presenting the group’s results for the first half of 2018 on board the new Mein Schiff 1 in Hamburg.
“This market is growing strongly. Thanks to its experience, competence and high-quality standards, Hapag-Lloyd Cruises offers great potential to attract new international customer groups and deliver stronger growth in the expedition cruise segment,” Joussen added.
The first two ships from the series were ordered in 2016 from Fincantieri’s subsidiary Vard Holdings Limited (Vard). The hulls of the vessels are being built by VARD’s shipyard in Tulcea, Romania, and delivery is scheduled from Vard Langsten in Norway in the first quarter and the fourth quarter of 2019, respectively.
The keel of the first expedition ship, Hanseatic Nature, was laid in Romania in January 2017, while the keel laying for the Hanseatic Inspiration, the second ship, followed in October 2017.
The christening and maiden voyage of Hanseatic Nature are planned for April 2019. Hanseatic Inspiration is scheduled to launch six months later in October 2019.
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Headlines Wednesday 9th May 2018
Renewables specialist invests £114m in giant Lanarkshire wind farm
RENEWABLE energy specialist Greencoat UK wind is set to increase its investment in the giant Clyde development in South Lanarkshire by more than £100 million.
The investment business has said it intends to exercise its option to increase its holding in the Clyde wind farm to 28.2 per cent from 19.8% for an outlay of £114.2m.
Greencoat will buy the interest from Scottish and Southern Energy owner SSE, which developed the wind farm between Biggar and Moffat. The 152 turbine development is one of the largest onshore wind farms in the UK.
Greencoat UK Wind acquired an initial 17% stake in Clyde in 2016.
Run by the London-based Greencoat Capital private equity business, the company agreed then to acquire up to 49.9% of Clyde with pension funds for a total £355m investment.
“We’ve been very pleased with the performance of our investment in Clyde,” said Greencoat Capital partner Stephen Lilley. He noted: “Clyde is a high quality asset in a great location with high wind availability, helping to deliver attractive returns to our shareholders.”
Greencoat UK Wind underlined its interest in buying more assets in Scotland in February. The company invested £240m in Scotland last year.
DryShips Pens Sale and Leaseback Deal for Six Bulkers
Greek shipowner DryShips has inked sale and leaseback agreements for six bulkers with Chinese lenders.
Under the financing arrangement signed in May, five ships will be transferred to the buyer for 50 pct of the agreed aggregate purchase price of USD 164 million. The company’s wholly-owned subsidiaries will bareboat charter each vessel back for a period of eight years, with expiry set for May 2026.
The ships in question are three Newcastlemaxes, Marini, Morandi and Bacon and two Kamsarmaxes, Castellani and Nasaka.
DryShips said that the vessels are expected to be delivered and leased back to the company during May 2018.
The Greek shipping company has options to re-acquire each vessel during their respective bareboat charter periods, starting from the first anniversary of each vessel’s delivery date. There is also a purchase obligation upon the expiration of each bareboat agreement for 46.67 pct of the financing amount.
The deal was sealed just a month after Dryships entered into a finance lease arrangement with a Chinese leasing company for Kelly, a Kamsarmax drybulk vessel, under similar terms. The vessel will be chartered back for a period of ten years and DryShips has an option to buy back the ship.
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Headlines Tuesday 8th May 2018
China to Ban Recycling of International Ships
China plans to stop allowing the recycling of international ships at its yards as of the beginning of 2019.
The decision comes on the back of China’s efforts to crack down on polluter and waste producing industries in the country, which have seen many yards denied their ship recycling licenses.
The Chinese-flagged ships will be allowed to continue to be dismantled at Chinese yards, however, the Government of China will no longer provide subsidies for the branch, as decided last year. Due to such a turn in policy, local owners are likely to look elsewhere to retire their ships, including India.
“In view of this, owners will have to succumb to the fact that, with the exception of Turkey, the H.K Convention approved recycling yards in Alang will have to be taken more seriously following the incredible improvements that have been made at these yards over many years and the fact that these yards now can only offer owners the only alternative at this current time for green recycling,” Clarksons Platou Shipbroking said.
Two years ago, industry leader Maersk committed to investing in Alang yards and boosting their operational standards to comply with the company’s requirements.
Chief Executive Officer of A.P. Møller – Mærsk A/S, Søren Skou, said recently that some yards in Alang, India, are performing at the same level or better than yards in China and Turkey, “which used to be the only options for economically viable and responsible ship recycling. “
Explaining its approach, Maersk said that the company helps the yards to upgrade their practices while contractually requiring full implementation of its standards controlled by on-site supervision throughout the process as well as quarterly audits by third parties.
Even though the situation is far from perfect, especially when it comes to health hazards at the shipbreaking yards in Alang, Maersk believes that helping the yards to improve their standards is an opportunity to change the industry for the better.
However, for a more sustainable progress to be made more shipowners need to become involved.
Panama Canal Lifts Daily Neopanamax Booking Slots to Eight
The Panama Canal has added an additional reservation slot to its Neopanamax locks, effective May 7, bringing the total available daily booking slots to eight.
The canal authority said the move was triggered by increased demand at the interoceanic route, which was inaugurated nearly two years ago.
The increasing interest in the expanded canal has seen 1,183 Neopanamax transits this fiscal year, which began in October, 2017, the Panama Canal Authority said. The figure represents a 39 percent increase in cumulative transits year-on-year.
“This increase allows us to offer our customers even more flexibility and was made possible by strategic planning and the experience the Panama Canal team has our accrued in the last two years, especially considering that almost 150 personnel are involved in each transit,” Panama Canal Administrator Jorge L. Quijano, said.
The announcement also follows an increase in the maximum allowable beam for vessels transiting the Neopanamax locks in April.
Give millennials £10k to ease generation gap, think tank says
The Citizen's Inheritance would be restricted to spending on a house deposit, or "skills, entrepreneurship and pension saving".
Every 25-year-old in the country should be given a £10,000 Government grant in an effort to solve the yawning economic gap between the generations, a prominent think tank has proposed.
The proposal for a Citizen's Inheritance, to be funded by a revamped, tougher version of inheritance tax, is one of a number of policies proposed by the Resolution Foundation at the end of a two-year study into intergenerational inequality.
The report from the think tank's Intergenerational Commission, backed by business lobby group the CBI and trade union group the TUC, warns that today's thirty-somethings are the first generation to see their incomes dropping compared to when their parents were at that age.
It points out that with record numbers of people renting and unable to get onto the housing ladder, and with many trapped in zero-hours jobs, radical action is necessary to reset the balance.
The proposed universal Citizen's Inheritance would be restricted to spending on a house deposit, or to fund "skills, entrepreneurship and pension saving", the Foundation said.
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Headlines Friday 4th May 2018
Stockholm Norvik Port Halfway Complete
The Stockholm Norvik Port, scheduled to open in 2020, has reached the halfway stage in its construction process.
Buildings, quays and bridges over the future railway are emerging simultaneously as the features of the new port start to take shape, while supporting casement walls are being moved into place on the sea bed using floating structures.
Around 350 people are currently working on-site as the Stockholm Norvik Port gets ready to welcome the first vessel in 2020.
“The Stockholm Norvik Port is long-awaited. Volumes of both RoRo and container traffic are increasing and vessels are becoming ever larger,” Johan Castwall, Ports of Stockholm Managing Director, said.
DP World Limassol Opens New Cruise Passenger Terminal
Port and terminal operator DP World has inaugurated a new cruise passenger terminal in Limassol, Cyprus.
The terminal, which was officially opened on May 3, will enable the largest cruise ships in the world to visit the country for the first time, the company informed.
These cruise vessels would be berthed at the terminal’s East berth, which features a length of 480 meters and depth of 11 meters.
The terminal is designed to facilitate both Transit (day call) and Turnaround (home porting) services.
“This new passenger terminal represents a huge improvement in the service and facilities we are able to provide to all our customers. It is an exciting time for us at DP World Limassol as an economic driver, this new passenger terminal will open up new opportunities for Cyprus and Limassol,” Charles Meaby, General Manager of DP World Limassol, earlier said.
Hawaii evacuations ordered as Kilauea volcano lava erupts
More than 1,000 people have been ordered to evacuate on Hawaii’s Big Island after the eruption of the Kilauea volcano led to lava flows into residential areas.
Steam and lava has poured out of a crack in Leilani Estates, which is near the town of Pahoa, with all of its population of 1,500 told to leave.
It comes after a week of residents being warned that they should prepare to evacuate, with officials saying an eruption would give little warning. Nearby community centres have opened for shelter.
Earlier in the week, a school in the Puna district was closed due to seismic activity and several roads cracked under the strain of the constant temblors.
Since Monday, hundreds of earthquakes – most of them about 2.0 magnitude – have been recorded in the area. The Puu Oo, which is a volcanic cone in the eastern rift zone of the Kīlauea Volcano, began to collapse on Monday, triggering earthquakes and pushing the lava into newly created underground chambers.
Officials said it was impossible to predict how long the eruption would last.
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Headlines Thursday 3rd May 2018
MODEC’s New FSRWP Vessel Design Gets AiP
French-based classification society Bureau Veritas has awarded Approval in Principle (AiP) to MODEC’s new vessel concept design at this year’s Offshore Technology Conference in Houston, Texas.
Namely, the Japanese FPSO specialist has developed the Floating Storage, Regasification, Water-Desalination and Power-Generation (FSRWP) vessel, which can provide clean energy and water more efficiently and cost-effectively than conventional solutions.
The vessel concept has been developed with the aim of addressing global key water and energy needs from a floating platform.
The new vessel concept, which is not covered by existing classification society, targets Africa as its primary geographical deployment area.
Bureau Veritas said that despite the concept’s early-development stages it used created new approaches to classification for this vessel, based on risk mitigation around new technology and requirements.
Tidal power boom could create thousands of jobs in Scotland
The marine renewable energy industry could create thousands of jobs across Scotland after a new report found the sector is capable of meeting strict requirements imposed by the UK Government.
Experts are now calling for Holyrood and Westminster to unlock the potential of tidal and wave power and place the UK at the forefront of the developing market.
An evidence-based study by think-tank Offshore Renewable Energy (ORE) Catapult found the tidal stream industry could generate a net cumulative benefit to the UK of £1.4bn, including considerable exports, as well as supporting 4,000 jobs by 2030. Wave energy could support 8,100 jobs by 2040 and contribute £4bn.
