Disclosure and Presentation Under IFRS 16

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293

Number 293 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Saturday 20-10-2018 News reports received from readers and Internet News articles copied from various news sites.

Several Vroon Offshore units made from Carton at scale 1 : 700 by Joop Marechal from Velsen South (The Netherlands)

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Van Oord's JUV AEOLUS loading monopiles at SIF Maasvlakte for the Norther OWF with in the background container vessel MILAN MAERSK IMO 9778820 Photo : Hans de Roo, Norther client rep. on board Aeolus (c) Philippines, Israel sign Palawan oil exploration deal By : Danessa Rivera, Alexis Romero Malacañang expressed hope the oil exploration deal between the Philippines and an Israeli firm would lessen Manila’s dependence on imports and its vulnerability to price shocks in the global market. On Wednesday, President Duterte and Ratio Petroleum Ltd. president and chief executive officer Itay Raphael Tabibzada signed an oil exploration agreement covering East Palawan Basin or Area 4 of the fifth Philippine Energy Contracting Round. The signing was ceremonial as

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the deal had already been inked during Duterte’s visit to Israel last month. Presidential spokesman Salvador Panelo said Duterte was the one who signed the agreement on behalf of the Philippine government because such exploration contract requires the President’s signature. The petroleum service contract will allow Ratio Petroleum to explore 416,000 hectares across East Palawan Basin for potential oil and gas resources. The deal is expected to cost at least $34.35 million, including data gathering and drilling activities over the initial seven-year contract period. Panelo said the signing of the agreement bodes well for the economic relations between the two countries and the Philippines’ petroleum industry. “If you remember, the President made statements that (the country) needs to attain energy security and sustainability at the soonest possible time. The problem is we do not have oil so we are experiencing difficulties,” Panelo said. “We’ve been dependent on oil-producing countries for our oil. So we need to boost the exploration of our own resources,” he added. Energy Secretary Alfonso Cusi said the awarding of the petroleum service contract to Ratio Petroleum is “a step in the right direction. “The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets,” Cusi said in a statement. The deal is the first petroleum service contract signed under the Duterte administration. The last service contract awarded was with PXP Energy Corp. in 2013. PXP Energy is the operator of Petroleum Service Contract No. 75 in North Western Palawan under the fourth Philippine Energy Contracting Round. Established in 1992, Ratio Petroleum has a number of large-scale operations at the Levant Basin in the Eastern Mediterranean Sea, off the coast of Israel, as well as offshore operations in Malta and Guyana. The Philippines has been importing 94 percent of its oil requirements, with the total import bill jumping to $9.89 billion in 2017, a 31.2 percent increase from the $7.54 billion import bill in 2016. President Duterte had earlier pointed to increasing oil prices as the main culprit for rising inflation, which peaked at 6.7 percent in September, its highest in nine years. The Department of Energy (DOE) is busy promoting investments in 14 pre-determined areas (PDAs) for potential petroleum exploration and development activities locally and abroad. The PDAs include one area in the Cagayan Basin, three in Eastern Palawan, three in Sulu, two in Agusan-Davao, one in Cotabato and four in Western Luzon. Duterte also met with officials from Japan and United Arab Emirates. Japan’s Liberal Democratic Party Special Adviser for Foreign Affairs to the President Katsuyuki Kawai paid a courtesy call on Duterte to discuss the relationship between Manila and Tokyo. “It was a courtesy call, an exchange of pleasantries and usual commitments on the mutual benefit that the countries will derive from their relationships,” Panelo said. Japanese paper Daily Manila Shimbun reported that Kawai had relayed to Duterte Japan’s willingness to provide additional help for the rehabilitation of war-torn Marawi City. The paper said Japan Prime Minister Shinzo Abe, through Kawai, also signified his interest to meet with Duterte on the sidelines of the Asia-Pacific Economic Cooperation leaders’ meet in Papua New Guinea or the Association of Southeast Asian Nations Leaders’ Summit in Singapore. – source : Philstar With Ding Cervantes

The ROTTERDAM being piloted out of Halifax. Photo: René Serrao, Portuguese Cove, NS (c) No timeframe for removal of stranded Alaska tugboat No timeframe is in place for the removal of a tugboat stranded in the channel next to Juneau, officials said. The 107-foot (33-meter) tugboat LUMBERMAN has been stuck on a sandbar in the Gastineau Channel since May after it drifted when its anchor line broke, the Juneau Empire reported Wednesday. The channel falls under a patchwork of state, federal, and City and Borough of Juneau jurisdictions. The vessel is currently on state tidelands, so removing the boat is the state’s responsibility, said Rorie Watt, the Juneau city manager. Watt told Juneau Assembly members Monday that city staff members have received numerous complaints from residents sharing the sentiment that “we’re watching a slow train wreck in motion.” “It’s essentially an eyesore and a solid waste problem that is rising and falling with the tide on state

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tidelands,” Watt said. The state Department of Natural Resources is looking for funding sources to move the boat, said Chris Carpeneti, a natural resources specialist for the department. “It’s something we have to deal with, derelict vessels,” Carpeneti said. “Unfortunately there’s not a pool of money that’s been developed for DNR to deal with them.” The state Legislature passed a bill earlier this year that aims to give governments more tools to enforce regulations governing derelict vessels. The additional registration and shipping fees under the legislation are expected to direct funding for the removal of derelict vessels. That funding will likely not be available until sometime next year, Carpeneti said. The U.S. Coast Guard boarded the vessel this summer and removed fuel, eliminating the risk of an oil spill, Watt said. Source : seattletimes

The OLYMPIC ARES inbound for Rotterdam passing the Delta Hotel in Vlaardingen Photo : Elizabeth Sinke ©

Message to readers: All banners are inter-active and click through to advertiser web sites MSC Orders Four Luxury Ships; Rooms Cost Up to $14,000 a Week With $2.3 billion ship order, Swiss company joins rivals in pursuit of wealthiest travelers Swiss-based MSC Cruises is ordering four ultraluxury cruise ships worth $2.3 billion, marking its entry into a growing market that caters to the wealthiest travelers. MSC officials said the ships will have 500 cabins each and will be much 5Distribution : daily to 40.600+ active addresses 20-10-2018 Page 4 DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2018 – 293

smaller than the behemoths that move up to 6,000 passengers to destinations in the Caribbean, Alaska and elsewhere. MSC is ordering the new boats from Italian shipyard Fincantieri SpA, the biggest builder of cruise ships. The order, which is expected to be announced as early as Thursday, puts MSC into a market catered by a small but growing number of operators, including Silversea Cruises and France’s Ponant, whose small ships have about 100 cabins. In June Royal Caribbean Cruises Ltd. paid $1 billion for a controlling stake in Silversea, which operates nine luxury vessels that generally have 50 to 100 cabins.Demand in the highest-end of the cruise market is also attracting new entrants. Ritz-Carlton, Marriott International Inc.’s luxury hotel chain, last year ordered three luxury ships that look like megayachts, which have 149 cabins. The MSC officials said cabins on its new ships could go around $14,000 per couple for a week-long cruise. Itineraries will include destinations on the U.S. West Coast, the Caribbean and the Mediterranean. Top cabins at existing MSC ships go for around $3,500 per person. “Our top cabins on existing ships sell out very fast, and we expect strong demand for a product that will be more luxurious,” an MSC official said. “The plan is to order more such ships in the future.” The cruise sector is a rare bright spot in an otherwise slow shipping industry. MSC and bigger operators like Miami-based Carnival Corp. and Royal Caribbean Cruises Ltd. have been reporting double digit annual revenue growth over the past five years. Source: Wall Street Journal Financiering aanleg Blankenburgtunnel is rond

