company:maersk

  • Maersk aims to cover itself with an alternative to cargo insurance - The Loadstar
    https://theloadstar.co.uk/maersk-aims-cover-alternative-cargo-insurance

    Maersk Line is launching what it claims is an alternative to cargo insurance in response to the rising number of shipments consigned without cover.

    According to the carrier, some 30% of cargo moved by sea is uninsured, but one source told The Loadstar this figure is could be overly conservative.

    In my experience, the actual percentage of shipments travelling without insurance is far closer to the 50% mark,” said the source.

    The only time this becomes an issue is when a problem arises, but when it does, it is usually quite significant.

    In March, five crew members died following a fire on the Maersk Honam and the source suggested the impetus behind the launch of Maersk’s Value Protect was to prevent a repeat of the cost heaped on the carrier as a result of uninsured shipments.

    That [Maersk Honam] has to have been responsible for the biggest #general_average in history and the carrier says 30% of the cargo was uninsured,” said the source.

    Apparemment, le transporteur devient l’assureur de ses clients.
    https://www.maersk.com/solutions/shipping/cargo-and-financial-services/value-protect

    Value Protect is the simple and smart way to protect your cargo.
    While we always do our utmost to take good care of your cargo, we are glad to introduce you to our new extended liability solution. To keep the value of your cargo safe from logistic-related risks. At competitive prices and without any deductibles. All in a single place.


  • Major box carriers to launch association to harmonise digitalisation in shipping - The Loadstar
    https://theloadstar.co.uk/major-box-carriers-launch-association-harmonise-digitalisation-shippi

    Shipping lines from each of the alliances have formed an association in a bid to develop “digitalisation, standardisation and interoperability”.

    The move follows last week’s announcement of a joint #blockchain platform comprising the Ocean Alliance and Yang Ming from THE Alliance, which triggered questions as to how the industry would standardise, given Maersk’s involvement with rival platform TradeLens.

    But while all the alliances are represented in the new association, it includes only Maersk, CMA CGM, Hapag-Lloyd, MSC and Ocean Network Express for now. However, the association – which is neutral and non-profit – has said it will “welcome new members with open arms”.

    It said it would be operating from early 2019, subject to any regulatory requirements and puts shipping a step closer to creating a cohesive IT infrastructure across the industry.


  • China plumbs ocean depths to extend its cobalt lead | Agricultural Commodities | Reuters
    https://af.reuters.com/article/commoditiesNews/idAFL8N1XN6JD

    • Unclear how big reserves are or when they can be mined
    • Glencore holds small stake in ocean explorer DeepGreen
    • Anglo American sold stake in Nautilus
    • Environmentalists seek strict rules

    China, the leading holder of international deep sea exploration licences, has increased its lead in the race for alternative sources of battery minerals by taking samples from cobalt-bearing mountains deep in the Pacific.

    The cobalt-rich crusts could one day curb the world’s dependence on cobalt from Democratic Republic of Congo, but most companies say deep sea mining is a distant prospect.

    Maersk Supply Service, part of shipping company Maersk , is working with Canada’s DeepGreen to harvest metallic rocks from the ocean floor.

    It is a promising business area with the potential for significant future growth,” Maersk Supply Service said in an email. “Production is a few years away.

    Miner-trader Glencore has a stake in DeepGreen which would eventually give Glencore 50 percent of any copper and nickel output.

    Glencore declined to comment and DeepGreen had no immediate comment.

    So far only Canadian-listed firm Nautilus Minerals has gone beyond the exploration stage to try and mine off the coast of Papua New Guinea, for copper, gold and silver, but it been slowed by funding issues and local opposition.

    Anglo American sold its 4 percent stake in Nautilus in May, as part of efforts to retain only its most profitable assets.

    Nautilus this week agreed a $600,000 loan to shore up its balance sheet. It was not immediately available for further comment.

    While Nautilus wants to mine Papua New Guinea’s territorial waters, international waters are regulated by the International Seabed Authority (ISA), an agency set up by the United Nations to manage the seabed and protect the marine environment.

    China, is in pole position in international waters as the holder of four of the 29 deep sea ISA exploration contracts granted so far, more than any other nation.

    Along with Glencore, the country already dominates world cobalt supplies, mostly from the politically volatile Democratic Republic of Congo.


  • Maersk CEO Reveals `Ironic’ Twist in U.S. Trade War With China - Bloomberg
    https://www.bloomberg.com/news/articles/2018-11-14/maersk-ceo-reveals-ironic-twist-in-u-s-trade-war-with-china

    The man running the world’s largest container-shipping company says he has access to data that shows Donald Trump has so far failed to wean the U.S. off Chinese imports.

    Soren Skou, the chief executive of A.P. Moller-Maersk A/S, says Chinese exports to the U.S. actually grew 5-10 percent last quarter. Meanwhile, U.S. exports to China fell by 25-30 percent.

    It’s an ironic development,” Skou told reporters in Copenhagen on Wednesday. “But after Trump has turned up the volume, the U.S. has only increased their imports from China even more.

    There are two reasons behind the development, Skou said.

    Firstly, the U.S. economy is doing well so consumers there have more money to spend on imports, he said. Secondly, a lot of the really big U.S. companies are hoarding Chinese imports to buy as much as possible before tariffs kick in, he said.