The report predicted the jobs created would be centred in coastal areas “with greater need for economic regeneration” such as Scotland, Wales and the south-west of England.
It added that developing these technologies in the UK would secure investment and jobs in coastal communities. Failure to invest would mean “letting our global advantage slip away to competitors
Industry minister Claire Perry set out a new ‘triple test’ in October last year for determining support for new technologies.
ORE believe tidal and wave power meet each of the three benchmarks - achieving maximum carbon reduction, showing a clear cost reduction pathway, and demonstrating that the UK can be a world-leader in a global market.
German Cruise Market Heats Up
TUI Cruises took delivery of its largest cruise ship, the new Mein Schiff 1, from Meyer Turku on April 25. Due to enter service in May, as Mein Schiff also marks its 10th anniversary, the new ship is the latest advancement in the hotly contested German cruise market.
Since 2014, Germany has been Europe’s largest cruise passenger source market, growing by more than eight percent to over two million passengers in 2017 according to the CLIA. Over the past decade, the number of German cruise passengers nearly tripled lead by AIDA and TUI, which together today represent about 70 percent of the market. It continues to be the fastest growing market in Europe.
The fifth new cruise ship Meyer Turku has built for TUI Cruises in just five years, the 111,500-gross ton Mein Schiff 1 is more than 10 percent bigger than the prior ships with nearly a 14 percent increase in passenger capacity. Ordered in July 2015, Mein Schiff 1 is the first of three new ships Meyer Turku will build for TUI Cruises. Previously, Meyer Turk built four 99,800-gross ton cruise ships for the Mein Schiff operation between 2014 and 2017.
Conceived in 2008, Mein Schiff operated by TUI Cruises is a 50-50 joint venture between TUI AG and Royal Caribbean Cruises. Their first cruises launched in May 2009 with the former Celebrity Cruises’ Celebrity Galaxy, which was rebranded as Mein Schiff (later Mein Schiff 1). The product was tailored to the tastes and preferences of the German traveler reflected in the food, entertainment, amenities and onboard atmosphere.
Royal Caribbean Cruises CFO Jason Liberty recently told investors, “Our very successful German joint venture, TUI Cruises, will take delivery of the new Mein Schiff 1 next month. Demand for TUI Cruises’ brand is exceptionally strong and continues to accelerate as they further expand their destination offering.”
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Headlines Wednesday 2nd May 2018
JAXPORT and Carnival Cruise Line sign long-term deal
JAXPORT has signed a long-term agreement to extend Carnival Cruise Line’s service from the port of Jacksonville in Florida, US, until at least May 2021.
The deal extends the cruise line’s service from the Jacksonville port for three years and includes three additional two-year renewal options until 2027.
It will also see improvements to the passenger experience and to the terminal building in Jacksonville.
Following the latest extension, Carnival Cruise Line’s Carnival Elation vessel will continue to provide year-round sailing to the Bahamas from JAXPORT’s North Jacksonville Cruise Terminal.
Featuring a length of 855ft, the 71,909t vessel is capable of accommodating 2,130 guests and 920 crew members on-board.
JAXPORT CEO Eric Green said: “In addition to bringing jobs and economic opportunity to Northeast Florida, cruise service boosts tourism in our area and offers a platform to promote all that this region has to offer.”
Since 2003, the company has handled more than 2.2 million cruise passengers at its Jacksonville terminal.
Carnival Cruise Line president Christine Duffy said: “With Carnival Elation sailing year-round from Jacksonville, we’ve seen great demand from the area.
“This agreement ensures we can continue to offer the great value, incredible service and the most fun our guests sailing from Jacksonville have come to expect from Carnival.”
India’s 1st Floating LNG Terminal Inaugurated
Indian’s first floating liquefied natural gas (LNG) terminal was inaugurated on May 1 by the country’s gas company H-Energy, a unit of Hiranandani Group.
Eni’s floating storage re-gasification unit (FSRU) GDF SUEZ Cape Ann was hired for the job in 2017.
The 145,000 cbm FSRU, which was hired for a minimum period of 5 years, arrived at the LNG re-gasification project at Jaigarh port in Maharashtra on the west coast of India, on April 30.
The vessel is equipped with the re-gasification capacity to operate the project at around 4 million tons per annum.
H-Energy said the FRSU sets a new era in Indian LNG industry.
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Headlines Tuesday 1st May 2018
Buckeye-Led JV to Build VLCC-Capable Terminal at Corpus Christi
Houston-based pipeline and terminal operator Buckeye Partners has set up a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas.
The South Texas Gateway Terminal will be constructed on a 212-acre waterfront parcel at the mouth of Corpus Christi Bay and is aimed to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin.
The terminal, to be constructed and operated by Buckeye, will offer 3.4 million barrels of crude oil storage capacity and two deep-water vessel docks capable of berthing very large crude carriers (VLCC).
The facility can be expanded to include over 10 million barrels of storage capacity as well as multiple additional docks and other inbound pipeline connections, the company said.
As informed, the initial construction of the terminal is supported by long-term minimum volume throughput commitments from Phillips 66 and Andeavor, and the terminal is scheduled to commence initial operations by the end of 2019.
WhatsApp founder quits after clash with Facebook over privacy rules
The co-founder of WhatsApp has quit after disagreeing with Facebook's attempts to weaken the messaging service's privacy rules.
Jan Koum clashed with parent company Facebook over the social media giant's attempts to use people's personal data and weaken WhatsApp's encryption, the Washington Post reported, citing people familiar with the issue.
Referring to co-founder Brian Acton, the WhatsApp CEO wrote on Facebook: "It's been almost a decade since Brian and I started WhatsApp, and it's been an amazing journey with some of the best people.
"But it is time for me to move on."
Mark Zuckerberg, Facebook's CEO, commented on Mr Koum's post, saying he was grateful for what he had taught him about encryption "and its ability to take power from centralised systems and put it back in people's hands".
"Those values will always be at the heart of WhatsApp," he promised.
European regulators want to stop or limit Facebook's plans to use WhatsApp user data, including phone numbers, to develop products and target ads.
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Headlines Monday 30th April 2018
GasLog Partners Delivers Highest Quarterly Profit
Owner of LNG carriers GasLog Partners delivered its highest-ever quarterly partnership performance results in the first quarter of 2018.
The company’s profit increased by 7 percent from USD 29.9 million to USD 32 million reported in the first three months ended March 31, 2018.
Revenues for the quarter were slightly down at USD 77.1 million, compared to USD 77.2 million seen a year earlier.
The company mainly attributed the increase in profit to the USD 12.5 million profit from operations of the GasLog Greece, the GasLog Geneva and the Solaris, acquired by the Partnership on May 3, 2017, July 3, 2017, and October 20, 2017, respectively, and an increase of USD 6.3 million in gain on interest rate swaps.
“In the first quarter, GasLog Partners continued to execute its growth strategy, delivering our highest-ever Partnership Performance Results for Revenues, Profit, Adjusted Profit, EBITDA and Distributable cash flow,” Andrew Orekar, Chief Executive Officer, said.
“Following this strong performance, we are increasing our cash distribution for the sixth consecutive quarter to USD 0.53 per unit, or USD 2.12 per unit annualized, while maintaining prudent distribution coverage,” Orekar added.
Biggest Indian Cargo Company Wants to Build an Uber for Shipping
Allcargo Logistics Ltd. is emulating Uber Technologies Inc. to boost its business of sharing marine containers.
A unit of the Mumbai-based Allcargo, ECU Worldwide, which aggregates orders from clients, plans to use Uber’s model to make it easier for clients to book marine freight.
Allcargo, which reported a drop in profit in four of the past five quarters, is betting on technology to revive volumes and take on overseas rivals such as DHL Worldwide Express in Asia’s third-largest economy. The time may be right for the company as India’s logistics infrastructure improves. The nation jumped 19 positions to 35 in the World Bank’s logistics performance including infrastructure, customs and timeliness.
“Internet companies like the Ubers of the world have successfully converted their aggregation model with robust technology infrastructure,” Allcargo Chairman Shashi Kiran Shetty said in an interview last week. “The idea is to help its customers to make it simple to conduct their business with ECU Worldwide, from any corner of the world through their devices.”
Allcargo -- which claims to be India’s largest integrated logistics services provider in the private sector -- has seen its shares fall 31 percent this year, while profit dropped about 30 percent in the three months ended December. ECU accounts for 80 percent of Allcargo’s revenue.
“The Uber modeling in consolidated cargo logistics is an ambitious and innovative move,” said Mathew Antony, managing partner of Mumbai-based Aditya Consulting, an advisory firm specializing in infrastructure, logistics and real estate industries. “But the challenge will be on the ease of transaction in the export-import trade where there are many regulatory check points, which is in third party control, compared to a direct business-to-customer model of Uber.”
Sajid Javid replaces Amber Rudd as home secretary
Sajid Javid has been appointed as home secretary, replacing Amber Rudd who resigned after repeatedly struggling to account for her role in the unjust treatment of Windrush-generation migrants.
Theresa May announced Javid’s appointment on Monday morning, installing the communities secretary to the Home Office where his first job will be to deal with the ongoing immigration debacle.
He is the first BAME politician to hold the role and his appointment could offer some hope to critics that the government is aware of how damaging the issue has been for community relations and trust in the immigration system.
The home secretary, whose parents emigrated from Pakistan in the 1960s, spoke at the weekend about his initial reaction to news of the treatment of Windrush-generation migrants. “I thought that could be my mum … my dad … my uncle … it could be me,” he said.
Javid, 48, said he recognised the scandal could cause concern among ethnic minority voters but issued a plea to those who were wavering to look at the government’s attempts to “put things right”.
The Home Office, one of the major offices of state, is a notoriously difficult department to run, with many secretaries having been forced to quit as a result of errors.
Dealing with the Windrush crisis, as well as the underlying problems around immigration, will be top of Javid’s inbox. However, tackling rising knife crime, fighting to justify policing cuts and handling the ongoing terrorism threat are all key issues.
A Downing Street statement said: “The Queen has been pleased to approve the appointment of the Rt Hon Sajid Javid MP as secretary of state for the home department.”
