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Daily Briefing January 23 2020

Free to read: More banks pledge to align shipping lending to climate goals | Fafalios urges care over RD fund scheme | Dry bulk market remains challenging, says 2020 Bulkers chief | Cosco Shipping units cheered by profit surge

Good morning. Here’s our quick view of everything you need to know today.

The Lloyd’s List Daily Briefing is brought to you by the Lloyd’s List News Desk.

What to watch   |   Analysis   |   Markets   |   In other news




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What to watch


BNP Paribas and Credit Suisse have been named as the latest leading financial institutions to sign up to the guidelines designed to accelerate decarbonisation efforts across shipping.

Greek Shipping Co-operation Committee chairman Haralambos Fafalios has questioned proposals for a research and development fund to advance the industry’s decarbonisation.

Norwegian dry bulk outfit 2020 Bulkers is expecting to see a recovery in the markets before long.

Two flagship listed units of China Cosco Shipping Corp have reported a significant improvement in the bottom line backed by asset restructuring and better operations.


Analysis


Montana and Wyoming are petitioning the US Supreme Court to accept their challenge of Washington state’s “unconstitutional and discriminatory” denial of a permit for a proposed coal export terminal in Longview, Washington.


Markets


A rebound from the high levels of frontloading reported in 2018 ahead of the imposition of tariffs led to a 2.5% fall in container volumes on the transpacific eastbound trade lane last year, according to figures from Alphaliner.

French ports are facing strike action in protest against the government’s proposals for the reform of state pensions.


In other news


Brightoil Petroleum Holdings has managed to restructure Yuan15.6bn ($2.3bn) of debts with support from eight Chinese banks, according to media reports in China.

Hyundai Heavy Industries has picked up Won266.6bn ($229m) worth of tanker orders as the South Korean shipbuilder strives to hit its sales target this year.

Troubled offshore vessel owner and operator Pacific Radiance, after having its earlier bailout deal with a Middle East party stall, is now in discussions with a global asset management firm with more than $100bn in assets under management.

London shipping law firm Bentleys, Stokes and Lowless is ending more than 80 years of independent existence, with its fee earners moving over to become part of AIM-listed Ince & Co.

Inchcape Shipping Services continues to flex its muscles in Singapore, with the launch of bunker survey services.

North P&I Club has become the latest marine insurance provider to sign up to the Quest Marine platform from insurtech Concirrus, which is already in use at Hiscox, Chaucer, Skuld and a number of Lloyd’s syndicates.

Stealthgas, the Nasdaq-listed liquefied petroleum gas carrier owner, is poised to acquire three medium-sized fully-refrigerated LPG carriers from Hartmann Reederei for about $80.5m.

A tanker crew fought back after their vessel was boarded by a gang of armed robbers while at anchorage south of Singapore.

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