The Baltic Exchange began offering share incentives to brokers this month to attract more trades in dry freight derivatives on to its trading platform, which is losing money as the shipping sector slumps into a fifth year.

Directors of the 170 million GT, ‘A’ rated North P&I club confirm the club achieved a satisfactory financial result in the year to 20 February 2013 despite challenging economic conditions.

Ocean carriers are still paying a heavy price for not withdrawing vessel capacity between Asia and the Mediterranean since January.

A.P. Moeller-Maersk A/S (MAERSKB) Chief Executive Officer Nils Smedegaard Andersen said he’ll be forced to prolong cost cuts at the world’s biggest container line as a policy of capacity restraint fails to lift shipping rates.

Commission Vice-President Siim Kallas announced the publication of a regulation proposal on market access to port services and financial transparency, as well as a new communication on ports policy. ESPO welcomes the fact that both initiatives value the important role that seaports play for the European economy.

The European Commission has published a new initiative to improve port operations and onward transport connections at 319 key seaports along Europe’s coastline, 43 of which are in the UK and 25 in Greece. The guidelines and legal changes being proposed will help port operators upgrade their services and facilities, as well as have more financial autonomy.