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Thursday, September 24, 2020

Swiss Re News

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Coronavirus Rekindles Global Trade Disputes

At the start of the year, U.S.-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies. A relative calm had set in.Then the new coronavirus struck.Countries across the world imposed 222 exports curbs on medical supplies and medicines and in some cases food, according to Global Trade Alert, a Swiss monitoring group. For medical products, it was more than 20 times the usual level.Those curbs are now being lifted…

Photo: Almaco

Superyacht Design: Are owners shifting to streamlined design and production?

Superyachts have a long history of tailor-made, special-made and unique “to the Himalaya and back” luxury solutions. The question is, will this continue, or will the current market situation make superyacht owners and builders consider streamlining some parts of the design and production in order to achieve cost-efficiency?Superyacht market experts have expressed a worry that the industry is pricing itself out of its own market and some warn that the clients will find other things to invest in if the yachts become too expensive. Personally, I think this worry is legit.

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China-Australia Row to Reshuffle Trade in Bulging Barley Market

A prohibitive Chinese import tariff on Australian barley will benefit other suppliers without changing the bleak global outlook caused by large stocks and depressed beer demand, analysts and traders said.Beijing said on Monday it would apply an 80.5% tariff on Australian barley imports for the next five years, a move expected to all but halt flows from its main supplier.“This should benefit Canada and France that have plenty of stock this year,” Helene Duflot of French consultancy Strategie Grains said.

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CMA CGM Takes $1.1 Bln Loan

Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.The loan, secured from a consortium of banks comprising BNP Paribas, HSBC and Société Générale, has an initial one-year maturity and an extension option of up to five years, Marseille-based CMA CGM said in a statement on Wednesday.France is offering guarantees to support billions of euros in loans for French companies to help them survive the economic fallout fro

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CMA CGM Completes Sale of Eight Terminals

CMA CGM said on Thursday it has completed the sale of stakes in eight port terminals for $815 million to its joint venture with China Merchants Port Group.Late last year, CMA CGM reached a deal with China Merchants to sell stakes in 10 port terminals to the companies' Terminal Link venture for $968 million, as part of efforts by CMA CGM to finance its acquisition of Swiss-based CEVA Logistics and reduce group debt.The first eight terminals included in the transaction are Odessa Terminal (Ukraine)…

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UAE Bans Ship Over Fuel Breach

The world's number two container line MSC is in talks with the United Arab Emirates after the Gulf country banned one of their vessels from entering its waters over what authorities said was a breach of tough new sulphur emissions rules for ships.This is one of the first punitive actions taken by a jurisdiction since regulations came into effect in January which make it mandatory for ships to use fuel with a sulphur content of 0.5%, down from 3.5% previously, or install devices that strip out the toxic pollutant - known as scrubbers.Ships were no longer able to even carry high sulphur fuel fro

Photo: CMA CGM

CMA CGM: Virus Impact Limited as China Activity Resumes

French shipping group CMA CGM said its operations in China were returning to normal after the coronavirus outbreak crippled traffic last month, forecasting the health emergency would have a limited impact on its results this year.CMA CGM, the world's fourth-largest container shipping firm, expects to return to normal fleet capacity in China from mid-March after seeing signs of industrial production picking up as of late February, it said in a results statement on Friday.The new coronavirus…

Patrick Jany (File photo: Clariant)

Maersk Names Jany CFO

A.P. Moller - Maersk has appointed Patrick Jany as its new chief financial officer, effective May 1, 2020.Jany, a German citizen, joins the world's largest shipping company as CFO and a member of the executive board after more than two decades with Swiss chemicals company Clariant, where he's been CFO since 2006. Prior to his role as CFO, he held several leadership positions within finance, general management and corporate development in Clariant in Germany, Mexico, Singapore, Indonesia and Spain.“I am pleased to welcome Patrick Jany to A.

