- Marine art exhibition at the Baltic Exchange
Over the next few weeks, members and friends are invited to visit the Baltic Exchange bar, where a hand-picked selection of the The Royal Society of Marine Artists (RSMA) annual exhibition, in association with the Mall Gallery, can be viewed.
The work on show includes a painting by David Atkins, the recipient of the new Baltic Exchange Award. David was presented the award for his piece ‘The Sea at Portland Bill’. The work was painted on a stormy autumn day in the autumn.
Discussing the painting, David revealed that “as the light of day was slowly fading, the lamp of the lighthouse switched on. Its warning light was the last mark I made to the painting.”
Anna Bromwich, Art Consultant at Mall Galleries said:
“Generations of artists have sought inspiration from the sea and that tradition continues today. Each year The Royal Society of Marine Artists Annual Exhibition features works by RSMA members and a new generation of artists who have discovered the fascination of the sea.”
According to Anna Bromwich, the common theme for the exhibition is the sea and tidal waters although, within that remit, work is wide and varied.
“Subjects range from deep water shipping to coastal scenes, competitive sailing to quiet harbours, marine wildlife to still-life. Some specialise in carefully researched historical paintings; others paint en plein air, attempting to capture the essence of the scene at a particular moment in time; yet others work in their studio from copious notes and sketches made on location. The work is representational in the broadest sense and includes all the usual media: oil, watercolour, acrylic, pastel, pencil, pen and ink, as well as prints and the occasional sculpture.”
The RSMA was founded in 1939 and is widely recognised as the focal point for much of Britain’s finest contemporary marine art and many of the country’s leading marine artists are elected members of the Society. All work is for sale and Mall Galleries and the RMSA can also help commission marine art.
Those interested in viewing the rest of the exhibition can find out more here.
Those interested in making an enquiry regarding any of the paintings on the walls, please contact Anna Bromwich
- Ship Finance Executive, 5-6 November, London
Spaces are still available on the Baltic Exchange’s Ship Finance Executive training course takes place in London on 5-6 November.
The course aims to raise awareness of the substantial benefits and risks of equity and debt finance to shipping companies looking for capital and to investors looking at shipping as a market with increasing accessibility and potentially strong returns on investment.
Using a variety of real-life examples, course participants will learn how an IPO is made, what to look for when choosing an underwriter, how to identify an underpriced IPO before it is made public using only publically available information, how to issue a high-yield bond and how to calculate the probability a high-yield bond will default.
To find out more, or to register, email email@example.com.
- Hamburg Maritime Symposium
Covering FFAs, big data, liner shipping mergers and the implications for Europe of China’s One Belt and One Road, the Hamburg Maritime Management Symposium on 8 November is set to be a thought-provoking evening. Organised by the University of Hamburg and supported by the Baltic Exchange, this year’s line-up features an interesting range of speakers and topics.
- Prof. Nikos Nomikos, Cass Business School
- Prof. Qing Liu, Hamburg University
- Anthony Humberston, Senior Freight Analyst, Oldendorff Carriers
- Dr. Jan-Hendrik Hübner, Global Head of Shipping Advisory, DNV GL
- Thomas Mazur, Partner Restructuring Services, Deloitte
- Dr. Arnt Vespermann, CEO, Hamburg Süd
Click here for further details.
- Remembrance Day Service
Members and friends are invited to attend the Baltic Exchange on 9 November for this year’s Remembrance Day service. Those interested are invited to join us from 1045.
The Service takes place at the War Memorial in the lobby area. Coffee and biscuits from 1030 for 1045 service.
Royal British Legion poppies will be available in the Foyer and in the Bar.
Please contact Nick Pentreath if you are able to help with the following:
- The ‘Street Collection’ for the Poppy Appeal (25 Oct-9 Nov) in or near St. Mary Axe before work or at lunchtime –This would add greatly to our collection total
- If anyone plays brass/wind instrument (Grade 2/3) or drums/percussion and would like to join the band for the service
Corporate donations to The Poppy Appeal most welcome.
