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What to watch

The International Maritime Organization has drawn up a new short-term measure on greenhouse gas emissions, but the agreement does not have the unanimous backing of all involved in this week’s talks.

Seven stowaways at the centre of a security incident on board the Liberia-flagged product tanker Nave Andromeda were arrested on Sunday evening after UK special forces were deployed to resolve the situation.

Counterparty risks across the supply chain have increased as coronavirus exacerbates the existing trend of exiting liquidity, leaving many companies on the borders of financial viability, struggling to meet increasingly forensic due diligence and corporate governance requirements.

Ordering discipline has contributed to stability in the container trades, but new ships will still be needed to meet demand up to 2050.

At least 13 countries are offering some sort of state aid to the shipping industry, often with few or no strings attached.

Analysis

A preliminary agreement at the IMO working group that left many disappointed due to its lack of ambition may spell more trouble for those who want to see the organisation as the only appropriate decision-maker for emissions regulations.

The week in charts: US west coast ports saw an increase in container throughput last month, but there is a growing gap between imports and exports. Meanwhile, temperature-control incidents accounted for nearly a third of all cargo-related insurance claims in 2019, according to new research.

Opinion

A new regular survey launched by Lloyd’s List, in association with Lloyd’s Register, aims to chart shifting industry sentiment towards alternative fuels, financing and investment.

Lloyd’s List and the organisers of Posidonia present an engaging digital event featuring leading industry thinkers tackling the most important questions facing shipping. It also offers a unique networking experience, connecting you with attendees with similar interests.

Lloyd’s List Podcast: Where the Greeks lead, others follow.

Markets

Eastern Pacific, the Singapore-based ship management company, will build and operate four  98,000 cu m very large ethane carriers for a Chinese petrochemical company that is about to start shipping regular cargoes of the refrigerated gas from the US Gulf.

Spot freight rates for container cargoes have gained slightly on the major east-west trade lanes as this year’s extended peak season continued.

The capesize index has continued to slip since the beginning of this week, extending an easing in the market that began more than a week ago.

In other news

With container vessels still full from Asia to the US and Europe, shippers and forwarders are not only struggling to secure slots, but are also wrestling with supply chain disruptions caused by cargo rollovers.

Australian authorities have detained a car carrier for having overdue crew on board, as the coronavirus outbreak further complicates the crew change situation in the global maritime industry.

Japan’s NYK Line has made Gazocean its fully owned subsidiary, having acquired a 20% stake in the shipmanagement unit from French’s energy firm Total.

Orient Overseas Container Line reported a jump in the top line and cargo volume in the third quarter.

The sale of yet another vessel owned by Scorpio Bulkers is raising questions about whether the company will continue to be involved in the dry bulk market.

South Korea’s largest shipbuilding group has developed potentially the world’s first large-size liquefied natural gas hydrogen carrier.

The Georgia Ports Authority is stepping up efforts to boost its growth trajectory at Savannah by increasing throughput capacity in several sectors, officials said in an online state of the port message.