India’s Mercator said to have hit cash-flow difficulties

Mercator, once India’s third largest shipping line, has not paid its 350 crew for the past two months, according to Indian newspaper Hindu Business Line. Mercator is currently involved in tankers and dredging. It liquidated its Singapore dry bulk operations a few years ago. A spokesperson for the company told the Hindu Business Line that…

Compliance with MARPOL annex VI “satisfactory” says Paris MoU

At the 52nd Committee meeting of the Paris Memorandum of Understanding (Paris MoU) on Port State Control, held in St. Petersburg from May 13th to 17th, the Committee considered the report of the Concentrated Inspection Campaign (CIC) on MARPOL Annex VI. The CIC was carried out from September to November 2018. The general conclusion was…

Gulf of Guinea: Nigeria, others lose $777m annually to piracy says UN

A report by the UN Office on Drugs and Crime (UNODC) has shown that that Nigeria and other countries in the Gulf of Guinea lost $777.1m annually in recent years to piracy and other maritime crimes. UNODC Outreach and Communications Officer in Nigeria, Sylvester Atere said that the amount lost was in addition to human…

Full details of JWC changes to Listed Areas

As a result of the recent attacks on four ships by unnamed parties off Fujairah, the Joint War Committee has updated the Listed Areas to reflect the perceived heightened risk across the region. Areas added: Oman Persian or Arabian Gulf and adjacent waters including the Gulf of Oman west of Longitude 58°E United Arab Emirates…

Willis Re signs strategic agreement with Concirrus

Reinsurance broker Willis Re has signed a strategic agreement with marine-focused insurtech company Concirrus. Concirrus announced that the companies had partnered to utilize the vast data available from the Internet of Things and thus to transform specialty re-insurance products. Willis Re will also join Concirrus’ Power20. Printhan Sothinathan, Chief of Strategy at Willis Re Specialty,…

North Korea intensifies campaign for return of ship seized by US

North Korea has accelerated its campaign for the US to return cargo ship Wise Honest. In a rare news conference, North Korean UN Ambassador Kim Song demanded the “immediate return” of the ship, which the US seized on the grounds it was alleged to have been used for coal shipments, in violation of US and…

Insurwave signs Zhuhai Port agreement

Marine insurance blockchain joint venture company Insurwave Ltd, a joint venture of EY and Guardtime has signed an agreement with Zhuhai Port Holdings Group Co Ltd. to explore and collaborate on shipping logistics and marine insurance, with the intention of promoting “frictionless” trade across the Guangdong-Hong Kong-Macau Greater Bay Area and beyond. Karen Maddocks, British…

Clean Arctic Alliance expresses frustration at MEPC 74 lack of progress

The Clean Arctic Alliance has expressed frustration at IMO member states’ failure to address the risk to the Arctic from emissions of black carbon from international shipping. After the latest  meeting of the International Maritime Organization’s Marine Environment Protection Committee (MEPC 74) closed on Friday May 17th, the CAA noted that a proposal by the…

Long-term disruption possible from move to 0.50% cap

A one-to-five year disruption of the oil and refined products markets could be the result of the move to a 0.50% sulphur cap worldwide from next January, according to Boston Consulting Group (BCG). In a study released last week, BCG said that the changeover might increase profits for refiners, especially on the US Gulf Coast….

IMO meeting – energy efficiency targets toughened

The 74th sitting of the IMO’s Marine Environment Protection Committee (MEPC) ended last Friday May 17th without agreement of any of the proposals put forward to reduce greenhouse gas emissions (GHG) from shipping. A French and Greek proposal, supported by 120 shipping companies, would impose a mandatory speed limit on shipping. The IMO did agree…