Daily Briefing December 13 2017
Continuing our look at the most influential people in shipping in 2017, we focus on how Chinese institutions are taking charge on a global scale, expanding — fast — while others are contracting
In today's briefing
Top stories:
Cosco Shipping president moves to tourism role
FMC's Doyle to take top job at dredging association
Opinion:
Smart people are the key to the future of maritime
Analysis:
Zero-emission vessels declared key to decarbonisation in shipping
Markets:
Forties outage to benefit aframaxes and suezmaxes
In brief:
Kuehne+Nagel reports 6% UK gender pay gap
Call to loosen Indonesia's cabotage rules
Glencore says electric car demand to boost metals
Eagle Bulk completes $256m refinancing
TEN declares new charters valued at $32m gross revenue
FSL Trust trims debt with disposal of vessel
MPC Container Ships buys three feeder vessels from Harmstorf Reederei
Japan's Kamigumi plans bulk terminal at Thilawa Port in Myanmar
Keppel O&M wins orders worth $96m from Petrobras and SOFEC
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Top 10 in finance 2017
AS PART of our 2017 Top 100 most influential people in shipping series, we look at how Chinese institutions are taking charge on a global scale, expanding - fast - while others are contracting
Claiming the top spot this year is Hu Xiaolian, chairman of the Export-Import Bank of China, which has taken a leading role in financing the Belt and Road Initiative, orchestrated by China's president Xi Jinping.
Top stories:
Cosco Shipping president moves to tourism role
A SHAKE up at the top of Cosco is shaping up as China Cosco Shipping Group president Wan Min was named yesterday as the new chairman of China National Travel Service Group, less than a year after he took the role in the wake of the merger between Cosco Group and China Shipping Group.
Meanwhile, rumours have also been circulating in the Chinese shipping community that the company's chairman Xu Lirong may also leave office soon.
FMC's Doyle to take top job at dredging association
US FEDERAL Maritime Commissioner William Doyle is take up a new position as chief executive and executive director of Dredging Contractors of America when his term with the commission ends on January 3.
Mr Doyle told Lloyd's List that he had begun to consider other opportunities as he entered the one-year mark ahead of his term coming to an end on June 30, 2018.
"I figured I would take a look around to see where things were and how it was going to shape out," he said.
Opinion:
Smart people are the key to the future of maritime
SHIPPING companies have spent much of the past decade keeping their heads above water, writes Richard Clayton.
A year or two of decent freight rates has usually been swiftly eroded by several years of poor rates. The reasons for this have been well rehearsed. Very few vessel owners have funds in reserve to cover the cost of additional regulatory investments required over the next two or three years.
Markets
Forties outage to benefit aframaxes and suezmaxes
THE Forties Pipeline System outage may benefit aframax and suezmax tanker markets by inducing more UK imports of crude, but very large crude carrier demand is likely to take a hit from reduced longhaul shipments.
Having found a crack in the Forties pipeline and reported small oil seepage south of Aberdeen, INEOS said on Tuesday that it had shut down the pipeline, which supplies 400,000-450,000 barrels of North Sea crude per day to Hound Point for exports and to Grangemounth for processing.
Read the full report here
Analysis:
Zero-emission vessels declared key to decarbonisation in shipping
ZERO-emission vessels will have to be part of the global fleet by 2030 and comprise a substantial chunk of newbuilding orders from there on, if carbon reduction targets in line with the Paris Agreement are to be met, according to a new study.
It says that even by 2030, none of these ZEVs will be commercially viable enough to become an alternative to conventional vessels. However, technology is developing at a rapid clip and over a 10-year span, the gap between both vessel types could be greatly narrowed.
Read the full report here
In brief
Kuehne+Nagel reports 6% UK gender pay gap
FREIGHT forwarding and logistics giant Kuehne+Nagel has said its UK-based female employees earn 6% less on average than their male counterparts.
Call to loosen Indonesia's cabotage rules
INDONESIA faces a number of issues that must be resolved before it can attract global shipping lines, according to a report by the International Transport Forum.
Glencore says electric car demand to boost metals
GLENCORE is expecting a surge in demand for metals such as copper, cobalt and nickel as the popularity of electric cars grows.
Eagle Bulk completes $256m refinancing
EAGLE Bulk Shipping has refinanced $265m in debt through two transactions that extend the outstanding debt maturities of its two wholly owned subsidiaries, Eagle Bulk Shipco and Eagle Shipping, by five years to 2022.
TEN declares new charters valued at $32m gross revenue
TSAKOS Energy Navigation has chartered out an aframax tanker and two medium range product carriers for an aggregate of six years.
FSL Trust trims debt with disposal of vessel
SINGAPORE-listed First Ship Lease Trust said it sold the containership FSL Santos for a cash consideration of approximately $6.2m, thereby lowering its debt service requirements for the final quarter of the year.
MPC Container Ships buys three feeder vessels from Harmstorf Reederei
MPC Container Ships is continuing its fleet expansion strategy with the purchase of three feeder boxships.
Japan's Kamigumi plans bulk terminal at Thilawa Port in Myanmar
KAMIGUMI, the Japanese logistics firm, says it plans to establish a terminal operating company in the Thilawa region of Yangon port in Myanmar.
Keppel O&M wins orders worth $96m from Petrobras and SOFEC
SINGAPORE-listed shipbuilder Keppel Offshore & Marine has been awarded S$130m ($96.2m) worth of projects from existing clients Petrobras and SOFEC in a deal that provides a ray of hope to the beaten-down offshore oil and gas sector.
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