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Headlines Friday 27th April 2018
Scotland’s whisky industry reaches renewable energy target
The Scotch Whisky Association (SWA) set out an environmental strategy in 2009 to reduce fossil fuel usage and increase its reliance on green energy across the sector.
Renewable energy use increased from 3% in 2008 to 21% by 2016.
The industry has also reduced emissions by 22% over the last decade and has increased the amount of recycled materials in product packaging to 44%, SWA said.
Chief executive Karen Betts said: “The Scotch whisky industry may be one of Scotland’s oldest and most successful exports, but these ambitious targets highlight how as a sector we are embracing innovation and technology to help protect the environment.
“Looking ahead, there is more work to be done to achieve all our 2020 goals.
The SWA will continue to work with Scotch whisky producers, our supply chain, government and other stakeholders to ensure we continue to drive progress and deliver our sustainability strategy.”
Environment Secretary Roseanna Cunningham said: “It is encouraging to see the strong progress the Scotch whisky industry has made to reduce greenhouse gas emissions and become more environmentally sustainable.
“The industry’s efforts to use non-fossil fuels, cut down on water use and to recycle packaging are an example we would encourage other sectors to follow and will feed into Scotland-wide environmental targets which will help make Scotland a cleaner and greener place to live.”
TEN Sells Its Oldest VLCC for Scrap
Greek tanker owner and operator Tsakos Energy Navigation (TEN) has availed of the strong demolition prices to sell its oldest very large crude carrier.
The Panama-flagged VLCC Millennium, featuring 301,200 dwt, was built by Hyundai Heavy Industries (HHI) in 1998.
“The Millennium has operated flawlessly and profitably since its newbuilding delivery exactly 20 years ago and was much in demand by many significant oil concerns throughout her life. The attractive price achieved combined with her age, provided us with the right opportunity to take advantage of the very strong recycling market, something other owners should consider as well,” George Saroglou, COO of TEN commented.
March was one of the busiest months for VLCC demolition, with a dozen of ships sent for scrap. Only one VLCC is reported to have been removed from the fleet in April this year.
Separately, TEN said that it has secured a minimum 12 maximum 24-months charter with an undisclosed oil major for an MR product tanker. The fixture of the MR is expected to generate approximately USD 10 million of gross revenues over the extended duration of the contract while the sale of the VLCC will generate USD 7.5 million of free cash after repayment of applicable debt.
DP World Bullish on Volume Growth in 2018
Dubai-based terminal operator DP World Limited is off to a good start in terms of volume growth across its terminals.
The company handled 17.6 million TEU across its global portfolio of container terminals in the first quarter of 2018, marking an increase of 7.3 percent for gross container volumes year-on-year on a reported basis, and 8.4 pct on a like-for-like basis.
This is well ahead of Drewry Maritime’s industry estimate of 4.6 pct global throughput growth for the first quarter of 2018, DP World said announcing the results.
The rise in volumes in the first quarter was driven by continued recovery in global trade, with the company’s terminals across Europe, Middle East & Africa and Australia, delivering growth.
“Following a strong year for the global container market in 2017 with peak levels since 2011, our portfolio has had an encouraging start to 2018 delivering ahead-of-market growth,” Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented.
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Headlines Thursday 26th April 2018
GTT, Sembcorp Marine Ink Membrane Tank Solutions Deal
French engineering company GTT has signed a Technical Assistance and License Agreement (TALA) with Sembcorp Marine for the design and construction of membrane tank solutions.
Under the deal, GTT would undertake the works for Sembcorp Marine’s Gravifloat, FSRU and mid-scale LNG carrier products using GTT membrane solutions.
Sembcorp Marine received its approval after completing a qualification process which started in 2017, including the building of a Mark III mock-up and an audit conducted by GTT.
This partnership allows both companies to target new markets, especially focusing on solutions for LNG terminals, and to advance the development of LNG in the global fuel supply chain
Singapore Maritime Week 2018: Record number of graduating seafarers
MORE than 80 seafarers graduated from Certificate of Competency (CoC) (Special Limit) programmes at Singapore Polytechnic on Thursday, making it the largest graduating cohort since the programmes were first introduced in 2011.
The programmes prepare seafarers to serve on board ships that sail up to 30 nautical miles off Singapore waters, also known as "Special Limits".
They have to go through different phases in their training programmes, including courses at the Singapore Maritime Academy, as well as on-the-job training on ships.
These seafarers can choose either the deck or marine engineer officer tracks. Some are at the starting points of their careers, while others are in the middle of advancing their careers.
A total of 44 seafarers who completed their course became cadets. 18 other seafarers graduated from the CoC Class 5 (Special Limit) programme, allowing them to be 2nd engineers or chief mates. Another 22 graduated from the Class 4 programme, which qualifies them to be chief engineers or masters.
The certificate, which is internationally recognised, is valid for five years and has to be re-validated after that for the holder to qualify for sea service.
Andrew Tan, chief executive of the Maritime & Port Authority of Singapore (MPA), said: "MPA is committed to growing a pipeline of skilled local seafarers to support the growth and transformation of the industry.
Companies sign up to pledge to cut plastic pollution
More than 40 companie
s have signed up to a pact to cut plastic pollution over the next seven years.
The firms, which include Coca-Cola and Asda, have promised to honour a number of pledges such as eliminating single-use packaging through better design.
They have joined the government, trade associations and campaigners to form the UK Plastics Pact.
The signatories are responsible for more than 80% of plastic packaging on products sold through UK supermarkets.
One of the promises which companies, such as consumer goods giant Procter & Gamble and Marks & Spencer, have signed up to is to make 100% of plastic packaging ready for recycling or composting by 2025.
Led by the sustainability campaign group WRAP, the pact is described as a "once-in-a lifetime opportunity" to rethink plastic both to make use of its value and to stop it damaging the environment.
WRAP's chief executive Marcus Gover, said: "This requires a whole scale transformation of the plastics system and can only be achieved by bringing together all links in the chain under a shared commitment to act.
"That is what makes the UK Plastics Pact unique. It unites every body, business and organisation with a will to act on plastic pollution. We will never have a better time to act, and together we can."
The set of pledges to tackle plastic pollution over the next seven years include:
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Eliminate difficult or unnecessary single use plastic packaging through better design
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Make 100% of plastic packaging reusable or recyclable or compostable
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Make sure 70% of plastic packaging is recycled or composted
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30% of all plastic packaging to include recycled material
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Headlines Wednesday 25th April 2018
Nakilat’s Q1 Profit Grows by 13 Pct
Qatar-based LNG shipping company Nakilat closed the first quarter of this year with a 13% year-over-year (YOY) increase in its profit.
The company posted a net profit of QAR 217 million (USD 59.6 million) in Q1 2018, compared to QAR 191.4 million (USD 52.6 million) recorded in the same period a year earlier.
“The company has managed to achieve positive results across its operations through rationalization of operational expenses, enhanced operational efficiency, and growth of our international portfolio through the recent expansion with Maran Gas Ventures Inc. to include two additional liquefied natural gas (LNG) carriers,” Nakilat said in a statement.
Russia and China Boost Cooperation
Russia and China have recently conducted combined naval exercises in the South China Sea, the Baltic Sea and the Sea of Japan, and on Tuesday China said it will continue to strengthen military to military relations with Russia to address new security challenges in the world.
Air Force General Xu Qiliang, vice chairman of the Central Military Commission, made the remark while meeting with Russia's defense minister Sergey Shoygu in Beijing. He said the Sino-Russian relationship has reached new heights.
At the moment, new security challenges and issues are emerging due to growing uncertainties around the world, Xu said. Therefore, China is willing to deepen mutual support with Russia. In turn, Shoygu said Russia prioritizes strengthening its comprehensive strategic partnership with China.
High probability of a Brexit deal with EU, says Davis
Brexit minister David Davis said on Wednesday he believed that there was a high probability that Britain would negotiate a deal to leave the European Union, dismissing fears that the country could crash out of the bloc.
Telling a parliamentary committee of lawmakers that there was only a tiny probability of a no deal, he said: “I think the massively higher probability is a deal.”
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Headlines Wednesday 18th April 2018
Each Brexit scenario will leave Britain worse off, study finds
Each of the government’s four Brexit scenarios, including a bespoke deal, would leave Britain poorer and cost the taxpayer hundreds of millions of pounds each week, analysis has shown.
The study for the thinktank Global Future by Jonathan Portes, a professor of economics and public policy at King’s College, London, found that a bespoke deal, the government’s preferred option, would have a net negative fiscal impact of about £40bn a year.
Global Future research is based on the government’s own impact studies on three different Brexit scenarios, but also examines a fourth option – a bespoke deal – using data from the official assessments along with details set out by the prime minister in her Mansion House speech.
After looking at all four options available to the prime minister, the study established that in the long-term, the amount of money available for spending on public services would fall. Under the so-called Norway option, there would be £262m less a week, under the Canada model it would be £877m, while under a no deal it would be £1.25bn.
Flex LNG Secures Charter Deal for New LNG Carrier
Oslo-listed ship owner and operator Flex LNG has entered into a time-charter agreement for its newly-built LNG carrier Flex Enterprise.
Under the agreement, signed with gas and power utility company Enel Trade, the 173,400 cbm carrier was hired for a period of 12 months, scheduled to commence during the second half of 2019.
Enel has the option to extend the contract for the vessel, which featured MEGI propulsion, by an additional 12 months subsequent to the firm period.
Armed forces 'lacking 800 pilots and 2,400 engineers'
Britain's armed forces are "significantly" understaffed in critical areas - including a shortfall of more than 2,000 engineers and 800 pilots, according to Whitehall's spending watchdog.
In all, more than 8,200 regulars are needed to bridge what the National Audit Office (NAO) describes as the "largest gap in a decade".
The NAO also identified 102 trades where there are not enough trained regulars to cover operational tasks without cancelling leave or training.
Meanwhile, the percentage of those leaving the armed forces voluntarily has increased from 3.8% a year in March 2010 to 5.6% in December 2017.
But new demands, such as the increasing risk of cyber and electronic attacks, will "add to the pressure to increase capability in some trades that already have shortfalls" the report added.
Meg Hillier, chairwoman of the Public Accounts Committee, said: "In these uncertain times, it is more critical than ever that Britain has a well-staffed armed forces with the technical know-how to handle threats to national security.
An MoD Spokesman said recruiting and retaining talent was a "top priority" and there were many schemes to attract and keep skilled personnel.