    When we talk to our customers, we hear from many of them that they want to bring in a lot of goods before the end of the year,” Skou said.

    Maersk transports about a fifth of the world’s seaborne manufactured goods, so the company is in a unique position to gauge changes in global trade flows. Given Maersk’s reliance on free trade, Skou hasn’t shied away from criticizing Trump’s tariffs in the past.


  • Maersk sends first container ship through Arctic route | Reuters
    https://uk.reuters.com/article/arctic-shipping-maersk/maersk-sends-first-container-ship-through-arctic-route-idUKL8N1VE3NM

    A Maersk vessel loaded with Russian fish and South Korean electronics will next week become the first container ship to navigate an Arctic sea route that Russia hopes will become a new shipping highway.

    The Arctic voyage by the 3,600 20-foot container capacity Venta Maersk is the latest step in the expansion of the so-called Northern Sea Route which is becoming more accessible to ships as climate change reduces the amount of sea ice.

    The brand new Venta Maersk, one of the world’s largest ice-class vessels, will also collect scientific data, said Maersk, underlining that the voyage is a one-off trial for now.

    The decision by Maersk, the world’s biggest container shipping group, to test out the route is a positive sign for Russia, which hopes this could become a mini Suez Canal, cutting sea transport times from Asia to Europe.

    A well-respected company like Maersk sending a container ship through the Arctic, definitely signals there’s something there,” Malte Humpert, a senior fellow at U.S.-based think-tank Arctic Institute, said.


  • The Untold Story of #NotPeya, the Most Devastating Cyberattack in History | WIRED
    https://www.wired.com/story/notpetya-cyberattack-ukraine-russia-code-crashed-the-world

    But the most enduring object lesson of NotPetya may simply be the strange, extra­dimensional landscape of cyberwar’s battlefield. This is the confounding geography of cyberwarfare: In ways that still defy human intuition, phantoms inside M.E.Doc’s server room in a gritty corner of Kiev spread chaos into the gilded conference rooms of the capital’s federal agencies, into ports dotting the globe, into the stately headquarters of Maersk on the Copenhagen harbor, and across the global economy. “Somehow the vulnerability of this Ukrainian accounting software affects the US national security supply of vaccines and global shipping?” asks Joshua Corman, a cybersecurity fellow at the Atlantic Council, as if still puzzling out the shape of the wormhole that made that cause-and-effect possible. “The physics of cyberspace are wholly different from every other war domain.”

    In those physics, NotPetya reminds us, distance is no defense. Every barbarian is already at every gate. And the network of entanglements in that ether, which have unified and elevated the world for the past 25 years, can, over a few hours on a summer day, bring it to a crashing halt.

    #cyberguerre


  • Shippers with cargo on #Maersk_Honam must pay to get it released - The Loadstar
    https://theloadstar.co.uk/shippers-cargo-maersk-honam-must-pay-get-released

    Shippers with cargo aboard the fire-stricken Maersk Honam will have to stump up over half its value if it is to be released under #general_average arrangements.

    MSC, Maersk Line’s 2M partner, confirmed this morning that the vessel is due to finally dock at Dubai on 22 May, with discharging likely to take between four days and a week.

    This week, vessel salvor Richard Hogg Lindley (RHL) fixed the salvage security at 42.5% of the cargo value, as well as requiring a further 11.5% as a general average deposit.

    This means a shipper with goods worth $100,000 in a container faces a combined general average and salvage security bond bill of $54,000 to have the cargo released.

    MSC said this week: “The submission of the GA and salvage securities is a prerequisite for the cargo to be released from Jebel Ali.

    Mais c’est pas tout…

    However, in a further twist today, MSC that it would also look to pass on part of the extra transport and port costs incurred in Dubai to shippers with undamaged cargo.

    In consideration of the important geographical deviation provoked by the salvage operations and of the consecutive extra handling/storage costs that will accrue at port of refuge, MSC will unfortunately not be in position to carry your cargo to destination without collecting additional charges.

    We are therefore requesting an amount of $750 per 20ft or $1,250 per 40ft. This amount is destined to cover all additional transhipment, storage and on-carriage costs MSC will face as the result of this regrettable casualty.

    • General average - Wikipedia
      https://en.wikipedia.org/wiki/General_average

      The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency (for instance, when the crew throws some cargo overboard to lighten the ship in a storm).

      En français, #avarie_commune
      https://fr.wikipedia.org/wiki/Avarie_commune
      (nettement plus court)

    • Will shippers abandon undamaged Maersk Honam boxes after more delay? - The Loadstar
      https://theloadstar.co.uk/will-shippers-abandon-undamaged-maersk-honam-boxes-delay

      The 15,262 teu vessel caught fire on 6 March in the Arabian Sea, which cost the lives of five crew members.

      The ship was carrying 7,860 containers (12,416 teu) on a 2M Asia-west Mediterranean loop and has been anchored off the Gulf port since 24 April while remaining hot-spots were extinguished.

      Containers stowed in forward holds 1-3 have been declared a total loss after fire and water damage, but boxes in the aft of the ship, in holds and on deck, are assumed to be in a sound condition.

      General average (GA) has been declared by Maersk, which means cargo owners will need to lodge the necessary security bonds before they can have their cargo.

      GA is a principle of maritime law where damages or salvage costs etc are shared among the cargo in proportion to its value and adjuster Richards Hogg Lindley has set the salvage security to the amount of 42.5% of the CIF (cost, insurance and freight) value of the cargo, with an additional 11.5% required as GA security.

