COSCO Pacific’s profit up 12% y/y in 1H15

Hong Kong-listed container terminal operator COSCO Pacific’s profit rose 12% year on year (y/y) to USD164.4 million in the first six months in 2015 owing to cost cuts.
The company’s cost fell 10% y/y during the same period to USD244.8 million, a stock filing of the company said on 25 August.
Revenues decreased 9% y/y to

Dean Summers Conquers Channel for Charity

By MarEx 2015-08-24 20:06:18

After a gruelling 13 hours and 19 minutes, International Transport Workers’ Federation Australian National Coordinator Dean Summers completed his Channel Swim attempt, a feat many have tried and failed.

Years of training culminated in Summers being able to finish the swim in an admirable time.

Taking off from Dover, he was greeted on the shores of France by his fellow Belgium ITF Inspector Christian Roos.

Also accompanying Summers on the trip was his daughter Michelle, his partner Kylie and his swimming coach Vlad.

Summers dedicated his swim to the 1.3 million seafarers around the world who sacrifice their time, their labor, and their health, to transport the world’s wealth around on merchant ships.

“Although over 90 per cent of the world’s trade is carried by sea, seafarers are not recognized for their contributions, and they have largely become an invisible workforce,” he said on his website.

“Seafarers are among the most vulnerable and exploited workers in the world. These men and women can spend months, even a year, living and working in extreme conditions and far away from their homes and families.

“While their time at sea can have devastating effects on families at home, the isolation, loneliness, and deprivation a seafarer experiences can severely impact their mental health, too often resulting in anxiety, depression and suicide.”

As a result Summers raised funds for Hunterlink Recovery Services which supports maritime workers from around Australia and visiting seafarers from around the world.

Donations can still be made here.


Danish Owners Reassert Shipbreaking Stance

By MarEx 2015-08-24 19:42:34

Following on from the news last week that the Norwegian Shipowners’ Association has stated its opposition to shipbreaking on beaches, the Danish Shipowners’ Association has restated its, contrary, position.

The organization has released a statement saying that ratification and compliance with the Hong Kong Convention is the best way to ensure sustainable recycling of vessels according to the Danish Shipowners’ Association, both in terms of safety and environmental impact.

There is an ongoing debate of whether beaching in South Asia should be banned. The debate often flares up as 60 percent of the world’s vessels are dismantled on the beaches of India, Pakistan and Bangladesh, and these area in particular have been notorious for poor safety and environment conditions.

In addition the requirements for the E.U. white list of yards based on the E.U. Ship Recycling Regulation risk becoming an a priori exclusion of South Asian yards.

But Alang is not just Alang, writes Director of the Danish Shipowners’ Association, Maria Bruun Skipper, in an article from Spring 2015, following a visit to Alang, India. The point is that we all have a responsibility to ensure that the recycling is done without compromising neither the health and safety of the workers nor the environment:

“A couple of the yards we visited have invested in technology and established safety procedures to ensure that ships are recycled safely and that the environment is protected against leakage of harmful substances. It is up to the classification societies to certify that the standards are met, but in my view it would be extremely counterproductive if the yards, which have made important investments, are excluded based on geography and the concept of beaching as a method. The DSA does not by any means accept poor standards, but we strongly recommend individual assessment of each yard. This is also what we advise our members to do. Unacceptable ship recycling can take place anywhere in the world”, says Skipper.

“The U.N.’s maritime organization, IMO, has adopted the Hong Kong Convention which sets requirements for safe and environmentally sound recycling. Despite the fact that Denmark has yet to ratify the Convention, we do however recommend our members to follow the IMO standards and are fully in line with e.g. our Norwegian colleagues as regards the Convention’s primacy. Norway is one of the few countries who have actually ratified the Convention”, adds Skipper.

The Danish position is fully in line with the European position where the European maritime organization, ECSA is working on the global ratification of the Hong Kong Convention, she states.


Shipping stocks battered

US-listed shipping equities have fallen sharply amidst a broad market selloff driven by China fears.
Almost all publicly traded shipping stocks were down, many in the high single digits or low double digits across the 21 August and 24 August trading sessions. The largest two-day declines were