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Headlines Tuesday 17th April 2018
NYK Floats Out Industry’s 1st Green Bonds
Next month NYK (Nippon Yusen Kaisha) in Japan is set to become the world’s first shipping company to issue labelled Green Bonds in the shipping sector. Any proceeds from green bonds are used for funding environmentally friendly projects.
“NYK said it would use the bonds’ net proceeds to pursue investments in technologies such as LNG-fueled ships, LNG-bunkering vessels, ballast water treatment equipment, and SOx (sulfur oxides) scrubber systems.”
Pound remains close to post-Brexit high
The pound has hit its highest level since June 2016, when Britain voted to leave the European Union. It has gained more than 0.2% to $1.437, beating a previous post-Brexit-vote high set in January, in early trading, before falling back.
Back in June 2016, after the Brexit vote, the pound sank hitting $1.2068 in January of last year.
Simon Derrick, head of currency research at Bank of New York Mellon, said the main reasons for the pound's comeback against the dollar since the start of 2017 had been expectations about UK rate rises and increasing optimism over the Brexit process.
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Headlines Monday 16th April 2018
TechnipFMC awarded contract for Tortue/Ahmeyim development FPSO unit
TechnipFMC has been awarded a front-end engineering design (FEED) contract by BP for the floating production storage and offloading (FPSO) unit for the Tortue / Ahmeyim Field Development, a major LNG (liquefied natural gas) project located offshore on the maritime border of Mauritania and Senegal.
Marine Harvest plans to produce salmon on a bulk vessel rejected
The Norwegian Fisheries Directorate has rejected Marine Harvest application for six development licenses in relation to the “the Vessel” (“Skipet”) concept, an experimental fish farm design to produce salmon, the regulator said in a statement
The application was sent in June 2016 and the Directorate apologize for a slow process
Marine Harvest’ initial plan (before rejection) was to convert a scrapped bulk carrier to a closed fish farm where the tanks was used for salmon production, total six tanks with about 158,000 salmons in each tank
To be awarded a license under the scheme, companies must show that their plans bring technological innovation while also adhering to strict environmental and animal welfare procedures
- Reuters
Vroon agrees on financial restructuring deal with lenders
Dutch shipping company Vroon has reached an agreement in principle with all of its lenders regarding the terms of its financial restructuring.
“The agreement marks the important step towards the final stage of a process initiated in late 2016 following continued challenges in shipping markets. Vroon is confident that the envisaged restructuring will provide a generous runway to implement its strategic plans,” Vroon said.
The agreement is subject to final documentation and credit committee confirmation.
The company’s restructuring was prompted by an overall downturn in the maritime industry, driven in particular by offshore oil and gas.
Namely, Vroon’s offshore-support-vessel subsidiary Vroon Offshore Services was heavily impacted by a reduction in demand, resulting from the severe downturn. However, the company said that its other businesses were all performing in line with expectations.
Now that the restructuring agreement has been reached, Vroon said it would continue to keep its focus on measures aimed at strengthening its financial structure.
Vroon is active in several shipping business sectors and its fleet of 200 vessels includes livestock carriers, offshore-support vessels, dry-cargo and container vessels, product/chemical tankers, asphalt/bitumen tankers and car carriers.
The company employs 350 staff at its shore-based facilities and around 2,800 marine personnel worldwide.
- World Maritime News
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Headlines Friday 13th April 2018
Port of Rotterdam calls for higher CO2 price
The Port of Rotterdam has called on the Dutch Government to form a coalition with countries in North-West Europe with an aim to introduce a higher CO2 price.
The higher price is expected to stimulate new investments in clean technologies and innovation, according to Allard Castelein, Port Authority CEO.
“A price in the range of 50-70 euros per ton of CO2 will stimulate companies to invest in solutions that we really need in order to realise the targets of the Paris Climate Agreement,” Castelein said, adding that “a North-West European coalition would guarantee a level playing field for the industry.”
The Port Authority announced that it would introduce an incentive of in total EUR 5 million to support vessel owners and charterers that experiment with low-carbon or zero-carbon fuels to promote climate-friendly maritime shipping.
The Rotterdam/Moerdijk port industrial area faces the challenge of reducing CO2 by 20 million tons per year as of 2030. The Port Authority is convinced that this target can be realised as part of the national Climate Agreement.
“The Government is currently focusing on the reduction of greenhouse gases. In order to switch to a new energy system, as a Government you also need an integral vision and a corresponding industrial policy for the new economy, the future industrial landscape and the type of R&D required to achieve that.”
Additionally, the Port Authority presented new research figures in the transport and logistics sector at the Energy in Transition Summit 2018. The study showed that marine and inland transport with Rotterdam as the destination or departure point is responsible for emissions of around 25 million tons of CO2 every year.
World Maritime News
Theresa May gets the backing of her ministers to take action against Syria
Prime Minister Theresa May won backing from her senior ministers to take unspecified action with the United States and France to deter further use of chemical weapons by Syria after a suspected poison gas attack on civilians.
The prospect of a confrontation between Russia, the Syrian government’s ally, and the West has loomed since Trump said on Wednesday that missiles “will be coming” in response to the attack in the Syrian town of Douma on April 7.
Trump has since tempered those remarks and the White House said no final decisions on possible actions had been taken.
Russia has warned the West against attacking its Syrian ally President Bashar al-Assad, who is also supported by Iran, and says there is no evidence of a chemical attack in Douma, a town near Damascus which had been rebel-held until this month.
Reuters
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Headlines 12th April 2018
Theresa May summons cabinet to decide Syria response
The prime minister has summoned the cabinet to discuss the government's response to the suspected chemical weapons attack in Syria.
Ministers will consider the options for backing military action threatened by the United States and its allies.
Theresa May is prepared to take action against the Assad regime in Syria without first seeking parliamentary consent, sources have told the BBC.
The allies want to prevent a repeat of an apparent chemical attack in Douma.
Mrs May has said "all the indications" are that the Syrian regime of president Bashar al-Assad, which denies mounting a chemical attack, was responsible.
Mrs May is still yet to unequivocally point the finger of blame at the Assad government but she has spoken of the need for action "if" the regime is found to bear responsibility.
BBC diplomatic correspondent James Landale said the cabinet was expected to back the PM, but she seems willing to act without the express support of Parliament.
However, he said this would anger some, including Labour leader Jeremy Corbyn, who believes Parliament should be consulted first.
Mr Corbyn has also warned that bombing could escalate the situation in Syria.
Mrs May has described the alleged use of chemical weapons as a "humanitarian catastrophe" that "cannot go unchallenged".
BBC
Norwegian Cruise Line gets green light for PortMiami terminal
Norwegian Cruise Line Holdings and Miami-Dade County have amended and restated an agreement incorporating the construction of a new Cruise Terminal B at PortMiami.
A ground breaking ceremony for the new terminal, which will be able to accommodate vessels carrying 5,000 passengers, is to be held on April 26.
Construction is set to be completed in the fall of 2019 on schedule to receive the Norwegian Encore, the newest ship of NCL’s Breakaway Plus class, when it makes its debut in Miami with seasonal cruises to the Caribbean.
“The construction of a new cruise terminal with the capacity to berth an additional 5,000-passenger cruise ship represents thousands of jobs and increased opportunities for our community,” Miami-Dade County Mayor Carlos A. Gimenez said.
The new agreement guarantees the county a minimum of 1.3 million NCL passenger moves annually, solidifying Miami as its exclusive homeport in South Florida.
“We are excited to partner with Miami-Dade County, the architects at Bermello Ajamil & Partners, and the team at NV2A and Haskell to create a modern and innovative terminal that will soon welcome guests to a premium experience that begins even before they embark and fully immerse themselves in what it means to cruise with Norwegian,” Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings, added.
NCL unveiled the design of its dedicated terminal at PortMiami in early March 2018.
World Maritime News
Enterprise Expands Terminal on Houston Ship Channel
U.S.-based Enterprise Products Partners has moved on to the next phase of expansion at its Houston Ship Channel marine terminal, the Enterprise Hydrocarbon Terminal (EHT).
Namely, the company acquired a 65-acre waterfront site on the Houston Ship Channel for the terminal expansion. The company unveiled that future plans include construction of at least two deepwater docks capable of accommodating Suezmax vessels.
Located immediately to the east of EHT, the purchased property features two existing docks, dredging infrastructure that will be utilized for maintenance and dock expansion at the site, and land for expanding Enterprise’s marine terminaling capabilities.
“As one of the last waterfront properties for sale adjacent to our existing ship channel assets, this strategic acquisition complements our world-class EHT marine terminal and strengthens our position as an industry leader in providing waterborne access,” A.J. Jim Teague, chief executive officer of Enterprise’s general partner, said.
“The growth opportunities available at the 65-acre site enhance our ability to accommodate growing U.S. hydrocarbon production which is increasingly destined for global markets.”
Combined with the EHT complex, the newly acquired assets will be part of Enterprise’s premier Gulf Coast network of marine terminals that includes 18 ship docks, and eight barge docks.
World Maritime News
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Headlines 11th April 2018
Worlds 1st ferry to be fitted with a wind powered rotor sail
Viking Line’s passenger ship M/S Viking Grace has been fitted with a rotor sail for the utilization of wind power, becoming the world’s first passenger ship to feature the technology.
The Rotor Sail Solution, developed by the Finnish company Norsepower Oy, will cut fuel consumption and reduce emissions by up to 900 tonnes annually, Viking Line said.
The LNG-fueled Viking Grace will be deployed on wind-assisted voyages between Turku, Finland and Stockholm, Sweden from April 12, 2018.
“As the rotor is spinning, the passing air will flow with a lower pressure on one side then the opposite side. The propulsion force created by this pressure difference will drive the vessel forward. The rotor sail operation is automated and the system will shut down in response to any disadvantageous changes in the direction or force of the wind,” the company explained.
The cylindrical rotor sail installed on M/S Viking Grace is 24 m in height and 4 m in diameter and it uses the Magnus effect for propulsion.
“We want to pioneer the use of solutions that reduce the environmental load. Based in Finland, Norsepower has developed a world-class mechanical rotor sail solution that will reduce fuel consumption. We are proud of the fact that our Viking Grace will be the first passenger ship in the world to benefit from this innovative solution,” Jan Hanses, CEO of Viking Line, said.
