Home PageServicesClientsNewsContact Us

Tuesday, 30 June 2015

Moore Stephens says shipping confidence equals seven-year low

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Respondents complained predominantly about low freight rates and overtonnaging, while some expressed continuing doubts about private equity funding.

In May 2015, the average confidence level expressed by respondents in the markets in which they operate was 5.3 on a scale of 1 (low) to 10 (high), down from 5.5 in February 2015. This equals the lowest figure recorded in the life of the survey, which was launched in May 2008 with a confidence rating of 6.8.

Charterers were the only category of main respondent to record an increase in confidence, albeit from the all-time survey low last time of 3.9. But their rating of 4.2 was still the lowest in the latest survey. The confidence of owners was down from 5.4 to 5.1, that for managers from 6.2 to 6.1, and that for brokers from 5.0 to 4.8. Geographically, confidence was down in all main areas covered the survey, with the exception of North America, where it showed a marginal increase from 5.9 to 6.0.

A number of respondents expressed the view that an upturn in market conditions was some way off. One said: “After eight years of misery, rates must go up if shipping companies are to survive. Another remarked, “Boom / bust cycles in the shipping industry usually last about seven years, which is sufficient time for any money lost to return to the market, with interest rates at, say, 6 percent. But now, because of excess liquidity in the markets and low interest rates, there is a feeling that any recovery will be a very long time coming.” Yet another respondent noted: “For as long as there is no correction in the availability of shipbuilding capacity, and for as long as outside money keeps coming in, there is no hope of an improvement in the shipping industry.” Others, however, were less downbeat, such as the respondent who said: “The aftershocks are almost over, and a recovery should get under way soon.”

The depressed state of the dry bulk sector and the effect of the entry into the market of private equity were the subjects which dominated responses to the survey, neatly encapsulated by the respondent who noted: “The remarkable acceleration of scrapping of larger bulk carriers and the conversion of many newbuildings into tankers will have a positive effect on the dry bulk market sooner than had previously been anticipated - provided, of course, that suicidal private equity has learnt its lesson and accepts that this is not an opportunity to make a quick fortune.” Another respondent said: “The problem facing shipping is the entry into the market of silly money by investors who have no idea about how the industry works and for whom any money lost is a drop in the ocean.”

The likelihood of respondents making a major investment or significant development over the next 12 months was down on the previous survey, on a scale of 1 to 10, from 5.1 to 5.0, the lowest figure since the 4.9 recorded in February 2012. Charterers, however, were more confident in this regard than they were three months ago. One respondent said: “The thin-to-non-existent margins at which Asian yards operate, together with undue concern about the need for new ‘green’ vessels, encourages investment in newbuildings rather than in existing tonnage. This would never happen in real estate, for example, where recession precludes additional supply for years. We are very pessimistic about shipping investment returns for many years to come.”

The number of respondents who expected finance costs to increase over the next 12 months was up by eight percentage points, from the lowest figure in the seven-year life of the survey, to 40 percent. One respondent said: “No real investor can dare to make investments in ships in the coming months.”

Demand trends, competition and tonnage supply featured as the top three factors cited by respondents as those likely to influence performance most significantly over the coming 12 months. The numbers for demand trends and competition were each down on last time by one percentage point, to 23 percent in the case of the former and to 20 percent for the latter. Tonnage supply, meanwhile, was up by one percentage point to 15 percent, one percentage point ahead of finance costs. Operating costs, down by one percentage point to 11 percent, featured in fifth place, followed by fuel costs, down by one percentage point to 6 percent, equalling the lowest figure recorded in this category since February 2010. One respondent said: “Only the big owners can make investments in order to be ready with good tonnage, and not be displaced by competitors, when the market recovers.”

Turning to the freight markets, there was a fall in the number of respondents anticipating higher rates in the dry bulk sector, but expectations of improved rates in the tanker and container ship trades were up on the figures for February 2015. Overall net sentiment, based on the difference between the number of respondents who expected rates to improve and the number who thought they would deteriorate, was positive in all three main tonnage categories covered by the survey.

One respondent said: “We are experiencing the worst dry bulk market since the 1980s.” Another urged, “Tankers are not bad for the moment, but please stop ordering more ships! Will we never learn?” In the container ship sector it was noted: “There is general overcapacity, with rates collapsing and insufficient tonnage management.”