      The 42.5% element will be held until the salvage remuneration has been awarded, whereas 11.5% of the CIF value is held until the final GA adjusted has been completed, which could be several years from now.

      Lloyds has assigned the casualty a major loss code and the International Union of Marine Insurers (IUMI) has said it may generate the largest GA loss on record, thought to be up to $100m.

    • Cargo Discharge Completed On Board Maersk Honam – gCaptain
      http://gcaptain.com/cargo-discharge-completed-on-board-maersk-honam


      Maersk Honam pictured at Jebel Ali following the completion of the cargo discharge operation.
      Photo: Maersk

      Cargo discharge operations on board the Maersk Honam have been completed and the first containers have been released after a three-month detour due to fire.

      The ultra-large containership Maersk Honam, which was hit by a major fire on March 6, berthed at the Port of Jebel Ali on Sunday after sitting anchor off the coast for several weeks.

      Mearsk said in an update on Thursday that discharge operations have now been finalized and the first containers cleared for onward transport.
      […]
      The 2017-built Maersk Honam was loaded with 7,860 containers, corresponding to 12,416 twenty-foot equivalent units, when it caught fire in the Arabian Sea on March 6. The fire burned through all cargo holds forward of the superstructure.

      Five crew members died as a result of accident.


  • Maersk CFO Jakob Stausholm in shock resignation over reorganisation - The Loadstar
    https://theloadstar.co.uk/maersk-cfo-jakob-stausholm-shock-resignation-reorganisation

    Maersk Group’s chief financial officer, Jakob Stausholm, has decided to leave the company at the end of the month, as his finance role will now fall under the remit of IT.

    Mr Stausholm joined AP Møller-Maersk in December 2016 to play a leading role in the Danish firm’s restructuring from conglomerate into the Transport & Logistics business, where he held an influential role as chief finance, strategy and transformation officer.


  • Container Fire Reported On U.S.-Flagged Maersk Kensington in Gulf of Aden – gCaptain
    http://gcaptain.com/container-fire-reported-on-us-flagged-maersk-kensington-in-gulf-of-aden

    A fire has been reported in a below-deck container on board the U.S.-flag containership Maersk Kensington in the eastern Gulf of Aden, the second such incident to hit a Maersk Line vessel in recent weeks. 

    All crew are safe and the fire is contained, Maersk Line has confirmed.
    […]
    The incident is the second cargo fire on board a Maersk containership in as many weeks.

    On March 6, Maersk Line’s 2017-built Maersk Honam suffered a devastating fire in its forward cargo holds while heading west in the Arabian Sea approximately 900 nautical southeast of Salalah, Oman. Tragically, five crew members lost their lives in the incident. The response to that incident is still on-going in the Arabian Sea.

    The Maersk Honam, an ultra-large containership, is carrying a total of 7,860 containers, corresponding to 12,416 TEU (twenty-foot equivalent).
    […]
    Maersk Kensington is currently at anchor outside the port of Salalah, and is getting assistance from shore. The vessel is carrying 3518 containers (corresponding to 5616 TEU). In case of cargo delays all impacted customers will be contacted directly.
    […]
    In late February, another Maersk vessel, the Maersk Shanghai, lost 76 containers overboard during heavy weather off the U.S. East Coast. One of the containers lost at sea was reportedly carrying about 5,900 pounds of sulfuric acid.


  • Major Fire on Ultra-Large Containership Maersk Honam in Arabian Sea, Situation ’Critical’ – gCaptain
    http://gcaptain.com/major-fire-on-ultra-large-containership-maersk-honam-arabian-sea

    An ultra-large containership belonging to container shipping giant Maersk has suffered what is being described as a ‘serious fire’ in one of its cargo holds in the Arabian Sea.

    According to an emailed statement from Maersk Line, the MV Maersk Honam reported a serious fire in a cargo hold on Tuesday 6 March 2018 at 15:20 GMT while enroute from Singapore towards Suez, Egypt. 

    Four crew members are missing.
    […]
    The ship is reported to be carrying 7,860 containers.
    […]
    The Maersk Honam was built in 2017 and has a nominal capacity of 15,262 TEU (twenty-foot equivalent unit). It sails under the Singapore flag.

    The nationalities of the 27 crew members are: India (13), the Phillipines (9), Romania (1), South Africa (1), Thailand (2) and the United Kingdom (1).

    • Insurers brace for multi-million-dollar claims as Maersk Honam is towed to port - The Loadstar
      https://theloadstar.co.uk/insurers-brace-multi-million-dollar-claims-maersk-honam-towed-port

      The insurance industry is bracing itself for hundreds of millions of dollars of claims from the biggest container vessel casualty to date – but some shippers will not have been insured.

      A Maersk spokesman told The Loadstar today no decision had yet been reached on the port of destination for the fire-damaged 15,262 teu Maersk Honam.
      […]
      The 2017-built Maersk Honam caught fire on 6 March in the Arabian Sea en route to the Mediterranean, via Suez, claiming the lives of four seafarers with a further crew member presumed to be lost.

      According to the Indian coastguard pictures, hundreds of containers in the fore section of the ULCV would seem to be a total loss, but boxes stowed behind the superstructure and in the aft section appear intact.
      […]
      Meanwhile, for cargo that was insured, marine reinsurance branches will be expecting an avalanche of claims for this latest containership casualty.

