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Daily Briefing May 28 2020

Free to read: Is a state-backed rescue of PIL the right response? | Most shipowners have no decarbonisation strategy | MPC Container Ships in talks with lenders over liquidity strain 

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


That the Singapore government, through the proxy vehicle of sovereign wealth fund Temasek Holdings and its affiliate, should come to the aid of container line Pacific International Lines is no surprise, writes Vincent Wee.

Decarbonisation is repeatedly presented as the shipping industry’s biggest challenge. But a survey from ABS found most individual shipowners do not have decarbonisation strategies for their fleets.

MPC Container Ships is in talks with lenders about liquidity pressure caused by the coronavirus pandemic, putting the Oslo-listed company at risk of covenant breach.


Analysis


China’s sudden announcement of a new inspection regime in the midst of mounting trade tensions between Beijing and Canberra has cast a long shadow across the dry bulk shipping sector.

Ports in North America have many safeguards as well as strong financial cushions on their side, enabling them to weather the sizeable “ripple effect” of the coronavirus pandemic, Fitch Ratings said in a new report.

From the News Desk: While pure car and truck carriers have been battling weak market conditions since the 2009 financial crisis, the coronavirus pandemic has heightened the pressure on the sector as operators struggle to cope with declining cargo volumes.


Opinion


Lloyd’s List Ask the Analysts webinar: Register now and submit your questions. In the second of our monthly Ask the Analysts webinar series, the focus turns to the outlook for markets in Asia and our view on mounting credit risk.



Markets


Improved rates for very large gas carriers helped Dorian LPG post strong earnings for the first quarter of the year, completing a highly profitable 2020 fiscal year.

Star Bulk Carriers, the largest US-listed owner of dry bulk vessels, has completed several refinancing deals with banks on vessels within its 116-vessel fleet, all but two of which have now been fitted with exhaust gas cleaning systems.

Zim has narrowed its net losses in the first quarter of the year, as the Israeli container shipping line strives to weather the market crisis by using its agility.


In other news


Cobelfret affiliate Compagnie Luxembourgeoise de Navigation is reportedly mounting a legal challenge to the £35m ($42m) state subsidy awarded by the UK government to ferry companies during the coronavirus pandemic.

US liquefied natural gas cargo cancellations are set to climb at least through to September as gas prices there continue to trend higher compared with Asia and Europe, removing the impetus for buyers to honour offtake arrangements with US producers.

Huge losses on Grande America and Golden Ray casualties have seen the North P&I Club’s combined ratio rocket to 126%, on the back of a deficit topping $19m for the year ending February 20, according to figures from the International Group affiliate.

Pointe LNG is advancing its plans for the construction of a 6m tonnes a year liquefied natural gas export terminal to be located in Pointe à la Hache in Plaquemines Parish, Louisiana.

Rotterdam-based multi-modal transport services provider, Samskip is tapping Nordic region-focused Gasum for the bunkering of two LNG-fueled vessels trading between the Netherlands and Norway.

Surgical masks have washed ashore near Sydney and forced beaches to close after a containership lost 40 boxes overboard this week.

Containership owner Capital Product Partners has boosted its liquidity by $38.8m after the closing of a sale and leaseback refinancing for three of its vessels.

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