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A look into the Convention on Limitation of Liability for Maritime Claims

Ahead of Denmark’s decision to limit liability for maritime claims in respect of the raising, removal, destruction or the rendering harmless of a ship which is sunk, wrecked, stranded or abandoned, including anything that is or has been on board such ship, the matter of, the 1996 Protocol to the Convention on Limitation of Liability for Maritime Claims comes again into light.

Wärtsilä acquires Transas

Finnish Wärtsilä acquired the UK based Transas. The transaction is valued at 210m Euros and is expected to be closed during the second quarter of 2018. This transaction is part of Wärtsilä’s attempt to expand its Smart Marine Ecosystem vision. Transas has 22 regional offices worldwide and a distribution network that spans 120 countries.

EU clears Maersk Product Tankers acquisition

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Danish Maersk Product Tankers by compatriot APMH Invest, a wholly-owned subsidiary of Maersk Group, and Japanese Mitsui & Co., Ltd., noting that it would raise no competition concerns because of its limited impact on the market.

CMA CGM reports strong results in 2017

CMA CGM released its annual numbers for 2017, which indicate a strong increase of 21.1% compared to 2016. Amongst the top operating sectors for 2017, CMA-CGM said that Maritime, inland and logistics development, along with Innovation and digitalization are highlights.

Dry bulk carriers worth more than tankers and container ships

Dry bulk asset values have surged over the past two years following a period of soft returns which encouraged scrapping, while ton mile demand continued to climb, according to data provided by VesselsValue. The dry bulk fleet is now worth more than the combined value of the tanker fleet, leapfrogging container ships as well. 

Tanker market to recover in 2018, despite a disappointing 2017 end

December 2017 was a very disappointing month for the tanker market. Namely, especially for mid-size tankers it was the worst December for spot rates since the early 1990s and for VLCCs it was the worst December since the 1980s. However, in the end of 2018 and start of 2019, the situation is expected to recover.

The effect of Chinese New Year on container rates

As the Chinese New Year took place a while ago, the year of the Dog may affect container rates in the coming months. Even though the Chinese New Year was somewhat later in 2018 compared to 2017, the increase is similar to what the market reported last year.

Mitsui makes offer for AWE acquisition

Mitsui is about to make an offer of A$0.95 cash per share for all of the issued shares of AWE, which was announced on 5 February 2018. Mitsui currently has an interest in 3.01% of AWE’s shares. Mitsui will declare the offer unconditional if it acquires an interest in AWE shares of at least 50.1%, on 14 March 2018.

Malaysia investigates MISC for possible bribery

The Malaysian Anti-Corruption Commission started an investigation on MISC, regarding bribery allegations. The company said that it will cooperate with MACC in the investigation and will provide support as well. MISC officials are suspects for alleged corruption for about $28 million. MACC followed up on an information regarding alleged MISC officers making false payment claims.

Chainalytics, Drewry to create Ocean Buying Group for shippers

The new strategic partnership delivers an ocean freight procurement platform that is expected to enable medium and small scale importers and exporters to collaboratively achieve “big shipper” rates and terms direct with ocean carriers and benefit from shared intelligence for better commercial decisions.

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