      Insurers have for some time expressed their concerns about their exposure in the event of a major ULCV casualty. In the case of the 8,110 teu MOL Comfort which broke its back off the coast of Yemen in 2008, resulting in a total loss of the ship and its 4,380 containers, the insured cargo loss alone was reported at some $300m.

      Marine insurers typically calculate their average exposure per box at between $50,000-$100,000, but it was reported that amounts lost from the MOL Comfort were considerably higher, and there have been instances recorded by marine insurers where the value of a single pallet packed in a container has exceeded $1m.


  • Large Containership Loses About 70 Containers Overboard Off U.S. East Coast – gCaptain
    http://gcaptain.com/containership-loses-about-70-containers-overboard-off-us-east-coast

    A 10,000 TEU containership lost about 70 containers overboard on Saturday night while about 17 miles off Oregon Inlet, North Carolina.

    The U.S. Coast Guard is warning mariners of navigation hazards.

    The 324-meter Maersk Shanghai contacted USCG watchstanders at Sector North Carolina’s command center via VHF-FM marine radio channel 16 on Saturday evening notifying them that they lost approximately 70 to 73 cargo containers due to high winds and heavy seas.

    The ship is sailing from Norfolk, Virginia to Charleston, South Carolina, according to AIS data.

    The incident comes as a powerful nor’easter slammed the East Coast over the weekend, producing hurricane force winds and significant wave heights up in excess of 40 feet in the western Atlantic.


  • World’s Biggest Container Liner Looks for Deals Outside Shipping - Bloomberg
    https://www.bloomberg.com/news/articles/2018-02-20/world-s-biggest-container-liner-looks-for-deals-outside-shipping

    The world’s largest container company will start looking for takeover targets outside the shipping industry as it tries to pre-empt a new competitive landscape in which customers are morphing into rivals.

    Jakob Stausholm, A. P. Moller-Maersk A/S’s chief financial officer and head of transformation and strategy, says the company needs to expand its land-based activities to meet a growing need from clients.

    We’re currently very big in the ocean segment, and we’d rather grow in non-ocean, so it may be a good idea to look for M&A targets there,” Stausholm said in an interview Tuesday.
    […]
    Now, Maersk is expanding its competitive universe to include different types of companies, including couriers like FedEx Corp. and UPS Inc., the CFO said.

    We’re not going to be direct competitors to FedEx and UPS, but we will see them as peers,” he said. “They are the global integrators in their industries and we want to become that in our industry.

    Maersk CEO Can’t Imagine Self-Sailing Box Ships in His Lifetime

    The CFO declined to identify what specific parts of the land-based logistics chain Maersk may target for takeovers.

    Quand les clients deviennent des concurrents, il faut songer à augmenter sa base (sans changer de métier) -> reluquer les services de messageries…

    Suite logique (?) et logistique (!!) de la perception des géants du e-commerce, eux aussi dans une logique d’extension de leur emprise sur la chaîne de distribution, comme de futurs rivaux ?
    https://seenthis.net/messages/668798

    La réflexion stratégique provoque du remue-ménage dans les crânes, avant d’en générer dans le marché des fusions-acquisitions (M&A) et dans l’acheminement physique…


  • #Total Reinforces Its Position In Deepwater #Gulf_Of_Mexico By Entering The Anchor Discovery | total.com
    https://www.total.com/en/media/news/press-releases/Total-Reinforces-Its-Position-In-Deepwater-Gulf-Of-Mexico-By-Entering-The-Anc


    découvertes depuis 2013
    (depuis https://www.woodmac.com/news/editorial/deepwater-gulf-of-mexico-leaner-compete )

    Total has signed an agreement with Samson in order to acquire Samson Offshore Anchor, LLC, which holds a 12.5% interest in four blocks covering the Anchor discovery, one of the most significant recent discoveries in the Gulf of Mexico (GoM), USA. The deal also includes a 12.5% interest in the nearby exploration block Green Canyon 761, where Total already has a 25% interest.
     
    The entry in the Anchor discovery further increases Total’s footprint in deepwater Gulf of Mexico. It follows our entry in seven exploration prospects located in the promising Wilcox (Central GoM) and Norphlet (Eastern GoM) plays thanks to an agreement signed with Chevron last September, and in the Jack field where the Group will acquire a 25% interest as part of the Maersk Oil deal”, stated Arnaud Breuillac, President Exploration & Production at Total. 
     
    Discovered in the Wilcox play in 2014, Anchor is located approximately 225 kilometers off the coast of Louisiana in more than 1,500 meters of water. Additional prospective resources have been identified in the Anchor vicinity, strengthening the potential of the asset.
     
    Anchor is operated by Chevron (55%) alongside Cobalt (20%), and Venari (12.5%).
     
    Total Exploration & Production in the United States
     
    Total has been active in Exploration & Production in the United States since 1957.
     
    In the Gulf of Mexico, Total focuses on the deepwater domain with participations in two producing fields, Tahiti with 17%, operated by Chevron, and Chinook with 33.33%, operated by Petrobras, as well as in the discovery of North Platte with 40%, operated by Cobalt International Energy. As part of the acquisition of Maersk Oil company, Total will become a 25% partner in the Chevron operated Jack field. Total also holds participations in over 160 exploration leases.
     
