Editor’s Selection: Clarksons’ pay problem, passing the buck on Pablo and Japan mourns titan’s death

First up, UK shipbroker Clarksons’ problem with its pay policy is not going away any time soon. Shareholders rebelled in greater numbers this year at the company’s annual general meeting, with votes on the policy and the remuneration report getting support from only 56% of investors. It has been a recurring issue for several years due to legacy contracts for chief executive Andi Case and finance and operations chief Jeff Woyda.

Commercial salvage and legal services are steering clear of the wreck removal of the tanker Pablo, which exploded in Malaysian waters, for fear of becoming entangled in sanctions. That looks likely to complicate the salvage and wreck removal operation, with Malaysian authorities potentially left to deal with the costs and the carcass of the vessel.

Undeterred by plunging profits, AP Moller-Maersk was tipped to have picked China’s Yangzijiang to build eight 8,000-teu boxships. The liner giant seems to be building up a significant lead on rivals in the race to secure newbuilding slots and procure fuel for methanol-fuelled boxships.

Earlier in the week, TradeWinds reported that French liner CMA CGM was on the hunt for up to 10 ultra-large container ship newbuildings. The company already has four LNG dual-fuel 24,000-teu vessels under construction at Shanghai’s Hudong-Zhonghua, and is said to be looking to have the next batch powered by methanol dual-fuel engines.

Meanwhile, Oldendorff Carriers has returned to Jiangsu New Hantong Ship Heavy Industry for a series of kamsarmax bulkers. The German company is rebuilding its orderbook, having sold six vessels that it previously ordered at the Chinese shipyard.

Clarksons has warned that the effectiveness of slow steaming on Carbon Intensity Indicator compliance is being “grossly over-estimated” by shipowners. It said its green transition team has produced “breakthrough” analysis on the relationship between speed and fuel efficiency.

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And in this week’s Green Seas environment newsletter, TradeWinds looks at how the casualty of the Pablo confirmed fears of a spill from the dark fleet, and the risk that the next one could be much worse.

Newly merged shipbroker Ifchor Galbraiths has made its first acquisition by buying Norwegian offshore specialist Uno Offshore. The brokerage said it will be taking on the seven-strong team, which is based in Bergen and Haugesund.

And finally, the Japanese shipping community is mourning the death of Masashi Taga, founder of Osaka’s Santoku Senpaku, who passed away at the age of 80. He reportedly died of a stroke on 30 April. Close sources described him as being healthy and still working the day before his death.