Daily Briefing April 29 2020
Free to read: Hin Leong insolvency leaves traders and shippers exposed | Ports accused of denying hospital treatment for seafarers | Dozens of aframax-sized tankers needed for clean floating storage peak | Lloyd’s List’s ‘Ask the Analysts’ webinar
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
What to watch
Hin Leong’s insolvency filing is likely to stoke legal battles over millions of barrels of oil products held in one of Asia’s largest onshore tank terminals and floating storage off Singapore, the world’s top bunkering hub by marine fuel sales.
Cases of seafarers being denied emergency medical treatment ashore due to port authorities’ fears of coronavirus infection have prompted labour and maritime employer groups to issue an urgent call for crew rights to be respected.
Floating storage of refined products such as gasoline and jet fuel is forecast to hit fresh records over the next six weeks, but estimates of that volume vary as the market struggles to accurately define and measure demand.
Analysis
From the News Desk: Falling revenues, reduced scrubber orders and lower throughput at ports offer early indications of the impact coronavirus is having on shipping.
The full effects of the coronavirus pandemic are difficult to predict, but its continuation could cause severe challenges for seafarers, Cyprus’ shipping deputy minister Natasa Pilides has warned.
Opinion
Lloyd’s List today hosts the first of its new monthly webinar series, which let you put your shipping industry questions to an expert panel. You can still register to join in for the event at 1430 hrs BST.
Markets
Potential lower petroleum coke trades may dent supramax and handysize demand and earnings in an already sluggish market.
In other news
Credit rating agency Standard and Poor’s has downgraded its outlook for the future health of three of the major European container carriers as the prospects for the sector darken.
Seafarers, dockers and other transport workers need better protection from coronavirus if they are to continue their vital part in the fightback against the pandemic, according to the International Transport Workers’ Federation.
China Merchants Group is considering de-listing its Hong Kong-listed port arm China Merchants Port Holdings, according to a media report.
Port of Oakland officials expect a decrease of up to 15% in containerised cargo during May and June this year due to 20 blank sailings during that period.
Orient Overseas Container Line, now part of state conglomerate China Cosco Shipping Corp, has seen volume on the main east-west trade lanes increase in the first quarter of this year, despite the coronavirus fallout.
Compagnie Luxembourgeoise de Navigation has launched a new weekly ro-ro freight route between Cork and Zeebrugge, which will strengthen the Irish port’s connectivity with the mainland Europe.