    Onshore, Total operates about 100,000 barrels of oil equivalent per day (shale gas production) in the Barnett play and is a 25% participant in a JV operated by Chesapeake in the Utica shale play.


    (carte globale un peu ancienne, découvertes avant 2005, avec Deepwater Horizon)
    issue de https://thes.wordpress.com/2010/06/10/gulf-of-mexico-oil-rigs

    pour mémoire…


    The location of oil rigs/platforms in the Gulf of Mexico (with Rita’s and Katrina’s listed)
    issue de https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6836825


  • EY teams up with Maersk, Microsoft on #blockchain-based #marine_insurance
    https://www.reuters.com/article/blockchain-insurance-marine/ey-teams-up-with-maersk-microsoft-on-blockchain-based-marine-insurance-idUS

    Consultancy EY, data security firm Guardtime, Microsoft and ship operator Maersk have joined to build a blockchain-based marine insurance platform that will be the first real-world use of the nascent technology in the shipping industry.

    EY and Guardtime said the platform had already been built and would be deployed in January, when A.P. Moller-Maersk , which was part of a 20-week trial of the new platform, would start using it for some areas of its business, along with insurers MS Amlin and XL Catlin.

    A near decade-long slump in segments of the global shipping industry has led many companies to seek ways to cut costs and curb pressures on working capital.
    […]
    Shaun Crawford, EY’s global insurance leader, said the 400-year-old marine insurance sector was one of the most inefficient areas of the insurance industry. Shipping companies pay $30 billion in premiums paid annually.
    […]
    The significance of this from my perspective is this is the first real enterprise use-case for #blockchain,” said Mike Gault, chief executive of Guardtime, an Amsterdam-based company.

    Gault said the blockchain was “absolutely essential” for this platform to function, as it was able to guarantee that all parties - from shipping companies to brokers, insurers and other suppliers - had access to the same database, which could be integrated into insurance contracts.

    Insurance transactions are currently far too tedious and frictional,” said Maersk’s head of risk and insurance, Lars Henneberg, in a statement. “Blockchain technology has the potential to facilitate the desired development that is long overdue.

    The platform is built on Microsoft’s Azure cloud-based technology.

    #smart_contracts


  • #TEU tokens and #blockchain may shape the future of container shipping contracts - The Loadstar
    https://theloadstar.co.uk/teu-tokens-blockchain-may-shape-future-container-shipping-contracts

    Blockchain initiative 300cubits has created a new type of cryptocurrency to solve liner shipping’s US$23bn “booking shortfall” conundrum.

    Named TEU, the de-facto industry currency is distributed as tokens on the Ethereum network and will be tradeable on various global cryptocurrency exchanges.

    300cubits claims the tokens will help to eliminate shipping’s “trust issue” by reducing the counterparty default risk, caused by shipper ‘#no-shows’, and by carriers ‘rolling’ cargo.

    According to New Jersey Institute of Technology’s Professor Michael Erlich, the impact of this booking shortfall can be quantified as 5m teu a year, which costs the industry $23bn when knock-on effects, such as carriers’ lost revenue and shippers’ additional inventory costs, are calculated.

    300cubits’ solution is to use TEU tokens as booking deposits. The tokens are coded with a set of immutable conditions to create blockchain-enabled smart contracts to govern the booking transaction.

    Once committed, neither party can alter what has been agreed,” said 300cubits.

    Both the container lines and their customers will be given TEU tokens that will be held as deposits with conditions, and paid out later, upon the execution of the shipment booking.

    The container lines will be compensated with the TEU tokens if the customer does not turn up with cargo. Likewise, the customer will be compensated with the TEU tokens if their cargo is rolled.
    […]
    After a first batch of TEU tokens are given to some early adopters, 300cubits plans to offer an ‘initial token sale’ to monetise the new currency. Use of the tokens by industry players will validate and enhance its value, it said, adding that only 100,000,000 tokens would be created to ensure their long-term value.
    […]
    The ‘initial token sale’ is planned for November, after trials are completed.

    • FAQ - 300 Cubits
      https://www.300cubits.tech/faq

      Who is behind 300cubits?
      ETH Smart Contract Tech Ltd, a company incorporated and headquartered in Hong Kong.

      ETH Smart Contract Tech Limited - Hong Kong Company Formation Search
      https://www.hongkongcompanieslist.com/eth-smart-contract-tech-limited-cfipelq

      ETH Smart Contract Tech Limited
      (CR No. 2553818)

      ETH Smart Contract Tech Limited was incorporated on 10 Jul 2017 as a Private company limited by shares registered in Hong Kong. The date of annual examination for this private company limitedis between Jul 10 and Aug 21 upon the anniversary of incorporation. The company’s status is listed as “Live” now.

    • Hong Kong startup launches blockchain project designed to transform container shipping - Splash 247
      http://splash247.com/hong-kong-startup-launches-blockchain-project-designed-transform-containe

      300cubits is a project initiated by ETH Smart Contract Tech (ESCoT), a company founded in Hong Kong by Johnson Leung and Jonathan Lee. Leung started his career with Maersk. Later on he moved into the finance world, as regional shipping analyst at JP Morgan and then a senior shipping analyst for Tufton Oceanic, before joining Jefferies as the head of regional transport and industrials research for the Asia Pacific region. Lee, meanwhile, worked for a variety of Chinese, European and American banks in his career before founding ESCoT with his old university friend, Leung.

