INTERNATIONAL NEWS

Piecing together the European ports puzzle

European port operators cannot agree whether the economic crisis is bottoming out. Meanwhile, many fear the way southern Europe is lagging the north in terminal development, writes ANDREW SPURRIER

Brussels wants own Rotterdam Rules

THE BITTER industry dogfight over the yet-to-be ratified Rotterdam Rules has taken another twist, with a senior European Commission official saying Brussels will push ahead with an equivalent liability regime.

Ransoms set to soar

RANSOM payments for ships hijacked off Somalia have hit a new high of US$3m, and prices are expected to continue rising as third-party agents acting on behalf of both shipowners and pirate gangs manipulate negotiations.

Typhoon fears for lay ups

THE LARGE number of ships laid up in storm-exposed areas across Asia are “zip code” insurance risks, the London market has warned.

THE FUNDING GAP

There is a US$250bn shortfall in financing for newbuildings in the current global orderbook. The maths is simple, but the solution is difficult, as TONY GRAY finds out

Container lines are sailing deep into the red

TOP container lines could see US$50bn or more wiped off their combined revenues this year as conditions continue to deteriorate, industry experts predict.

MOL liner restructure boost for Hong Kong

MITSUI OSK Lines’ Hong Kong office is to take a key role in a shake-up of its liner operations, the Japanese shipping company confirmed last week.

Kolding predicts 10% decline

MAERSK Line chief executive Eivind Kolding has reinforced grim market sentiment for the box trades by predicting that cargo volumes would drop 10% this year and show no sign of growth in 2010.

Suez Canal revenues set to fall

SUEZ Canal revenue is projected to decline by around 14% to about US$4.7bn this year compared with US$5.4bn in 2008, according to local reports quoting a Suez Canal Authority official.

UK port car jobs under threat

UP TO 100 jobs at the port of Sheerness could be under threat, after motor distributor Gefco UK pledged to review operations in the UK in the wake of being hit with a £3m (US$5m) retrospective rates bill.

Shipping needs to have global emissions target

THE ONLY way to reduce greenhouse gas emissions from shipping is through binding international agreements, regardless of flag, Danish minister for economic and business affairs Lene Espersen said.

Bid to grant immunity to seafarers who kill

A REPUBLICAN Congressman has introduced a bill that proposes immunity to a US merchant mariner who wounds or kills a pirate in response to an attack.

Seafarer’s body in ship freed by pirates

SOMALI pirates shot dead a Ukrainian seafarer on board a general cargoship operated from the Netherlands, the country’s defence ministry has confirmed.

Encyclopedia of shipping’ dies aged 74

MAURO Terrevazzi, one of the great figures of the modern cruise industry and among its most perceptive and far-reaching influences, has died aged 74 in Monaco after a long illness.

Global slump may have hit bottom – OECD

RESEARCH from the Organisation for Economic Cooperation and Development (OEDC) suggests that the economic slowdown is bottoming out but that recovery “is likely to be weak and fragile”.

Japan is importing less oil and gas

JAPANESE daily crude oil and gas imports fell by nearly one-fifth in May compared with last year, in response to a slump in demand.

Lloyd’s warns political risks on the rise as recession deepens

THE world’s economy is suffering the worst recession for 70 years and with no immediate prospect of recovery, risk specialists at Lloyd’s have warned the pressure is mounting on political systems worldwide.

Mitropoulos highlights industry’s death toll

INTERNATIONAL Maritime Organization (IMO) secretary-general Efthimios Mitropoulos has returned to the issue of maritime safety, saying that the number of lives lost at sea this year has already exceeded 800.

US judge opens the door to huge Cosco Busan fine

THE OPERATOR of the Cosco Busan has been unable to get a US judge to shield it from a potentially swingeing fine in the oil spill case spawned by the casualty.