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Daily Briefing August 10 2020

Free to read: Revealed: Vessels damaged and destroyed in Beirut blast | Beirut’s container terminal prepares to resume working ships | Jailed former shipowner Nobu Su is determined to fight on

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


Details of several vessels damaged or destroyed in the Beirut explosion have emerged.

While the situation on the ground in Beirut remains “very bad” following this week's explosion, sources say they expect the undamaged parts of the port to resume working vessels soon.

Nobu Su, the former billionaire shipowner jailed in London over a long-running dispute about money owed in failed freight futures deals, has filed for personal insolvency and wants to leave the UK, he tells Lloyd’s List.

One shipowner is facing a bill of about $820,000 for changing over 18 seafarers, according to International Chamber of Shipping estimates.

Four new valemax berths approved in China fit into the country’s strategy to diversify sources for iron ore imports but are unlikely to have a significant impact on trade flows in the short term, according to industry experts.


Analysis


Lebanon’s Prime Minister Hassan Diab has said 2,750 tonnes of ammonium nitrate stored in a port side warehouse was probably the cause of the huge explosion in Beirut.

The US and UK now clearly expect shipping to do as much as the financial services sector in tackling sanctions evasion, according to a Clyde & Co analysis of the latest sanctions guidance from the two countries.

Week in charts: The devastating explosion in Beirut resulted in hundreds of deaths and thousands injured. We look at the impact the blast and damage to the port is likely to have on shipping, trade and the country’s economic recovery.


Opinion


The Lloyd’s List Posidonia Week Forum, to be held in October in co-operation with Posidonia Exhibitions the organisers of the Greece-based trade fair, will feature a panel of leading shipowners, to be announced shortly.


The Lloyd’s List Podcast: After a short break, we are back and this week we joined by Nobu Su, the former billionaire shipowner jailed in London over a long-running dispute about money owed in failed freight futures deals. He tells Markets Editor Michelle Wiese Bockmann about how the experience changed his life and why still determined to reveal the truth in order to clear his name.

The cruiseship industry has been brought to a virtual standstill by the global pandemic, so why not reactivate some of the anchored ships to help those who lost their homes and livelihoods in the Beirut blast? writes Janet Porter.



Markets


Scorpio Tankers has said it expects markets to weaken after favourable conditions in the oil market boosted its second-quarter performance.

Star Bulk Carriers has confirmed an increased interest in consolidation deals.


In other news


The International Chamber of Shipping has revived calls for a $5bn research and development fund for ‘green’ ships after an International Maritime Organization study flagged rising emissions.

DP World and Forth Ports have announced plans for a joint bid for a freeport on the Thames that would incorporate the companies’ London Gateway and Tilbury facilities.

Under pressure Singapore yard Sembcorp Marine has spelled out plans to ride out the industry downturn while appealing to shareholders to support its capital raising exercise.

More evidence is emerging of a supply chain shift to Vietnam as container lines allocate more resources to serve the market, with intra-Asia feeder specialis

RCL launching a new shuttle service linking the key transhipment hubs of Port Klang and Singapore to Ho Chi Minh.

Euronav, the independent oil tanker company, reported record second-quarter results boosted by soaring demand for floating oil storage.

Eagle Bulk, a US-based owner and operator of supramax and ultramax bulk carriers, has sold an ageing vessel amid wider losses in the second quarter.

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