Image by Poseidon Principles

Poseidon Readies $140Bn Shipping Loan

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively…

Swissterminal, headquartered in Frenkendorf, and Dubai-based DP World have entered a partnership. (Copyright Swissterminal)

DP World Takes 44% stake in Swissterminal Holding

Dubai state controlled port operator DP World has taken a 44% stake in Swiss container terminal operator Swissterminal Holding AG.The Mayer family, who founded the business, will remain a majority shareholder, a statement from the company said. Roman Mayer will continue to serve as Swissterminal’s CEO.Financial terms were not disclosed.Swissterminal operates additional locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are connected to container ports in Rotterdam and Antwerp as well as the ports of La Spezia…

Image: Shiptec AG

Shiptec Wins CGN Order for 2 Ferries

Lake Geneva General Navigation Company (CGN), a Swiss company operating ships on Lake Geneva connecting towns in both France and Switzerland, has awarded the contract to build two new passenger ferries to Shiptec AG.According to a press release from the Switzerland-based shipbuilder, the order for the two passenger ferries amounts to a total of CHF 57 million (USD 59 million).The new passenger ferries with a capacity of 700 people each will connect Evian-les-Bains to Lausanne from early 2022 and the link between Thonon-les- To serve Bains and Lausanne.

Image: Watson Farley & Williams

CSEIP Buys 25% Stake in Arkona OWF

Credit Suisse Energy Infrastructure Partners (CSEIP) acquired 25% stake in the Arkona offshore wind farm (OWF) from Norwegian energy company Equinor.Watson Farley & Williams (WFW) has advised CSEIP on the EUR 340 million financing of the acquisition. The financing was arranged by Goldman Sachs.The 385 MW offshore wind farm, which is located in the German Exclusive Economic Zone in the Baltic Sea and comprises of 60 Siemens Gamesa 6MW turbines, was opened in April 2019. Following the transaction…

A file image of a CMA CGM boxship (CREDIT: © CMA CGM)

CMA CGM: Terminal Deal with China Merchants Complete

CMA CGM said on Friday it had finalized an agreement with China Merchants Port Holdings Co.

Photo: Maersk

MSC Re-Routes Cargos Due to French Strikes

Swiss headquartered container shipping company MSC said on Friday it was implementing contingency plans to re-route container ships away from French ports when necessary due to strikes in the country."MSC Mediterranean Shipping Company is closely monitoring the situation in France where industrial action by labour unions is impacting maritime ports and overland transportation networks around the country," an MSC spokesman said.MSC said it would resume normal services to France as soon as possible. (Reporting by Jonathan Saul and Gus Trompiz; Writing by Maya Nikolaeva; Editing by David Clarke)

Image: MSC

MSC Uses 30% Biofuel Bunker Blend

Swiss-Italian international shipping line MSC Mediterranean Shipping Company (MSC) announced that its vessels bunkering in Rotterdam, the Netherlands, will now bunker biofuel blends on a routine basis - the first  major shipping line to do so.Following successful trials with biofuel blends earlier this year, MSC has decided to continue bunkering responsibly sourced biofuel blends on a routine basis.The trials were completed with a minimal 10% blend fuel and following further trials…

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Swiss Chide EU Over Steel Import Curbs

Switzerland criticized on Thursday measures the European Union has adopted to curb steel imports amid a global trade spat, saying they harmed the Swiss steel industry.The European Commission last month revised safeguard measures introduced in July 2018 and decided to reduce the annual increase in quota volumes, the government said in a summary of talks on the status of a bilateral free trade deal. "These changes threaten to further restrict bilateral steel trade between Switzerland and the EU and harm the Swiss steel industry…

Image: Liebherr

Liebherr MHC 100 Up in Spain

Swiss multinational equipment manufacturer Liebherr has delivered its 100th mobile harbour crane to be sold in Spain, an LHM 600 for shipping company Maritima del Principado.The ceremony took place in Gijón, Spain. The new machine is an LHM 600 and belongs to Generation 5, the latest technical development stage in the Liebherr Mobile Harbour Crane program.Spain is now the third country in the world, alongside Russia and India, with a fleet of 100 or more Liebherr mobile harbour cranes.The history of the Liebherr mobile harbour crane in Spain started more than 27 years ago.

Soren Toft (Photo: A.P. Moller Maersk)

MSC Appoints Toft as CEO of Cargo Business

Swiss headquartered container shipping group MSC has appointed Soren Toft as the new chief executive officer of its cargo business from rival company A.P. Moller Maersk, an MSC spokesman said on Monday.A start date for Toft has yet to be determined, the spokesman said.Maersk, the world's biggest container line, said last week that Toft, who had served as its head of operations, had decided to leave the company to pursue outside opportunities.MSC is the world's second-largest container shipping line and is seen by industry watchers as a challenger to Maersk's position.