De financiering voor de aanleg van de Blankenburgtunnel ten westen van Rotterdam is rond. Met de aanleg van de nieuwe verkeersader is een totaalbedrag van circa 1 miljard euro gemoeid. De Blankenburgtunnel onder de Nieuwe Waterweg bij Maassluis moet de A15 en A20 met elkaar gaan verbinden. Photo’s : Jan Oosterboer © Behalve de Blankenburgtunnel krijgt de verbinding op de noordzijde ook een landtunnel van ruim 500 meter. Er komen drie rijstroken in elke richting. Het project wordt uitgevoerd door een consortium van Ballast Nedam, de Belgische baggeraar DEME en de Australische bank Macquarie.De voorbereidende werkzaamheden zijn inmiddels gestart. Het project moet uiterlijk 2024 opgeleverd worden. In juli verklaarde de Raad van State bezwaren van verschillende milieugroeperingen en omwonenden nog ongegrond. Zij vrezen voor geluidsoverlast en milieuvervuiling. Bron : Nieuws.nl

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The MAASDAM seen in Taiohae (Nuku Hiva) from the zodiac HOUTMAN. These Zodiacs are new to HAL and are being used for so called EXC In Dept Voyages. Photo A. Nonymous ©

The ARGUS inbound for Rotterdam Photo : Willem Holtkamp - http://fotomaker.jalbum.net/FOTOMAKER/ ©

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COSCO calls on Port of Liverpool Peel Ports credits “strategic, dedicated approach” to the Asian market. The Port of Liverpool welcomed a vessel call from COSCO on Wednesday. The MV Jork called at Liverpool after a stop in Rotterdam before returning to China with U.K. exports. In Liverpool it unloaded mainly high-value Asian goods for fast delivery into the supply chain across the U.K, the port said. The vessel call from COSCO, Asia’s largest shipping line and the third largest globally, marks an important milestone for Peel Ports, which will look to evolve the trial into a permanent call, the port said. “The arrival of the MV Jork at Liverpool is positive news for the port and is down to the strategic, dedicated approach we’ve taken to the Asian market in recent years,” said Mark Whitworth, chief executive officer of Peel Ports Group. “Our relationship with China has been incredibly strong for a number of years now, and the faith shown by COSCO in the capabilities and infrastructure of Liverpool shows how global perceptions of the U.K.’s shipping ecosystem are starting to shift.” The Port of Liverpool has reported 8.7 percent growth in the container sector over the past 12 months. Peel Ports recently welcomed China Merchant Marine to Liverpool and will receive a state-sponsored visit from the Jiangsu Province’s commerce department on Tuesday. Peel Ports said it already has a strong relationship with crane manufacturer ZPMC, the firm which supplied five ship-to-shore cranes and CRMGs for the Liverpool2 container terminal. A delegation from Peel Ports is currently in China to discuss phase two of Liverpool2’s development as it continues to try to attract the world’s biggest shipping lines. Source : American Shipper

ROMA (ex 'Fairload' build in 1995) entered port of Cape Town. Photo : Capt. Kees Wiersum, master m.v. Happy Diamond (c) CONTRACT AWARDED TO HUISMAN FOR DELIVERY OF JAPAN’S SECOND DEDICATED OFFSHORE WIND TURBINE INSTALLATION CRANE Recently, Huisman, the worldwide provider of stepchanging technical solutions,signed a contract with Japan Marine United Shipyard (JMU) for the delivery of a 1,000mt SWL Pedestal Mounted Crane for offshore wind turbine installation in Japan. The 1,000mt PMC will be built and delivered at Huisman China, installation will take place at JMU’s shipyard in Japan. Japan is steadily increasing its number of wind turbine installation vessels: in 2016, Japanese Penta-Ocean Construction company awarded JMU a contract for the delivery of a Self Elevating Platform (SEP) including Huisman’s 800mt Pedestal Mounted Crane for offshore wind turbine installation. Now, the cooperation in Japan is bound to continue with a new

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contract for the delivery of a 1,000mt PMC, awarded by JMU. The end clients are Japanese construction companies Obayashi Corporation and TOA Corporation. The swift and cooperative finalisation of the commercial discussions reflect the mutual trust between Huisman and its Japanese partners. This has also been the first project that resulted in a firm order since Huisman’s cooperation with its Japanese agent Exeno Yamamizu Corporation. The continuing support of Exeno Yamamizu Corporation in catering the needs of Huisman’s clients in Japan has been key to its success in this market. The newly awarded design builds on the track record of Huisman’s previous crane for the Japanese market, but will be adapted to suit the specific requirements of Obayashi Corporation and TOA Corporation. Timon Ligterink (Sales Manager Huisman) comments: “As a positive track record is highly important in the Japanese market, we are extremely happy with the continuing trust that Obayashi,TOA and JMU have expressed in Huisman. After our initial market entry in 2016, we now retain our 100% market share in the region for Offshore Wind Turbine Installation Cranes with this second contract. By adapting our products to our client’s needs, and living up to our promises to one of Japan’s most advanced shipyards, we establish ourselves as a reliable partner, which is key to develop this new market.”

Record year for cruise ship visitors to Belfast By Ryan McAleer A record-breaking 185,000 cruise passengers and crew called at Belfast during 2018. The arrival of the MS Black Watch marked the end of the cruise season for the harbour. The Fred Olsen Cruise Line ship was the 115th to dock since March August was the busiest month for cruise liners, with 24 docking in the harbour, bringing 40,000 passengers and crew into the city. The final tally was slightly below the 117 projected earlier this year by Cruise Belfast, the partnership between Belfast Harbour and Visit Belfast. But the number could grow further next year, with Disney Cruise Lines set to begin berthing here in 2019 The city appears to be winning the hearts and minds of tourists. In July Belfast was named as one of Europe's most popular cruise destinations by popular review website Cruise Critic. Belfast was among the winners of the website's third annual Cruisers' Choice Destination Awards. Source: Belfast Telegraph

