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Daily Briefing May 8 2020

Free to read: Euronav sees floating storage as key to future profit | Product tanker market braces for ‘supercycle’ | US consults shipping industry on new sanctions guidance | Lloyd’s List Podcast: Steel yourself for a long war  

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


Euronav, the Belgian tanker operator, has reported record first-quarter results after an “extraordinary sequence of events” including a volatile crude oil tanker market and towering charter rates.

The product tanker industry is anticipating record earnings during the second quarter of the year, with larger vessels raking in the biggest revenues and shipowners hoping the short and longer-term market dynamics can work in their favour.

Fresh sanctions guidance for international maritime operators will be issued by the US government “in the coming weeks” following consultation with the shipping industry.


Analysis


Shipping has drawn up a 12-point plan to enable crew changes around the world as the coronavirus pandemic forces lockdowns and travel restrictions.

Lloyd’s List Podcast: The shipping industry’s 12-step plan to facilitate crew change was released this week and is expected to expedite a more effective government response to the crew change crisis that has seen thousands of seafarers stuck at sea for months. But it also highlights that the industry is bracing for a longer period of disruption than many had been hoping for. We talk to Columbia Shipmanagement president Mark O’Neil and International Chamber of Shipping secretary-general Guy Platten.

The Week in Charts: Around 220 fewer ships will be delivered to the global market in the 2020-24 period than in the preceding five years, according to new data from Lloyd’s List Intelligence, while the number of vessels scrapped in the opening four months of this year has fallen by 42% from 2019.


Opinion


The economic shock of the size of the coronavirus pandemic will leave many shipping companies vulnerable to takeover. But the real impact will come when technology specialists understand shipping, writes Richard Clayton.



Markets


Aggregate gross written premiums for marine insurance are set to fall in line with a likely downturn in world trade in the wake of the coronavirus crisis, the president of the International Union of Marine Insurance says.


In other news


Victims of a ferry disaster in which over 1,000 people were killed are entitled to bring an action for damages against the Italian classification society which certified the vessel, a court has ruled.

Hyundai Heavy Industries has won a contract to build two suezmax tankers amid an order drought in the broader shipbuilding industry.

The globally diversified nature of Philippines-based terminal operator International Container Terminal Services Inc has helped it dampen the adverse of the coronavirus pandemic on its operations.

Yang Ming, the world’s eighth-largest container shipping carrier, looks to enhance its cash position through a private offering as the coronavirus-ravaged sector is striving to head off a liquidity crisis.

New York-listed tanker owner International Seaways anticipates an even more profitable market over the next few months after tripling its earnings in the first quarter.

Grimaldi Group managing director Emanuele Grimaldi has reiterated his call for state aid to shipping companies during the pandemic crisis to be limited, as its wholly owned subsidiary reported a decline in revenues during the first quarter of the year.

Navios Maritime Containers has completed a $119m sale and leaseback deal, leaving the company with “no significant debt maturities” until 2023.

Genco Shipping & Trading, a US-based dry bulk owner, has taken measures to safeguard its crew amid the coronavirus pandemic.

Gaslog, the liquefied natural gas carrier owner, has cut its dividend by two-thirds, citing “an uncertain outlook” for near-term economic activity and for LNG demand.

The port of Los Angeles has seen a 15.5% decline in cargo throughput this year with the volume in April down 6.5% as a result of the coronavirus outbreak.

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