The maritime sector is vital to the growth and development of the African economy, was the key message of Dakuku Peterside, Director General of Nigerian Maritime Administration and Safety Agency, on the sidelines of a meeting in Lagos with Ambassador Alain Michel Luvambano, the Secretary General of MOWCA.
According to online freight forwarder iContainers, mergers and acquisitions activities for shipping carriers are expected to decrease in 2018. On the other hand, freight forwarders can expect to see an increase in M&A talks. Because of market downturn, many carriers formed alliances and set agreements on slot purchases, gaining cost-effectivenes. Such movements affected shippers.
The ship management sector is broadly split in two, between independent ship managers and in-house managers, while about 10% of the world merchant fleet greater than 5,000 GRT and built after 1991 are independently managed by the top 20 independent ship management companies, according to Moore Stephens.
The European Commission found that the Chilean CSAV, the Japanese K Line, MOL and NYK, and the Norwegian-Swedish WWL-EUKOR participated in a cartel concerning intercontinental maritime transport of vehicles, and imposed a total fine of €395 million. All companies acknowledged their involvement in the cartels and agreed to settle the cases.
The International Monetary Fund published its World Economic Outlook for January 2018 and has revised its original forecast for global growth in 2018 and 2019, up by 0.2 to 3.9% for both years. If this growth materialises, it will benefit the container shipping industry.
ECSA expressed its opposition to a new law by Indonesia, imposing that certain commodities can only be transported for import or export by national maritime transport companies. European shipowners request EU to react upon “this violation of free trade principles”, especially in light of the ongoing FTA discussions between EU and Indonesia.
Loss-making freight rates shows that the tanker industry is currently battling. Overcapacity, weak ”trading demand” and weak OPEC output have put pressure on the conditions that usually boost long hauls, something that may result in extended losses into 2018.
Amendments related to the IBC Code23/08/2019
Key requirements from the BCH Code amendments23/08/2019
- Loss Prevention
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