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What to watch

Monthly global oil demand has fallen by 3.5m barrels per day so far in February because of the coronavirus outbreak, the S&P Global Platts London Energy Forum was told yesterday. The virus could destroy as much as 1m bpd in demand in 2020, affecting 0.7% of GDP.

This year will likely be the last to witness the rapid growth of shale oil, delegates attending the S&P Global Platts London Energy Forum has heard.

Trading opportunities for aframax tankers shipping very low sulphur fuel oil to the US from Europe are emerging as the marine fuel oil market seeks to find equilibrium post IMO2020.

India is prohibiting the disembarkation of crews from ships arriving from China, Hong Kong, Macau, Thailand, South Korea and Singapore to prevent a coronavirus epidemic.

Analysis

Shipping’s long-term shift away from fossil bunker fuels may be a foregone conclusion, but within the industry there remain different visions of how easy that will be and who will be the driving forces behind it.

Opinion

Since the last European Shipping Week, the maritime sector has seen the adoption of an initial greenhouse gas strategy, the implementation of the global 0.5% limit and the ascension of sustainability as the single largest long-term topic of discussion, writes Anastassios Adamopoulos.

Lloyd’s List Podcast: We have a climate emergency, we can’t wait for the IMO, claims Jutta Paulus, the European Parliament’s maritime emissions rapporteur. This week’s Podcast catches up with the controversial MEP in Brussels to discuss her sweeping proposal. It would effectively force ships to operate under an emissions cap and trade system, increase their carbon intensity performance and contribute to a European maritime decarbonisation fund.

Markets

The dry bulk market has started the year on a sombre footing. Although the first quarter is traditionally weak, few could have anticipated that China — and the world — would be hit by a deadly disease: coronavirus.

Spanish utility Naturgy has cancelled two US liquefied natural gas cargoes due to be loaded in April and May, according to reports.

In other news

Demands for the International Maritime Organization to ban certain blends of very low sulphur fuel oil on the grounds that such fuel worsened black carbon pollution have been criticised by opposing quarters.

A consultant linked to Sembcorp Marine’s Brazilian unit has been convicted in Brazil on charges of corruption, money laundering and participation in a criminal organisation. He has been sentenced to 19 years and four months in prison and also fined.

China Merchants Port Group has joined the moves by many domestic Chinese companies to issue cheap bonds that are being used to relieve some of the coronavirus-led financial pressure.

Clarksons, the largest shipping broker, has bought a Spanish outfit that focuses its activities in the bulk chemicals and gas markets.

Container truck drivers are quickly returning to Ningbo, home to the world’s third-busiest box port, following policy support to help unclog the port traffic amid the fallout from coronavirus.

Offshore marine services provider PACC Offshore Services Holdings has secured two towage and positioning contracts to support Malaysian national oil company Petronas’ second floating liquefied natural gas unit PFLNG Dua.

StealthGas has grown its presence in the medium gas carrier segment through the acquisition of three vessels under a new joint-venture agreement.

The fourth-generation family owner of the Wilhelmsen group, Wilhelm Wilhelmsen, has passed away aged 82.