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Daily Briefing April 27 2020

Free to read: Floating storage at record levels as tanks fill up on land | Shipmanagers focus on crew morale as borders remain closed | Greek ferry operators seek urgent aid | The Lloyd’s List Podcast: The View from Singapore 

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


Crude stored on tankers surged to a record 163m barrels after a volatile week in global oil markets left traders and refiners scrambling to offload surplus oil.

While crew wait for high-level officials to convince governments to open their airports and borders to allow free movement of seafarers amid the coronavirus pandemic, shipmanagers have been trying to keep morale high by additional bonding activities such as games, barbecues and training.

Greek ferry operators are seeking extra aid from the government as a study estimates the sector will need up to 30m euros ($32.4m) a month if it is to survive the coronavirus crisis.

Danish shipowners have criticised moves by South Korea to provide aid for its shipping industry, including container line Hyundai Merchant Marine.


Analysis


The week in charts: Despite what would appear to be a confluence of negative factors for the spot market, very large crude carrier rates are tracking at historic highs. Meanwhile, new figures show the impact of the coronavirus restrictions on Dover ferry services.

The Port of Hueneme, located about 70 miles to the northwest of Los Angeles, has been hard-hit by the coronavirus outbreak and its prospects, as with much of the US, remain uncertain.

Japan’s huge corporate enterprises have historically driven maritime innovation. However, unlike in North America and Europe, where innovation is carried forward by start-ups, it has a very small start-up ecosystem.

Bulk commodity transhipment specialist Shi.E.L.D.’s chief executive Corrado Cuccurullo tells Loyd’s List how early decisive action has helped the company deal with the effects of coronavirus, as he manages operations halfway across the world from one of the worst hit regions in Italy.


Opinion


Lloyd’s List Podcast: In the absence of a Singapore Maritime Week this year we’ve drafted in guests from the heart of Maritime’s Lion City to offer up a view of how the sector is coping with the coronavirus challenges.

State aid to South Korea carrier HMM may have been frowned upon by the Danish shipping industry, but government support is not a simple matter of discerning black or white in the competition landscape of container shipping, writes Cichen Shen.

Although the People’s Bank of China has introduced a series of measures since the virus outbreak they are clearly not reinvigorating the economy, which in turn is hurting the demand for ships. As such a V-shaped recovery looks elusive, writes Inderpreet Walia.


Markets


Deepsea networks are set to see further blank sailings in the coming weeks, which could coincide with a resumption of some business activity in Europe and put pressure on the continent’s exporters.


In other news


The UK is to provide £17m ($21m) in funding to safeguard five ferry routes between Britain and Northern Ireland.

AET, a unit of Malaysia’s energy shipping giant MISC, is in the final stages of selling its 2006-built very large crude carrier Bunga Kasturi Tiga.

Alfa Laval says its scrubber order intake has fallen significantly amid coronavirus uncertainty and low fuel prices.

Global Container Terminals is seeking an emergency court order to stop container lines Maersk and its subsidiary Hamburg Süd from switching their business from GCT’s Staten Island, New York, terminal to a rival facility at Port Elizabeth, New Jersey.

UK container ports appeared to have dodged a bullet that was expected this week and have not suffered from any undue congestion.

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