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JUMBO JAVELIN berthed a the Neptune energy park in wallsend on the Tyne Photo : Capt Alex (c) Acciona, Bosch and Boskalis plan autonomous vehicles for underwater work By Joe Quirke Spanish infrastructure firm Acciona is part of a group that has begun developing autonomous vehicles that can complete tasks underwater using artificial intelligence. The “SWARMs” project is made up of 30 companies and universities from 10 European countries, and includes members such as German electronics firm Bosch, Dutch engineer Boskalis, Madrid Technical University and the Norwegian University of Science and Technology. The use of autonomous underwater vehicles is intended to avoid the use of human divers when carrying out work on offshore structures. Rather, robots will work together in groups that can communicate using acoustic modems. The robot team could be used to fix repairs in ports, offshore platforms or wind turbines and measure and monitor seabed levels after dredging work.The swarm can be controlled using an interface described as “video-game-like” by Acciona, designed so people without robotics training can control the vehicles. Some €17m has been earmarked for the project, which has already been tested in Spain, Romania and Norway. Source: globalconstructionreview IMRF Awards Shortlist Announced The International Maritime Rescue Federation (IMRF) has announced the individuals and organizations shortlisted for its 2018 awards. Alexander Menzel from Surf Life Rescue in Germany and Captain Siddarth Sharma, a ship's master from India, are shortlisted for the IMRF Award for Outstanding Individual Contribution to a Maritime SAR Operation. Menzel established the Surf Life Rescue Association in Germany with a group of friends to cover the entire scope of water rescue in 2015. The organization has grown to more than 350 members across Europe and in 2017 alone handled more than 170

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rescue missions. Sharma has been nominated for his role in the rescue of two French fishermen who had been drifting for three days on a sinking fishing boat. He spotted the seafarers from the bridge of his vessel when they were 2.5 kilometers away and immediately diverted his ship to rescue them.

The KNRM lifeboat FRANS HOGEWIND at Paal 8 at Terschelling Photo : Piet Sinke www.maasmondmaritime.com (c) CLICK at the photo !

The two organizations shortlisted in the Team category are the Canadian Coast Guard Volunteer Rescue Specialists, and the KNRM Station Terschelling Paal 8, from Friesland, Netherlands. The Canadian Coast Guard Volunteer Rescue Specialists have provided direct medical assistance to many in need in the Pacific, Arctic and Atlantic Oceans, and run a valuable training program giving shipboard crew the skills to provide advanced pre-hospital care to the sick and injured at sea. The KNRM Terschelling Paal 8 (Royal Netherlands Sea Rescue Organisation) have been nominated for their actions in two SAR (search and rescue) operations conducted in extreme weather conditions last year. The first was when they rescued four people from a guard vessel drifting without any power and the second for their involvement in a rescue of a stranded fishing vessel in treacherous icy conditions. The Innovation and Technology category attracted some great nominations. The two selected by the judges are RescueNET (a new and unique secure web-based safety service from Inmarsat, which is provided free to Maritime Rescue Coordination Centres worldwide to reduce response time and improve SAR communications) and the Pink Rescue Buoy (an emergency flotation device which can be thrown to someone in danger of drowning, before the lifeguard or emergency services arrive), developed by the National Sea Rescue Institute in South Africa. Two individuals have been nominated for the IMRF Vladimir Maksimov Award for Lifetime Achievement in the Maritime SAR Sector. John Kooijman founded CITRO (Curacao Sea Rescue Organisation) in 1965. Relying on seaplanes and yacht owners until 2001, he has built a close working relationship with the KNRM (Royal Netherlands Sea Rescue Organisation). CITRO now has over 40 volunteers, fundraising, marketing and PR support teams, a technical team and many sea-going volunteers, plus two professional sea rescue vessels, two seadoo's, a boathouse, a 24/7 response service and a signed MOU agreement with the coastguard. The other shortlisted individual is Captain Nick Guerchev, Chairman and founder of BULSAR, the Bulgarian national volunteer maritime safety society. He's been involved in maritime safety since the age of 14 when he joined the maritime section of the governmental voluntary organization for defense. A career in the Navy and Merchant Navy followed, where he specialized in SAR, salvage and communications. Personally, he has been involved in SAR operations associated with more than 25 major maritime disasters and has contributed to the saving of more than 250 lives at sea. All of the winners of the IMRF Awards 2018 will be announced at the IMRF Awards ceremony and dinner on November 8. The event will be hosted by the Norwegian Society for Sea Rescue (RS) at their training center, RS Noatun near Horten in Norway, following the IMRF's annual European Regional

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Meeting. The event's hosts will also present a Local Hero Award 2018, which will be awarded to an exceptional SAR team from Norway, nominated by the Norwegian Society for Sea Rescue (RS). There are two nominations in the IMRF Local Hero Award 2018 category: the first is for a three-man voluntary rescue crew – Coxwain Espen Johan Hole and crew members Kristian Lundemo and Magnus Hafslund from RS in Norway, who took part in a high-profile rescue saving three people. The second nomination is for two committed volunteers, Frode Rostad and Stein Erik Aannerud from RS's Voluntary Search and Rescue Unit at Lake Mjøsa, both of whom have been saving lives at sea for more than 20 years. The judges of the IMRF Awards 2018 are: Michael Vlasto (Former IMRF Chair and Chair of the Awards Judging Panel); Nigel Clifford (General Manager Safety and Response, Maritime New Zealand); Jared Blows (Maritime Rescue Coordination Centre Chief, MRCC Cape Town, South Africa); Stein Solberg (JNCC Stavanger, Norway); Gwynne Lewis ( Maritime Product Line Director, Orolia) and Nicolai Jarlsby (President, Norwegian Society for Sea Rescue). The lead sponsor for the IMRF Awards 2018 is Orolia Maritime, which is also sponsoring the Team Award for the third year in succession. Inmarsat is sponsoring the Lifetime Achievement Award. The Individual Award is sponsored by CM Hammar. The Innovation & Technology Award is sponsored by Pole Star. The Awards Dinner is being sponsored by Swede Ship Marine. The Local Hero Award is sponsored by the Norwegian Seafarers Union; the Norwegian Union of Marine Engineers; the NSOF Novsk Sjooffisersforbund and Hansen Protection.source: MAREX

Ahrenkiel Steamship Welcome! is a third-party ship manager based in Hamburg, Germany, Please visit our website for more details on these exciting job managing a growing fleet of currently 68 vessels. At the opportunities! We are part of the MPC Group. If you want to beginning of the year, we successfully opened a branch face new challenges with us, please upload your documents office near Rotterdam. By the end of the year we will be including salary expectations and earliest possible starting managing up to 40 ships from our Dutch office. Join us as a date on our website. We look forward to receiving your application.

Technical Superintendent (m/f), Your contact: Technical Assistant (m/f), Ahrenkiel Steamship B.V. Office Assistant (m/f), www.ahrenkiel-steamship.com Safety and Quality Officer (m/f), Purchaser (m/f), Ship Accountant (m/f) or Marine Superintendent (m/f).

