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Selected News Headlines 2019/Q1

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (07/01/2019 – 13/01/2019)

 IMO – Bunker delivery note amendments, ECAs, DCS and Solid bulk cargoes (IMSBC) code 2017 amendment entering into force 1 Jan 2019

Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative mechanisms to address sulphur emission requirements entered into force on 1 January 2019. (Maritime Cyprus: click here)

 Captain Describes Sincerity Ace Rescue in Pacific Ocean

The officers and crew of the MV GREEN LAKE saved seven members of the crew of the SINCERITY ACE, a car carrier which caught fire in extreme weather conditions some 1,800 nm from Oahu. (gCaptain: click here)

Malta – Maritime investigation report of MV EUGENIA B, fatal fall inside cargo hold

Transport Malta issued the report of its investigation of the fatal fall of a stevedore inside a cargo hold on the freighter Eugenia B in Iskenderun on 30 November 2017. The immediate cause of the accident was the failure of a corroded cargo hold access cover while the stevedore was descending the cargo hold. (Maritime Cyprus: click here)

EU – Modernizing ship reporting systems (European Maritime Single Window environment)

Every time a ship stops at a port, it needs to fulfill a number of reporting obligations. The Council today reached a general approach on a proposal to bring together all reporting formalities associated with a port call, under a system called a European maritime single window. (Maritime Cyprus: click here)

E.U. Single Window May Have Another Interface Layer

On January 10, the Transport Committee of the European Parliament (TRAN) adopted its position on the Commission proposal for a regulation establishing a European Maritime Single Window Environment. While largely supported by the European Sea Ports Organisation (ESPO), concerns remain. (The Maritime Executive: click here)

World Bank Gloomy About Global Economy

The outlook for the global economy in 2019 has darkened, according to the World Bank’s January 2019 Global Economic Prospects report. (The Maritime Executive: click here)

Dry Bulk Market Still Slow Off Its Tracks in 2019

Capesize: Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming FFA market fuelled positive sentiment, only to see both paper and physical sales slide the next day. Panamax: With a complete return to work for the first full week of the year it was perhaps no surprise that it was very active, with a large volume of trades reported. Supramax: The first full week back after the holidays was not encouraging, with the Baltic Supramax Index (BSI) falling and tonnage supply outweighing demand in many areas. Handysize: The first full week back began on a low note, with routes across all areas losing ground. (Hellenic Shipping News: click here)

 
11.01.2019
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,169
1,260
-91
-7.2%
948-1,774
BRENT ($/bbl)
60.5
57.1
+3.4
+6.0%
WTI ($/bbl)
51.6
48.0
+3.6
+7.6%
MGO ROTTERDAM ($/mt)
516.5
472.5
+44.0
+9.3%
MGO  FUJAIRAH ($/mt)
732.0
730.5
+1.5
+0.2%
MGO SINGAPORE ($/mt)
569.0
519.5
+49.5
+9.5%
ULSFO ROTTERDAM, MAX 0.1% SULPHUR ($/mt)
514.0
470.5
+43.5
+9.2%
LSMGO SINGAPORE, MAX 0.1% SULFUR DISTILLATE ($/mt)
576.0
529.0
+47.0
+8.9%
IFO 180 ROTTERDAM ($/mt)
395.5
366.5
+29.0
+7.9%
IFO 180 FUJAIRAH ($/mt)
433.5
414.0
+19.5
+4.7%
IFO 180 SINGAPORE  ($/mt)
446.5
393.5
+53.0
+13.5%
EUR-USD
1.15
1.14
-0.01
-0.6%
GBP-USD
1.28
1.27
-0.01
-1.0%
USD-JPY
108.48
108.51
+0.03
+0.0%
USD-KRW
1,116.36
1,124.45
+8.09
+0.7%
Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com
31 December 2018 - 04 January 2019

THIS WEEK’S HEADLINES SELECTED BY INTERCARGO (31/12/2018 – 04/01/2019)

Paris MOU: Early Warning On Global 2020 Sulphur Cap Compliance

The Maritime Authorities of the Paris and the Tokyo Memoranda of Understanding (MoU) on Port State Control will start issuing a letter of warning from 1 January 2019 on the sulphur content of marine fuels during inspections in order to increase awareness of and to encourage timely compliance with the new requirements. (Bunker Ports News: click here)

China Regulation on Data Collection for Energy Consumption of Ships in force on 01 Jan 2019

The Chinese Maritime Safety Administration has issued at the end of 2018 a new regulation on data collection for energy consumption of ships which came into force on 01 January 2019. (Maritime Cyprus: click here)

Search Launched for the Wreck of the Stellar Daisy

American subsea survey company Ocean Infinity has been hired by the government of South Korea to conduct a search for the Stellar Daisy, the ore carrier that went down with 22 crewmembers in March 2017. The new search will begin in January. (The Maritime Executive: click here)

Cargo hold cleaning: Why it matters

Bulk carriers constitute a significant fragment of the global maritime transport of goods, making up 15–17% of the world’s merchant fleets. Bulk carrier operations require careful planning and preparation to maintain cargo quality as is and to avoid any delays and disputes. One critical aspect of this preparation is the cargo hold cleaning. (Safety4Sea: click here)

