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.
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.
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.
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.
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.
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 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.
The shipping industry has faced its worst crisis during the last 25 years. The limited liquidity of the shipping market and the trend of banks to limit their exposure have made shipowners to find new methods of financing their investment projects. Traditional lenders such as Germany’s Commerzbank and HSH Nordbank and the UK’s Lloyds and RBS are either exiting the market or trying to reduce exposure.
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.
The Spring Festival celebrations are over and the Year of the Horse has been well and truly welcomed in, but our thoughts remain with Asia and the importance of the Asian shipping business, both globally as well as in the Isle of Man.
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