Daily Briefing December 12 2017
As part of our 2017 Top 100 most influential people in shipping series we look at the very best global insurance power brokers and some relative newcomers making their mark
In today's briefing
Top stories:
Top 10 in Marine Insurance 2017
Teekay LNG Partners secures $816m for Yamal LNG service
LNG tanker charter rates breach $80,000-per-day mark
Markets:
Teekay optimistic on 2018 tanker market
In brief:
Shanghai launches $2.1bn unmanned box terminal
SITC to spend $112m on four 2,700 teu newbuilds
Seoul imposes new unilateral sanctions on North Korea
Antwerp port looks to intermodal transportation to cut road congestion
Samsung Heavy Industries appoints new president
Vard appoints financial adviser ahead of bourse exit
Khalifa to become first Gulf port to handle capesizes
China Merchants Port raises upfront investment in Hambantota
Dabelstein & Passehl to merge with larger German law firm
Maersk rating held on review for downgrade at Moody's
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Top 10 in Marine Insurance 2017
AS part of our 2017 Top 100 most influential people in shipping series we look at the very best global insurance power-brokers and some relative newcomers making their mark.
In top spot is Dieter Berg, a sector heavyweight twice over as both senior executive manager marine at Munich Re, one of the world's largest marine reinsurers, and president of the International Union of Marine Insurance.
Top stories:
Teekay LNG Partners secures $816m for Yamal LNG service
NEW York-listed Teekay LNG Partners secured an $816m debt facility to finance its share of six newbuildingss that will service the Yamal LNG plant, a few days after the first shipments out of the Arctic's first gas export project.
Teekay LNG Partners owns a 50% stake in each of the six ARC7 classed vessels, with China LNG Shipping owning the other half. The first vessel is scheduled to be delivered in January 2018 and the last in early 2020.
LNG tanker charter rates breach $80,000-per-day mark
SPOT charter rates for liquefied natural gas carriers are breaching the $80,000-per-day mark on continued buoyant trades across the globe during a cold winter in the northern hemisphere, even as China is forced to postpone the implementation of its coal-to-gas switch in some areas.
Fearnleys assessed the rate for 155,000 cu m-165,000 cu m vessels at $73,000 per day in the east-of-Suez market last week, up $8,000 from the previous week, while that in the west-of-Suez market rose $10,000 on week to $80,000 per day.
Markets
Teekay optimistic on 2018 tanker market
TEEKAY Corporation expects 2018 to be a better year for the tanker market as supply and demand issues are gradually ironed out.
In a recap of this year, the company said in a market report that the tanker market started 2017 on a positive note as the Organisation of the Petroleum Exporting Countries ramped up crude production in December 2016 ahead of supply cuts, helping rates firm into the first quarter of this year. Average rates in December 2016 for aframaxes stood at $25,000 per day and that for suezmaxes came to $30,000 per day.
Read the full report here
In brief
Shanghai launches $2.1bn unmanned box terminal
SHANGHAI International Port Group has started a trial of the fourth phase of its Yangshan Deepwater Port, a Yuan12.8bn ($2.1bn) fully-automated container terminal.
SITC to spend $112m on four 2,700 teu newbuilds
SITC International has placed an order for four 2,700 teu boxships at Yangzijiang Shipbuilding for a total consideration of $112m, as the Chinese intra-Asia container shipping specialist continues expanding.
Seoul imposes new unilateral sanctions on North Korea
SOUTH Korea said it is imposing unilateral sanctions on North Korea, blacklisting 20 entities, including shipping companies, and 12 individuals suspected of assisting the latter's nuclear and missile programmes.
Antwerp port looks to intermodal transportation to cut road congestion
THE Port of Antwerp wants to invest $1.6m in projects to optimise cargo transportation to and from the port over the next three years and help to reduce road congestion.
Samsung Heavy Industries appoints new president
SOUTH Korea's Samsung Heavy Industries has appointed Nam Joon-woo as the company's new president, replacing Park Dae-young.
Vard appoints financial adviser ahead of bourse exit
SINGAPORE-listed Vard Holdings has named CIMB Bank as its independent financial adviser ahead of its expected delisting from the local bourse, as its parent made an exit offer for all the shares it does not own in the offshore shipbuilder.
Khalifa to become first Gulf port to handle capesizes
KHALIFA will become the Gulf port to directly handle capesize vessels as part of a long-term port facility deal signed with United Arab Emirates-based industrial company Emirates Global Aluminium.
Hyundai Glovis signs 10-year COA with oil company
SEOUL-based Hyundai Glovis has been awarded a new 10-year contract of affreightment by GSCaltex Corporation.
China Merchants Port raises upfront investment in Hambantota
HONG Kong-listed China Merchants Port Holdings has adjusted the terms of payment in its $1.12bn acquisition of an 85% stake in Sri Lanka's Hambantota International Port Group
Dabelstein & Passehl to merge with larger German law firm
DABELSTEIN & Passehl, one of Germany's best-known shipping law firms, is to merge with the much larger Berlin-based corporate outfit Arnecke Sibeth from January 1.
Maersk rating held on review for downgrade at Moody's
MOODY'S Investors Service maintains its credit outlook for AP Moller-Maersk pending clarity over earnings from the sale of the shipping conglomerate's oil business.
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