Daily Briefing September 23 2020
Free to read: Chinese leasing houses weigh options amid uncertain outlook | Yard Talk: Why China is looking to China to support its shipping strategy | Recycling rise needed to support tanker market as demolition hits 29-year low
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What to watch | Analysis | Markets | In other news
What to watch
Leasing houses in China are alert to the growing uncertainties in shipping, but they are careful not to let such caution lead to any suggestion of a retreat, or that the lessor is just a fair-weather friend for its borrowers.
Six out of 10 newbuildings won by Chinese shipbuilders this year have been from compatriot owners — a level that been rarely reached in the past, but may well be surpassed in future.
Tanker demolition is set to hit the lowest level in 29 years, focusing attention on recycling prospects for 2021 as the coronavirus pandemic keeps exports for refined products and crude at much lower than projected levels.
Analysis
Home working and air travel restrictions underpin fresh pessimistic forecasts about oil demand growth for the remainder of 2020.
Decarbonising shipping is a voyage that begins with gas, according to Knut Ørbeck-Nilssen, chief executive of DNV GL’s maritime division.
From the News Desk: Rising costs, trade retaliation and undermining of global agreement could all result from EU plan on emissions trading becoming law, shipping stakeholders warn.
Markets
Tanker owners are focusing on fuel-efficient, environmentally-friendly assets, although newbuilding activity remains muted due to uncertainties related to the development of new fuel types, a Marine Money panel event heard.
Euroseas, the Nasdaq-listed containership owner, has agreed charter extensions for two vessels against an improved market backdrop, but has underlined the “high” degree of uncertainty in its outlook on the market.
In other news
Lloyd's of London has expanded its Gulf of Guinea listed area further south and east due to an increase in piracy attacks.
The South Carolina Ports Authority underscored the big ship readiness of Charleston on Monday, heralding the arrival of the 2020-built, 15,128 teu CMA CGM Brazil, the largest boxship yet to call the US east coast.
The salvage of car carrier Golden Ray has been delayed due to technical challenges, legal issues, the impact of the pandemic and the weather, the International Union of Marine Insurance has heard.
CMA CGM has celebrated the entry into service of its iconic CMA CGM Jacques Saadé, the first of its series of nine 23,000 teu, LNG-fuelled, ultra-large containerships.
Singapore yards continue to see orders trickle in with Keppel Offshore & Marine securing a floating storage and regasification unit conversion project and its US subsidiary picking up a dredger newbuilding, although altogether worth only about S$200m ($146.8m).
Maersk Tankers has appointed a former DNB shipping chief and an oil market veteran to its board.
The Northwest Seaport Alliance of Seattle and Tacoma saw reduced containerised throughput during August, with year-to-date container volumes falling by 20%.
South Africa is planning an environmentally friendly ship recycling facility on its west coast.