PM of Bahamas, Chester Cooper, announced an environmental disaster that took place on Tuesday night, off the coast of Bahamas. A vessel named Arabian accidentally spilled about 30,000 gallons of fuel at the renowned resort island of Great Exuma, the biggest among the Exuma Island Chain, popular for its white sandy beaches and friendly pigs that swim with humans.

Contracted by the company Sun Oil, the accident occurred as Arabian was unloading fuel at the George town’s Old Navy base, as reported by Nassau Guardian.

The PM announced that the oil had been contained in the bay area, close to the Sailing Club of Exuma.

Head of the Club, Mr. Dallas Knowles, said that the diesel spill was on a smaller scale than initially thought. Nonetheless, it can cause great harm to the Bahamas and the nearby tourist attractions.

George Town is situated on the Great Exuma Island, and its economy relies mainly on tourism. Hence, dealing with the spill quickly is the need of the hour.

Most Government Officials visited the spillage site on Wednesday. All Government Agencies have been deployed to assess the situation and clean up the area. According to government officials, executives from Sun Oil Company are also cooperating to mitigate the spill’s impact.

References: MSN, Nasdaq

Cyprus has already overcome the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing business expansion in Japan and elsewhere in Asia as it looks to grow its flag, a senior government official said.

Cyprus, together with Greece and Malta, which have the largest shipping fleets in the 27 member EU and host large ship-management centers, have been the most vocal countries in the bloc seeking to limit the extent of shipping restrictions imposed on Russia after its February invasion of Ukraine.

“Contrary to reports, the Register of Cyprus Ships is not dependent on ships of Russian interests or connected with Russia,” Cyprus Shipping Deputy Minister Vassilios Demetriades told Reuters.

“Our strategy is not to depend on any nation. We do have multi-dimensional shipping clients that attracts business from different segments in Europe and we are looking to expand in Europe and Japan and wider Asia.”

Demetriades said Cyprus had some ships registered from Russian-state run shipping group Sovcomflot.

“There is a Russia ‘link’ to a small number of Cyprus ships out of the total of 1,100 registered.”

He added that following applications made by ship owners “a number of ships have been deleted from the Register of Cyprus Ships or are in the process of deletion”.

“These ships appear to be connected with Russian interests or to be managed from Russia,” he said.

“So far, the losses are manageable and are not harmful to the Cyprus registry. However, we need to stress that the choice of the flag of the vessel is the prerogative of the owners.”

According to analysis by data provider Lloyd’s List Intelligence, 15 ships linked to Sovcomflot were still flagged with Cyprus.

Sovcomflot, which has been hit with EU and UK sanctions as well as capital raising restrictions in the United States, did not respond to a request for comment.

“With respect to Sovcomflot, it is noted that the company has already made other plans since it’s very difficult for them to operate from Cyprus and their offices are now closed,” Demetriades said.

Source: https://www.marinelink.com/news/shrugging-off-russia-maritime-business-498212

Insurers will be willing to cover ships that sail via a proposed corridor to transport grains from Ukraine if arrangements are made for international navy escorts and a strategy to deal with sea mines and brokers.

Ukraine, Turkey, Russia, and the UN may sign a deal later this week, aimed at resuming the shipping of grains across the Black Sea from Ukraine.

Ports in Ukraine have been closed since Russia invaded it in February, which Moscow continues to refer to as a “special military operation,” with many marine insurers based in the Lloyd’s of London as well as the broader commercial insurance market of London waiting for further assurances given the losses associated with each vessel.

Insurance for vessels would be possible if a sensible solution could be offered, reported Rory Colacicchi, a partner at McGill and Partners, an insurance broker.

An acceptable and appropriate escort would be provided by joint Russian and Ukrainian ships, the UN, or a neutral power like Turkey, the insurance sources added.

An aide to mine sweeping may be the use of satellite technology to detect locations of the mines, reported a marine war insurer.

The insurer further added that countries like the US, France, and Britain might have such advanced technology.

The initial issue is that more than 80 vessels are stuck in Ukraine. Sources mentioned that several of those are loaded with cargoes, including grains, which need to get out before new vessels can go in.

A second UK-based broker said that his company had collaborated to get an “insurance framework” for a vessel keen to go into Ukraine to get the grains out once a corridor is activated.

The client is currently on standby to visit from a humanitarian point of view.

Additional premiums levied to reach the broader Black Sea areas have lowered, indicating greater confidence to offer insurance since February 2022, per industry sources.

The additional premiums paid to go into the waters of the Black Sea have dropped to 2% of the ship’s value from 5% after the invasion, reports Marcus Baker, the global head of marine at broker Marsh.

References: Nasdaq, US News

Heavy rain is helping stabilize the river Rhine in Germany as it suffers low water levels, but it is unlikely to be enough to solve freight shipping problems, navigation authorities said on Thursday.

Shallow water is hampering shipping on the entire river in Germany south of Duisburg, and freight shipping on the river continues but with vessels carrying greatly reduced loads, said a spokesman for German inland waterways navigation agency WSA.

A slight increase in water levels is expected in the chokepoint of Kaub near Koblenz where water levels are especially low.

The rain is likely to prevent a further deterioration in the coming days, but overall, water is likely to remain stable around current low levels, he said.

Commodity traders sending cargo by river said vessels at Kaub can only sail 30% full. But sections of the south Rhine had risen 36 cm overnight so some relief was possible during Thursday, one said.

The Rhine is an important shipping route for commodities including grains, chemicals, minerals, coal, and oil products, including heating oil.

German companies faced supply bottlenecks and production problems in 2018 after a drought and heatwave led to unusually low water levels on the Rhine.

“The current situation is reminiscent of summer/autumn 2018; this could directly impact barging capacity, or cause disruptions to rail/road in the Rhine corridor,” J.P. Morgan said in a note. “Infrastructure investments and alternative freight routes may act as mitigating factors this time round and we, therefore, believe that the impact may be more indirect through broader supply chain disruptions.”

Based on the 2018 precedent, chemical and steel companies face the main danger of transport disruption, J.P. Morgan said.

Source: https://www.marinelink.com/news/rain-helps-rhine-river-germany-shipping-498198