UK MCA updates the Code of Safe Working Practices (Amendment 3, October 2018)

The Code of Safe Working Practices (COSWP) provides guidance on improving health and safety on board vessels and articulates how statutory obligations should be fulfilled. The Code details the regulatory framework for health and safety on board ship, safety management and statutory duties underlying the advice in the Code and the areas that should be covered when introducing a new recruit to the safety procedures on board. (Maritime Cyprus: click here)

Bulker players see optimism in disruption as 2020 looms

Many bulker owners and operators see positive signs as the industry prepares to meet new IMO fuel regulations before this year ends. More ships will be bound to repair yards to install scrubbers, and that draw from vessel supply could give the sector a boost. More importantly, the regulations that go into effect on 1 January 2020 will also push more ships to demolition, shipowners said in TradeWinds’ annual survey of shipping figures’ outlook of the year ahead. (Tradewinds: click here)

How the amended IMSBC Code affects coal cargoes

On 1 January 2019 amendments to the IMSBC Code will apply. In an article to Gard Club, Penelope Cooke of Brookes Bell LLP explains the impact of these changes on vessels carrying coal cargoes. (Safety4Sea: click here)

Asia bunker markets set for changes as IMO 2020 sulfur cap looms

Bunker fuel markets in Asia are speeding up for a wave of changes in 2019, as the industry accelerates towards the International Maritime Organization’s global sulfur cap rule starting January 1, 2020. (Hellenic Shipping News: click here)

Bunker contamination: the importance of timely intervention

The shipping industry has previously faced problems with bunker contamination due to the presence of catalytic fines and is again experiencing similar issues. The culprit this time has been identified as phenols and fatty acids. (Hellenic Shipping News: click here)

Singapore 2018 Fuel Oil Trade Volumes Nearly Halved as IMO 2020 Looms

High-sulphur fuel oil (HSFO) volumes traded in S&P Global Platts’ Singapore price assessment process were nearly halved in 2018 from the previous year, signs of a market shift ahead of tougher global marine fuel rules coming in 2020. (gCaptain: click here)

Ships’ Demolition Market in Southeast Asia Undergoes Tectonic Changes During 2018

Stricter environmental regulations have resulted in a significant change in the ships’ demolition market in India, with almost 80 yards now compliant with the Hong Kong Convention. In its latest report, the world’s leading cash buyer, GMS said that over 2018, “major developments have included the certification of over 76 yards in India that are now compliant with the Hong Kong Convention (HKC) for safe and environmentally sound recycling of ships, including a growing number that have obtained their SoC (Statement of Compliance) from various classification societies that include NK, Rina and IRS. (Hellenic Shipping News: click here)

China Back in the Market for American Soy With Trade Talks Planned

China is back in the market for U.S. soybeans after taking a holiday break, just as Washington and Beijing plan more trade discussions.

On Wednesday, Cofco Corp., China’s top food company, was asking for prices, according to four traders familiar with the process, who asked not to be identified because talks are private. The inquiries were for February and March delivery, three of the traders said. (Hellenic Shipping News: click here)

Capesize Market Starts New Year With Brisk Activity

Capesize: It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Panamax: It was a short week, with many yet to return to the office until this week. The Atlantic was subdued, with a lack of fresh enquiry especially for inter Atlantic trades. A lengthening tonnage profile meant rate levels came under pressure. Supramax: Following the seasonal holidays, a short week saw the BSI move in a negative direction. Handysize: The return to work mid-week after the Christmas and New Year celebrations led to a slow start, with many suggesting that a clearer picture would not emerge for another few days. (Hellenic Shipping News: click here)

 

 
04.01.2019
WEEK AGO
WEEKLY CHANGE
WEEKLY CHANGE %
52 Week Range
Baltic Dry Index
1,260
1,401
-141
-10.1%
948-1,774
BRENT ($/bbl)
57.1
60.3
-3.2
-5.3%
WTI ($/bbl)
48.0
51.2
-3.2
-6.3%
MGO ROTTERDAM ($/mt)
472.5
533.0
-60.5
-11.4%
MGO  FUJAIRAH ($/mt)
730.5
733.5
-3.0
-0.4%
MGO SINGAPORE ($/mt)
519.5
548.0
-28.5
-5.2%
ULSFO ROTTERDAM, MAX 0.1% SULPHUR ($/mt)
470.5
528.0
-57.5
-10.9%
LSMGO SINGAPORE, MAX 0.1% SULFUR DISTILLATE ($/mt)
529.0
552.0
-23.0
-4.2%
IFO 180 ROTTERDAM ($/mt)
366.5
387.5
-21.0
-5.4%
IFO 180 FUJAIRAH ($/mt)
414.0
454.0
-40.0
-8.8%
IFO 180 SINGAPORE  ($/mt)
393.5
416.5
-23.0
-5.5%
EUR-USD
1.14
1.13
-0.01
-0.8%
GBP-USD
1.27
1.26
-0.01
-1.1%
USD-JPY
108.51
113.39
4.88
4.3%
USD-KRW
1,124.45
1,130.75
6.30
0.6%
Sources: KPI Bridge Oil, Bloomberg.com, ShipandBunker.com