Daily Briefing April 16 2020
Free to read: US likely to widen sanctions on shipping, lawyer warns | Decline in oil demand likely to boost tanker floating storage | Greek ferry owners say aid will barely cover one month’s losses
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
More shipping companies can expect to find themselves at the sharp end of Washington's retribution for trading with Iran, Venezuela and other countries, according to a US lawyer.
Tankers used for floating storage may protect the sector from the anticipated drop in spot rates during second half of the year.
Greece’s ferry sector has criticised a €15m ($16.7m) package of aid announced by the government as too little.
Analysis
The marine industry has been hit hard by coronavirus and insurers have had little to offer to mitigate the impact of the pandemic.
Opinion
Maritime cyber security came under the spotlight over the Easter weekend when the website of Mediterranean Shipping Co went out of action, writes James Baker.
Weekly briefing: A collapse in demand for containerised goods has sparked a wave of blanked sailings, while the 23-country Opec-plus alliance’s agreement on oil production cuts will likely leave tanker rates subdued for at least the remainder of the year.
Markets
In an exceptional year, in which a dramatic turn of events has caused massive upheavals in the global economic environment, Singapore’s developments in the maritime space have stood it in good stead to weather the proverbial storm.
Although not everyone is convinced that digitalisation is going to transform the shipping world beyond all recognition, it seems clear that this time around, shipping companies will have to adapt to stay in business.
In other news
Scrubber investment programmes launched before the fall in oil prices are likely to be completed regardless of the less lucrative price spread between very low-sulphur fuel oil and traditional heavy fuel oil, shipowner George Economou tells Lloyd’s List.
China is forecast to lead the push towards autonomous shipping over the next five years, according to a new report.
Mediterranean Shipping Co has recovered its websites, which went offline in a suspected cyber attack late last week.
Major offshore yard Keppel Offshore & Marine is tying up with Singapore’s Energy Market Authority to come up with innovative energy solutions in the marine sector and develop energy solutions in the areas of distributed energy resources, digitalisation and emerging low-carbon alternatives.
The coronavirus pandemic continues to ravage cargo throughput among ports around the US, with the latest downturn coming in the port of Jacksonville, Florida, which saw its March container volumes drop by 14%.
China Merchants Port Group has seen its bottom line in the first quarter of this year contract sharply owing to the market disruptions caused by the coronavirus outbreak.
Capesize owner Seanergy Maritime has raised gross proceeds of $13.7m from recent share offerings.
Bureau Veritas has opened a new remote survey centre in Greece that it says is the latest among others being opened in major shipping centres worldwide.