Richard Greiner, Moore Stephens Partner, Shipping Industry Group, says: “The fact that shipping confidence has revisited the low point recorded twice before in the seven-year life of the survey underlines both the current volatility of the markets and the fragile nature of confidence itself in an industry where, little more than 12 months ago, it was at an all-time high.

“The nature of the concerns expressed by respondents to the survey comes as no surprise. Familiarity in this case breeds continuing uncertainty rather than contempt. There are no quick fixes for the likes of overtonnaging and low freight rates. The solutions, like the problems themselves, are long-term in nature, and will undoubtedly involve some pain along the way. Moreover, there is a not a one-size-fits-all solution for the industry as a whole. What is good news for some sectors is quite the opposite for others.

“Lower oil prices might be helping smaller operators to compete by virtue of reduced bunker costs, but in many respects they are bad news for the bigger players with whom they are competing. Access to finance for newbuildings in either the traditional or private equity markets is good news for owners with an eye on expansion, but bad news for those seeking investment to upgrade existing tonnage.

“Shipping has enough problems to occupy itself for the foreseeable future. But it must not take its eye off the ball when it comes to the incipient costs associated with achieving regulatory compliance, or indeed of properly managing the increasing risks which it faces on a daily basis, encompassing everything from the financial stability of counter-parties to cyber security threats.

“It is not all bad news. The Baltic Dry Index (BDI) has started to nudge upwards after an extended period in freefall. The tonnage supply / demand imbalance, although still unsatisfactory, is improving rather than deteriorating. There will always be a demand for shipping. Moreover, given the high operating and regulatory costs involved, and the fact that the economic and industry downturn has already claimed significant numbers of weaker companies, the shipping industry is likely to be stronger than it has been for many years once the recovery does get under way. In the meantime, it is just a question of holding one’s nerve.”

The Moore Stephens Shipping Confidence Survey includes responses from key players worldwide in the international shipping industry to a targeted, web-based survey by the Moore Stephens Shipping Industry Group. Responses were received from owners, charterers, brokers, advisers, managers and others. Editors can apply for a copy of the survey by emailing chris@merlinco.com

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping, offshore maritime and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 626 offices of independent member firms in 103 countries, employing 26,290 people and generating revenues in 2014 of $2.7 billion. www.moorestephens.co.uk

For more information:
Richard Greiner
Moore Stephens LLP
Tel: +44 (0)20 7334 9191

Labels: , , , , , , , , , ,

Monday, 22 June 2015

RINA launches open-sea crane standards

Italy-based classification society RINA has launched new standards for cranes which will be used for transhipment of bulk cargoes at sea and has completely revised and rebased its rules for offshore cranes used in offshore construction, service and demolition.

Under the new rules for lifting appliances, RINA has split the requirements for specific crane types (ship, offshore and transhipping) into free-standing sections to make the rules more user-friendly.

The new RINA rules for transhipment cranes provide for a specific notation, CARGO HANDLING, which takes into account both static and dynamic loads on transhipment cranes used on vessels transhipping bulk cargoes in open waters, and also details how these are related to structural requirements for the vessel and crane and to the operating envelope.

RINA’s revised rules for offshore cranes have been based on European Standard EN 13852, which takes a different and more modern approach to commonly used offshore crane standards. This allows for a more structured approach to offshore crane certification.

Dino Cervetto, Director of Technical Services, RINA Services, says, “There is a gap in the market for standards for transhipment cranes. RINA’s new rules contain an operational chart which will allow operators of floating transhipment terminals to widen the weather window in which they can work. It also takes into account the specific wave height and orientation of the terminal. Cranes certified under this new notation will be able to operate safely for longer and give more operational time to terminal operators without fear of breakdowns or overload conditions.

“RINA believes that there is a need in the offshore industry for a clear standard for floating cranes and cranes built onto OSVs which is based on European requirements.”

The first CARGO HANDLING notation has been assigned to the floating crane transhipment unit FC ASIA BELLA, built by China’s Chengxi Shipyard for the Indonesian owner Pt. Pelayaran Mitra Kaltim Samudera.