The Finnish cleantech company’s rotor sail solution bodes with the tightening environmental requirements.
“The last traditional windjammers in the world were owned and operated by shipping companies based in Åland, so it’s fitting that Åland-based Viking Line should be a forerunner in launching modern auxiliary sail technology,” Tuomas Riski, CEO of Norsepower, said.
World Maritime News
MSC Armonia runs into a dock in Honduras
MSC Armonia, a 2001-built cruise ship owned by MSC Cruises, crashed into a dock in the port of Roatan in Honduras, on April 10, at 09.00 a.m., local time.
Videos of the incident that emerged on Youtube show the ship uncontrollably speeding into the port, damaging the dock in the impact.
The cause of the incident is unknown, however, initial reports indicate that the ship might have experienced a technical issue.
“While maneuvering alongside, for reasons that are currently still being duly investigated, the ship deviated from its course and grazed the end of the pier,” a spokesperson of MSC Cruises told World Maritime News.
According to the company statement, the crew of the ship and its guests are safe and sound. In addition, there was no impact on the environment.
“As to the ship, the damage was minor. The ship has also since been cleared by Honduran Port State Control authorities to continue its journey as soon as the necessary repairs are concluded. At the present time, ship personnel and external experts are still at work to complete such repairs,” the spokesperson said.
World Maritime News
Airlines warned of possible strikes into Syria
Pan-European air traffic control agency Eurocontrol on Tuesday warned airlines to exercise caution in the eastern Mediterranean due to the possible launch of air strikes into Syria in next 72 hours.
Eurocontrol said that air-to-ground and cruise missiles could be used within that period and there was a possibility of intermittent disruption of radio navigation equipment.
U.S. President Donald Trump and Western allies are discussing possible military action to punish Syria’s President Bashar Assad for a suspected poison gas attack on Saturday on a rebel-held town that long had held out against government forces.
Trump on Tuesday cancelled a planned trip to Latin America later this week to focus instead on responding to the Syria incident, the White House said.
Trump had on Monday warned of a quick, forceful response once responsibility for the Syria attack was established.
The Eurocontrol warning on its website did not specify the origin of any potential missile threat.
Reuters
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Headlines Tuesday 10th April 2018
HMM Orders 20 Megaships
South Korean Shipping company Hyundai Merchant Marine (HMM) has embarked on ordering a total of 20 megaships.
HMM plans to order 12 vessels above 20,000 TEU and 8 vessels 14,000 TEU vessels. The vessels are being considered for Asia-North Europe and US east coast trade routes.
“Considering the factors including the recent increase in new shipbuilding price and dock availability, HMM will start on selection of shipyards by sending out its Request for Proposal (RFP) to shipbuilding companies on April 10,” the company said.
World Maritime News
UK salaries for Permanent jobs rise at slowest pace for 9 months – REC
British companies raised salaries for new permanent staff in March at the slowest rate in nine months, according to a survey that may surprise Bank of England officials expecting a further improvement in pay growth.
The monthly gauge of starting salaries for permanent workers from the Recruitment and Employment Confederation (REC) and accountancy KPMG from fell to 60.0 from 61.5 in February, its lowest level since June last year.
While official data last month showed workers’ total earnings, including bonuses, rose by an annual 2.8 percent in the three months to January - the biggest increase since 2015 - Tuesday’s survey of recruitment firms may raise questions about the strength of pay pressure further ahead.
The REC survey showed demand for staff - both temporary and permanent - continued to rise strongly, albeit at a slower rate than late last year.
“In hospitality, demand for temporary staff is really high, but businesses have had fewer applicants from the EU since the Brexit vote,” REC director of policy Tom Hadley said.
Reuters
China LNG Shipping Eyes VLEC order
China LNG Shipping, a subsidiary of China Merchants Energy Shipping Co, is interested in adding ethane carriers to its gas carrying fleet.
Namely, the company has signed a Memorandum of Understanding (MoU) with compatriot Hudong-Zhonghua Shipbuilding for the construction of Very Large Ethane Carriers (VLEC), according to the data from Asiasis.
Hudong-Zhonghua Shipbuilding has been active in developing very large ethane carrier designs amid an anticipated increase in demand for different types of liquefied gases.
World Maritime News
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Headlines Monday 9th April 2018
Oil Tanker crashes into historic mansion
A tanker crashed into a historicmansion on the shores of Istanbuls Bosphorus on Saturday afters its steering equipment became locked. Traffic in the strait had been suspended in both directions as a result of the incident.
Tow boats and coast guard vessels were sent to the area after the crash and the “Vitaspirit” tanker, carrying a Maltese flag was pulled back from the crash site and brought to shore.
There were no reports of casualties but the Hekimbasi Salid Efendi Mansion, a mansion that has stood since the 18th Century, suffered extensive damage.
The bosphorus is one of the world’s most important choke points for maritime oil transports, with more that 3 percent of global supply – mainly from Russia and the Caspian Sea – passing through the 17-mile waterway connecting the Black Sea to the Mediterranean.
Reuters
Syria Says U.S suspected of attacking air base but pentagon denies it.
Syrian state TV said on Monday the Unites States was suspected of striking an air base hours after U.S President Donald Trump warned of a “big price to pay” as aid groups said dozens were killed in by poison gas in a rebel held town.
The United States have denied attacking the Syrian base, and France also said it had not carried it out.
“At this time, the Department of Defense is not conducting air strikes in Syria,” the Pentagon said in a statement.
“However, we continue to closely watch the situation and support the ongoing diplomatic efforts to hold those who use chemical weapons, in Syria and otherwise, accountable.”
Reuters
Adidas to close stores in online push
Adidas expects to close down stores in the coming years as part of a shift towards selling more goods online, it’s chief executive told a newspaper.
In an interview with the Financial Times, Kasper Rorsted said “over time, we will have fewer stores but they will be better”, adding that over the coming year the number of Adidas stores was expected to contract slightly.
“Our website is the most important store we have in the world.”
Adidas, which wants to more than double its ecommerce sales to 4 billion euros ($4.91 billion) by 2020 from 1.6 billion last year, has 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times said.
Financial Times
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Headlines Thursday 5th April 2018
£30m to be invested by Aggreko in renewables research in Dumbarton
AGGREKO is to invest £33 million in Dumbarton creating an innovation centre to develop mobile renewable energy solutions, in a move described by Nicola Sturgeon as “hugely encouraging” for Scotland.
The project will development Aggreko’s renewables offering with a particular focus on solar-diesel hybrid solutions & energy storage, more efficient engine technology and the introduction of waste heat recovery all with the purpose of reducing the cost of energy for communities and industries around the world.
“As our new Energy Strategy sets out, it is crucial that we find new ways to ensure energy is produced efficiently, and integrates renewable and low carbon technology – as is the case with these developments by Aggreko.”
Chris Weston, chief executive of the FTSE-listed group, said: “Power generation and energy markets are going through a fundamental change and businesses, organisations and governments across the globe are having to respond rapidly to this changing energy landscape.”
ETF Urges Sicilian Ports to Tackle Attempts of Self-Handling
Undisclosed shipping lines have attempted to conduct self-handling in a number of Italian ports, according to the European Transport Workers’ Federation (ETF).
Self-handling, which represents the use of seafaring onboard staff to load or lash cargo, rather than local dockers, was reported at the Italian ports of Palermo, Termini Imerese, Trapani and Porto Empedocle.
Reclaiming lashing is one of the priority fights for ETF and ITF Dockers’ unions, also in the framework of the Fair Transport Europe Campaign 2.0.
In a context of growing automation and decreasing cargo volumes, lashing by dockers is an important way to retain port jobs. Moreover, lashing operations are very dangerous and should only be performed by qualified dockers, ETF informed.
Seafarers should not do lashing, because they are not properly trained for such operations and because they are often required to do lashing during their rest time.
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Headlines Wednesday 4th April 2018
Saudi Oil Tanker attacked off Yemen
Yemen’s Houthi Group hit a Saudi oil tanker off the main port city of Hodeidah on Tuesday in an attack that could complicate a new United Nations push to end the war in Yemen that has killed more than 10,000 people.
The Iranian-aligned Houthis said they had targeted a coalition warship in response to an air strike on Hodiedah on Monday that killed at least a dozen civilians, including seven children.
In a statement carried by Saudi media, the coalition said the oil tanker was in international waters when it came under “Houthi-Iranian attack” at around 1330 local time.
A coalition warship conducted a “swift intervention” foiling the attack, it said, without identifying the type of weapon used in the assault. “As a result of that attack, the tanker was subjected to a slight but ineffective hit and it resumed its naval course northwards, escorted by a coalition warship” the statement said.
Maersk linked to purchase 6 container ships
The works largest container shipping company Maersk Line has reportedly invested $280 million to acquire six secondhand containerships from German Commerzbank.
Under the deal, reported by intermodal Research and Valuations, Maersk Line has added two Sub Panamaxes and four Panamaxes, which were already chartered in by the Danish firm.
The vessels in question are Maersk Eureka and Maersk Edirne, built in 2012 by HHI. The two ships were previously known as Hanjin Sooho and Hanjin Asia and were part of Hanjin Shipping’s Fleet.
The ultra large containerships HS Shackleton and HS Baffin, both built in 2013, the two remaining ships are the Merkur Harbour and Rio Connecticut, built in 2012.
YouTube HQ Shooting – Three Wounded
Police have named Nasim Aghdam, 39, as the suspect in a gun attack at YouTube’s HQ in California. The motive for her attack is not yet confirmed. It is believed that she was angry at YouTube for filtering her videos and reducing the money she could make.
In the attack on Tuesday two women and a man were left with gunshot wounds. The attacker, Aghdam, shot herself dead after the attack.
Police in San Bruno, California, say there is no evidence that the attacker knew the victims, a 36-year-old man said to be in critical condition, and two woman aged 32 and 27.
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Headlines Tuesday 3rd April 2018
Shipping CO2 Emissions Meeting in London
With a meeting of the International Maritime Organisation, a UN backed body responsible for standards in the shipping industry, scheduled to take place this week in London, one of the main topics will be CO2 emissions within the industry.
According to the BBC, if shipping doesn’t clean up it will contribute almost a fifth of the global total of CO2 by 2050. A group of nations led by Brazil, Saudi Arabia, India, Panama and Argentina is resisting CO2 targets for shipping.
