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Michael Simms News

05 Sep 2018

Moore Stephens: Weak Spots in Shipping Risk Management

Confidence in the ability of sound risk management to contribute to commercial success in the shipping industry has fallen in the last 12 months, according to the latest annual Shipping Risk Survey from Moore Stephens.Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 5.9 out of a possible score of 10.0, compared to 6.8 in the 2017 survey.Brokers returned the highest rating, followed by ship managers. For the first time in the four-year life of the survey, Europe was behind Asia in terms of geographical sentiment, but it was the Middle East which once again returned the highest figure (6.8).Overall…

07 Aug 2018

Australia Opens Up Opportunities for UK Shipping

A major investment in new frigates and submarines by the Australian government has created long-term opportunities for UK and European businesses with relevant intellectual property and expertise, said Moore Stephens. This summer the Australian government awarded UK firm BAE Systems a contract to build nine next-generation frigates – known as the ‘Future Frigates’ project – worth A$35 billion, said a research report written by Moore Stephens' Michael Simms & Grant Miles.The programme, which will run for over 20 years, will create around 4,000 direct Australian jobs and give a particular boost to South Australia and the shipyards of Port Adelaide. Construction of the frigates is scheduled to begin in Adelaide from 2020, with the first vessels delivered in 2027 and the last by 2042.

31 Aug 2017

Shipping Beware Changing Risk Landscape -Moore Stephens

© M. Johannsen / Adobe Stock

Effective management of risk within the industry has improved slightly over the past 12 months, according to the third annual Shipping Risk Survey from international accountant and shipping adviser Moore Stephens. But shipping still needs to up its game in terms of managing its exposure to risk, which is increasing and changing in nature, not least in terms of the threat posed by cyber security, Moore Stephens says. Survey respondents rated the extent to which enterprise and business…

13 Sep 2016

Moore Stephens says Shipping Must Improve Risk Management

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year, in the overall level of satisfaction on the part of respondents that sound risk management had contributed to the success of their organisations. The involvement of senior management in managing risk at the highest level also declined against last year. Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.6, on a scale of 1 (low) to 10 (high), compared to 6.9 last time.

29 Feb 2016

US Lease Accounting Standard Updated

Michael Simms (Photo: Moore Stephens)

Shipping and offshore maritime sectors must be alert to implications of new U.S. The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been expected that the FASB and IFRS standards would be identical, there are instead now two standards which, although similar in many respects, contain significant differences.

13 Jan 2016

Maritime Faces New Lease Accounting Standards

Michael Simms (Photo: Moore Stephens)

A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens. The new standard, IFRS 16, is effective for periods beginning on or after January 1, 2019, although early adoption is allowed. It covers all leases, whether the company acts as a lessor or a lessee. Michael Simms, a partner in the shipping and transport group at Moore Stephens…

04 Jun 2015

Failure to Manage Risk Posing Larger Threat to Shipping

Levels of sound enterprise and business risk management are currently satisfactory in the shipping industry, a new survey from Moore Stephens has revealed. But the international accountant and shipping adviser warns that companies that fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive industry. The inaugural Moore Stephens Shipping Risk Survey, which will be updated annually, sought to gauge how effectively enterprise and business risks are being managed in the shipping industry, and to analyze how key risks are being handled by companies.

29 Apr 2014

Analysts Strive to Price New Eco-Shipping Measures

“Think of a number. Any number will do, so long as it is very big. Then double it. The answer is likely to be as accurate as any supposedly informed estimates currently circulating in the shipping sector about the likely size of the industry’s bill for achieving compliance with incipient environmentally-inspired regulations governing the operation of ships," Maritime London quotes Moore Stephens shipping partner Michael Simms as saying. Finding enough money to remain compliant with environmental regulation is going to be a challenge for shipowners and operators over the next few years, according to international accountant and Maritime London member Moore Stephens.

25 Apr 2014

Maritime: Environmental Regs Pose Financial Challenges

Michael Simms (photo courtesy Moore Stephens)

International accountant and shipping adviser Moore Stephens said that finding enough money to remain compliant with environmental regulation is going to be a challenge for shipowners and operators over the next few years. Moore Stephens shipping partner Michael Simms said, “The Ballast Water Management (BWM) Convention, for example, has not yet entered into force, although some countries, including the United States, have already implemented BWM regulations independently of the IMO.

12 Jul 2013

MNOPF Funding Shortfall to Deliver Hard Hit

International accountant and shipping adviser Moore Stephens warned that the latest valuation relating to the post-1978 (new) section of the Merchant Navy Officers Pension Fund (MNOPF) will place further financial strain on shipping companies involved in the scheme. Under the valuation, the MNOPF trustees reported a funding shortfall as at March 31, 2012 of £492 million. Although this is less than had been anticipated, it nevertheless represents an increase of £152 million (discounted to £120 million) on the deficit recorded in the March 31, 2009 valuation. To eliminate the funding shortfall, the trustees have called for additional contributions with a present value of £120 million as at March 31…

01 Jun 2005

Moore Stephens Appoints new Shipping Partners

Richard Greiner and Michael Simms, to its growing shipping group. shipping across the globe," says Chris Chasty, head of the shipping group. shipping throughout his career. both Poland and Cyprus. consultancy, research and marketing for the shipping team. to hold those responsibilities. years in the Middle East with another accounting major. governance and risk advisory projects.