For a copy of the new rules, email chris@merlinco.com

RINA Services is the RINA group company which delivers ship classification, and testing, inspection and certification services. RINA is a multi-national group which delivers verification, certification, conformity assessment, marine classification, environmental enhancement, product testing, site and vendor supervision, training and engineering consultancy across a wide range of industries and services. RINA operates through a network of companies covering Marine, Energy, Infrastructures & Construction, Transport & Logistics, Food & Agriculture, Environment & Sustainability, Finance & Public Institutions and Business Governance. With a turnover of over 330 million Euros in 2014, over 2,750 employees, and 163 offices in 60 countries worldwide, RINA is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org

Giulia Faravelli
Media Relations Manager RINA
+39 010 5385505

Victoria Silvestri
Media Relations RINA
+39 010 5385555

Labels: , , , ,

Thursday, 18 June 2015

Alston Gayler focuses on expansion as it recruits new broking teams

LLOYD’S broker Alston Gayler (AG), a specialist in marine, energy and liability insurance and reinsurance business, is pursuing a drive to recruit leading professionals as it seeks to expand its business base.

AG managing director Robert Alexander says, “AG is firmly established as a highly respected insurance and reinsurance intermediary in its specialist areas of operation. But the risk landscape is changing, arguably faster than at any time in recent history, and insurance service providers must change with it. To facilitate the broadening of its business base, AG is undertaking a measured expansion into new areas, with the emphasis on sourcing high-quality and proven personnel and teams who can produce profitable accounts which complement and enhance the company’s existing business lines.”

Recently added lines of business include aerospace, which has enhanced AG’s reinsurance capability, and terrorism and political risks. At the same time, AG has continued to strengthen its marine capabilities by hiring first-class brokers with expertise in geographical areas where traditionally the company has not had a strong presence, particularly the United States and the Middle / Far East.

AG has recently recruited two producers from Willis with substantial US experience and a strong US client base. US cargo broker Paul Folwell joined AG in June, while US property specialist Chris Cavani will join in July. Meanwhile, satellite / aviation expert Jonathan Aldridge, a specialist in China/Middle and Far East business, has joined from Newman Martin & Buchan, as has facultative reinsurance broker and Middle East specialist Chris Jones from Cooper Gay.

Other recent hires include political risks broker Ian Barnes, who has joined AG from Cooper Gay. AG has also appointed political risks specialist Anthony Guerne as its representative in Switzerland.

Robert Alexander says, “AG will continue to recruit experienced, quality personnel over the coming years as it pursues a policy of controlled expansion which will substantially increase its market share and add value to the service it offers to its growing client base.”

Alston Gayler was founded in 1990 with the backing of Vitol Group, the global energy trading giant. Vitol retains an important strategic investment in AG and is one of its largest clients. AG originally built its reputation in the traditional marine insurance market, where it continues to provide services across all sectors and where it has been very successful at building a blue-chip client base. AG’s diverse client base includes major global energy traders, insurers and ship owners, small fleet operators and charterers. In addition to traditional broking services, AG is a specialist in the reinsurance of captive insurance companies. www.alstongayler.com

For more information:
Helena Overton
Tel: +44 (0)20 7626 5252
Email: overton@agcover.co.uk

Labels: , , , , , , , , , , , ,

London P&I Club calls for improved onboard awareness of VDR testing requirements

The London P&I Club has called for greater familiarisation by ships’ officers and crews with the testing requirements relating to Voyage Data Recorders after two recent claims incidents investigated by the club’s loss prevention team revealed VDR malfunctions.

In both claims, when the VDR data had been retrieved and analysed, it was apparent that certain required sensors were not feeding data to the VDR unit at the material time. This led to delay in the analysis of the incidents, and to loss of important claims handling information.

The club notes that masters and operators should already be aware of the requirements for the annual testing of VDR equipment prescribed under SOLAS 5 Regulation 18, which stipulates that VDR systems, including all sensors, should be subjected to an annual performance test. Such tests should be conducted by an approved testing or servicing facility to verify the accuracy, duration and recoverability of recorded data. In addition, tests and inspections should be conducted to determine the serviceability of all protective enclosures and devices fitted to aid location, and a compliance certificate retained on board.

Ian Barr, claims director with the club’s management team, says, “Analysis of a small selection of VDR operators’ manuals by the club has shown that, in general, VDR units have a means of ascertaining that they are receiving data from the required sensors. It seems that the provision of LED lights in combination is a popular method of communicating such information to the operator, along with the provision of individual error codes.

“Ships’ officers who are responsible for such equipment should ensure that they are fully conversant with the error codes / indications in the appropriate VDR operating manual. Consideration should also be given to the routine assessment of such indicators and / or test sequences as deemed appropriate.”


