Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance provided an overview on the current state of the hull, cargo and offshore energy insurance markets, on the sidelines of its Spring Conference in Hamburg.
Although the US has decided to exclude Europe from new tariffs on steel and aluminium, new restrictions on trade between the United States and China raise concern, creating an urgent need for new diplomatic efforts to prevent an escalation which could have a significant impact in the maritime sector, noted Danish Shipping.
On 1 March 2018, the American President pushed through a metals tariff plan, that puts 25% tariff on imports of steel and a 10% tariff on imports of aluminium. They are set to enter into force on 23 March 2018. BIMCO explains why these trade-restrictive measures are in principle bad for shipping.
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.
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.
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 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 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.
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.
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.
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