ACCOUNT: RBL POPPY APPEAL
SORT CODE: 30 11 75 (Lloyds)
ACCOUNT NUMBER: 01937121
Nick Pentrweath, Capricorn Shipbroking
Tel. 0207 283 7975
- Member update: 31 October
The following companies have applied for Corporate Membership:
Company Individual Marvin Shipping (UK) Ltd Mr A Kairaktidis
Mrs K Pavlatou
Mr E Agha
Liengaard & Roschmann IVS Mr A Liengaard
The following individuals have applied for Membership under an existing member company:
Individual Company Mr R Glassford BACA – The Baltic Air Charter Association Mr M Beecham Mr Y Baik ICMA Centre Mr S G Ploumpis Mr A Kritharellis Mr P N Ioannou Mr M A Parvez Mr M M Coates Miss S Aggarwal Mr P S Makrogiannelis Mr K Karydis Mr D Vryzas Giavasis Mr A Caloghiris Mr J A Martinez Rivera Mr G J Colgan Mr A F Marin Tapiero Miss I Valavani Mr M Rocchietti Mr M Alourdas Miss S Eleftheriou Mr A Pise Mr T H Cowper-Coles Mr S Sanghera Mr S Grigoriadis Mr S Psarras Mr M T Gardiner Vale SA Mr K Petersen Braemar ACM Shipbroking Ltd Mr M Guiliano Southport Maritime Inc Ms N Chen McQuilling Partners Inc Mr K Satoru NYK Bulkship (Atlantic) NV
Any comments should be passed to Karen Karanicholas by 7 November 2018.
- Sulphur Cap 2020 working groups
The Baltic Exchange is engaging with its membership to ensure that the widest possible input from the industry is received ahead of Sulphur Cap 2020. Engagement has taken place through the various Advisory Councils and also at forums where the Baltic has spoken this year. This feedback will be presented at two working groups, to which members are invited.
Working group meetings will take place at the SGX Centre, Singapore, 15 November, 3.30pm-6pm and at the Barbican in London, 22 November, 2pm-5pm. Places at both events are limited and are exclusive to Baltic members.
We would encourage those interested in attending to register at the appropriate link below as soon as possible:
- No “big surprises” from the UK Budget
In the UK, Chancellor of the Exchequer Philip Hammond delivered his Autumn Budget 2018 this week — the final one before the UK leaves the European Union. The Budget, Mr Hammond’s third, was laid out in a 72-minute speech to the UK Government’s House of Commons (the lower house of the UK Parliament). The annual financial package is set by Her Majesty’s Treasury for the following financial year. Mr Hammond’s speech covered a number of areas, including transport, infrastructure, Brexit, environment, energy, business and digital.
In light of the Budget, accountant and shipping consultant Moore Stephens has outlined a number of unexpected changes introduced by the Budget which could have implications for the shipping and offshore maritime industries. However, according to the accountancy and advisory network, these are relatively minor alterations which will have a limited impact on what remains a stable tax regime for the maritime sector.
In its analysis, Moore Stephens pointed up changes to the Annual Investment Allowance (AIA) — a form of tax relief for British companies designated for the purchase of business equipment. This allowance will increase from £200,000 to £1m per annum for all qualifying investments in plant and machinery made between January 1 next year and December 31, 2020. According to Moore Stephens, this means that it will be important to either delay or bring forward any large expenditure on plant and machinery accordingly. However, the accountant adds that there will be a reduction in the rate of writing-down allowances for special-rate pool assets, from 8% to 6% per annum on a reducing balance basis.
Moving on to a capital allowance introduced by the Autumn Budget, Moore Stephens Says a new allowance — of 2% — will be available for construction costs of new commercial, non-residential structures and buildings, including land alteration and improvement costs. Very broadly, the accountant explains, the building must be used for a commercial purpose. This will be applicable when a contract is entered into on or after October 29 of this year.
The UK tax regime continues to provide certainty and stability for the shipping and offshore maritime sectors
As for capital losses, the Budget has revealed that there will be a restriction on the use of these for companies. From April 1, 2020, the proportion of annual capital gains that can be relieved by brought-forward capital losses will be restricted to 50%. There is a “however” again, though: companies will have unrestricted use of up to £5m capital or income losses each year, Moore Stephens says. This rule is therefore likely to be of limited application for shipping.