Their submission to the meeting says capping ships' overall emissions would restrict world trade. It might also force goods on to less efficient forms of transport.
This argument is dismissed by other countries which believe shipping could actually benefit from a shift towards cleaner technology.
The UK's Shipping Minister Nusrat Ghani told BBC News: "As other sectors take action on climate change, international shipping could be left behind.
"We are urging other members of the International Maritime Organisation (IMO) to help set an ambitious strategy to cut emissions from ships."
Wartsila, one of the world’s leading manufacturers of marine engines backs the proposals to reduce carbon emissions.
Jaakko Eskola, Chief Executive of Wartsila, said the support was needed to give shipbuilders greater confidence to invest in cleaner technology. “There’s a history of decisions being made, some people investing, and then [implementation] being delayed,” he told the Financial Times. “It is depressing new orders because of the uncertainty.”
- BBC & The Financial Times
Britain to Ban Ivory Items
Britain will ban the sale of ivory items regardless of their age in an effort to restrict the illegal trade, tackle poaching and help protect elephants, the government said on Tuesday.
New legislation will create the toughest ban on ivory in Europe and one of the toughest in the world, with a prohibition on the sale of nearly all antiques containing ivory.
Environment Secretary Michael Gove said the tougher restrictions, which follow a public consultation, would demonstrate Britain’s belief that “the abhorrent ivory trade should become a thing of the past”.
“Ivory should never be seen as a commodity for financial gain or a status symbol, so we will introduce one of the world’s toughest bans on ivory sales to protect elephants for future generations,” he said in a statement.
South China Sea Tension to Hurt Offshore Operations
Tension in the South China Sea will hurt PetroVietnam’s offshore exploration and exploitation activities this year, the state-run oil and gas group said on Tuesday, weeks after the Southeast Asian nation suspended a project under pressure from China.
Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 percent of the potentially energy-rich maritime territory, which Vietnam calls the East Sea.
“The East Sea is forecast to continue to have uncertainty this year ... affecting the company’s efforts to attract foreign investors to invest in its open offshore fields”, PetroVietnam said on its website.
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Headlines Friday 30th March 2018
China's space lab set for fiery re-entry
China's defunct space lab, Tiangong-1, should fall to Earth over the weekend.
At over 10m in length and weighing more than 8 tonnes, it is larger than most of the man-made objects that routinely re-enter Earth's atmosphere.
China has lost all communication with the module and so the descent will be uncontrolled.
However, experts say there is very low risk that any parts of Tiangong that do not burn up will hit a populated area.
"Given Tiangong-1 has a larger mass and is more robust, as it is pressurised, than many other space objects that return uncontrolled to Earth from space, it is the subject of a number of radar tracking campaigns," explained Richard Crowther, the UK Space Agency's chief engineer.
"The majority of the module can be expected to burn up during re-entry heating, with the greatest probability being that any surviving fragments will fall into the sea," he told BBC News.
Sentinel Marine takes delivery of new North Sea emergency rescue vessel
Offshore support ship operator Sentinel Marine, of Aberdeen, has taken delivery of the latest in its fleet of multi-role emergency response and rescue vessels (ERRVs).
The UK-flagged ship is the seventh of Sentinel Marine’s new breed of ERRVs to enter operation as part of a £110million investment, with a further two currently under construction and due to enter service later this year.
Biscay Sentinel, which is more than 200ft long, was handed over at the Cosco Guangzhou shipyard in China earlier this month and is expected to arrive in Aberdeen in early May. She will immediately start work in the North Sea, providing vital support and lifesaving services to the oil and gas industry.
- Press and Journal
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Headlines Thursday 29th March 2018
Shipping Confidence Reaches Four-Year High
Shipping confidence reached a four-year high in the three months to end-February 2018, according to Moore Stephens’ latest Shipping Confidence Survey.
The study showed that the average confidence level was up from 6.2 out of 10.0 in November 2017 to 6.4 this time. Confidence on the part of owners was also at a four-year high, up from 6.4 to 6.6, while managers’ confidence was up too, from 6.1 to 6.4.
The rating for charterers, however, continued its recent erratic performance – down to 5.0 from 7.7 in November 2017, but up on the 4.7 recorded in August 2017. Confidence on the part of brokers, meanwhile, was down from 6.3 to 6.1.
World Maritime News
Carnival Cruise Line Adds 26th Ship to Its Fleet
Carnival Cruise Line has taken delivery of the new 133,500-ton Carnival Horizon, the 26th ship in its fleet, which was built by Fincantieri shipyard in Italy.
Carnival Horizon is a sister ship of Carnival Vista, the largest unit which Fincantieri has ever built for the cruise line company.
The vessel is 323 meters long and accommodates more than 6,400 people onboard, including staff.
Carnival Horizon has been built in accordance with the latest navigation regulations and equipped with modern safety systems, including the “Safe return to port”, Fincantieri said. It has also been fitted with advanced energy-saving technologies such as energy-efficient engines and an exhaust gas cleaning system.
World Maritime News
North, South Korea fix April date for first summit in years
North and South Korea will hold their first summit in more than a decade on April 27, South Korean officials said on Thursday, after North Korean leader Kim Jong Un pledged his commitment to denuclearisation as tensions ease between the old foes.
South Korean government officials announced the date of the summit after holding high-level talks with their North Korean counterparts on Thursday.
The two Koreas had agreed earlier this month to hold such a summit at the border truce village of Panmunjom when South Korean President Moon Jae-in sent a delegation to Pyongyang to meet North Korean leader Kim Jong Un.
Thursday’s talks were the first between the two Koreas since the delegation returned from the North.
A joint statement from the dialogue said two Koreas would hold a working-level meeting on April 4 to discuss details for the summit, such as staffing support, security and news releases.
Reuters
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Headlines Wednesday 28th March 2018
US Quadruples LNG Exports in 2017
The US increased its exports of Liquefied Natural Gas (LNG) in 2017, quadrupling the amount of cargo shipped across the globe.
All of the exported LNG originated from Louisiana’s Sabine Pass liquefaction terminal and reached 25 countries.
More than half of the exported LNG was shipped to Mexico, South Korea and China. Almost 60 percent of the cardo was sold on a spot basis to more than 20 countries across Asia, Europe, North and South America, the Middle East and North Africa and the Caribbean.
4 more LNG projects are scheduled to start operation shortly to join Louisiana’s Sabine Pass and Maryland’s Cove Point. Elba Island LNG in Georgia and Cameron LNG in Louisiana in 2018, followed by Freeport LNG and Corpus Christi LNG in Texas in 2019.
This will help the US overtake Malaysia as the world third largest LNG exporter by 2020 remaining behind only Australia and Qatar.
World Maritime News
UK will bring in Plastic Returns Scheme in 2018
The UK will look to introduce a new deposit return scheme for single-use drink containers to increase recycling rates and slash the amount of waste littering land and sea this year.
British consumers get through about 13 billion plastic drink bottles a year but more than three billion are either incinerated, sent to a landfill or left to pollute streets, the countryside and marine environment, the government said.
“We can be in no doubt that plastic is wreaking havoc on our marine environment – killing dolphins, choking turtles and degrading our most precious habitats,” environment minister Michael Gove said in a statement.
“It is absolutely vital we act now to tackle this threat and curb the millions of plastic bottles a day that go unrecycled,” he said, adding that implementation of the scheme in England would be subject to consultations later this year.
The scheme can be executed by employing a network of recycling vending machines where glass and plastic bottles are inserted for a monetary return.
Reuters
Rio Tinto exits coal with $2.25 Billion Kestrel Sale
Global Miner, Rio Tinto has sold its last remaining coal mine in Australia for $2.25 billion to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk.
The sale now makes Rio Tinto the only mining major without coal assets, which might boost its allure to some investors.
The Kestrel mine in the Bowen Basin region, which produces high quality coking coal, will be jointly managed and operated by Australia-based EMR and Adaro and marks EMR’s biggest mining investment. It last year bought an 80 percent stake in Zambian copper mine Lubambe for $97.10 million.
Reuters
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Headlines Tuesday 27th March 2018
Maersk and MSC Boxships Collide in Callao
Containership Laura Maersk collided with MSC Schuba B owned by seaspan and chartered by MSC. The incident took place in Callao port, Peru, on Saturday March 24th.
Neither of the boxships sustained any major damage and were allowed to continue on their voyages.
Laura Maersk is a 4,500 TEU vessel, built in 2001, and sails under the Danish flag. It is operating on the AC1 service which connects Latin America and Asia.
Based on its latest AIS data, MSC Shuba B was also allowed to resume its voyage and is reported to be underway using engine bound for the port of Puerto San Antonio, Chile.
Reuters
Australia Hints at Possible World Cup Boycott Over Nerve Agent Attack
Australia said on Tuesday it will expel two Russian diplomats in response to a nerve agent attack on former Russian spy in Britain that the British government has blamed on Moscow and hinted at a possible boycott of the World Cup.
“Together with the United Kingdom and other allies and partners, Australia is taking action in response to the recent nerve agent attack in Salisbury, UK,” Prime Minister Malcolm Turnbull announced in a statement.
Foreign Minister Julie Bishop said there were other possible actions, such as Australia boycotting the 2018 World Cup in Russia.
“There are a whole range of further options of action that could be taken. The boycott of the World Cup is one of the further actions that could be taken in relation to this matter,” Bishop told reporters in Canberra.
Reuters
HHLA Acquires Estonia’s Biggest Terminal Operator
Germany’s Hamburger Hafen und Logistik AG (HHLA)has decided to acquire Estonia’s biggest terminal operator Transiidikeskuse AS.
The transaction, subject to various conditions, is expected to be completed in the second quarter of 2018.
Commenting on the acquisition of Transiidikeskuse AS, Angela Titzrath, Chairwoman of HHLA’s Executive Board, explained: “Estonia is one of the fastest-growing economies in Europe and a pioneer when it comes to digitisation. We are therefore pleased to be integrating Transiidikeskuse AS – already a profitable and high-performing company – into the HHLA family.”
“One of HHLA’s targets is to grow internationally… The acquisition enables us to enter a promising regional market that offers growth potential as a result of its geographic position and its link to the New Silk Road,” Titzrath added.
