Tough Recovery Ahead for Some Box Trades; More Uncertainty in Others
Drewry says that recovering demand recovery in the North America-East Coast South America box trades provides encouragement, but local political conditions bear watching. Elsewhere, reports that Maersk and MSC are reviewing their Iran operations underpins broader political uncertainties that could get in the way. North America-East Coast South America box tradesMaritime Research Consultancy Drewry is reporting that the headhaul East Coast South America to North America trade fell by 1% in the first quarter 2018 to 137,000 teu.
Singapore Transport Minister Resigns
Singapore’s transport minister Lui Tuck Yew, a familiar face among the country’s shipping industry, will step down from politics. Lui, former chief executive of the Maritime and Port Authority (MPA), has shocked the Singapore maritime industry advising prime minister Lee Hsien Loon that he will not be standing for re-election in the next Singapore general election. Prime minister Lee said in Facebook post this afternoon: “Lui Tuck Yew has told me that he does not wish to stand again in the coming General Election, and I have reluctantly accepted his decision.
IMF to Resume Greece Bailout Talks after Election
The International Monetary Fund will resume bailout talks with Greece once a new government is in place after next month's snap general election, IMF spokesman Gerry Rice said in a statement on Monday, noting that Athens faces no immediate funding needs. "Discussions with the Greek authorities on the completion of the sixth review of the program that is being supported by an Extended Arrangement will resume once a new government is in place, in consultation with the European Commission and the European Central Bank," the emailed statement said.
Fincantieri Italian Flair Continues to Dominate Cruise Sector
In the cruise ship sector, the Fincantieri name is no stranger, having since the early 1900s built some of the most appreciated liners, including the legendary transatlantic Rex, built in Genoa, winner of the Blue Riband in 1933. Nowadays, cruise remains its core and Fincantieri is famous for its gigantic cruise ships; in 2013 the company delivering three. But it has diversified in recent years to ensure its future. Recent studies calculate that the European shipbuilding industry can count approximately on the 7% of new global orders…