1. There are no significant events to report this week.
2. In open source news S & P Global Platts report on additional insurance premiums being paid by tankers moving through the Gulf of Guinea (c) whilst the slump plaguing the shipping industry hits the headlines as the board of South Korea’s largest shipping company Hanjin Shipping Co file for court receivership (d), and Braemar Shipping Services ‘warn of a big drop in demand’ according to the Times newspaper (e). Rahul Kapoor of Drewry Financial Research Services discusses the outlook for the shipping industry with Bloomberg’s Rishaad Salamat (6 minute video) (f).
3. The Economist reports on the half yearly piracy figures issued by the International Maritime Bureau, adding that better security on ships and policing on the high seas can be attributable to the decline in global piracy (g). At the recent Indian Ocean Conference 2016, the Srl Lankan Prime Minister ‘called for establishing an Indian Ocean Assembly’ and that an ‘Indian Ocean Order needs to be crafted’ whose
primary responsibilities would include ‘freedom of navigation in the Indian Ocean and ensuring that shipping and air routes to East Asia and beyond are kept open’ (h).