“This transactions links Estonia and Muuga into the heart of Hamburg, where HHLA operates 3 terminals. The negotiations have not been easy but the knowledge that the company will be in good hands and that the new owner will open the next chapter in the history of Estonian transit history, made concluding the transaction easier,” Anatoli Kanajev, Transiidikeskuse AS Chairman of the Supervisory Board, commented.
World Maritime News
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Headlines Monday 26th March 2018
Worlds Largest Ever Cruise Ship is Delivered
Royal Caribbean have taken delivery of the largest cruise ship the world has ever seen, Symphony of the Seas. The mammoth cruise ship is almost as long as the Empire State building and took 36 months to build thanks to 4,700 shipbuilders.
The official handover ceremony was held on Friday in Saint-Nazaire, France, with Michael Bayley and Richard Fain, President and Chairman of Royal Caribbean Cruises, and Laurent Castaing, General Manager of STX France, leading the traditional flag-changing ceremony.
“Symphony of the Seas is the latest example of how our people work to push the envelope of innovation with each new ship,” D. Fain commented.
“The Oasis Class has been a trend-setting design, but the team has evolved the design to build on that success to provide even more incredible family adventures.”
“Symphony will leave Saint-Nazaire yard as the ultimate example of our progress-driven spirit and commitment to innovation, which are at the heart of our partnership with Royal Caribbean, who is always challenging us in this direction,” Castaing said.
The vessel measures 362 meters long, 66 meters wide and 70 metres high. Symphony of the Seas will host some 6,800 passengers and 2,000 crew when operating at capacity. She will join her sister ship Harmony of the Seas, built 2 years ago and will be joined by the third of its kind in 2021.
- World Maritime News
Man Overboard From Tanker in Alaska
Search efforts continue in an attempt to locate a 23-year-old sailor reported to have fallen overboard from an oil products tanker, 126 miles south of Alaska yesterday.
The master of the tanker alerted authorities after a thorough search of the vessel was unsuccessful, he then turned the vessel around and followed his previous trackline in efforts to locate the missing man.
“We are fully prepared and readily equipped to conduct search patterns and provide search and rescue efforts for this young man. Our primary concern is to locate him and get him out of the water and into the necessary higher medical care,” Lt. Danny Piazza, a Coast Guard District 17 watchstander, said.
- World Maritime News
Trump shows solidarity with UK over poison attack
President Trump is considering the expulsion of some Russian diplomats in the United States in solidarity with Britain over the poisoning of a former Russian spy in England, a source familiar with the situation said on Sunday.
An announcement of the U.S decision could be made as early as Monday, the source said.
White House spokesman Raj Shah said the United States is considering how to respond but would not provide details.
“The United States stands firmly with the United Kingdom in condemning Russia’s outrageous action. The President is always considering options to hold Russia accountable in response to its malign activities. We have no announcements at this time,” he said.
- Reuters
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Headlines Thursday 22nd March 2018
BIMCO: Trade War Would Harm Global Shipping
A potential trade war, which could emerge on the back of US’ recently unveiled tariffs on imported steel and aluminium, would be harmful for the global shipping industry, according to the Baltic and International Maritime Council (BIMCO).
Although the impact of US steel and aluminium tariffs, that enter into force on March 23 2018, on shipping is still unknown, a major trade action against China is now also likely to come from the US.
As steel and aluminium import barriers are set by the US, trading partners like the EU, Japan and China, may set their own import barriers against e.g. agricultural products in general or more politically targeted products hitting Trump’s constituency.
“All trade-restrictive measures are in principle bad for shipping,” Peter Sand, BIMCO’s Chief Shipping Analyst, said.
“Open economies are all better off from trading, as they make use of their resources in the most optimal way. The result of a trade war is more expensive goods of lower quality and little variety. This goes for all products and commodities,” Sand added.
Under the American President’s metals tariff plan the US would put a 25% tariff on imports of steel and a 10% tariff on imports of aluminium.
Fire-Ravaged Maersk Honam to Be Towed to Jebel Ali
Maersk Line’s ultra large containership Maersk Honam, which was hit by a major fire on March 6, will be towed to Jebel Ali, the UAE, where its cargo will be off-loaded.
The estimated time of arrival (ETA) is still to be confirmed, and may be approximately two weeks from now, Mediterranean Shipping Company (MSC) said citing its 2M alliance partner. The salvage operation is led by Smit Salvage and Ardent.
“Based on a limited amount of information to hand, MSC reasonably expects that a substantial proportion of the cargo located after, behind the ship’s accommodation area should be in sound condition. Unfortunately, we must assume, based on the details to date, that most containers located in front of the accommodation area are damaged by fire, heat or the water used to fight the fire,” MSC said in a customer advisory.
“We will only be able to clarify the situation once the cargo has been discharged at the port of refuge and inspected.”
Maersk Line said earlier that the berthing and discharging operations of the fire-ravaged boxship would result in high extraordinary costs.
Britain seeks European help against Russian spy networks – diplomats
Britain is seeking help from other European countries to take action against Russian spy networks that could be preparing similar attacks as the nerve agent assault on a former Russian spy in England, diplomats said.
Britain’s Prime Minister Theresa May will urge “coordinated action” among European Union governments at a summit in Brussels on Thursday, where she will also try to persuade the bloc’s leaders to condemn Russia squarely over the attack in Salisbury.
May accused Russia of the first known offensive use of a nerve toxin in Europe since World War Two after Sergei Skripal, a former Russian double agent, and his daughter were found unconscious on a public bench in the English city on March 4.
In the worst crisis between the two powers since the Cold War, May has expelled 23 Russian diplomats whom she says were spies working under cover. Moscow, which has denied involvement in the attack, has taken retaliatory steps.
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Headlines Tuesday 21st March 2018
Ocean plastic could treble in decade
The amount of plastic in the ocean is set to treble in a decade unless litter is curbed, a major report has warned.
Plastics is just one issue facing the world's seas, along with rising sea levels, warming oceans, and pollution, it says.
But the Foresight Future of the Sea Report for the UK government said there are also opportunities to cash in on the "ocean economy".
They say this is predicted to double to $3 trillion (£2 trillion) by 2030.
The report says much more knowledge is needed about the ocean. The authors say the world needs a Mission to "Planet Ocean" to mirror the excitement of voyaging to the moon and Mars.
The Foresight reports are written by experts to brief ministers on medium and long-term issues of significance. This one has been signed off by ministers from four different departments as the authors emphasise the need for a joined-up oceans policy.
One of the authors, Prof Edward Hill from the UK National Oceanography Centre told BBC News: "The ocean is critical to our economic future. Nine billion people will be looking to the ocean for more food. Yet we know so little of what's down there.
"We invest a lot of money and enthusiasm for missions to space - but there's nothing living out there. The sea bed is teeming with life. We really need a mission to planet ocean - it's the last frontier."
Cargo Ship Turned Over, Adrift after Collision off France
The 82-meter-long general cargo vessel Britannica Hav capsized and turned over following a collision with a fishing vessel on March 20 in the English Channel.
The cargo ship, which is now adrift, collided with the Belgium-flagged fishing vessel Deborah in the afternoon hours some 50 nautical miles northeast of the Cherbourg coast, according to France’s Maritime Prefect.
All seven of the vessel’s crew members managed to leave the ship before it sank, and were later safely evacuated by helicopter to land.
The Malta-flagged Britannica Hav suffered damage to its center port side, while four 15-by-20-foot bilge boards were separated from the vessel and were reported adrift.
At the time of the incident, the cargo vessel was loaded with some 1,955 tonnes of steel and had 48 tons of light diesel fuel on board. Maritime Prefect informed that an oil sheen was spotted at the site following the incident.
The captain of the fishing vessel sustained a minor head injury, however, no other injuries to the crew were reported.
Natural catastrophes push Lloyd's of London to two billion sterling 2017 loss
Lloyd’s of London reported a 2017 pretax loss of 2 billion pounds, it said on Wednesday, pushing it into the red for the first time in six years after a record year for losses from natural disasters.
The specialist insurance market, which has been losing global market share, also said its planned EU subsidiary would be operational by July 2018, to cope with Britain’s departure from the European Union.
Insurers suffered $135 billion in losses from natural catastrophes such as hurricanes, earthquakes and wildfires last year.
The 2 billion pound loss followed a pretax profit of 2.1 billion pounds in 2016.
“The market experienced an exceptionally difficult year in 2017, driven by challenging market conditions and a significant impact from natural catastrophes,” chief executive Inga Beale said in a trading statement.
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Headlines Tuesday 20th March 2018
Container Ships Crash into Each Other in Karachi Port
Two Post Panamax container ships collided in the Karachi port in Pakistan on Monday, March 19, sending over a dozen containers overboard.
A video released by local media shows Hapag-Lloyd’s 8,063 TEU Tolten brush against 6,350 TEU Hamburg Bay which was already berthed at the South Asia Port Terminal.
Several containers tumbled down from the ship and went into the water as the ship struggled to manoeuvre into the terminal.
It appears that the two ships did not sustain serious damage, however, an official estimate is yet to be provided.
There have been no injuries reported to the crew so far. The terminal suspended operations for several hours after the incident, according to Geo News.
The reason behind the collision is not known and an investigation into the incident is said to be underway.
China Jumps to Number Two Importer of U.S. Crude
U.S. crude oil exports in 2017 were nearly double those of 2016, and China accounted for 202,000 b/d (20 percent) of the 527,000 b/d total increase.
As a result, China surpassed the U.K. and the Netherlands to become the second-largest importing destination. However, similar to previous years, Canada remained the top destination for U.S. crude oil exports. Canada’s share of total U.S. crude oil exports continued to decrease in 2017, down from 61 percent in 2016 to 29 percent.
U.S. crude was shipped to 37 destinations, compared with 27 in 2016. Many European nations are among the largest destinations for U.S. crude oil exports, including the U.K., Netherlands, Italy, France and Spain. India, which did not receive U.S. crude oil exports in 2016, received 22,000 b/d in 2017, tying with Spain as the 10th-largest destination.
UK investigating Facebook's response to alleged data breach
Britain is investigating whether Facebook did enough to secure data after reports that a political consultancy hired by Donald Trump improperly accessed information about 50 million Facebook users, Information Commissioner Elizabeth Denham said on Monday.
