Daily Briefing December 1 2020
Free to read: Will China speak against EU impatience on shipping emissions? | Maersk and CMA CGM push EU for free emission allowances | Why shipping’s MRV regulation must target cargo owners | Maritime Markets Outlook
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
What to watch
China was one of the main forces that helped thwart the European Union's plan to include international airlines in its carbon trading market. But it has been quiet so far on a reignited attempt targeting the maritime industry, writes Cichen Shen.
Maersk and CMA CGM have called on the European Commission to give shipping companies free emissions allowances when the sector comes under the bloc's carbon market.
Analysis
The divide in fortunes between the global tanker fleet and containerships is widening, according analysis presented by Lloyd’s List and Lloyd’s List Intelligence in our regular monthly markets outlook.
The UK Supreme Court decision in Halliburton Company v Chubb Bermuda Insurance will enhance transparency in maritime arbitrations in London, while falling short of a revolution, according to legal sources.
Arbitrators have a legal duty to disclose anything that could give rise to doubts about their impartiality, but this does not override their legal duty of privacy and confidentiality in English law, except by consent of the parties involved, the UK Supreme Court has established.
Opinion
To reduce greenhouse gas emissions from international shipping, regulators should supplement the ship-based regulatory approach and direct their attention towards powerful cargo owners.
The Lloyd’s List podcast: We take a sneak preview of what’s to come at next week’s Lloyd’s List Outlook Forum with founder and chief executive officer of innovation hub and accelerator Optima-X Angelica Kemene.
Markets
Bottlenecks in the containerised freight supply chain could mean that surges in spot freight rates on some trade lanes have further to run.
The sustainability of the Lloyd’s marine and energy market depends on rate increases of at least 8% next year, Munich Re Syndicate’s chief underwriting officer Dominick Hoare said.
Container lines are being urged to review their current operational and business practices and return to “respecting schedule reliability and service quality” in accordance with their contractual terms with customers, as ocean freight customers struggle to maintain supply chains in the current environment.
In other news
Cosco Shipping Development has agreed to finance 16 newbuilding newcastlemax bulkers worth $845.8m for a sister company.
Rightship, which runs an online ship vetting platform, has appointed Steen Brodsgaard Lund as chief executive.
A very large ore carrier belonging to Japan’s NS United Kaiun Kaisha was in collision with two other bulkers.
China State Shipbuilding Corp has kicked off the construction of a Yuan12.9bn ($2bn) manufacturing base that aims to cater to the growing demand for offshore wind power.
Four crew members have been kidnapped from a medium range chemical and oil tanker off Togo.