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Daily Briefing March 2 2020

Free to read: Coronavirus casts shadow across dry bulk market | UK Club hails ‘strong’ renewal despite tonnage outflux | IMO urged to consider market-based measures for emissions | The Lloyd’s List Podcast: Qatar brings a fresh perspective for the Middle East Gulf 

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   |   Opinion   |   In other news




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What to watch


Dry bulk shipping margins are likely to remain poor in the absence of optimism for commodity demand and signals of a weakening Chinese market because of the impact of the coronavirus outbreak, according to Braemar ACM.

The UK Club says it is satisfied with its 2020 renewal round outcome even though entered tonnage fell slightly in response to higher premiums.

Britain is urging governments to consider how they can use economic incentives to decarbonise shipping, bringing the potential of market-based measures to the fore, according to a proposal seen by Lloyd’s List.

Lloyd’s List cancels Future Fuels Forum in Singapore: Due to the cancellation of Singapore Maritime Week because of continuing uncertainty surrounding the coronavirus outbreak, Lloyd’s List has taken the responsible decision for health reasons to cancel its planned forum.


Analysis


The ability of container lines to pass on costs associated with the new sulphur cap rules could be critical to some carriers remaining solvent, according to a report from AlixPartners.

The global liquefied natural gas market is oversupplied, with increased production from new projects in Australia and the US more than offsetting demand growth, which has been hit by a mild winter as well as the coronavirus outbreak.

The week in charts: Cargo owners are facing up to a series of challenges brought about by the raft of blanked sailings attributed to the coronavirus, while Lloyd’s List Intelligence data showed sanctioned Iranian oil cargoes are being shipped from Iraq.


Opinion


With a crucial UK budget looming, UK Chamber of Shipping assures the new chancellor that shipping companies will continue to do all they can to keep trade moving during this very difficult time, writes chief executive Bob Sanguinetti.

The Lloyds List Podcast: Qatar’s Hamad port with its next-generation terminals and free zone form the foundation of a maritime cluster that draws on best practice elsewhere. It is rare for such expertise to be gathered in a new location and, as our podcast speakers show, the future for the Qatar cluster is exciting.

 


In other news


An extensive scrubber retrofit programme and other IMO 2020 preparations put the squeeze on MPC Container Ships’ financial performance last year, but will pay off in the longer term, chief executive Constantin Baack has revealed.

BW LPG has firmed up its option to retrofit four more very large gas carriers with dual-fuel liquefied petroleum gas propulsion engines amid increasing charter revenues.

US-based developer Tellurian has agreed to extend the execution of an agreement with India’s Petronet involving supply of liquefied natural gas.

Vale said it is preparing for a potential oil leak from the stranded very large ore carrier Stellar Banner.

The Brillante Virtuoso insurance fraud decision provides that masters must have full discretion to exercise good faith when implementing Best Management Practice anti-piracy guidelines in high-risk areas, according to a leading shipping lawyer.

Pioneer Marine chief executive Torben Janholt has decided to leave the company that specialises in handysize bulkers.

Trafigura and Phillips 66 have formed a joint venture to build an offshore deepwater port to load very large crude carriers 21 nautical miles east of Texas’ Port of Corpus Christi.

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