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Daily Briefing June 4 2020

Free to read: AIS transmission gaps seen in sanctioned tankers linked to Venezuela | Tanker owners and insurers cautious over US sanctions guidance | Greek shipowners most exposed to US Venezuela sanctions | Seadrill restructuring sees 1,400 job losses

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


Vessel-tracking analysis from Lloyd's List Intelligence shows sanctioned tankers linked to Venezuela all had gaps in their Automatic Identification System signals. The collision-avoidance tool must be on at all times under international conventions except when the vessel needs to switch it off for safety reasons.

The marine insurance and tanker sectors have reacted cautiously to new guidance issued by the US administration to help identify the global maritime sector identify deceptive and illicit shipping to evade sanctions.

Greek shipowners accounted for 78% of tankers transporting Venezuelan crude during the past 12 months, leaving them disproportionately exposed to tougher, US sanctions now punishing ships identified in so-called deceptive shipping practices.

Troubled rig operator Seadrill has announced plans to reduce its workforce by more than 30% to preserve cash ahead of an attempted restructuring.


Analysis


Newbuilding prices are under stress as demand has plunged in the sector, according to shipbrokers’ reports.

DNV GL Business Assurance chief executive Luca Crisciotti explains the pooling of experience across several sectors that lies behind the new infection management certification for cruise shipping.

Weekly briefing: The US has blacklisted several Greek tankers after they were adjudged to have breached sanctions, while China’s ports are seeing a surge in domestic traffic as the country’s economy begins to emerge from the worst effects of the coronavirus outbreak.


Opinion


Asia Outlook: The latest edition of the webinar series offers insights on: the macro outlook, counterparty risk concerns, dry bulk, box and tanker trade lane updates, shifting market dynamics and how the coronavirus pandemic is affecting the trading relationship between China and the US.


Markets


Capesize earnings have increased marginally over the week as activity from Canada to China gained traction leading to a more positive tone in the Atlantic.

Kamsarmaxes have overtaken panamaxes as the most commonly used class of carriers to transport grain between the world’s top exporting and importing countries.


In other news


The UK Club has proclaimed its intention to take “future action on premium rates” to rectify its current combined ratio of 120%.

Tiger Clean Energy has ordered up to 10 ISO tank container carriers at Yangzijiang Shipbuilding as the start-up company seeks to tap China’s rising demand for liquefied natural gas.

DSV Panalpina, the world’s second-largest 3PL, has committed to reducing carbon emissions from its freight transport by 30% by 2030, a move that will put pressure on its carrier suppliers to do the same.

Abu Dhabi Ports is following the act of its neighbouring port group DP World by entering the feeder line market, setting up Safeen Feeders as part of its strategy to facilitate growing trade demands within the Middle East Gulf region.

Canadian pipeline company Trans Mountain Corp has reached another key milestone in its project to triple the capacity of a pipeline moving crude oil from the Edmonton area to the port in Burnaby, British Columbia.

Jawaharlal Nehru Port Trust, India’s largest container terminal, is clearing vessels and taking various mitigation measures in view of the cyclone moving across the Arabian Sea to the Indian coastal city of Mumbai.

DNV GL, the Norwegian-German risk management company, has started work with Genting Cruise Lines on a tailor-made healthcare certification scheme.

Investor interest in the chemical and product tanker markets has underpinned the rebooting of Sokana, a US-based commercial tanker manager, under a new joint venture with Greece-based owner and manager Interunity Group.

Squire Patton Boggs, an international law firm, has strengthened its commodities and shipping group with the hire of London-based two partners and four other staffers from HFW.

Trading giant Vitol has expanded its bunkering footprint in the US Gulf coast and the Carribean islands through a partnership with storage terminal operator GTI Statia.

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