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Daily Briefing April 8 2020

Free to read: Grimaldi warns against unfair state support for struggling shipowners | Class societies add staff layoffs to coronavirus cutbacks | Crude tanker rates plunge 25% as demand picture clears

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   |   Markets   |   In other news




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What to watch


Italian shipowner Emanuele Grimaldi tells Lloyd’s List he is urging governments not to distort the marketplace by bailing out weak shipping lines at the expense of those operating in the same trades that are well capitalised.

Classification society Lloyd’s Register is putting in place “furlough arrangements”. Elsewhere, DNV GL has said it is temporarily laying off workers amid the coronavirus epidemic.

Crude tanker demand spiked in March after Saudi Arabia unleashed an oil price war with Russia, flooding the market with crude to regain market share.

The container shipping sector is moving into airfreight to ship urgent medical suppliesto the world’s health systems as they fight the coronavirus pandemic.


Analysis


From the News Desk: Could the need for governments to rebuild their economies, combined with low oil prices, see decarbonisation timelines extended?

Slow steaming measures widely adopted during the last decade of shipping downturn may have reduced claims frequency as well as saving money and cutting pollution, according to the latest annual statistical review from Cefor.

Casualties are more likely when and where received wisdom in the marine insurance sector traditionally expects them to occur, namely at key shipping chokepoints and in winter, according to new research from Cefor.

The International Maritime Organization is facing calls to hold decarbonisation negotiations virtually and develop online meetings more broadly in response to the coronavirus outbreak.


Opinion


The liner shipping industry, which operates container ships and vehicle carriers, has continued to move the cargo on which the world relies despite the global pandemic, says the World Shipping Council.


Reefer equipment specialist SeaCube is confident it can ride out the tough times facing its container carrier customers, despite the reduction in volumes caused by the coronavirus pandemic, writes James Baker.



Markets


Throughput at the San Pedro Bay ports looks to be subdued to the end of the year and possibly on into next year, according to the directors of the adjoining facilities of Los Angeles and Long Beach.

The Federal Maritime Commission said commissioner Rebecca Dye will begin working with teams this week to determine how to ease the most pressing challenges facing the supply chain due to the coronavirus pandemic.


In other news


Logistics player Kuehne + Nagel has launched an online logistics platform geared for intra-Asia shippers, filling a need in the important but challenging trade lane.

The Trump administration is being lobbied to undertake a shake-up of detention and demurrage charges during the coronavirus pandemic.

Singapore’s leading shipyards have been exempted from ‘circuit-breaker’ business suspensions imposed by the government as the confirmed coronavirus cases in the city state climbed over the weekend.

Bibby HydroMap, a UK-based seabed mapping company, has gone into administration following “difficult trading conditions”.

Global Shipping Business Network, a digital platform established by a group of carriers and ports, has teamed up with Tesla in a data-sharing pilot project, according to a press release.

Kolkata Port Trust has become the first state-owned major port in India to invoke force majeure in the wake of the coronavirus outbreak.

Golden Ocean, an Oslo-based dry bulk owner and operator, has appointed a new chief executive.

Norwegian vessel owner-operator Höegh LNG wants to cut $9m to $11m of business costs in view of the uncertain macroenvironment triggered by the coronavirus outbreak.

Swiber Holdings, which is under judicial management, has announced it has received yet another investment proposal from an unnamed third party.

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