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Daily Briefing September 18 2020

Free to read: Managing maritime risk: Sanctions compliance and detection | Gabon de-flags more Iran-linked tankers | Tanker sector flags ‘serious consequences’ of EU's emission plan

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


Lloyd’s List and industry experts discuss the updated US Office of Foreign Assets Control sanctions guidance and how any organisation with exposure to shipping or cargoes needs to understand, identify and mitigate the risk to their operations.

Gabon’s flag registry has de-flagged two tankers after satellite imagery showed them loading Iranian oil while their transponders were switched off over the past six weeks.

Intertanko, the international tanker owners’ association, has joined other industry groups in lambasting a decision by the European Parliament to include international as well as domestic shipping in the EU’s Emissions Trading Scheme.


Analysis


Competition is more likely than regulation to lead to lower freight rates in the months ahead as carriers seek to differentiate their services.

Eastern Pacific Shipping said newbuilds featuring hotel-standard accommodation, gyms and messes show it is serious about crew welfare.


Opinion


The crew change crisis has evolved since March, when it was initially expected to be for two or three months. An inconvenience but — under the circumstances of a global pandemic — hardly catastrophic. Putting people first is the way to solve the crewing crisis, says Columbia Shipmanagement president Mark O’Neil.


Markets


Premium volumes in the offshore energy insurance sector are still falling, and are expected to shrink further as the line feels a twin squeeze from coronavirus and the low oil prices prevailing in recent years.

Bearish July data for refined products demand suggest little immediate improvement for product tanker rates.


In other news


Port operator DP World and Dubai Customs have signed a series of agreements with Israel to explore opportunities to develop trade links and joint developments.

Hutchison Ports has hired former UK transport secretary Chris Grayling as an adviser for its European operations, the Hong Kong-based terminal operator said in a statement.

A lack of accredited expert witnesses and an organisation that groups them together is seen as a drawback to the development of Asian-based arbitration.

Hurricane Sally missed key oil and petrochemical production facilities and made landfall early on Wednesday near Gulf Shores, Alabama, as a Category 2 storm, before being downgraded in the afternoon to a tropical storm as maximum sustained winds dropped to 70 miles per hour (113 kph).

CMB, the Belgian shipping company, has launched a dual-fuel engine that can cut carbon emissions by 85% when running on hydrogen.

Sri Lanka expects to claim at least $1.9m from the owners of the very large crude carrier New Diamond for assistance rendered and firefighting efforts tendered to the vessel since it caught fire on September 3.

Diana Shipping, the US-listed bulk carrier owner, has sold a 14-year old vessel, thereby continuing a clear-out of middle-aged and older panamaxes.

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