UK ports could experience major disruption in case a no-deal Brexit takes place, MPs warned. Specifically, the Public Accounts Committee (PAC) believes that UK’s preparations for preventing disruption from occurring at UK’s major ports are under-developed.
The sale of the German bank HSH Nordbank is now officially completed. The bank was sold to private equity companies, which are Cerberus Capital Management, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG. HSH Nordbank AG reported that it will become the first successfully privatised Landesbank in Germany.
Capital Product Partners and DSS Holdings entered into a transaction agreement. According to the agreement Capital will spin off its crude and product tanker business into a separate company, which will merge with DSS’ businesses and operations. The new company will be called Diamond S Shipping Inc.
According to Wood Mackenzie, the deepwater industry seems in a good condition, after a cost reduction through the downturn. However, this positive situation could change because upcoming cyclical cost inflation could increase break-even costs.
The European Commission approved the sale of HSH Nordbank by Länder of Hamburg and Schleswig-Holstein to private investors. The Commission found that the sale was conducted through an open and non-discriminatory process and resulted in a positive price without additional State aid.
Trade growth is likely to slow further into the fourth quarter of 2018, according to the WTO’s latest World Trade Outlook Indicator (WTOI) issued on 26 November. The most recent WTOI reading of 98.6 is the lowest since October 2016 and reflects declines in all component indices. The latest Indicator is below the previous value of 100.3.
Low water levels on Rhine are are causing a continuous problem for the European commodity markets since summer. This led many refineries and industrial plants to reduce production, and in some cases to declare force majeure, Gibson reports. In October, depths at the key measuring point of Kaub reached a record low of 25cm.
The London P&I Club reminded operators that both the European Union and US are applying trade sanctions against Syria. These include prohibitions on the transport of crude oil and petroleum products from Syria, as well as restrictions on Syria’s oil and gas and electricity generating industries amongst a number of other measures.
According to Alphaliner, Maersk has lost ground worldwide, while its rivals have gained. It also added that its total container market share was 1.5% less the last year, after the acquisition of Hamburg Süd. However, the company’s COO Søren Toft replied that the company has experienced steady growth and it uses its tonnage better.
The continued austerity of the tanker market conditions led owners to dig deep into the oversupply of capacity, with BIMCO expecting the tanker fleet to keep growing. However, a short-term rate recovery is not expected, because of the refining industry’s maintenance season.
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