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CMA CGM GROUP completes the acquisition of MERCOSUL Line and strengthens its service offering in South America

CMA CGM Group, a world leader in maritime transport, announces that it has completed the acquisition of MERCOSUL Line. MERCOSUL Line is one of the leading players in Brazil’s domestic container shipping market. The acquisition of MERCOSUL Line allows CMA CGM to strengthen its service offering in Brazil, and more broadly in South America, especially in cabotage and “door-to-door” services. Established in 1996, MERCOSUL Line serves more than 12 ports with a fleet of 4 vessels of 2500 TEUs (Twenty-foot Equivalent Unit). MERCOSUL’s network includes 130 people in its offices ...

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Not just Somali pirates, Cyber attacks too hit ships

Somali pirates are not the only threat faced by ships sailing the high seas. Large vessels out at sea are also becoming increasingly vulnerable to cyber attacks by sophisticated hackers sitting thousands of miles away. After the collision between US Navy ship USS Fitzgerald and a cargo ship 60 miles off the coast of Japan in June this year, assessment by security and Intelligence agencies has revealed that control systems of ships were vulnerable to cyber attacks. On November 22, the agencies warned of cyber intrusions or malicious attacks on ...

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Plenty Of Gifts For Container Shipping This Year…

The festive season is coming closer, and for many of us the time to get the seasonal shopping done is running out. For the containership sector, however, the peak shipping season was back in the summer, giving us a chance to reflect already on how consumer and manufacturing trends have left box shipping looking back on a busy year in terms of volumes. Gifts In Boxes It is currently projected that growth in global seaborne box trade will accelerate to 5.2% in full year 2017, up from 3.9% in 2016, ...

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Increased disclosure required under IFRS 15: are you ready?

New accounting standard IFRS 15, Revenue from Contracts with Customers, introduces more detailed requirements for presentation and disclosure than the standards it replaces. Shipping company financial statements do not currently disclose many of these new elements, so attention needs to be given to how this information is obtained and whether accounting systems and processes need to be amended or updated. In terms of presentation, IFRS 15 requires companies to show revenue from contracts separately from other revenue sources. Voyage charter income would therefore need to be presented separately from time ...

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Americas Medium Range short-haul freight runs up 33%-62% on week

The cost of carrying clean petroleum products on Medium Range tankers on the short-haul US Gulf Coast-East Coast Mexico and the USGC-Caribbean routes rose 62% and 33%, respectively, during the week of December 4-8, marking a significant shift in the period after Thanksgiving. S&P Global Platts assessed the USGC-Caribbean run at $525,000 lump sum on December 7 and 8, up $100,000 from the December 6 assessment and a $175,000 rise from its published price on Monday. Since September 2015, day-on-day increases have only surpassed $100,000 four times. The most recent ...

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Dry Bulk FFA: Capesize Market Looking Promising Moving Forward

Capesize FFA Commentary: Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation. Buyers gobbled up the nearby contracts like a ravenous teenager with the entire curve seeing considerable gains. The December v January spread is still trading around $10,000 suggesting that should the physical hold up here that further rises could very well be on the cards. Panamax FFA Commentary: Active close to the week on Panamax paper with levels gradually improving throughout the day ...

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Mediterranean bunker fuel prices look to shake off one-month lows amid rising demand

Bunker fuel prices at a number of ports in the Mediterranean have sunk to lows of four to six weeks on falling high sulfur fuel oil but this could change on the back of rising pre-Christmas demand from shippers, sources said. S&P Global Platts assessed 380 CST fuel oil at Malta, Piraeus and Istanbul at $348/mt, $358/mt and $363/mt delivered Thursday respectively, their lowest levels since October 27. Prices have to a large extent tracked HSFO CIF Med cargoes. The regional benchmark reached $333/mt CIF Wednesday, its lowest level since ...

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Feature: How shipping containers change the world

The relentless pursuit of technological advancement since the World War II has given the global community inventions like mobile phones, modern cars and television. A lot of thought has been given to the individual commodities that enrich the modern world, but much less is afforded to the simple invention that made it all accessible. That’s why a new exhibition at the Australian National Maritime Museum in Sydney is highlighting how shipping containers have helped change people’s lives. Prior to 1956, all cargo was transported via break bulk shipping, a tedious, ...

