Daily Briefing August 4 2020
Free to read: UK sanctions guidelines said to be ‘misleading and incorrect’ | Pandemic fallout delays vessel deliveries and limits new orders | Cosco boosted by record transpacific rates
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 | In other news
What to watch
The International Group of P&I Clubs has criticised the maritime sanctions guidelines issued by the UK’s Office of Financial Sanctions Implementation, which it says offers ‘misleading and incorrect’ advice to companies expected to comply.
The total number of ships delivered in 2020 is expected to increase compared with last year, but a high number of deliveries will be delayed to 2021 and cancellations are increasing.
Cosco Shipping Holdings’ shares have been boosted by transpacific rates reaching a record high amid a puzzling peak-season rebound.
Analysis
The tanker market’s wild ride is not over. There is a pick-and-mix of volatile, disruptive and dramatic variables that could either send rates soaring or crashing in the final half of the year.
Opinion
The coronavirus pandemic has exposed shipping market weaknesses, yet resilience within each sector reveals an industry inching its way towards new solutions, writes Richard Clayton.
In other news
Japan’s Misuga Kaiun has been fined $1.5m and placed on probation for four years in connection with pollution charges in the US.
The Florida Ports Council has appealed to the US Congress to allocate funds to aid seaports in the state and across the country in weathering the current financial crisis created by the coronavirus backdrop.
Jiangnan Shipyard has won orders for three very large gas carriers from AW Shipping, a joint venture between China’s Wanhua Chemical Group and Abu Dhabi National Oil Co.
Ince Group is now operating at the same level in Asia as it was before the coronavirus pandemic, and even ahead of budget in the region, the law firm said as it announced its results for the year ended March 31.
A security incident involving an armed security guard on board one of Eagle Bulk’s vessels has been resolved.
China’s imports of cement has increased since a slump earlier in the year caused by coronavirus lockdowns.
Maersk Drilling has said chief financial officer Jesper Ridder Olsen is to step down to “pursue another opportunity”.
The CMA CGM Libra case is headed to the Supreme Court, with a hearing likely towards the end of 2021, following the grant of permission to appeal.
Capital Product Partners, a containership owner, says it is entering a period of opportunity and opportunism despite a drop in charter rates and the pandemic fallout which has resulted in a dividend cut.