While Finance and Accounting departments normally do not have much influence on a company’s financial performance directly, they play a huge role in providing accurate data and thereby enabling other departments and the management to make the right decisions. During 2013 GL and Fraunhofer CML experts conducted a study involving about 100 ship managing companies across the globe to find out what they are doing to improve their operations and what they consider as “best practice” in the industry.
The Next Five Years in Shipping
According to a report from Norton Rose Fulbright, shipping is the most negative response to high-capacity or high-speed assets, with almost 30 per cent of the participants of the Survey conducted by Norton Rose Fulbright, seeing these as creating overcapacity – much higher than aviation and rail (11 and six per cent). While some feel they will open up new opportunities, 22 per cent express doubt over their sustainability.
Use of Electronic Bills of Lading
A number of major dry cargo charterers began to invite owners to incorporate clauses into time charters in order to permit the use of electronic bills of lading instead of their paper equivalent.
Suez Canal Toll Hikes Cause Protests from Shipping Associations
The Round Table of international shipping associations has protested against the third consecutive annual increases in Suez Canal tolls, saying carriers are “dismayed” by steep hikes with a short notice period.
UK Tonnage Tax Written-Down Values Not Realistic
Calculation of written down values under the UK tonnage tax tonnage tax are not realistic in terms of their interaction with the capital allowances regime according to international accountant and shipping adviser Moore Stephens.
Torm Sells Product Tankers to Oaktree
As part of TORM’s 2012 Restructuring Agreement, Oaktree exercised its option rights for repayment of a related debt from TORM, leading to a sale of ten MR and three LR2 product tankers.
North P&I and Sunderland Marine Merge
North of England P&I Association (North) and Sunderland Marine Insurance Company Limited have merged to form the North Group following approval by the Bank of England’s Prudential Regulatory Authority and other UK and overseas regulators.
Russia Chooses ‘Soft’ Approach to the Arctic
Recent initiatives in the Arctic Council show that Arctic nations have chosen business as a universal language of rapprochement. Russia’s limited military presence should be viewed as an opportunity to build a safer economic environment without prejudicing the security of anyone.