Labels: , , , ,

Tuesday, 16 June 2015

AKD recruits two first-tier shipping specialists

ROTTERDAM-based law firm AKD has further strengthened its pre-eminent position in the shipping and offshore sectors with the arrival of two senior executives.

Pieter den Haan, a specialist in handling maritime casualties, with particular expertise in major collision cases as well as in salvage and wreck removal and insurance disputes, joins from Van Traa as a partner in AKD’s Transport & Energy team with effect from 1 July, 2015. Pieter also advises shipyards, shipowners and private clients in connection with shipbuilding and repair contracts, as well as dealing with the enforcement of claims against ships and ship arrests. He says, “I am very pleased to be joining AKD’s robust transport & energy team as it provides the support which is needed to deal with marine matters at the highest level.”

Vivian van der Kuil, meanwhile, will join AKD’s Transport and Energy team from Van Traa as a senior associate. Vivian specialises in transport law, with a particular focus on maritime law, and has extensive experience of dealing with maritime casualties, as well as limitation of liability, assistance and wreck removal cases. Her expertise also extends to ship arrests and other procedures related to maritime law. Vivian has worked as a judge at the Rotterdam Court, dealing with transport law cases, among others. She has also undergone officer training at the Netherlands Royal Institute for the Navy and worked as an officer of the Maritime Service with the Royal Navy on board several ships. Vivian says, “I am looking forward to the challenge of working with the highly experienced team at AKD.”

Haco van der Houven van Oordt, lead partner of AKD’s shipping and offshore practice, says, “We are delighted to have recruited two people of the quality and experience of Pieter and Vivian. Both are first-class marine lawyers who are highly regarded in the industry. Maritime disputes are becoming increasingly more international and legally complex in their nature, and it is therefore imperative to strengthen the team to deal with the challenges that our clients face worldwide.

“The recruitment of Pieter and Vivian will enhance still further AKD’s proven ability to provide innovative solutions to often complex legal problems.”

AKD’s Transport & Energy team provides a full range of legal services. AKD is a full-service firm with over 250 lawyers. www.akd.nl

Labels: , , , , , , , , , , , ,

Thursday, 11 June 2015

New IACS Unified Requirement (UR) for Large Container Ships further improves the safety regime for these vessels

New IACS Unified Requirement (UR) for Large Container Ships further improves the safety regime for these vessels

The International Association of Classifications Societies (IACS) is pleased to announce the adoption of new Unified Requirements that will further improve the safety of Large Container Ships by enhancing consistency between pre-existing Class Society provisions in this area.

Amalgamated within a single new Unified Requirement (UR S11A) are three new safety measures that provide a robust, timely and complete response to the findings of the investigation by Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) issued in March 2015 and subsequent papers to the IMO. UR S11A is further complemented by an additional Unified

Requirement (UR S34) which deals with minimum loading conditions to be analysed.
IACS welcomed the publication of the casualty investigation report into the MOL Comfort incident by Japan’s MLIT in March of this year and thanks Japan and Bahamas for bringing the results of this investigation to international shipping’s primary regulator, the IMO. IACS firmly believes that proper casualty investigation and subsequent information sharing is a key element to achieving continuous improvement in safety standards.

In anticipation of these developments IACS established at the beginning of 2014 an expert group on structural safety of container ships carried out a post "MOL Comfort" review of available information which also took into account a number of past casualties. This work has resulted in the development of UR S11A which is a longitudinal strength standard for Containerships that explicitly addresses the three issues requested of both individual classification societies and IACS by the authors of the MLIT investigation report.

In brief:
Bi-axial stresses which would be induced by lateral loading, i.e. external pressure on the bottom shell: IACS Members have for many years addressed these bi-axial stresses in their individual rules and procedures. The effect of the lateral loads which induce bi-axial stresses of bottom shell plates should be considered in the requirements of the hull girder ultimate strength and this will now be recognised in the new IACS Longitudinal Strength Standard for Container Ships, known as Unified Requirement S11A which will enter into force on 1 July 2016.

The whipping effect on container ships: Although this phenomenon continues to be the subject of research, the effects are becoming better understood and some individual IACS Members have developed specific rule requirements in this regard. The development of an IACS Unified Requirements for the whipping component of hull girder loading will take time, however in the interim IACS has introduced a functional requirement into the new Unified Requirement S11A which requires IACS Members to take into account whipping in accordance with their individual procedures. Entry into force is again 1 July 2016.