The MAESTRO DIAMOND anchored off Gibraltar Photo : Francis Ferro ©

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The RPA 16 moored in the port of Maassluis in front of Hotel Maassluis Photo : Jan Oosterboer © Novatek to build LNG terminal in Germany Rostock LNG , a joint venture between Russian gas producer Novatek and Belgium’s gas transmission operator Fluxys , has signed a land lease agreement with the Port of Rostock with a view to building and operating a mid-scale liquefied natural gas (LNG) storage terminal in the port. The envisaged facility is to unlock LNG as a low emission alternative for heavy fuel oil, diesel and LPG in North and Central Europe and the Baltic Sea area. The joint venture (Novatek 49% - Fluxys 51%) intends to build and operate a terminal for receiving and unloading mid-scale LNG carriers, keeping LNG in storage and providing services to enable downstream distribution of LNG such as truck loading (and possibly rail carriages) to supply LNG to industry or LNG-fueling stations for trucks, and reloading to supply LNG amongst other as bunker fuel for ships operating in the Baltic Sea. Source: themeditelegraph

HHL TOKYO moored along the River Tyne Photo : Capt Alex (c) ABN AMRO, Samsung SDS and the Port of Rotterdam Authority are launching a container logistics blockchain pilot

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There is still a lot of space in the logistics sector to use digitisation to achieve more transparency and, particularly, more efficiency. In this context, ABN AMRO, the Port of Rotterdam Authority and Samsung SDS, the logistics and IT arm of Samsung, have joined forces to launch a pilot based on block chain technology. The ultimate goal is for a complete, paperless integration of physical, administrative and financial streams within international distribution chains. ‘The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online.’ ‘Currently payments, administration and the physical transportation of containers still take place entirely via separate circuits’, explained Paul Smits, the Port of Rotterdam Authority’s Chief Financial Officer. ‘This results in inefficiency as many parties are involved and everything is organised via paper documentation. For instance, an average 28 parties are involved in container transport from China to Rotterdam. The transportation, monitoring and financing of freight and services should be just as easy as ordering a book online.’ The development of the pilot was assigned to BlockLab, which was established by the Port of Rotterdam Authority. Daphne de Kluis, ABN AMRO CEO Commercial Banking: ‘We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitisation of paper documentation such as waybills and the financing of handled freight or services. The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers. This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.’ ‘We will be using blockchain technology to create this’, added Sanghun Lee, President of Samsung SDS EU/CIS. ‘Blockchain offers all parties in the logistics chain the opportunity to coordinate activities using validated data and without central management. Digitisation provides automation, which creates an ultra-efficient logistics chain. What is particularly special about the project is that, for the first time in the rather short history of this technology, we can have different blockchains operating together. This takes place via an overarching ‘notary’ that connects entirely separate blockchains in Korea and the Netherlands.’ The pilot involves the multi-modal transport of a container from a factory in Asia to a location in the Netherlands. In the first instance, the pilot will be implemented by the three parties, but the cooperative network will then become open for other parties to join. The pilot starts in January next year, and the results will be announced in February 2019. Samsung SDS Global SCL Netherlands, established in 2011, is recognized as the number one Solutions & Service provider in South Korea. With its innovative IT technology, Samsung SDS Global SCL Netherlands developed the integrated logistics solution called “Cello”. The company supports its global customer base to innovate and grow with its IT and logistics expertise and insights in a various range of industries. Samsung SDS Global SCL Netherlands has a revenue of approx. US$ 8.2 billion (2017) and is active in 43 countries with 74 locations with 22,871 employees. More information: www.samsungsds.com and www.cellologistics.com

The HYUNDAI PRIDE inbound for the port of Sohar Photo : 24/7 pilot Rik van Marle © ALSO INTERESTED IN THIS FREE MARITIME NEWSCLIPPINGS ? CLICK HERE AND REGISTER FOR FREE !

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The OLYMPIC ORION outbound from Rotterdam Photo : Piet Sinke www.maasmondmaritime.com (c) CLICK at the photo !

Shipping: Disclosure and presentation under IFRS 16: Can you access the information you need? With IFRS 16, the new lease accounting standard, coming into effect soon, shipping companies need to prepare for the new presentation and disclosure requirements. Many will need to make changes to their systems in order to be ready. Lessees face most change, because all lease arrangements will be on balance sheet. The new accounting requirements of IFRS 16 may have a significant impact on lessees’ financial statements. For example, entities could see an increase in their assets and liabilities, improved operating profitability over the duration of a lease, improved operating cash and an increase in reported financing cash outflows. Entities that charter in vessels must recognise both a ‘right of use’ asset and the related lease liability. The asset may be shown separately either on the face of the statement of financial position or

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combined with similar underlying owned assets, with the right of use assets then shown separately in a note. The related lease liability may be presented separately on the face of the statement of financial position. Alternatively, the lessee can disclose which line item or items include these liabilities. There are also specific presentation requirements for the income statement and statement of cash flows. In terms of disclosures, IFRS 16 sets out an overall disclosure objective: ‘to disclose information for users to assess the effect that leases have on the financial position, financial performance and cash flows’. Lessee disclosures likely to meet this objective include details of the total depreciation charge for right of use assets, the total cash outflow for leases and a maturity analysis of lease liabilities, among others. Some entities may need to make changes to their systems in order to capture all necessary information in an effective way.Lessees may also need to provide additional quantitative and qualitative analysis, applying judgement to determine the level of necessary detail. However, the financial statements must include details about the nature of the lessee’s leasing activities, such as the flexibility in lease arrangements, restrictions in leases and sensitivity to key variables. Life is somewhat simpler for lessors. The presentation requirements under IFRS 16 are the same as those under the previous standard. Although IFRS 16 has substantial disclosure requirements for lessors, many are similar to current requirements, with only a few additions. The financial statements should include information about the nature of leasing activities and how the risks associated with rights retained as owner in the underlying assets are managed. This could be through, for example, the use of residual value guarantees, buy-back arrangements or variable lease payments for use in excess of specified amounts. Source: Moore Stephens UK

The Damen Shipyards group built POWER PLAY navigating the Westerschelde Photo : Huib Lievense © Credit Needs To Come Out Of Shipowners’ Blind Spot Credit has become the taboo topic of the bunker industry since the announcement by the International Maritime Organization that a 0.5% global marine sulfur cap will be introduced from January 1, 2020. After running on easy credit from the banks, as purchases are typically paid for several weeks after delivery, credit lines will need to be increased significantly once the majority of shipowners have to stump up extra cash for pricier, cleaner fuels. But that could test this relationshipdriven bunker business to the limit as financing options dwindle. Bunker buying is typically conducted on an open credit basis, and buyers with limited credit lines will struggle to open letters of credit and will need a trading house with risk appetite to shoulder the financial risk. This will be a real push for smaller outfits which could be squeezed out of the market and may see the industry undergo a wave of consolidations. The financial struggle of international physical supplier Aegean Marine Petroleum provides a timely reminder of what may come. Aegean, one of the world’s largest bunker suppliers, said it may have to write off $200 million of accounts receivable earlier this year and was downgraded by Platts marine division Ocean Intelligence as a result. What followed was a $1 billion financing agreement with energy trading group Mercuria which gave the trader a large stake in its future and is seen as an opportunity for the New-York listed company to revitalize its fortunes. Ultimately we could see a stronger industry with a more stable cash flow upon the implementation of the sulfur cap as the increased costs create its own set of winners and losers amid the increased consolidation and reduced competition in the industry. Take for instance a voyage for an 18,000 TEU vessel from North Asia to the UK at 17 knots, which would consume roughly 124 mt/day of bunker fuel, at a bunker cost of around

