Daily Briefing April 14 2020
Free to read: Opec cuts and weak oil demand to hit tanker rates | Don’t count on a V curve to help navigate the uncertainty | The Lloyd’s List Podcast: How to help shipping’s stranded seafarers | Blank sailings hit port of Oakland’s March throughput
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
Weakening global oil demand and production cuts by the Organisation of the Petroleum Exporting Countries will keep downward pressure on tanker charter rates throughout this year, according to analysts.
Coronavirus is delivering a severe shock to the US supply chain, as the latest figures for Long Beach and LA show, while China is on course to strengthen its position as the world’s biggest shipbuilder.
If the global maritime industry is hoping for a V-shaped recovery in the wake of the coronavirus pandemic, it may have a very long wait indeed, writes Eric Watkins.
The Lloyd’s List Podcast: How to help shipping’s stranded seafarers. With shipping companies continuing to postpone crew exchange and extend employment contracts as the only way of overcoming the coronavirus travel and quarantine restrictions, the industry has a ticking time bomb on its hands. Make no mistake — fatigue among seafarers will inevitably result in more accidents at sea. This is a safety issue and it’s a mental health issue. Several voices join the podcast this week to discuss the implications for seafarers including: V.Group chief executive Graham Westgarth; Professor Helen Sampson, who led a recent study into mental health issues at sea; Liz Baugh, the lead medical consultant at Red Square Medical, which provides medicial assistance to maritime businesses; Caitlin Vaughan from the International Seafarers’ Welfare and Assistance Network (ISWAN); and Sandra Welch, chief operating officer of the Sailors’ Society.
The port of Oakland recorded a decline of 7.4% in its loaded container volume for March compared with last year, a reduction shared with other ports along the US west coast as the effects of the coronavirus outbreak continue to wreak havoc on global trade.
PSA International will pump more than $1.9bn into Saudi Arabia’s King Abdul Aziz Port after sealing a new terminal deal to build and operate both the First and Second Container Terminals at the port in Dammam.
Breakbulk and heavy lift operator AAL is doing its bit to help during the coronavirus outbreak, offering cargo transport, free of freight charge, to registered charities worldwide that need to transport vital goods and equipment internationally and are suffering the financial effects of the global pandemic.
Mediterranean Shipping Co’s websites remain unavailable for a second day as the Geneva-based container line attempts to restore services.