A revised wave bending magnitude and longitudinal distribution has been included in the development of the new Unified Requirement S11A full details of which will be made available on the IACS website shortly.

Additionally, UR S34 will set consistent requirements among IACS members by defining the unified minimum load cases used while performing strength assessment of container ships by Finite Element (FE) analysis. This fulfills two principal aims. Firstly, by prescribing high-level “functional requirements” on loads, the bottom line of structural strength becomes unified and, secondly, by developing a minimum set of common loading conditions for Cargo Hold Analysis in the midship region, a baseline for structural strength at cargo hold in the midship region is achieved.
New S34 is applicable to container ships only and will apply from 1 July 2016 and requires a Global (full ship) analysis for ships with length ≥ 290m and a Cargo hold analysis for ships with length ≥ 150m.

In accordance with IACS commitment to safety and transparency these 50+ pages of new requirements are available on the IACS website along with the detailed Technical Background. Introducing the new URs at the IMO today, IACS Chairman, Mr Philippe Donche-Gay, commented “Once again IACS has demonstrated its unrivalled technical capacity by delivering important Unified Requirements in a very tight timeframe that will further enhance Large Container Ship safety. IACS is proud of its contribution to this important debate and stands ready to continue to assist the IMO in all areas where technical expertise can advance our common goal of safer and cleaner ships.”

1. Dedicated to safe ships and clean seas, the International Association of Classification Societies (IACS) makes a unique contribution to maritime safety and regulation through technical support, compliance verification and research and development.
2. More than 90% of the world's cargo carrying tonnage is covered by the classification design, construction and through-life compliance Rules and standards set by the twelve Member Societies of IACS.
3. Unified Requirements are adopted resolutions on matters directly connected to or covered by specific Rule requirements and practices of classification societies and the general philosophy on which the rules and practices of classification societies are established.
4. Subject to ratification by the governing body of each Member Society, Unified Requirements shall be incorporated in the Rules and practices of the Member Societies, within one year of approval by the IACS General Policy Group. The existence of a UR does not oblige a Member Society to issue respective Rules if it chooses not to have Rules for the type of ship or marine structure concerned.
5. Unified Requirements are minimum requirements. Each Member remains free to set more stringent requirements.
6. UR S34 does not prescribe an overall FE analysis standard, rather it provides “functional requirements” such that respective analyses are undertaken with suitable load cases considered.
7. Finite element analysis is a numerical technique for finding approximate solutions to boundary value problems for partial differential equations. It uses subdivision of a whole problem domain into simpler parts, called finite elements, and methods from the calculus of variations to solve the problem by minimizing an associated error function. Analogous to the idea that connecting many tiny straight lines can approximate a larger circle, FEM encompasses methods for connecting many simple element equations over many small subdomains, named finite elements, to approximate a more complex equation over a larger domain. (Source: Wikipedia)

Contact: Derek Hodgson,
Permanent Secretary
London) 020 7976 0660

Labels: , , , , , , ,

Thursday, 4 June 2015

Moore Stephens says shipping faces increased exposure from failure to manage risk

A new survey from Moore Stephens has revealed that levels of sound enterprise and business risk management are currently satisfactory in the shipping industry. But the international accountant and shipping adviser warns that companies which fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive industry.

The inaugural Moore Stephens Shipping Risk Survey, which will be updated annually, sought to gauge how effectively enterprise and business risks are being managed in the shipping industry, and to analyse how key risks are being handled by companies. Respondents rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.9 out of a possible score of 10.0. Over a quarter of respondents returned a rating of 8.0, while almost three-quarters put the figure at more than 5.0 out of 10.0.

A third of respondents felt that enterprise and business risk was being managed effectively by their organisations, while 37% confirmed that such risk was managed by means of discussion without formal documentation. Overall, 42% of respondents noted that risk was documented by the use of spreadsheets or written reports. Internally developed software was employed by 13% of respondents to manage and document risk, as opposed to the 6% who used third-party software. Other methods cited by respondents as a means of managing risk ranged from “industry data” to “hope”.

One respondent noted, “We are highly focused, but a shipowner can only evaluate closely up until the moment when the ships are ordered or purchased. Once the bet is placed, Lady Luck takes a hand. The three most important things are timing, timing and timing.” Another said the best way to minimise risk was to “avoid known high-risk clients who could seriously affect the rest of your business.”