      J. Leung est vice-président de l’association des anciens élèves de son université HKUST (Hong Kong University of Science and Technology)

      HKUSTAA - The Executive Committee - Know More About Us
      http://www.ustaa.hk/content/aboutUs_exe_details.htm

      Deputy President
      Johnson LEUNG
      1994 BSc (Bio)

      I am Johnson Leung, graduated in 1994 with a Biology degree from UST. During my undergraduate days I spent as much time in sports such as track & field and basketball as I did in organizing various student interest clubs and associations.

      After my undergraduate studies, I had a short stint in drama production and then I spent most of my last ten years abroad through several international assignments at a shipping company, for which I have lived in places such as Beijing , Sao Paulo , Copenhagen , Lisbon , Fontainebleau and Philadelphia . My career choice brought me back to Hong Kong early 2004. Now I am practicing corporate finance in a boutique investment bank.

      In my spare time, I do sports such as hiking and basketball, reading in subjects such as biography and history, and hanging out with my friends. I had three fantastic years in UST and always love the UST community. I thinkalumni association is effective as well as essential in the development of an institution and I am grateful to have this chance to serve a term in the Ex-co of the UST Alumni Association.

    • Ça démarre aujourd’hui.

      TEU tokens – first cryptocurrency for container shipping is launched - The Loadstar
      https://theloadstar.co.uk/teu-tokens-first-cryptocurrency-container-shipping-launched

      Container shipping could see the first widespread use of a cryptocurrency this week.

      Hong Kong-based blockchain developer ETH Smart Contract Tech will tomorrow start handing out its bespoke TEU tokens to shippers, forwarders and 3PLs under its 300cubits project.

      The company will release some 20m TEU tokens, “custom-designed as digital shipping booking deposits, using smart contract blockchain technology, to solve the no-show and rolling problems plaguing the container shipping industry”, to container line customers for free – but on a first-come-first basis.

      Interested shippers and forwarders need to demonstrate their eligibility for 300cubits, and are currently restricted to those that bought slots in 2016.

      After passing the eligibility test, container line customers will allocated TEU tokens based on how much they have spent with the lines, which cumulatively saw sales of $150bn in 2016.

      For example, if the eligible participant has paid $50m as freight payment directly to container lines during 2016, the eligible participant would be entitled to at least 0.03% [$50m as a % of $150bn, the revenue of the entire container shipping industry] of the TEU tokens to be distributed to the customers of container liners – about 6,667,”according to its prospectus.

      300cubits said the total supply of TEU tokens will be fixed at 100m.


  • Shipping must learn from Maersk cyber attack – tighten security or be next, warning - The Loadstar
    https://theloadstar.co.uk/shipping-must-learn-maersk-cyber-attack-tighten-security-next-warning

    Lars Jensen, CEO of CyberKeel and SeaIntelliegence, said some phone systems were still down and bills of lading unavailable in some places.

    Mr Jensen warns, in a blog this morning, that weak security is endemic in the shipping industry: some 44% of carriers show “signs of low levels of cyber security related to very basic elements”.

    He notes that one top-20 carrier allows shippers on its e-commerce platform to use “x” as a password. Another top five carrier states that “12345” would be a medium-strength password.

    Mr Jensen points out that the fact the attack spread laterally through Maersk’s different business units shows that the firm’s level of security was not high enough.

    Bon, ça vient d’un vendeur de solutions de sécurité mais certainement bien informé…


  • Cyber Security at Sea - Microsoft XP on Carriers, Hacking Tridents & Spoofing GPS – gCaptain
    http://gcaptain.com/cyber-security-sea-microsoft-xp-carriers-hacking-tridents-spoofing-gps


    The 65,000-tonne HMS Queen Elizabeth, the Royal Navy’s largest ever warship, puts to sea for the first time, June 26, 2017.
    Photo : Royal Navy

    When reporters were recently being given tours of the Royal Navy’s new “supercarrier,” #HMS_Queen_Elizabeth, some were surprized to see a distinctive logo on several computer screens on the bridge and in control rooms. The logo was for Windows XP, the Microsoft computer operating system introduced in 2001. The ship itself was under construction for over eight years and the many of the procurement lead times were even longer. The reporters were told that the software was ordered in 2004, when XP was the latest and greatest version of the operating system. 

    Other than being slightly embarrassing that the brand new £3.5 billion aircraft carrier is running outdated software, why is this a problem? The problem is that the older operating systems are much more vulnerable to security breeches.  In May, a worldwide ransomware attack was launched, which created havoc in networks in 99 counties around the world.  (A new wave of ransomware cyber-attacks has hit within the last day. This time, port operations were also impacted, including Moller-Maersk and others.)

    Objectivement, ça vaudrait son pesant de cacahouètes que le fleuron de la flotte de Sa Gracieuse Majesté doive raquer 300 dollars en bitcoins pour pouvoir naviguer :-D


  • New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk - Bloomberg
    https://www.bloomberg.com/news/articles/2017-06-27/ukraine-russia-report-ransomware-computer-virus-attacks

    A new cyberattack similar to #WannaCry is spreading from Europe to the U.S. and South America, hitting port operators in New York, Rotterdam and Argentina, disrupting government systems in Kiev, and disabling operations at companies including Rosneft PJSC, advertiser WPP Plc. and the Chernobyl nuclear facility.