(From left to right) Jos van Woerkum (Managing director, Damen Shipyards Hardinxveld), Iain Beaton (Managing director, Caldive Limited), Mrs. Sandra Wilkie (Sponsor Lady) and Arjen van Elk (Sales manager United Kingdom & Ireland, Damen Shipyards Gorinchem). Photo: Damen

Seafast Marine Names New RSV

Seafast Marine has named its renewables service vessel (RSV) Isle of Jura at Damen Shipyards Hardinxveld in The Netherlands.Isle of Jura is a newbuild vessel, constructed at Damen Shipyards Hardinxveld, and is the second vessel built to a new Damen Renewables Service Vessel design.The RSV, according to Seafast Marine, is for use in the offshore and onshore wind industries. As a business based in Ross-shire in Scotland, Seafast Marine was happy to see it painted in the colors of the country’s Saint Andrew's flag.The Damen RSV 3315…

Pic: Duisburger Hafen AG (duisport)

Duisburg to Open New Trimodal Terminal

The largest trimodal  container terminal in the European hinterland is being developed in the Port of Duisburg.Duisburger Hafen AG (duisport) is set to build a US$111.2mln  new 220,000 m² trimodal container terminal on the site of its current coal island in response to a sharp decline in coal handling as a result of the energy transformation.The trimodal terminal is to be developed with duisport’s intermodal partners COSCO Shipping Logistics, Hupac SA and HTS Group and aims to…

Pic: Hafen Hamburg Marketing e.V.

Liebherr Delivers New LHM 800 to Bronka Port

Swiss multinational equipment manufacturer Liebherr has delivered  mobile harbor crane LHM 800 to  Russian port Bronka. It was carried by mv Trina. This is the second crane of such model in the port.The LHM 800 is the most powerful mobile harbor crane in the world with a lifting capacity of over 300 tons.Owing to its huge dimensions the crane handles large vessels with a breadth of up to 22 rows of containers, said the company.The unique crane will be set in operation within a month after customs clearance…

AdobeStock / © Jose Gill

U.S. Sanctions Bite; Traders Shun 300 Tankers

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

Image:  EOLOS

EOLOS Gets Capital Injection

EOLOS Floating Lidar Solutions, a start-up supported by EIT InnoEnergy, has completed a significant capital injection by the entity of the Swiss investment company Prorsum AG.Rajai Aghabi, CEO and founder of EOLOS, describes the capital increase as “a significant closing for EOLOS, allowing the present team the flexibility and capability to both grow and expand globally in the market of turn-key offshore wind data measurement campaigns, not only by strengthening our financial position…

Image: Golden Ocean Group

GOGL Ups Investment in Singapore Marine

Norway based dry bulk shipping company Golden Ocean Group (GOGL) is planning to make a further investment in Singapore Marine Pte Ltd in connection with the acquisition of the majority of assets and operations of Swiss Marine by the latter.Swiss Marine is a privately owned freight operator founded in 2001 that transported over 120 million metric tons of cargo in 2018.The Bermuda registered GOGL said in a press note that including new commitments from Golden Ocean of $9.5 million in equity and $0.7 million in the form of a shareholder loan…

Aerial view of the new subsidiary in Hamburg with administration building (foreground) and workshop (background). Photo: Liebherr

Liebherr Invests in Hamburg Port

The Swiss multinational equipment manufacturer Liebherr, has officially opened its new service center in Hamburg. The center, comprising an area of 44,000 square meters in the Kuhwerder.“We are investing in a location which offers long-term potential for growth in several directions. Due to the logistic requirements, the harbour in Hamburg is our central hub for rental and buy-back machines, as well as for all kinds of repairs for the European area,” said Jörg Schmidt, Managing…

MSC Gülsün. Image: MSC Mediterranean Shipping Company

World's Largest Boxhip's Asia-Europe Maiden Voyage

Swiss-based global container shipping company MSC Mediterranean Shipping Company announced that MSC Gülsün, the world’s largest container ship, has arrived in Europe after completing its landmark maiden voyage from the north of China.MSC Gülsün is the first of a new class of 23,000+ TEU vessels to be added in 2019-2020 to the global shipping network of MSC, a world leader in transportation and logistics.According to a press release from the world's second-largest shipping line in terms of container vessel capacity…

Q4 2019  - Short Sea Shipping Ports