Some 72% of respondents felt that the senior managers in their organisations had a high degree of involvement in enterprise and business risk management, as opposed to the 18% who said senior management’s involvement was limited to “periodic interest if risks materialise.” While 8% of respondents said that senior management “acknowledged but had a limited involvement in” enterprise / risk management, just 2% said senior management had no involvement whatsoever.

Demand trends were deemed by the greatest number of respondents (19%) to pose the highest level of risk to their organisation over the next 12 months, closely followed by competition (18%). The cost and availability of finance featured in third place, at 13%, while operating costs and tonnage supply each figured at 10%. Other factors cited as posing a high level of risk included political and economic developments and international sanctions, cyber security, counter-party creditworthiness, and technical breakdown. One respondent was convinced that demand for shipping would increase, but another was far less confident about the availability of competent crews to man the ships.

Respondents to the survey felt that the level of risk posed by most of the factors which impacted their business would remain largely unchanged over the next 12 months, with the exception of demand trends, the supply of competent crew and tonnage supply, which were perceived to have the potential for increased risk. Issues beyond the control of shipping also figured in the replies from respondents, one of whom emphasised, “Geopolitical issues will keep influencing the market economy, which will make business unstable and lead to lack of sustainability.”

Michael Simms, a partner in the shipping industry group at Moore Stephens, says: “It is good to see that respondents to the survey rated at almost 7 out of 10 the extent to which enterprise and business risk management is contributing to the success of their organisations. It is encouraging, also, to see the healthy level of senior management involvement in the management of risk. But the figures need to be higher still for shipping to be able to claim that it is effectively managing risk to the best of its ability.

“You cannot take the risk out of shipping. It is part of the tradition of the industry, and one of the factors which attract investors. For too long, however, too many companies have failed to follow a joined-up risk management process, and insufficient resources and time have been devoted to risk management, creating difficulties and increasing the risk of business failure.

“Risk is only likely to increase in the shipping industry. Some of the risks are well-recognised and traditionally well-handled, such as those arising from competitive pressures. But other risks are of an emerging nature, such as cyber-security, while others still, for example the financial stability of counterparties, fraud and money-laundering, tend to fluctuate in their level of severity with market conditions and geographic location.

“Shipping cannot afford to under-estimate its exposure to risk. The banks, who are now starting to show a renewed appetite for shipping finance, and the private equity investors who have over the past two years or so filled the investment void created by the exit of more traditional shipping finance, will be looking to work with risk-aware shipping businesses, to ensure that their money is in safe hands. So, too, will counter-parties and other third-parties.

“Last year’s bankruptcy filing of Denmark’s OW Bunker set alarm bells ringing, attended as it was by references to major risk management and fraud losses, and to unrecoverable credit. Shipping is also vulnerable to an increasing level of IT-related risk and is in some respects operating in a changed world and to a different risk profile - all this, moreover, at a time of increasingly stringent regulatory controls, which bring with them serious cost implications.

“Given the level of accumulated knowledge within the industry, and the continued increase in technological innovation, there is no excuse for shipping not to manage its exposure to risk. Companies which fail to monitor risk intelligently and systematically, to oversee the effectiveness of risk controls, and to embed risk management into their daily activities, are likely to pay a high price.”

The Moore Stephens Shipping Risk Survey 2015 includes responses from key players worldwide in the international shipping industry to a targeted, web-based survey by the Moore Stephens Shipping Industry Group. Responses were received from owners, charterers, brokers, advisers, managers and others. Editors can apply for a copy of the survey by emailing chris@merlinco.com

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping, offshore maritime and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 626 offices of independent member firms in 103 countries, employing 26,290 people and generating revenues in 2014 of $2.7 billion. www.moorestephens.co.uk

For more information:
Michael Simms
Moore Stephens LLP
Tel: +44 (0)20 7334 9191

Labels: , , , , , , ,

Wednesday, 3 June 2015

Rotterdam court can now order ship arrests throughout the EU

ROTTERDAM-based law firm AKD says a recent revision of the Brussels I Regulation makes it possible to quickly attach assets anywhere in the EU if parties include in their contracts a choice of forum clause conferring jurisdiction on the Rotterdam court. 