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$400/FEU. With fuel costs set to soar in 2020, Platts Analytics estimates a spread between 0.5% and 3.5% bunker fuel of $425.00/mt and marine gasoil will likely be around $450/mt above high sulfur fuel oil initially in 2020, before easing over time. That will double the price of fuel and thus the number of existing bunker players are expected to thin as operating costs skyrocket.Ocean Intelligence’s Jason Silber says that these higher costs will wreak some havoc as the price of bunkers accounts for around 60-70% of operating expenses and raises the question as to where the extra financing will come from. Certainly some of the bigger operators in the industry are playing down the issue and it would appear that it’s the smaller operators that may suffer the most, even if some will have greater flexibility and others may benefit where they dominate supply in small ports. Bunker buyers are typically offered credit lines up to a certain limit and sellers are unlikely to increase these limits purely because fuel prices have increased. Nonetheless this year some bunker suppliers have been jolted by the high freight rates and the Aegean scare and have reduced credit lines to between 14 and 21 days to minimize risk. These events could well be a harbinger of what is in store after the 2020 fallout. Source: S&P Global Platts (Eleni Pittalis, Associate Editor, EMEA Fuel Oil)

The MALBEC navigating the Westerschelde Photo : Chris Rombouts ©

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The SEASPAN THAMES handling boxes at the Noordzeeterminal in Antwerp as spotted yesterday Photo : Piet Sinke www.maasmondmaritime.com (c) CLICK at the photo ! South India’s Game Changer for North American East Coast Ports The start of India's Make it India campaign The opening of the enlarged Panama Canal and of Western Mediterranean transshipment ports offered the promise of greatly increased activity for North America’s east coast ports. While container numbers arriving at the ports have increased since neo-Panamax ships replaced the earlier Panamax ships, the numbers have fallen short of initial projections. The transshipment port that is currently under construction in southwestern India, however, promises to be a game changer for at least some of these east coast ports. The economy of India has been steadily improving over the past two decades with substantial increase in their manufacturing sector. India is a market economy, and the American president recently announced that America seeks to increase trade with market economies. At present, per container maritime transportation costs to and from India are high as a direct result of the smaller size of ships currently berthing at Indian ports. Within the next 18 months, the largest container ships on the ocean will be able to berth at the new terminal in southwestern India and offer much lower per container transportation costs. deliver to east coast cities courtesy of railway interlining than the voyage via both the Panama and Suez Canals. A large percentage of the North American container market seeks fast delivery despite the higher per container transportation cost incurred by railway transportation. The sailing distances from both Shanghai and Hong Kong to Long Beach are 60 percent of the distance to Newark, with a comparable result occurring in Canada involving Vancouver and Canadian east coast ports. Plans have been formulated to develop transshipment terminals in the Gulf of Mexico near New Orleans with the Gulf International Container Transshipment Terminal (GICTT) and five locations in Eastern Canada that include Quebec City, Saint John, Halifax, Sydney and Guysborough. The Port of Halifax is well equipped to undertake partial transshipment of containers involving neo-Panamax ships sailing between Port of Newark and European ports. The Canadian government is funding the upgrade at Port of Saint John to berth neo-Panamax ships, using the same ship - railway business plan as developed by Melford Terminal at Guysborough. Port of Sydney has set their sights on berthing the largest container ships afloat as has GICCT, with Port of Sydney betting on the Canadian Arctic navigation passage becoming available within the next few years. The Port of Newark is geographically closer by rail to Canada’s largest destination for containers than any of the proposed Canadian transshipment ports, offering faster delivery of containers at lower prices to customers in the Greater Toronto area. An increase in container traffic along the Saint Lawrence Seaway would depend on transshipment traffic, except that very little has materialized. India’s economy needs a terminal capable of berthing the largest container ships afloat, and for political and some economic reasons, a domestic port is preferred to using an offshore foreign port. The container terminal presently under construction shares the same depth as the container terminals at Tangier and GICTT. Within the next few years, the Suez Canal would likely offer twin navigation channels, opening the door to negotiation to transit slightly larger container ships, perhaps equipped with bow wave deflectors when sailing through the canal and allowing the bigger ships to sail to Tangier, Eastern Canada and GICTT. The sailing distance between India’s new port and several east coast ports that include Newark and Sydney is shorter than to west coast ports such as Long Beach or Vancouver. GICTT could undertake transshipment between mega-size ships and barge tows that will carry containers along America’s inland waterways. Likewise in Eastern Canada, transshipment to and from a mega-size container ship sailing to and from India’s super port would connect to vessels that sail the Saint Lawrence River and Seaway along with coastal vessels that sail to several American east coast ports. India’s super port would involve Indian coastal ships connecting to other Indian coastal cities and smaller vessels that sail the navigable rivers of India and Bangladesh. The

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nearby super ports of Vizhinjam and Colombo would compete for trade sailing both to Europe and North American east coast, with the Colombo terminal connecting to nations such as Myanmar, Thailand, Western Malaysia, Western Indonesia and Western Australia. The business cases of both Port of Sydney in Eastern Canada and GICTT would depend on vibrant future trade between North America and India plus other nearby nations. While the majority of consumer items appearing on North American retail shelves originate from China, industries located across India are becoming competitive and offer future prospects for competition with Chinese products. Consumer items made in India are already beginning to appear in increasing numbers on retail store shelves. The growth trend is expected to continue over the next several years. While ships from China sail to numerous east coast ports, the volume of trade with India would likely require a weekly sailing of a mega-ship to each of North America’s transshipment terminals. While the numbers of containers arriving North American east coast ports have fallen short of initial projections, the opening of a container super-port in Southwestern India promises to greatly enhance future business at the east coast ports. The opening of the Indian port also holds the promise of improved business prospects for the international transshipment ports being planned to open near New Orleans and at Nova Scotia, Canada. Authorities at the Suez Canal will decide, upon completion of twin navigation channels, as to whether to grant passage to larger container vessels that could sail to Gulf Coast and Eastern Canada. neo-Panamax ships of being unable to process sufficient containers to assure feasible operations. One of the ports is actually being developed to curtail a perceived monopoly in railway container transportation between Eastern and Central Canada, by providing competition. There are prospects for future trade between India and North America to greatly increase, with a substantial portion of that future trade being carried along the Saint Lawrence Seaway to Great Lakes ports.

