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EU approves Portuguese tonnage tax and seafarer scheme

The European Commission has approved, under EU State aid rules, a Portuguese tonnage tax scheme, which, together with a scheme to support seafarers, will encourage ship registration in Europe and contribute to the competitiveness of maritime transport, while preserving employment and promoting high environmental standards.

ONE to face challenges to harness trio’s synergies, says iContainers

The start of operations of the world’s newest container shipping line, ONE, will be tested by its capability to harness synergies from the formerly-three liners it’s made up of, said online freight forwarder iContainers. By working together as a combined entity, ONE should take this opportunity to adopting the best practices of each member.

Hyundai Heavy to implement voluntary retirement program

As part of its continuing effort to combat dwindling orders, South Korea’s largest shipbuilder HHI revealed plans to carry out a voluntary retirement program. The shipbuilder said it has offered to provide up to 20 months’ salary to those who apply for the program by April 29. 

About 30 major upstream projects expected in 2018

Following a significant recovery in upstream Final Investment Decisions in 2017, Wood Mackenzie consultancy expects a similar story in 2018 with around 30 major projects to reach FID. As noted, the upstream industry forges ahead with cost cutting, as projects that did get the greenlight are smaller.

Drewry sees recovery for multipurpose shipping

2018 has started with a confident footing for multipurpose shipping, which is forecast to recover further on rising demand, contracting vessel supply and lessening threats from competing sectors, according to Drewry. The multipurpose shipping market has struggled over the last few years, but conditions are now ripe for recovery.

K Line pleads guilty to criminal cartel conduct in Australia

Japanese K-Line’s plea follows an investigation by the Australian Competition and Consumer Commission and charges laid by the Commonwealth Director of Public Prosecutions, in relation to cartel conduct concerning the international shipping of cars, trucks, and buses to Australia. NYK had also pleaded guilty in July 2016.

Container shipping sees slow and steady recovery, says Drewry

The container shipping market in 2018 and 2019 will see a healthy demand growth that will outpace the fleet, resulting in a better supply-demand balance and slightly higher freight rates and profits for carriers, according to the global shipping consultancy Drewry.

Shipping confidence reaches 4 year high

Shipping confidence achieved a four-year high in the three months to end-February 2018. The average confidence level expressed by respondents increased from 6.2 out of 10.0 in November 2017 to 6.4. A major new investment over the next 12 months is more possible now than at any time in almost four years, even though finance will probably be more expensive to access.

US steel tariff may not be ‘all bad news’, says Drewry

The US decision to slap a 25% tariff on steel imports raise concern, triggering urgent calls for diplomatic efforts to prevent an escalation which could have a significant impact in the maritime sector. However, this might not be all bad news, as alternative trading patterns could lead to an increase in tonne-mile demand, noted Drewry.

IUMI: An overview of global marine insurance

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.


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