Daily Briefing February 13 2020
Free to read: Euronav buys first scrubber-fitted VLCCs | Insurers prepare for damage claims linked to sulphur cap | Chinese yards braced for ‘heavy blow’ from coronavirus
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What to watch | Analysis | Markets | In other news
What to watch
Euronav has said it will buy three very large crude carrier newbuilds, which will mark the tanker owners’ first scrubber-fitted vessels.
Hull and machinery insurers can expect an increased level of engine damage claims in the wake of the fuel sulphur content cap introduced at the start of this year, the International Union of Marine Insurance says.
With the coronavirus fears, you may wonder how many shipyard workers in China have returned to their positions after the holiday extension, writes Cichen Shen.
Imports at major US container ports are expected to see a sharper-than-usual drop this month due to the coronavirus causing longer lunar new year shutdowns of factories in China.
Analysis
The Anglo-Eastern Maritime Academy not only provides some of the best training, but is also being used as a test bed for the latest technology for instruction and training.
The movement to get women into the maritime industry has been around for a while. And although progress has been made over the years, it has been slow. Now, with the new year and new decade upon us, momentum is building.
Markets
Vale lowers its forecast for the first quarter of 2020 after its operations were adversely affected by heavy rains. The lack of a substantial amount of Brazilian cargoes is still putting great pressure on average earnings for the capesize sector.
In other news
Japan wants existing ships to improve their CO2 per tonne-mile performance to meet the IMO 2030 target. But a report this week expressed doubts whether this idea would generate actual change.
Maersk has found a new chief financial officer, yet again from outside the shipping industry, with the appointment of former Clariant CFO Patrick Jany.
Precious Shipping, the Bangkok-listed minor bulks specialist, expects more ships to head for the recycling yard in 2020 because of regulatory pressures.
Giovanni Ravano has joined his younger brother Emanuele in leading Ifchor, the broking business set up by their father Riccardo in 1977.
Singapore is set to making further inroads into green shipping with a Memorandum of Understanding between BH Global Corporation’s 90%-owned subsidiary BOS Offshore & Marine and strategic partners Penguin International, Danfoss, Durapower Technology and Bureau Vitas for the joint design, development and construction of the city-state’s first plug-in hybrid electric fast launch.
The US Department of Energy has granted four proposed liquefied natural gas projects, with almost 46m tonnes per annum in combined capacity, permits to export to countries with no free trade agreements with the US.
The product tanker market’s strong recent fundamentals will help it bounce back from the impact of coronavirus outbreak, according to Ardmore Shipping.