The French flagged trawler FC. 716900 PRINS BERNHARD departing from IJmuiden assisted by the Port Towage Amsterdam operated tugs POLLUX and SATURNUS photo : Pieter van der Valk © Cruise giant Carnival joins list of lines raising service charge and gratuity rates By : Gene Sloan USA TODAY Effective Dec. 1, the company is hiking the gratuity for staff it automatically tacks onto final bills by about 8 percent to $13.99 per person, per day, for passengers staying in most cabins. Passengers in suites will pay $15.99 per person, per day – an increase of nearly 15 percent from current rates. With the increase, a family of four in a standard cabin will pay nearly $400 in automatic gratuities on a typical seven-night cruise. Carnival revealed plans for the increase Thursday in an email to passengers booked on upcoming trips. Carnival's new gratuity charge will surpass the levy at sister brand Princess Cruises ($13.50) but remain below the fees at rival brands Royal Caribbean ($14.50) and Norwegian Cruise Line ($14.50). Another sister line to Carnival, Holland America, just recently increased its fees to $14.50 for standard cabins. Carnival last raised gratuity charges in September 2016. The 8 percent hike in Carnival's gratuity is higher than the rate of inflation in the USA over the same period. The Bureau of Labor Statistics' Consumer Price Index has risen 4.6 percent since September 2016.The practice of automatically adding gratuities to passenger bills is at a crossroads in the industry. A growing number of upscale ocean lines including Azamara, Crystal, Seabourn, Regent and SeaDream have eliminated added service charges and automatic gratuities entirely, and the practice also is disappearing at some river cruise companies. River lines Uniworld, Tauck and Scenic Cruises are among those that now include gratuities for crew members in the base fare.

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The WESTERDAM navigating the Pacific Photo : Adrian Enache 3rd Electrical Officer Westerdam © Carnival says customers with existing cruise reservations for December and beyond can lock in the current, lower gratuity rates by pre-paying them before Dec. 1. Passengers also can adjust the amount of daily gratuity posted to their accounts while on ships by visiting the Guest Services desk. While automatically added, the gratuity is just a suggested amount, the line says. Source : USA today

The MARINUS G arriving in IJmuiden Photo : Ruud Coster ©

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Global Environmental Services - Salvage On a Massive Scale

CLICK at the above banner to view the movie Global recently completed an environmental cleanup project for the Oregon Department of State Lands, removing 11 derelict commercial vessels from a state leasehold on the Columbia River. The project utilized all of our strengths - project management, diving, salvage and environmental services. The success of this project relied on clear communication and cooperation between the many parties involved including multiple subcontractors, state and environmental agencies and the US Coast Guard. The project was completed safely and to the client's satisfaction.

The ZOILO (Tankrska Plovidba DD) destined for Leopolddok, Antwerp. Photo : Willem Kruit © Capesize Market Primed for a Late-Year Rally The dry bulk market fundamentals seem to indicate that a late-year surge in on the cards, at least for the sector’s barometer, the Capesize class. In its latest weekly report, shipbroker Allied Shipbroking said that “since the end of 2016, we have been witnessing a rather impressive recovery being noted in the dry bulk market. Given that much hope has been placed by many in the market as to this upward trend continuing and magnifying during the final quarter of 2018 it may well be interesting to take on some more in depth technical analysis in what the prevailing freight rate figures are actually saying with regards to the state of health of the current market”. According to Allied’s Research Analyst, Thomas Chasapis, “to break this down and put some focus, we will take a look at the figures of the Capesize segment, a segment, typically seen as the overall barometer for market. After the collapse of 2016, the market has been on a relative stable upward trajectory in terms of earnings. Looking at things in terms of the BCI-5TC Average, in the year so far, the market has been enjoying a considerably higher average figure compared to the two previous years, having already climbed to US$ 16,696pd. You can see the difference when comparing this figure to the US$ 15,190pd average noted in 2017 and the US$ 7,389pd seen back in 2016”. Chasapis says that “furthermore, when you take into consideration that we are still in the very onset of the final quarter and given that most market participants are still keeping a relatively bullish attitude, we may well see the final figure for the year reach even higher levels. So, just by taking such a simple look it seems that the expressed improvement is clearly apparent. Going beyond the question of if the market has improved or not, many would look to ask as to how sustainable this overall trend is and to what extent can we expect stability to take hold? A typical statistical instrument for measuring volatility is standard deviation. It is a measure of how spread out figures are

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from the average. When looking at the BCI5TC average, in 2018 to date this figure has declined slightly to US$ 5,406pd, while in 2017 this figure was in the region of US$ 6,000pd. As such it would seem that the level of volatility has dropped”. “However, despite how bizarre it may seem, this year figure remains well above that of 2016 and 2015 (which were US$ 4,034pd and US$ 3,671pd respectively). To take things further however and to better understand the real impact of any given fluctuation to this index, we can look at the coefficient of variation. The reasoning behind this is to better get to grips with these standard deviation figures when compared to the average earnings noted (i.e. compare the percentage shifts instead of the absolute figure shifts). The coefficient of variation (which is the ratio of the standard deviation to the average) has decreased for a third consecutive year, from the high 54.5% in 2016 (a mere reflection of how low the average returns were that year compared to how high variations we noted in earnings), while for 2018, this figure is now just above 32%”, Chasapis said. According to Allied’s analyst, “as such it seems as though we are not only noting less volatility in the market than 2017 but also when compared to the past 3 years. With all this being said, the dry bulk sector seems to be moving in the right direction, both in terms of improved earnings but also in terms of overall stability. This makes sense given the more balanced supply-demand dynamics now noted. All-in-all, it seems as though for the near term we are placed in a market of modest shifts and shimmies and with limited surprises on the horizon. One only wonders as to how long this can hold for”, he concluded source: Nikos Roussanoglou, Hellenic Shipping News Worldwide

The FORBIN outbound at the Westerschelde passing Vlissingen Photo : Kees Murre ©

Oakland's box volume in September reaches new high

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THE Port of Oakland enjoyed its busiest September on record after its TEU volume soared five per cent compared to the same period last year. It is the second month in a row that the port has seen its TEU volume rise, after August saw an increase of 9.2 per cent compared with the same time in 2017. This means it handled 168,289 TEU in August-September, a new record. One more month of import growth could give Oakland its busiest peak-season in its 91-year history. The port attributed the increase in traffic on the growing US economy and rapidly rising consumer confidence. However, it also warned that it is too soon to judge the effects of the US-China trade war and that it could see US$2 billion worth of imports affected if tensions escalate, reports London's Port Technology International. Maritime director, Port of Oakland, John Driscoll, commented: "We're encouraged by this outcome and guardedly optimistic that the trend will continue throughout peak season "Economic indicators lead us to believe that import volumes should remain healthy." The port reported that total container volume - which includes imports, exports and empty containers, is up 3.4 per cent this year. "If the trend holds, Oakland would break its all-time total volume record established in 2017," the port said. Source : Schednet

