Daily Briefing February 7 2020
Free to read: China to halve tariffs on US goods amid coronavirus fears | Carriers could feel impact of virus for many months | Bottiglieri said to be eyeing bulker sales
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China is to halve additional tariffs levied on some $75bn of imports from the US following the signing of a phase one trade deal between the world’s two largest economies.
The fallout from the coronavirus outbreak will affect container lines far into the second quarter of the year, with additional blankings likely to be imposed before the situation returns to normal.
Giuseppe Bottiglieri Shipping, the Italian owner of predominantly dry bulk vessels that was rescued from bankruptcy by Bain Capital in 2018, is eyeing a possible sale of at least three of its bulkers.
Uncertainty surrounding the coronavirus outbreak means forwarders have little visibility on how long the current disruption to air, ocean and rail freight flows to and from China is likely to last.
Many seafarers are going through a prolonged and arduous journey as a result of the coronavirus outbreak, with many being banned from going ashore or receiving visitors, writes Cichen Shen.
The next 11 months are expected to be characterised by continuing political polarisation. Economic growth has turned to slowdown, trade networks are breaking apart, globalisation has lost its allure, writes Richard Clayton.
Indonesia’s government is discouraging the shipping community from sending crew to countries afflicted by the novel coronavirus.
MISC’s petroleum shipping unit AET has won a $525.6m contract from Petrobras to own and operate three new suezmax shuttle tankers in Brazilian and international waters.
DHT Holdings, a US-listed owner of crude carriers, said almost half of its fleet are now fitted with scrubbers, with six more set to be installed.
Steamship Mutual’s combined ratio is again set to top 100% and there will probably be upward pressure on pool claims, the International Group affiliate revealed in a circular.
Container terminals should focus as much on how many containers they can load and offload rather than the absolute size of the ships they handle, according to Port of Montreal vice-president Tony Boemi.
South Korea has unveiled a Won820bn ($690m) shipbuilding financial package in a move that will infuriate rival shipbuilding nation Japan because the latter last week filed fresh dispute proceedings at the World Trade Organization regarding alleged shipbuilding subsidies.
DNB has continued to reduce lending to the shipping sector slashing its shipping portfolio by around 18% in a year.
Capital Product Partners, the Nasdaq-listed owner of 13 neo-panamax containerships and one capesize bulk carrier, is not ruling out diversifying into other sectors, including liquefied natural gas carriers, as it eyes fleet grow in the year ahead.
The International Maritime Organization’s emissions policy chief Edmund Hughes, who has been the head of the air pollution and energy efficiency of the global regulator since 2013, is stepping down.
Evalend Shipping has added to its programme of very large crude carrier newbuildings at Hyundai Samho Heavy Industries with a fifth vessel, according to shipbrokers and other industry sources.