INTERNATIONAL NEWS

THE SEA MONSTER

Like the many-headed Hydra of Greek mythology, the Erika oil spill disaster has spawned a myriad of claimants, all of whose interests will have to be addressed at the appeal hearing running in Paris, reports ANDREW SPURRIER

Mutiny claim on US fishing boat is first in thirty years

THE MASTER of a US-flag fishing boat is set to bring charges of mutiny against three South Korean officers on board the vessel, in what appears to be the first use of the relevant legislation for decades.

Panama in detention backdown

THE PANAMA Maritime Authority has been forced into an embarrassing U-turn on a zero tolerance policy towards Panama-flagged vessels detained in Paris Memorandum of Understanding (MoU) port state control inspections before the end of the year.

MOL forecasts box unit losses

JAPANESE shipping line Mitsui OSK Lines expects its container unit will remain unprofitable over the next two years on signs of rising global capacity and slowing world trade, which is dampening rates. MOL executive vice-president Masakazu Yakushiji said that the container unit would make a loss in the year to March 31, 2011, but he said it might be able to return to profit in the following year should rates rise. The container unit, which contributed 34% to MOL’s revenue, has planned to cut costs by 30% next fiscal year and delay new vessels.

Florida pilots’ ‘monopoly inflating costs’

THE STATE harbour pilot system in Florida has been condemned by shipping interests as a “monopoly” that inflates costs.

DP World takes Vietnam call

DUBAI-based DP World has handled its first boxship at Saigon Premier Container Terminal, an 80:20 joint venture with the Vietnamese state-owned Tan Thuan Industrial Promotion. The maiden call was by the 2001-built, 1,200 teu Asta Rickmers. The DP World-operated terminal, located along the shore of the Soai Rap river in the Hiep Phuoc industrial park, has a total capacity of 1.5m teu a year.

IMO strengthens its position ahead of Copenhagen talks

A who’s who of US and international luminaries last week endorsed the IMO as the body that should formulate greenhouse gas rules for shipping. RAJESH JOSHI reports

AP Moller-Maersk saves half billion with slow steaming

AP MOLLER-Maersk has saved a total of US$500m in bunker costs so far this year through slow steaming and other efficiency measures.

Maersk taps bond market

SHIPPING giant AP Moller-Maersk has entered the international bond markets for the first time with a €750m (US$1.1bn) bond sale.

Owners look to bonds and equities

AN EMERGING recovery in equity and bond markets could help replace traditional bank finance in the shipping markets, according to Citi global banking. The prediction comes as the funding gap for newbuilding deliveries this year was estimated to top US$60bn and US$350bn for the entire global fleet on order. Outlining the possible financing options, Citi global banking managing director for industrials Anup Mysoor said US$7.9bn of equity has been invested globally in shipping so far this year, higher than the level in 2008 and approaching 2005 and 2006 levels.

Dublin port strike comes to an end

THE 15-week dockers’ strike at Marine Terminals in Dublin has ended following the company’s decision to accept a Labour Court recommendation on jobs and redundancies. Workers at the Peel Ports subsidiary, the largest box terminal in Ireland, will now get a pay-off package of six weeks wages per year of service, including statutory entitlements.

Scrapping over the human cost of beaching demolition

Shipowners are trying to sink a European Commission tax plan to fund improved working conditions at breakers’ yards on the Indian subcontinent. Is their opposition justified and will they get their way? Justin Stares reports

Arctic likely to have ice-free summers by 2030

ANALYSIS of the findings of the Catlin Arctic Survey presents bleak conclusions for everyone, especially the insurance world.

Start-up sets out new way for container cargo

THE CONTAINERSHIP Co will offer a new form of business model for container cargoes in an effort to find employment for some idle containerships, TCC managing director Franck Kayser told Lloyd’s List.

France pushes ahead with port privatisation

THE FRENCH Government has said that it wants to see the transfer of port authority terminal personnel and plant to private sector terminal operators take place during the first quarter of next year.

K+N sees first sign of seafreight recovery

EUROPEAN logistics group Kuehne+Nagel, which saw gross profit fall 7.3% to SFr4.4bn (US$4.3bn) in the first nine months of 2009, has indicated an improvement in seafreight volumes.

Spanish line under a debt siege

 

Long Beach, US truckers’ group settle legal dispute

LONG Beach has reached an out-of-court settlement with American Trucking Associations (ATA) on a legal challenge to the Clean Trucks Program.

Boost needed for Vietnam ports

VIETNAM needs US$20bn-US$25bn in port investment over the next decade, most of which will have to come from private investment, according to Vietnam Maritime Administration (Vinamarine).

Carnival mulls Princess order