    More than 80 companies in Russia and Ukraine were initially affected by the #Petya virus that disabled computers Tuesday and told users to pay $300 in cryptocurrency to unlock them, Moscow-based cybersecurity company Group-IB said. About 2,000 users have been attacked so far, according to Kaspersky Lab analysts, with organizations in Russia and the Ukraine the most affected.

    Parmi les (nombreuses) victimes citées

    Cie de Saint-Gobain, a French manufacturer, said its systems had also been infected, though a spokeswoman declined to elaborate, and the French national railway system, the SNCF, was also affected, according to Le Parisien.


  • Officials Investigating ’Potential Threat’ Aboard Maersk Containership in Port of Charleston,Terminal Evacuated – gCaptain
    http://gcaptain.com/potential-threat-aboard-maersk-memphis-port-of-charleston

    Officials are investigating a ‘potential threat’ aboard a U.S.-flagged Maersk Line containership at the Port of Charleston in South Carolina.

    The Coast Guard said at approximately 8 p.m. Wednesday authorities were made aware of a potential threat in a container aboard the vessel Maersk Memphis in the Port of Charleston.

    The Maersk Memphis is moored at Charleston’s Wando terminal, which has been evacuated while law enforcement units from federal, state and local law enforcement agencies investigate the threat.

    A 1 nautical mile safety zone has been established around the vessel while law enforcement authorities investigate the threat.

    Federal, state and local law enforcement agencies are currently investigating the type of the potential threat,” the Coast Guard said on Twitter.

    Coast Guard officials described the threat as a possible “dirty bomb”, according to Reuters and other media outlets. A #dirty_bomb is a combination of radioactive and conventional explosives. 

    An unified command has been established to oversee the coordinated response, which the Coast Guard described as ‘active and ongoing’ as of 2 a.m. ET. 

    According to Maersk Lines website Maersk Memphis last called the port of Newark on June 12 after sailing from Middle East via the Suez Canal and Algeciras.


  • Evergreen and OOCL suspend Qatar shipping services | Daily Mail Online
    http://www.dailymail.co.uk/wires/reuters/article-4580614/Evergreen-OOCL-suspend-Qatar-shipping-services.html

    Taiwan’s Evergreen and Hong Kong’s OOCL said on Wednesday they had suspended shipping services to Qatar after Arab countries severed diplomatic ties with the Gulf state and imposed port restrictions this week.
    […]
    Evergreen, the world’s no.6 container shipping line and OOCL, the world’s no. 7 carrier, said in separate statements that they had temporarily suspended services to and from Qatar until further notice.

    Evergreen said this was “in light of the blockade imposed on Qatar”, while OOCL cited “the current political climate in the region”.

    We are working closely with our stakeholders to address the impact on services,” OOCL added.

    Denmark’s Maersk, the world’s biggest container shipping line, said on Tuesday it was unable to transport goods in or out of Qatar because it could not take them through the United Arab Emirates port of Jebel Ali. Maersk added that it was trying to find alternative routes.

    In contrast, the world’s No.2 line, MSC of Switzerland, said on Wednesday “cargo acceptance to and from Qatar is still ongoing”.

    The company is in dialogue with the relevant authorities and assessing the potential impact on its operations,” MSC said.

    The ban imposed earlier this week has meant that container ships and other types of vessels sailing to and from Qatar will be prevented from calling at major ports in the UAE and Saudi Arabia, which include Jebel Ali, as well as Bahrain.

    The UAE said on Wednesday that more moves against Qatar, including further curbs on business, remained on the table.

    Larger container ships are unable to dock at ports in Qatar due in part to shallow waters so shipping lines especially use feeder services, which transport container boxes from the larger port of Jebel Ali.

    Evergreen said before the suspension it had offered a direct service to Doha by taking cargo slots on ships operated by France’s CMA CGM, the world’s no.3 line.

    Evergreen said other cargoes had been separately transhipped via Jebel Ali.

    CMA CGM did not immediately respond to requests for comment over whether it had suspended services.


  • Dockers strike disrupts Spanish ports and trade routes | News by Country | Reuters
    http://af.reuters.com/article/moroccoNews/idAFL8N1J239L

    Some of Spain’s biggest port terminals came to a standstill on Monday as shipping companies redirected cargos to avoid a dockers’ strike.

    After months of talks between unions, companies and the Spanish government over a reform of port hiring practices, dockers held the first of several planned strikes to protest against possible job losses.

    Some container shipping firms such as Maersk re-routed boats destined for the southern port of Algeciras to get around the strike, during which dockers will stop working every other hour on Monday, Wednesday and Friday this week.

    Alternative destinations used by firms included Portugal, Morocco and Malta.

    Five further days of industrial action have also been called for next week, raising the prospect that the shift to rival ports could have lasting consequences, especially for those handling merchandise not ultimately destined for Spain.
    […]
    The ports reform, which aims to crack down on #closed-shop_hiring in a heavily unionised sector as demanded by the European Union, was passed through parliament in mid-May after a series of setbacks and clashes between political parties.