Further Budget alterations
Turning to goodwill — the amount paid for a business that exceeds the fair value of its individual assets and liabilities, Moore Stephens explains that the UK Government will consult on introducing a new targeted relief for the cost of goodwill in the acquisition of a business with eligible intellectual property from April next year. Meanwhile, the Budget introduced new rules applicable to off-payroll working in the private sector, where an individual who is effectively an employee is actually employed by a private company. In this case, responsibility for operating the off-payroll working rules will apply to the organisation or other third party engaging the worker. Moore Stephens says that this change will apply from April 2020.
With regards to corporation tax, Moore Stephens says that no changes have been made to the corporation tax rate, which will drop to 17% in April 2020. Yet, it goes on to add that there are some changes to entrepreneurs’ relief (which reduces the amount of Capital Gains Tax, or CGT, paid on disposals of businesses, or shares in a personal company, by offering a reduced 10% tax rate on up to £10m worth of lifetime gains. CGT is a tax on the profit when something that’s increased in value is sold). For example, from April 6 next year, the minimum period throughout which the qualifying conditions for relief must be met will be expanded from 12 months to 24 months — i.e., from a year to two. There are also alterations to the definition of “personal company”, according to the accountant.
Moore Stephens makes the final point that the government is to consult on some changes to the principle private residence relief from Capital Gains Tax for owner-occupiers, including a reduction in the final period exemption, from 18 months to nine months. These rules, it says, will apply from April 2020.
Commenting on the Budget, Sue Bill, tax partner at the accountant, says: “There were no big surprises for the maritime sector in the UK Budget 2018, with the result that the UK tax regime continues to provide certainty and stability for the shipping and offshore maritime sectors.”
The Baltic Exchange’s next Shipping Economics & Investment course will take place on January 14 and 15 in London. More information can be found here.
- Baltic Caledonia: St Andrew’s Day Lunch
The Baltic Caledonia Society would like to invite members and guests to its St Andrew’s Day (30 November) lunch at the London Scottish Regiment HQ.
Starting at 12.15pm, the lunch will run all afternoon with guest speaker Will Allen in attendance in addition to the customary piper.
Tickets are £95 per person which includes one bottle of wine and large quantities of smoked salmon, haggis, neeps and tatties as well as a selection of Scottish Cheeses.
A charity draw will take place before proceedings come to a close at around 6pm.
Pictures from the Baltic Caledonia St Andrew’s Day lunch 2016, can be found here.
For more information and to book, contact Mike Robson.
- BEGS holds first tournament in the USA
Earlier this month, the Baltic Exchange Golf Society held its first golf tournament in the USA. Reporting from Houston, Texas, Baltic Exchange USA Representative, Paul Mazzarulli, reports.
“On October 25, as part of the increased focus on the U.S. maritime community broadly, and the tanker sector specifically, the Baltic Exchange hosted its first-ever Texas golf outing, an event poised to become an annual tradition in the industry.
Despite course conditions more suited to wellies than spikes, an eclectic group of shooters convened on The Golf Club of Houston, Humble, for a memorable day in a Texas scramble format.
Turnout exceeded expectations, requiring last-minute alterations in pairs & foursomes, while still matching handicaps as well as professional interests. Participants included ExxonMobil, AET, Heidmar, Gulfstream, MJLF, Shell, Navig8, Hafnia, Gunvor, Repsol, SSY, Unipec, Maersk Tankers, Steem1960, and Blank Rome LLP.
Notable achievements included longest drive by Tim Toohey from MJLF, best drive from the rough by Gunvor’s Ryan Lynch, the most points for style going to Mikkel Jebjerg of Maersk Tankers, the “Scotty Smalls” award for Nathan Huynh of AET and worst attire to The Baltic’s own James Pendered.
On the course, and during the day prior at the Baltic US Advisory Council meeting, key topics of discussion were US crude exports, the recent run-up in crude tanker rates, TD9 strength, the impact of tariffs, and bunker fuel spec changes.
With the golf outing a success, stand by for additional events in the future, geared to our American clients, members, and panelists. Participant feedback & suggestions are always welcome!”