The Madeira flagged FORT (IMO 9388467) ex SVITZER FORTI at Trieste Roads 14 October 2018 Photo : Nereo Castelli Höegh LNG And Egas Agree To Amendment Of Höegh Gallant Time Charter

Höegh LNG Holdings Ltd. and Egypt Natural Gas Holdings Company have agreed to amend the Höegh Gallant time charter. Under the amended contract, the Höegh Gallant will be chartered as an LNG carrier to a third party, and Egas will compensate for the rate difference between the original FSRU contract and the new LNG carrier time charter. The amended contract is expected to become effective in October 2018 and will run to April 2020, the termination date of the

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original five-year FSRU contract As part of the original FSRU contract with Egas, Höegh LNG has certain equipment installed on the jetty in Ain Sokhna, Egypt. The book value of this equipment was approximately USD 9 million as of 30 June 2018, and since the market value and alternative use of such equipment is unclear, Höegh LNG expects to record an impairment for a corresponding amount for the third quarter of 2018. Sveinung J.S. Støhle, President and CEO of Höegh LNG, comments: “We are proud to have provided FSRU services to Egas since 2015, during a period in which Höegh Gallant’s regasification capacity has been fully utilized, contributing strongly to balancing supply with demand in the Egyptian natural gas market. Under this amended contract we maintain our highly valued relationship with Egas, which we hope to further expand in the future as Egypt emerges as a regional energy hub.”

Loss of anchors in Singapore waters A recent change in the procedure for handling loss of anchor incidents in Singapore means that the Singapore Maritime Port Authority (MPA) now involves itself directly with the local contractors in such cases. This has also led to a change in the procedure for obtaining permission for the vessel to leave Singapore waters following such an incident. The following information only relates to government requirements and any Class requirements when losing anchors must be followed up by the owner separately. Documents required by the After the loss of an anchor, the below documents must be submitted to the MPA, followed by a separate letter of undertaking (LOU).

Ø -Master Statement of Facts covering the incident.

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Ø -MPA standard form “Master’s authorization to appoint Solicitor” to be signed by Master and countersigned by agents and/or owners. Ø -MPA standard “Report of a Marine Casualty or Marine Incident” form. Ø -Vessel anchor specifications/drawing. Ø -Class survey report.

Letter of Undertaking

Following the submission of the above documents, the MPA will require a standard form letter LOU to be provided by the P&I club, H&M insurer, or their representatives. The quantum to be inserted in the LOU should reflect the costs to the MPA of handling the incident. It is thought that this recent change in procedures will have a ‘trial period’ before a formal introduction. We thank our local correspondents, Spica Services (S) Pte. Ltd, Singapore, for the above information. Source: GARD (http://www.gard.no/web/updates/content/26388043/loss-of-anchors-in-singapore- waters )

WSC: Low-sulfur fuel rule delay will ‘penalize’ carriers The Trump administration suggested delaying the Jan. 1, 2020, implementation of a global regulation to lower the sulfur content in ship fuel, according to The Wall Street Journal. The Trump administration has suggested delaying the Jan. 1, 2020, implementation of a global regulation to drastically lower sulfur content in ship fuel, according to a news report in Friday’s The Wall Street Journal. The article stated that Trump administration officials were alarmed by the projected economic impact of the costs as the global maritime fleet switches to the low-sulfur fuel. WSJ reported that the projected global economic cost could reach upwards of $100 billion, of which about $10 billion will impact the U.S. economy. The World Shipping Council, which represents the container carriers, warned that diverting from the Jan. 1, 2020, deadline at this point would be harmful to an industry already in the throes of preparing its vessels and global operations for the deadline. “Any uncertainty or delay at this point would confuse markets and penalize ship owners and fuel suppliers that are already investing to ensure compliance,” said John

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Butler, president and CEO of the World Shipping Council. “Adding uncertainty to an already expensive regulation would increase, not decrease, the potential for economic harm.” Earlier this month, Organization of Petroleum Exporting Countries (OPEC) warned that the decision by the International Maritime Organization to lower the maximum allowed sulfur content for marine bunkers from 3.5 percent to 0.5 percent (on a weight basis) by Jan. 1, 2020, “will be disruptive to both the shipping and refining sectors.“Due to a sudden switch in the fuel mix, potential shortages of compliant fuel are possible, especially middle distillates, which could spread to other sectors too. It is hoped that there will be sufficient flexibility in the refining system in order to avoid any extreme events in the years to come,” OPEC said. Source : American Shipper NAVY NEWS MSDF ships on Indo-Pacific mission stop in Singapore during ASEAN plus defense summit

Two Maritime Self-Defense Force ships are in Singapore — where a major meeting of defense ministers is under way — as the last stop of a two-month deployment through the Indo-Pacific region. At a news conference Thursday aboard the helicopter carrier and destroyer Kaga, berthed at Singapore’s Changi Naval Base, Rear Adm. Tatsuya Fukuda said it was “just a coincidence” that the two Japanese ships were visiting Singapore at the same time during the “ASEAN Defense Ministers-Plus” meeting.The defense ministers from the 10 member states of the Association of Southeast Asian Nations are gathered with their counterparts from eight major powers outside the region — the United States, China, Japan, India, South Korea, Russia, Australia and New Zealand — for the annual meeting. There is “no direct relation between the ADMM Plus and our port call in Singapore,” Fukuda saidHowever, he conceded the port visit aims to “show our will and our presence for establishing maritime security in this region to the senior leaders who join the ADMM Plus.” U.S. Defense Secretary Jim Mattis, China’s Gen. Wei Fenghe and Japan’s Defense Minister Takeshi Iwaya are among the top military officials now in Singapore. Before arriving in Singapore, the two MSDF ships also visited Subic Bay in the Philippines, Jakarta in Indonesia, Colombo in Sri Lanka and Visakhapatnam in India, where the nation’s naval headquarters is located. “This is our last port call before returning to Japan,” Fukuda said. The two vessels, the Kaga and the Inazuma, will complete their two-month Indo-Pacific deployment at the end of this month. “The goals of this deployment are to enhance our operational capabilities and to promote cooperation and interoperability with our partner navies,” the Japanese admiral said. “This deployment,” he added, “is in line with the free and open Indo-Pacific strategy promoted by the government of Japan.” Fukuda said that while sailing through the region, the Japanese vessels sighted “many Chinese ships in the South China Sea as well as the Indian Sea,” but he never felt threatened by them. ASEAN and China plan to hold their first joint maritime exercise this month. Fukuda said Japan also plans to send its ships to Singapore in coming years on more such deployments.“Japan has been developing a strong relationship with Singapore, not only politically and economically but also militarily,” Fukuda said. Source: Japantimes

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Epic Companies purchases BAE’s Alabama shipyard By: Ken Hocke

