Daily Briefing June 29 2020
Free to read: Grimaldi calls for tougher cargo fire safety rules | The Lloyd’s List podcast: Waiting for the world to restart | Hin Leong: Banks in crossfire as PwC plays hardball
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
Grimaldi Group chief Emanuele Grimaldi has repeated calls for tougher cargo safety rules after the fire on his ro-pax Cruise Bonaria, the latest in a spate of incidents that have highlighted safety fears in the vehicle carrier industry.
The Lloyd’s List podcast: Waiting for the world to restart.
The findings of PwC’s report detailing alleged fraud in Hin Leong’s trades over the past decade are not at all surprising, writes Hwee Hwee Tan.
Seafarer welfare may have been thrust into the spotlight by coronavirus, but underlying issues have been building over many years.
Analysis
After a dramatic fall in capesize rates since the beginning of the year, increasing Chinese iron ore demand is driving a positive trend in the segment.
The week in charts: Freight derivative volumes exceeded 65,000 lots last week, the highest level seen since the height of the financial crisis in 2008, while tanker earnings have seen a sharp fall as crude exports decline and rising Latin American coronavirus cases dent a bounceback in demand.
Markets
The coronavirus pandemic has accelerated the pace of change in container shipping rather than altering its direction, according to SeaIntelligence Consulting chief executive Lars Jensen.
The capesize market has the potential to hold on to its recent gains, according to dry bulk owner Seanergy Maritime.
In other news
The International Association for Classification Societies has elected Koichi Fujiwara as its chairman.
Belgium’s Exmar has received a force majeure notice for its floating liquefied natural gas vessel in Argentina.
The report into the loss of containers from a Mediterranean Shipping Co vessel last year has recommended that large containerships avoid the Wadden Islands when weather conditions are inappropriate.
The coronavirus outbreak has highlighted the maritime industry’s increasing reliance on digital platforms, according to Graham Westgarth, the chief executive of V.Group, which provides shipmanagement and marine support services.
Maritime startups in Singapore are to get S$50m ($36m) of new investment as part of an initiative backed by the Maritime and Port Authority.
Fincantieri Marine Group, the US subsidiary of state-owned Fincantieri Cantieri Navali Italiani, has started construction on the first US-flagged Great Lakes bulk carrier built in more than 35 years.
Japanese container line Ocean Network Express has launched two new direct services connecting China and Southeast Asia.
Globus Maritime shares plunged on Nasdaq as the dry bulk carrier owner unveiled a new fundraiser.