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Daily Briefing

January 4, 2018

 

Daily Briefing January 4 2018

Company said to have chartered in the vessel detained by South Korean authorities was registered in the Marshall Islands, says Taiwan's Maritime and Port Bureau

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Taiwan distances itself from seized vessel linked to North Korea

TAIWANESE authorities have denied that a company named by South Korea as chartering a chemical tanker suspected of selling oil products to North Korea was incorporated on the island.

A South Korean official said last week the vesselÿhad been chartered by the Billions Bunker Group, which it said was Taiwanese. But Taiwan?s Maritime and Port Bureau claims the company is actually registered in the Marshall Islands.

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Top stories:

How high can the blame game go over illegal oil trades to North Korea?

THE arrest of a Chinese-owned, Hong Kong-flagged tanker by South Korea in connection with oil transfers to a North Korean ship led US president Donald Trump to express his disappointment on social media about China winking at prohibited trade to the reclusive state.

But should China be held to account for the alleged violation of United Nations sanctions designed to punish Pyongyang for its nuclear weapons ambitions?

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HMM aims to double tonnage by 2022

SOUTH Korea?s Hyundai Merchant Marine plans to double its fleet by 2022 with the launch of mega boxships to make itself more competitive.

In a New Year address, chief executive CK Yoo said HMM had endured ?several years of hardship? but was now in a position ?to grasp the precious opportunity for rebound?

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Hyundai Heavy Industries forecasts 20% sales drop in 2018

SOUTH Korea?s Hyundai Heavy Industries is expecting sales in 2018 to be about 20% below last year?s.

The shipbuilder will face the toughest situation in 2018 amid a decrease in sales, a lack of orders and sluggish market recovery,? said HHI chairman Kang Hwan-goo in a company statement.

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Analysis:

Global shipping fleet to grow 4.1% every year until 2021

THE global shipping fleet is expected to rise by an average of 4.1% per annum over the next five years to 1.65bn dwt by the end of 2021, according to a report from Lloyd?s List Intelligence.

The world fleet will reach 126,670 vessels by the end of 2021, compared with 122,935 as of December 2017, or 1.39bn gt, according to LLI.

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Markets

Easing of port congestion causes capesize slump

THE capesize market has taken a turn for the worse as an easing of port congestion raised the number of available vessels, giving charterers an opportunity to fix at lower levels.

The average weighted time charter on the Baltic Exchange slumped to $16,529 per day at the close on Wednesday, compared with $19,341 on December 22, the last trading day of 2017.ÿThe rate settled on Tuesday at $15,125, the lowest since early August.

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Boxship orders up nearly threefold in 2017

A HOST of carriers returned to the yards in 2017 as the orderbook surged 139.5% year on year, new data shows.

Following a slowdown in newbuilding orders in 2016 in response to industry overcapacity, container shipping lines ordered 671,641 teu last year, after order cancellation adjustments. This was compared with 280,480 teu in the prior 12-month period, according to figures from Alphaliner.

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Hound Point tanker lifting resumes after Forties pipeline repairs

LOADING from Hound Point has resumed after INEOS? Forties Pipeline System began operation at the end of December, sounding a positive note for the otherwise subdued crude tanker markets in the New Year.

Having become fully operational on December 28 following a two-and-a-half-week repair, the pipeline has started to receive oil and gas from North Sea platforms, Ineos said.

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In brief

Korean shipping group reviews overseas routes to cut costs

KOREA Shipping Partnership, a 14-member national shipping consortium, has made changes on routes offered by its members to help them save costs and boost operational efficiency.

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NAT pledges to reward investors on optimistic outlook for 2018

NORDIC American Tankers has told shareholders it will make dividend payments a priority in 2018, despite market volatility.

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Brexit talks in 2018 will be `critical for UK ports'

INFLUENCING the Brexit talks and the promotion ofÿplanning and freight policy reform are among theÿkey priorities for the British Ports Association in 2018, according toÿchief executive Richard Ballantyne.

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Matson boosts container barge capacity

MATSON has replaced one of its older container barges with a new and larger vessel as part of its plan to ramp up investment in its Hawaiian operations.

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Ten crew missing as ship sinks after collision near Shanghai

TEN crew members have been reported missing after the general cargo shipÿChang Ping sank off the coast of Shanghai following a collision with another vessel.

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