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Daily Briefing October 29 2020

Free to read: Greek shipping activity grows | West of England defends rate hike | MEP report pushes for EU scrubber ban | Soyabean sales support dry bulk market

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 Intelligence data show that Greek-owned ships were more active in 2019, increasing global port calls to 230,000 from 221,000 in the previous year, and aggregating more than 11.9bn dwt. The Middle East was the only major shipping region to see less Greek-owned tonnage last year than in 2018, while activity to just about everywhere else increased.

West of England’s 7.5% surcharge on next year’s premium s is fair and reasonable in light of sharp recent real-terms plunges in P&I rates, and every club in the International Group will be seeking similar hikes, the marine mutual’s chief executive has argued.

The European Union should ban scrubbers, their washwater discharges and the use of heavy fuel oil in its waters, according to a renewed push in the European Parliament adding pressure on the shipping industry.


Analysis


In a much-changed ship finance landscape, Greek banks are demonstrating their commitment to one of the country’s key industries.

The number of boxships using scrubbers has risen to 652, up from 395 at the start of the year, according to new figures as owners and operators used pandemic-led lay ups to install the exhaust gas cleaning systems.


Opinion


The long reign by Greeks at the top of world shipownership, in terms of aggregate fleet capacity, shows scant signs of faltering, according to Lloyd’s List Intelligence data.




Markets


Carriers are returning more ships to service due to strong demand for goods, while the United States has sanctioned more Iranian oil entities. Catch up on the news you may have missed in our weekly briefing.

Liquified natural gas derivative trading volumes surged to new record highs in Asia as industry players turned to futures linked to a key regional benchmark to hedge their cargo and freight positions in a volatile market.

The world’s largest container manufacturer, CIMC, has seen a significant recovery in sales volume in the third quarter as buying appetite among carriers and box lessors increased.

A strong start to the soyabean season in the US is supporting the dry bulk market, with record volumes moving to China in the opening seven weeks of the marketing year.


In other news


Any shipping company using seafarers that are resident in the UK for tax purposes will need to know about new tax rules coming into effect in April 2021, BDO Shipping argues.

Increasing numbers of containerships, booming volumes of cargoes and a shortage of crane operators are all contributing to a backlog of vessels at the San Pedro Bay ports of Los Angeles and Long Beach.

With the first two LNG bunker tankers set to begin operations by the first quarter of 2021, Singapore is putting another two licences up for grabs due to growing demand.

Japan’s NYK Line says it plans to switch to liquefied natural gas as a marine fuel for all its newbuilding pure car and truck carriers in the next decade.

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