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What to watch

Norwegian-born billionaire John Fredriksen has given the clearest signal yet on the future direction of his $10.6bn shipping empire, as two newly hired former fund managers join his private investment vehicle with a mandate to restructure and invest outside shipping and oil and gas.

Further headwinds are expected for refined and crude tanker markets with new forecasts showing that any prolonged secondary wave of coronavirus cases could see oil demand in 2021 remain 7m barrels per day below 2019 levels.

The International Maritime Organization has made another plea to governments to resolve the crew-change crisis ahead of a UN General Assembly meeting.

Analysis

Maritime leaders have expressed their frustration with national governments, accusing politicians of creating a humanitarian crisis due to a failure to meet their obligations on seafarer repatriation.

Weekly Briefing: CMA CGM reports 26% earnings jump, lower oil consumption hurts tanker market, Panama releases initial statement on reasons for Wakashio grounding.

The coronavirus crisis in 2020 will have a long-lasting impact on global energy use, while shipping’s energy demand will peak in 2034, according to DNV GL.

Opinion

The UK government’s proposed plan to establish freeports is either an elaborate exercise in window-dressing, a stated desire for the country to rediscover its maritime capabilities, or a real solution to the facilitation of trade and infrastructure post-Brexit, write Chris Dunn and Craig Boyle-Smith of global law firm Kennedys.

When the health crisis prevented the International Union of Marine Insurance from holding its conference in Stockholm, it transformed it into an online event, with advantages and some drawbacks, writes David Osler.

Markets

The current boom in volumes, particularly on the transpacific, could be masking what may turn out to be a long and slow recovery for the container sector.

Container lines continue to fill their boots on the transpacific trade, with rates climbing to yet more historical highs over the past week.

In other news

A small patch of diesel oil has been spotted 1 km away from the very large crude carrier New Diamond, the Sri Lankan Navy confirmed in a statement.

The UK should not arbitrarily cap the number of freeports set to be rolled out under current government plans, the chief executive of a sector trade organisation has told lawmakers.

Seatrade is working to secure the release of a Russian master and another crewman kidnapped yesterday from a reefer vessel off Lagos, Nigeria.

Egypt has advanced its ambitions to become a regional hub in the oil trade as Total Egypt and OLA Energy Egypt jointly unveiled a plan to build, own and operate a new petroleum products terminal in the port of Alexandria.

The port of Santos is imposing stricter inspection and access rules on older ships as part of a new berthing and mooring policy.

Dry bulk carrier Tomini Majesty became the latest vessel to be hit by the crew-change crisis, with its 21 Ukrainian crew members threatening to go on a hunger strike after being stuck on the vessel for at least a year, according to Lloyd’s List Intelligence reports.

Anger is growing within the maritime community about the treatment of the Maersk Etienne crew, and the migrants they rescued more than a month ago, amid calls for a change to the law in a bid to ensure such a situation never occurs again.