The Brussels 1 Regulation provides uniform rules throughout the EU on international jurisdiction and the recognition and enforcement of civil and commercial judgments. Bart-Jan van het Kaar, a lawyer with AKD, explains,The revised Brussels 1 Regulation, which came into effect on 10 January, 2015, introduces an important change. Under the new regulation, it is now possible to enforce throughout the EU provisional measures granted on the basis of a simple application by a party in any individual member state.”


AKD partner Haco van der Houven van Oordt says, “The revised Brussels I Regulation includes some drastic changes with important implications for owners, charterers and others looking to arrest vessels or attach other assets in EU jurisdictions.


“The Netherlands is already widely recognised as a ship arrest haven, and its procedural law provides an effective means by which to obtain security in advance of main proceedings against a debtor. Such security can be obtained by seizing any asset of the debtor on the basis of a pre-judgment attachment order. Another option is to levy a third-party attachment which blocks all payments by the third-party to the debtor. These pre-judgment attachment orders can be used to obtain security or to exert pressure on the debtor to make payment and thus avoid starting main proceedings against the debtor.


“The new Brussels 1 Regulation effectively means that the whole of the EU is now a potential ship arrest haven for those who initiate action through the Rotterdam court. The only proviso is that the Rotterdam court has jurisdiction on the merits of the claim.


“The willingness of the Rotterdam court to allow seizure of the assets in EU member states other than The Netherlands was underlined earlier this year when the court granted leave to arrest the pusher-barge Navin 24 in either Germany or Austria in a dispute involving non-payment of hire under a time charter. Jurisdiction was based on a choice of forum clause in the time-charter, which vested jurisdiction to the Rotterdam court.


“Including a choice of forum clause in contracts which confers jurisdiction on the Rotterdam court now greatly assists in securing the enforcement of contractual rights against unwilling debtors. The Rotterdam court can issue orders for an arrest not only in the Netherlands but also in other EU member states. The maximum enforcement of rights is guaranteed, while the maximum amount of pressure is exerted on foreign debtors.”



AKD’s Transport & Energy team provides a full range of legal services. AKD is a full-service firm with over 250 lawyers. www.akd.nl

Labels: , , , , ,

Monday, 1 June 2015

Vestdavit chosen for Mediterranean mercy rescue mission

NORWAY-based boat handling system and specialised davit supplier Vestdavit has supplied a PLR-3600 FCR davit to the offshore vessel Siem Pilot, which is Norway’s official contribution to Operation Triton, the European mission to rescue African refugees in the Mediterranean.

Siem Pilot belongs to Siem Offshore and is normally used in offshore activities and North Sea rescue work. In normal configuration it has cabin space for 64 persons and a cargo deck of almost 1,000 square meters. Following conversion it can take on board up to 500 refugees. The Vestdavit davit system which has been installed at short notice on the aft deck will allow the vessel to deploy two fast rescue craft, which are vital to finding and rescuing refugees.

Rolf Andreas Wigand, managing director, Vestdavit, says, “We are proud to supply the davits which will make the Siem Pilot an effective part of the mission to save thousands of refugees in the Mediterranean, and we are proud we could supply and fit the davit quickly so that the vessel can deploy without delay. Our davit will allow the ship to launch and recover boats in sea states which others cannot operate in, widening the operational window and giving them the capacity to carry out rescues from other small craft even in bad weather.”

For photos of the davit being installed go to http://bit.ly/1LNMINQ   or e mail john@merlinco.com

Visit Vestdavit at Nor-Shipping Stand No:  C04-24d

Vestdavit designs, supplies and supports tailor-made solutions for launching and recovering boats in difficult conditions at sea. Its range of boat handling systems and davits are the first choice of navies, coastguards, seismic survey operators, pilot authorities and offshore operators who need to be able to operate small boats safely from larger vessels. Since 1975 Bergen-based Vestdavit has supplied over 1,900 davits and side and stern launch systems. They have proven themselves over more than 30 years use in the North Sea and other harsh environments around the world. Self-tensioning and shock absorbing systems ensure crew safety and widen the operational window for the users. Vestdavit’s key focus is on operational effectiveness, safety and the reliability of its equipment. www.vestdavit.no

For more information:                                   
Rolf-Andreas Wigand                                   
Managing Director
+ 47 90 89 39 39                                           


Labels: , , , , ,

Search all news items

Home | Services | Clients | News | Contact
Copyright © Merlin Corporate Communications.