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Impact on charterparties- Time to act now

Tiejha Smyth, Deputy Director at North P&I Club’s FD&D Department attempts to shed light on the possible impact of the 2020 sulphur cap on contracts and charterparties. Ms. Smyth advises operators to consider matters such as bunker quality clauses, performance guarantees and fines for non-compliance early, in order to avoid future problems.

Two major South Korean shipbuilders suffer loss in Q2

In line with a downward trend in South Korean shipbuilding industry, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., both ranking at the top of the world’s largest shipbuilders, announced massive deficits in the second quarter of 2018.

CMA CGM acquired 10% stake in Zeebrugge Terminal

CMA CGM announce that it acquired 10% equity interest in CSP Zeebrugge Terminal from Cosco’s subsidiary China Shipping Ports. CMA CGM acquired the 10% equity interest through its wholly-owned subsidiary CMA Terminals. Cosco Shipping Ports completed the acquisition of the remaining 76% equity interest in November 2017.

Wilhelmsen abandons Drew Marine acquisition after US ruling

Norwegian maritime industry group Wilhelmsen abandoned the acquisition of the US-based Drew Marine Technical Services, after the US District Court for the District of Columbia announced that it will grant the Federal Trade Commission’s motion for an injunction to block the transaction, on 21 July.

EU, Japan sign trade agreement

At the EU-Japan summit in Tokyo, on July 17, the two parties signed the EU-Japan Economic Partnership Agreement. The trade agreement between two of the world’s largest economies includes provisions that promise a free trade, something that ECSA welcomed in a statement.

EU announces measures for protection against US tariffs

The European Commission announced provisional safeguard measures regarding imports of a number of steel products. These measures address the diversion of steel from other countries to the EU market as a result of the recently imposed US tariffs. The  measures will come into effect on 19 July.

$15 billion worth of cargo transported in Great Lakes – St. Lawrence

Saint Lawrence Seaway Development Corporation published its 2018 study of the economic impacts of shipping in the Great Lakes-St. Lawrence region. According to the  report, cargo moved on the Great Lakes – St. Lawrence Seaway System in 2017, totaled 143.5 million metric tons valued at US$15.2 billion/C$19.8 billion. 

Maersk, MSC, ZIM to cooperate on the Asia – US East Coast trade

Maersk Line, Mediterranean Shipping Company and ZIM announced a new strategic cooperation on the Asia – US East Coast trade. As of September 2018, Maersk and MSC will provide four of their operated loops to a combined operation of five loops with ZIM between Asia end the US East Coast.

Maritime Silk Road: Critical routes in maritime channels

Since the initial proposal of the “21st-Century Maritime Silk Road” concept by China in October 2013, it has received positive responses from many countries around the world; and route network for the maritime silk road has become more distinct, argue Xinhua and The Baltic Exchange in their latest ISCD report.

Liberia amends maritime law to allow lease financing

In a bid to respond to the needs of shipowners and the ship financing and legal community, the Republic of Liberia amended its maritime law to allow lease financing structures to be recorded as mortgages. As such, Liberia is the only flag state with preferred status in China able to record financing charters.

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