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Epic Alabama Shipyard LLC (“Epic”) has bought BAE Systems Southeast Shipyards Alabama LLC and all of its related shipyard facilities in Mobile, Ala. No purchase price was disclosed. including Alabama Dry Dock, which is one of the largest in the Gulf of Mexico. Epic Alabama Shipyard is owned by Epic Companies LLC, Houston, a global offshore construction and decommissioning company, which will service vessels from its own fleet in Mobile. Company officials said Epic will work closely with the city of Mobile and the state of Alabama in developing a local workforce as its operations grow. Epic is also exploring opportunities to fabricate offshore structures and newbuild barges/small vessels in Mobile. “Mobile is perfectly situated to support the maritime and energy sector, both in the Gulf of Mexico and throughout the Caribbean,” Epic’s Rob Gilbert said in a statement announcing the purchase. Epic Companies provides support services to the offshore energy sector, including diving, pipelaying, plugging and abandonment of wells, wireline and downhole well services, cutting, platform and pipeline decommissioning, and the construction of offshore structures, including LNG offshore terminals. Source: workboat

FREEWINDS in the A-dock at the DAMEN Repair Yard on Curacao for surveys and repairs. Photo : John Smit © ROUTE, PORTS & SERVICES

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Bulker BTG DENALI is navigating the Noordzee Canal outbound from Amsterdam heading for Riga (LV). Photo : Patrick Deenik © Harren & Partner sells CFS to Spain's Perez y Cia GERMANY's Harren & Partner Group has sold subsidiary Caribbean Feeder Services (CFS), a major feeder container shipping service provider in the Caribbean region, to Spanish ship agency group Perez y Cia and a consortium of financial investors.According to CFS' website, the company currently operates a fleet of 13 chartered vessels, ranging from 500 TEU to 1,700 TEU, calling at 28 ports in the Caribbean region. Most of the company's fleet are chartered from Harren & Partner, which has controlled CFS since 2004.Perez y Cia has been operating in the Caribbean region since 1979 and now operates offices in Jamaica, Panama, Colombia, Puerto Rico, the Dominican Republic, Trinidad and Tobago as well as Aruba and Curacao, according to Singapore's Splash 247. PLEASE MAINTAIN YOUR MAILBOX, DUE TO NEW POLICY OF THE PROVIDER, YOUR ADDRESS WILL BE “DEACTIVATED” AUTOMATICALLY IF THE MAIL IS BOUNCED BACK TO OUR SERVER If this happens to you please send me a mail at [email protected] to reactivate your address again You can also read the latest newsletter daily online via the link : http://newsletter.maasmondmaritime.com/ShippingNewsPdf/magazine.pdf Namibia's Walvis Bay made-in-China container terminal 85pc complete THE construction of the new made-in-China Walvis Bay container terminal in Namibia is 85 per cent complete and is expected to open in June, says the African Development Bank, reports Port.Today of Malaga, Spain.Doing the work, the China Harbour Engineering Company started the expansion in 2013. Since then CCCC Guangzhou Dredging provided the trailing suction hopper to do the dredging. Four new quay cranes came from Shanghai's Zhenhua Port Machinery Company (ZPMC) and were delivered in February. The cranes are expected to double capacity from 15 containers per hour to 30 to 40Supported by a loan of ZAR2.982 billion (US$300 million) from the African Development Bank, 87.6 per cent of the cost, the Port of Walvis Bay's new container terminal is expected to increase the port's container handling capacity from the current 355,000 TEU up to one million TEU. The Walvis Bay expansion is expected to benefit not only Namibia, but also Angola, South Africa, Democratic Republic of the Congo, and the land locked countries of Botswana, Zambia and Zimbabwe. Namibian Port Authority (Namport) said the expansion consists of dredging and reclamation of 40 hectares of land offshore, where a modern container terminal will be built. It will be linked to the existing port by a 106 metre wide solid access causeway also to be reclaimed. The New Container Terminal will add a new 600-metre quay wall

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to the existing 1,800 metre berth line and will be able to accommodate two container vessels of 8,000 TEU at the same time. This will be connected to the existing port's road and rail network, utilities networks as well as communication systems. The port's existing container terminal will be transformed into a multi-purpose terminal. Source: Schednet

The JB 115 Inbound for Rotterdam Photo : Willem Holtkamp - http://fotomaker.jalbum.net/FOTOMAKER/ © Wind Propulsion Makes Waves during 2018 says IWSA 2018 has already been a very significant one for wind propulsion and the shipping industry in general. We could say that a perfect storm is brewing for the uptake of primary (wind etc.) and secondary renewable energy (alternative fuels/energy storage) in shipping. Policy, Price, Perception, Providers and People are all starting to align. Policy; the IMO is moving forward with the Sulphur cap, MRV and most importantly the initial targets of ‘at least’ 50% reduction in CO2 by 2050 (2008 baseline), which opens the door for that to be tightened further. Price; we have significant upward pressure with HFO averaging in October around $500/tn, ULSFO ($650/tn) and MGO ($700/tn), already well over the magic $600 that brings ROI’s for many wind propulsion systems into the three year bracket. Of course leasing and rental options will dramatically reduce CAPEX and savings from fuel shared to pay the cost of those installations. This pressure is set to increase with an expected $100- 150/tn increase when the Sulphur cap comes into force by the end of next year. An example of carbon price growth is the EU ETS, which has seen a huge increase in price, from $7/tn to $20/tn of CO2 in the last 12 months, with a leading German bank predicting that could rise to as much as $100/tn by the end of 2020 (that equates to $62/tn of fuel today, and a potentially game changing $320/tn fuel in 2020). While shipping is currently outside the ETS scheme, this is a good indication of the costs of slow action on decarbonisation going forward, and we should remember that many of our customers are included. Perception; with some recent high profile installations of wind propulsion technologies the industry perception of the technology is shifting, but also the IPCC 1.5C report earlier this month was a wake-up call to all of us, indicating we have only 12 years until we reach that seriously challenging and potentially catastrophic benchmark and the report states a minimum of 45% CO2 reduction will be required by 2030, so action is needed – deeper and faster. As an official reviewer of that report, I was very pleased to see that a number of recommendations for key publications were included in the final draft, including the IRENA technical brief on renewable energy in shipping – while somewhat out of date; it still covers this area well, including a significant amount on wind propulsion.

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Providers; that brings me to our members and other low carbon technology pioneers, as you’ll see below, the movement in wind propulsion tech and project solutions is picking up pace, while we are a still some way from having large numbers of market ready rigs available, that is moving very quickly and the Flettner rotor technology has already stepped up a gear with 8 rotors installed in the last 12 months and more on order.

People; last but not least, our industry is a broad church and shipping has always had highly talented people in sometimes difficult positions, but there is increasingly a shift to a new generation of decision makers that are focused on the triple bottom line, engineers and designers producing ever more innovative designs and customers demanding more action on emissions from shipping Wind propulsion is a credible, viable and increasingly profitable option and the industry is taking notice. Source: International Windship Association …. PHOTO OF THE DAY …..

The SCA TUNADAI outbound from Rotterdam Photo : Piet Sinke www.maasmondmaritime.com (c) CLICK at the photo !

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