    Algésiras et Valence en première ligne

    #monopole_syndical, en bon français #closed_shop
    https://fr.wikipedia.org/wiki/Closed_shop


  • Shippers subpoenaed in U.S. price-fixing investigation - WSJ | Reuters
    http://www.reuters.com/article/usa-shippers-idUSL3N1GY4S8

    Soupçons d’entente dans le transport conteneurisé

    U.S. Justice Department investigators have subpoenaed top executives of several container shipping companies as part of an investigation into price fixing, the Wall Street Journal reported, citing people with knowledge of the matter.

    Maersk Line, a unit of Danish shipping and oil group A.P. Moller-Maersk, confirmed that it was issued a subpoena related to a probe into the container shipping industry on March 15.

    The subpoena does not set out any specific allegations against Maersk Line,” a Maersk Line spokesman said, adding that the company will fully cooperate with the authorities in their investigations.

    The subpoenas were issued during a meeting of the world’s 20 biggest container shipping operators in San Francisco, the Journal reported.

    German container shipping line Hapag-Lloyd AG also confirmed it was given a subpoena by Justice Department investigators, the report said.

    Hapag Lloyd could not be immediately reached for comment.

    (intégralité de la brève)


  • Europe-Asia capacity crunch a sign of shifting trade patterns, says Maersk - The Loadstar
    http://theloadstar.co.uk/europe-asia-capacity-crunch-sign-shifting-trade-patterns-says-maersk

    The eastbound capacity crunch hitting shippers to Asia is not temporary, but the beginning of a more permanent shift in trading patterns, Maersk Line told The Loadstar today.

    The current capacity crunch on the Europe-Asia backhaul leg was originally attributed to a severe cull of westbound sailings during the Chinese new year holiday, but there has also been a big spike in demand, according to Maersk.
    […]
    [Maersk Line’s trade manager for the route, Sushil Sriram] said there was a definite shift in the Chinese economy towards production for domestic consumption, evidenced by the recent rise in the import of raw materials, including iron ore.

    Beijing’s long-term strategy for GDP expansion is for consumer demand to replace exports as China’s main engine for economic growth, and Mr Sriram confirmed there was a big increase in demand, especially for western luxury goods – “everybody wants a BMW or a Mercedes”.

    Mr Sriram explained that the euro’s continued erosion of value against the US dollar in the past year, as well as further falls in the value of sterling since the UK’s referendum vote last June, have made European exports more attractive in Asia.


  • Maersk Tanker to Be Fitted with Flettner Rotor Sails – gCaptain
    http://gcaptain.com/maersk-tanker-fitted-flettner-rotor-sails


    Illustration shows two Flettner rotor sails installed onboard a Maersk Tanker vessel.
    Photo: Maersk Tankers/Norsepower

    A Maersk-owned tanker is set to be fitted with two Flettner rotor sails as part of a industry project seeking to test the century-old wind propulsion technology’s potential to reduce fuel consumption in modern day shipping.

    The project will be the first installation of the wind-powered energy technology on a product tanker, and will provide insights into fuel savings and operational experience.
    […]
    Combined, the alternative propulsion technology is expected to reduce average fuel consumption on typical global shipping routes by 7 to 10 percent.

    The rotor sails will be fitted aboard the Maersk Tankers vessel during the first half of 2018, before undergoing testing and data analysis at sea until the end of 2019.


  • IBM, Maersk Reveal #Blockchain Solution for Global Supply Chain – gCaptain
    https://gcaptain.com/imb-maersk-reveal-blockchain-for-global-supply-chain

    Technology giant IBM and Maersk, owner of the leading transport and logistics company Maersk Line, have announced a potentially groundbreaking collaboration to use “blockchain” technology to digitize transactions among the world’s vast and interconnected network of shippers, freight forwarders, ocean carriers, ports and customs authorities participating in the supply chain.  

    If widely adopted, the technology could transform the global, cross-border supply chain and save the industry billions of dollars, according to IBM and Maersk. 

    Ninety percent of goods in global trade are carried by the ocean shipping industry each year. As part of the collaboration, IBM and Maersk intend to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new global trade digitization solution, which is expected to go into production later this year.

    Blockchain technology, perhaps best known as the system behind the cryptocurrency Bitcoin, has the potential to vastly reduce the cost and complexity of trading to establish transparency among parties. The solution is designed to help reduce fraud and errors, reduce the time products spend in the transit and shipping process, improve inventory management and ultimately reduce waste and cost.

    • ça vient, ça vient, …
      Maersk, IBM to launch blockchain-based platform for global trade
      https://www.reuters.com/article/us-maersk-blockchain-ibm/maersk-ibm-to-launch-blockchain-based-platform-for-global-trade-idUSKBN1F51

      The world’s largest container shipping firm A.P. Moller-Maersk is teaming up with IBM to create an industry-wide trading platform it says can speed up trade and save billions of dollars.

      The global shipping industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still leaves an enormous trail of paperwork and bureaucracy.

      Success of the platform, which will be made available to the ocean shipping industry around mid-2018, depends on whether Maersk and IBM can convince shippers, freight forwarders, ocean carriers, ports and customs authorities to sign up.

      Blockchain technology powers the digital currency bitcoin and enables data sharing across a network of individual computers.
      […]
      A shipment of refrigerated goods from East Africa to Europe can go through nearly 30 people and organizations and involve more than 200 different communications, according to Maersk. Documentation and bureaucracy can be as much as a fifth of the total cost of moving a container.