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Liberia re-elected to IMO Council

Liberia has been re-elected to the Council of the International Maritime Organization (IMO), a position it has held continuously since 2012. Commissioner of the Liberia Maritime Authority, Dr. James Kollie, says, “It is very gratifying to see Liberia reconfirmed in its position as a leading maritime nation and decision-maker at the IMO. Liberia is among the most proactive and responsible maritime nations in the world, in accordance with its position as the leading quality open registry serving the global shipping industry and ensuring seafarers’ welfare. “Liberia has always been a ...

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Smart shipping, moving forward

A special ceremony was held this week as part of Marintec China 2017, in which the first China smart ship was presented with LR cyber-enabled ship descriptive notes. The vessel, Great Intelligence, was designed by Shanghai Merchant Ship Design and Research Institute (SDARI) and built at Guangzhou Wenchong Shipyard Co., Ltd (GWS), a subsidiary of China State Shipbuilding Corporation (CSSC). Along with LR, System Engineering research Institute (SERI) and China Class Society (CCS) were also involved in this project. Great Intelligence Great Intelligence, a 38,800 dwt modified version of the ...

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MABUX Weekly Report: Rising oil production in the U.S. may pressure bunker prices

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO at the main world hubs) declined sharply in the period of Nov. 30 – Dec. 07: 380 HSFO – down from 354.43 to 347.14 USD/MT (-7.29) 180 HSFO – down from 396.93 to 388.50 USD/MT (-8.43) MGO -down from 590.07 to 576.57 USD/MT (-13.50) OPEC and non-OPEC producers led by Russia agreed on Nov.30 to extend oil output cuts until the end of 2018. After this decision, the main drivers to influence bunker ...

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Christophe de Margerie completes her first loading at Sabetta and begins her first commercial voyage for Yamal LNG

On 8 December 2017, the icebreaking LNG carrier Christophe de Margerie completed her first loading at the Port of Sabetta, on the Yamal Peninsular, with her first cargo of liquefied natural gas (LNG) produced at the Yamal LNG plant. The ceremony was attended by: the Russian President Vladimir Putin, together with Sergey Belousov, Aide to the President; Sergey Donskoy, Russia’s Minister for Natural Resources and Environmental Protection; Denis Manturov, Russia’s Minister of Industry and Trade; Alexander Novak, Russia’s Minister of Energy; Maxim Oreshkin, Russia’s Minister of Economic Development; Anton Siluanov, ...

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MECA sets up team to monitor bitumen disposal by ships in Omani waters

The Ministry of Environment and Climate Affairs (MECA) has said that bitumen disposal by commercial ships in Omani waters is a concern. However, it is conducting daily inspections to monitor such violations. In May this year, MECA seized an oil tanker carrying 2mn barrels which was found dumping contaminants near the sultanate’s coasts. Eng Omran bin Mohammed al Kamzari, director of Pollution Control Center at MECA said that these contaminants are a threat to the marine environment and difficult to deal with. “The main cause of Oman’s water pollution is ...

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Kuwait underlines importance of UN Convention on maritime Law

Kuwait stressed the importance of the United Nations Convention on the Law of the Sea (UNCLOS), which has become the legal core of international agreements and instruments. This came during the speech of the Permanent Delegation of Kuwait to the UN delivered by the Second Secretary Mohammad Al-Ajmi to the UN General Assembly in its 72nd session while discussing maritime article and law of sea late on Tuesday. Al-Ajmi called on non-member states to join the conference for their prominent role in achieving the goals of sustainable development in addition ...

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New Year celebrations for chemical tankers?

Styrene plant turnarounds will increase China’s dependence on imports, which along with price arbitrage will aid rates for chemical tankers over the next few weeks. China imports 40% of its requirement China is the net importer of styrene with an annual demand of about 10 million tonnes, of which around three to four million tonnes are covered by imports. Between January and October 2017, China imported 2.53 million tonnes, of which 49% (1.23 million tonnes) came from Northeast Asian countries. South Korea is the dominant exporter of styrene to China. ...

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