Daily Briefing May 27 2020
Free to read: Maersk climate targets unaffected by coronavirus | Danish companies unite for green hydrogen project | PIL confirms investment talks with Temasek | China congress: more stress than relief to shipping
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
Maersk has no plans to diverge from its self-imposed decarbonisation targets in the face of the coronavirus, the company’s vice-president and head of fleet technology, Ole Graa Jakobsen, told Lloyd’s List.
Denmark’s shipping sector is becoming directly involved in zero emissions fuel production. Shipping and aviation could receive fuels from a facility starting in 2027. After a feasibility study into the viability of the project, six companies including Maersk and DFDS could make an investment decision as early as 2021.
Temasek affiliate Heliconia Capital Management is mulling potential investment in struggling Pacific International Lines, the Teo family-owned boxship giant has confirmed in a Singapore stock exchange announcement.
Analysis
The proposal by China for a national security law in Hong Kong has instilled more fear into a shipping market that is already feeling the impact of a decoupling between the world’s two largest economies.
Opinion
South Korea’s minister of Oceans and Fisheries Moon Seong-Hyeok has urged the world to engage with one another in a spirit of co-operation with an open mind to win the fight against the coronavirus crisis.
Markets
The willingness to cut coal consumption for cleaner air is suggesting a wider trend where demand for liquefied natural gas and renewables is set to increase. For coal, however, the path ahead seems clear, and the slow death of the second-largest dry bulk commodity is not good news for dry bulk shipping demand.
In other news
Eastern Pacific Shipping has ordered a series of three dual-fuel LPG carriers at Hyundai Mipo having won a long-term time charter from Norwegian oil major Equinor.
Hafnia, the product tanker owner, reported a surge in profit in the first quarter to $77.1m as the oil contango caused freight rates to soar.
Stealthgas has posted an improved set of first-quarter results but has said that it has had to take a “defensive” position to combat the market effects of the coronavirus pandemic.
Mitsui OSK Lines has ordered a floating storage and regasification unit to serve Germany’s first floating LNG receiving terminal.
Wilson and Arkon have agreed to form the largest shortsea dry bulk player in Europe with 130 vessels. The two companies said the move was part of necessary consolidation.
The Global Maritime Forum Annual Summit, due to take place October 13-14 in London, has been postponed until 2021 due to the coronavirus outbreak, the organisers said in a statement.
Neda Maritime of Greece has firmed up a long range two tanker order at Daehan Shipbuilding.
CSSC (Hong Kong) Shipping has secured up to $116.8m in bank loans to fund four container feeder ships it acquired in a sale and leaseback deal with South Korea’s Sinokor Merchant Marine.