Denham is seeking a warrant to search the offices of London-based consultancy Cambridge Analytica after a whistleblower revealed it had harvested the private information of millions of people to support Trump’s 2016 U.S. presidential campaign.
Facebook shares closed down nearly 7 percent on Monday, wiping nearly $40 billion (£28.49 billion) off its market value as investors worried that new legislation could damage the company’s advertising business and hurt its appeal to users.
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Headlines Monday 19th March 2018
Bibby Line to merge with Cecon Contractors
Fara Holdco Limited, owners of the Bibby Offshore group of companies, have announced a merger with Rever Offshore AS.
Rever’s subsidiaries include CECON Contracting AS, an international subsea and offshore contractor, as well as two vessel companies which own both the Cecon Excellence and Cecon Sovereign.
The combination of Bibby and CECON Contracting AS will create a larger and more robust offshore installation delivery business both in the North Sea and internationally.
Supported by strong ownership, the Bibby-Rever platform is well positioned to deliver enhanced both service quality and efficiency. The combined company will continue to evaluate growth opportunities in its core diving and subsea umbilicals, risers, and flowlines (SURF) markets.
Executive Chairman of Fara, Riulf Rustad, said: “This transaction brings the excellent track records of both Bibby Offshore and CECON Contracting into a strong, focussed group.
“The complementary services and assets of each business produced a compelling industrial logic to join forces. The individual geographical strengths and subsea intervention skills of each business now allows the combined platform to offer a much wider range products and solutions to customers.”
VLCC Scrapping in Q1 Breaks Last Year’s Total
2018 is off to a great start when it comes to removing of outdated tanker tonnage from the oversupplied fleet paving the way for the weak spot market to start recovering.
A total of 16 very large crude carriers (VLCC) are reported to have been scrapped so far this year, according to VesselsValue’s data, breaking already last year’s total of 13 VLCC sent for scrap.
This equals to a total 4,682,800 dwt having been scrapped since the start of the year.
In addition, two former VLCCs, which were converted into FSOs and used for storage projects, were sold for permanent removal, Gibson Shipbrokers said in its weekly report.
As explained, the tankers heading for demolition are getting younger when compared to last year’s average. This year’s average age is 18.5 years versus 21.5 years for VLCCs demolished in 2017, Gibson’s data shows.
Furthermore, the youngest vessel to be sent for demolition this year was 16.6 years old while the oldest one sent for recycling was 23.5 years old, according to VesselsValue.
The rise in demolition has been prompted by higher scrap values with lightweight prices in the sub-continent having climbed above USD 450/ldt in recent months, their highest level in three years, Gibson said.
Putin savours big victory after winning six more years at Russia's helm
Russian President Vladimir Putin basked in a landslide re-election victory on Monday, extending his rule over the world’s largest country for another six years at a time when his ties with the West are on a hostile trajectory.
Putin’s victory will take his political dominance of Russia to nearly a quarter of a century until 2024, the longest rule since Soviet dictator Josef Stalin, by which time Putin will be 71. He has promised to use his new term to beef up Russia’s defences against the West and to raise living standards.
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Headlines Friday 16th March 2018
U.K. Ports Investing Billions in Infrastructure
The British Ports Association has published new research which shows that U.K. ports and terminals have an estimated £1.7 billion ($2.37 billion) of port infrastructure investment in the development pipeline.
The report by infrastructure advisory firm Moffatt & Nichol focuses on developments which have been announced in the press in the last 12 months and provides a snapshot of the potential scale of U.K. ports' investment in infrastructure. It's also likely that there are a many more privately financed infrastructure projects planned or underway all around the country, which haven’t been discussed in public yet.
Mark Simmonds, the British Ports Association’s Policy Manager, said: "Ports are doing their bit but we rely on Government to ensure that road and rail connections from the port gate are fit for purpose. The terrestrial and marine planning and consenting process is also cumbersome and costly and often holds back or even prevents some sustainable port development. We hope that this report helps Government to develop an accurate picture of the investment that industry is making when developing its policies and making its own investment decisions regarding infrastructure."
Russia to expel UK diplomats as crisis over nerve toxin attack deepens
Russia is set to expel British diplomats in retaliation for Prime Minister Theresa May’s decision to kick out 23 Russians as relations with London crash to a post-Cold War low due to an attack with military-grade nerve agent on English soil.
After the first known offensive use of such a weapon in Europe since World War Two, May blamed Moscow and gave 23 Russians who she said were spies working under diplomatic cover at the London embassy a week to leave.
Russia has denied any involvement, cast Britain as a post-colonial power unsettled by Brexit, and even suggested London fabricated the attack in an attempt to whip up anti-Russian hysteria.
Britain, the United States, Germany and France jointly called on Russia on Thursday to explain the attack. U.S. President Donald Trump said it looked as though the Russians were behind it.
Russia has refused Britain’s demands to explain how Novichok, a nerve agent developed by the Soviet military, was used to strike down Sergei Skripal, 66, and his daughter Yulia, 33, in the southern English city of Salisbury.
Maersk acts on dangerous goods after Honam fire
Maersk Line has stopped loading dangerous goods in areas close to the accommodation and engine casing units on its containerships as it carries out tests to determine the cause of the Maersk Honam blaze.
The Singapore-flagged vessel suffered the fire in its cargo hold on March 6. At the time, the ship, which was en-route from Singapore towards Suez, was crewed by 27 sailors.
23 crew members were evacuated by the vessel ALS Ceres after the fire broke out. One was reported dead due to injuries sustained in connection with the fire, while the salvors found the remains of three out of the four missing crew members aboard Maersk Honam, the company said on March 12.
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Headlines Thursday 15th March 2018
Shell close to clinching Hong Kong's first LNG import deal
Royal Dutch Shell (RDSa.L) is hoping to beat off some fierce competition to be the first to supply LNG to the city.
Hong Kong is making the big change from using coal to more natural gas to fuel its electric power generation. In turn, this will then likely create a regular profitable demand in the Asian LNG market.
Committed to the Paris Climate Change Agreement, Hong Kong is looking to increase its use of natural gas (for power generation) to 50% by 2020.
Marine fuels market jolted by green shake-up
With changes to environmental rules approaching, the market for marine fuels is changing and causing worry for owners of coastal storage tanks.
Whilst Fuel oil is currently the main source of propulsion for cargo vessels, there will be much stricter global standards on sulphur emissions starting in 2020. Prices for future deliveries have been affected leaving traders uncertain about the demand so they have already started unwinding contracts to store the oil.
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Headlines Wednesday 14th March 2018
Dry Bulkers Worth More than Tankers and Container Ships
The dry bulk fleet is now worth more than the combined value of the tanker fleet, leapfrogging container ships as well, according to the vessel valuation expert VesselsValue.
The surge in the value of the dry bulk assets comes on the back of soft returns that plagued the market over the past couple of years which encouraged scrapping and drove ton-mile demand increase.
The dry bulk market hit rock bottom three years ago, with rates spiraling down amid tonnage overcapacity. However, as the market reaps the gains of a restored balance between supply and demand, hire rates have been on the climb enticing owners to invest in more tonnage.
Physicist Stephen Hawking, who unlocked the secrets of space and time, dies at 76
Stephen Hawking, who sought to explain some of the most complicated questions of life while working under the shadow of a likely premature death, has died at 76.
He died peacefully at his home in the British university city of Cambridge in the early hours of Wednesday.
“We are deeply saddened that our beloved father passed away today,” his children Lucy, Robert and Tim said in a statement.
Hawking’s formidable mind probed the very limits of human understanding both in the vastness of space and in the bizarre sub-molecular world of quantum theory, which he said could predict what happens at the beginning and end of time.
His work ranged from the origins of the universe, through the tantalising prospect of time travel to the mysteries of space’s all-consuming black holes.
Google to ban ads on cryptocurrencies, related products
Alphabet Inc’s Google said on Wednesday it will ban advertisements for cryptocurrencies and related content starting in June.
Under the new policy, the company will ban ads for unregulated or speculative financial products like binary options, cryptocurrency and financial spread betting among others.
In a separate blog post, Google said it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double the number of ads it removed in 2016.
“Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us,” Scott Spencer, director of sustainable ads, said.
In January, Facebook Inc said it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings.
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Headlines Tuesday 13th March 2018
Hyundai Heavy Industries Reveals 29 Ship Orders in 2018
2018 seems to be off to a good start for South Korean shipbuilders as they reveal a strong demand for newbuilds in the first quarter of this year amid market’s accelerating recovery.
Hyundai Heavy Industries (HHI) said last week that the ordering tally so far this year includes orders for 29 ships, worth USD 2 billion.
These include 3 LNG carriers, eight LPG carriers, 10 oil tankers, 6 container vessels and two very large ore carriers.
The latest order reported on Monday, March 6 was for two LNG carriers from an undisclosed European shipowner.
Furthermore, the shipbuilder has raised KRW 1.2 trillion (USD 1.15 billion) from its rights issue.
“Maritime Amazon” Unveiled
The Singapore-headquartered company Moscord is adding to the digital disruption of shipping with the unveiling of a new procurement platform offering simplified purchasing and pre-priced logistics fulfillment. Future development plans include integrating blockchain technology into the platform for credit and supply chain management, as well as dual pricing structures for conventional and 3D printed components.
Moscord has proven its concept with leading Singapore-based shipmanagers Berge Bulk and MMS and has several other buyers under implementation. Moscord has signed contracts with suppliers including Viking Life-Saving Equipment, RS Components, Gemu, Hoyer Motors, DESMI, Schneider Electric and MedSupply, with others ready to come onto the platform. Deals have been signed with GAC, Steder Group and SG Shipping to provide consolidated delivery of orders.
“Moscord represents a major evolutionary step in the maritime industry’s purchasing supply chain, bringing a new approach to a process that has been crying out for change,” says founder Freddy Ingemann
Saudi Aramco international listing looks increasingly difficult
Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally as plans for an initial public offering (IPO) on an international exchange such as London or New York hang in the balance, sources close to the process said.
The kingdom is counting on being awarded emerging market status by index complier MSCI in June to help Saudi Aramco attract Western funds, in addition to cornerstone investors from China, Japan and South Korea, the sources said.
“I would guess it is about evens that there will be no international IPO,” said a high-level source familiar with the preparations, saying they were proving to be a disappointment.
Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in an initial public offering that could value it at up to $2 trillion and make it the world’s biggest oil company by market