Daily Briefing December 3 2020
Free to read: Bunker suppliers act as banks cut capital amid looming credit crunch | Singapore approves Manila crew change hotels | Søren Toft takes the helm at MSC | Shipping must do more to decarbonise, says UN chief
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
A credit crunch looms for the $129bn bunker market after banks cut available capital by as much as 10% as the pandemic slashed demand for marine fuel.
Singapore has approved an industry-funded scheme to test and quarantine seafarers in Manila hotels as a step to give governments more confidence to allow crew changes.
Søren Toft starts his new job as chief executive of Mediterranean Shipping Co today, just over a year after he announced he was leaving Maersk.
Shipping is not doing enough to deliver zero emissions vessels in the next decade, says United Nations secretary-general Antonio Guterres.
Analysis
The use of liquefied natural gas as a transitional fuel in shipping’s decarbonisation path is facing economic and environmental challenges, an industry forum heard.
From the News Desk: Shipping should emerge from the pandemic with a better understanding of seafarer needs.
Weekly briefing: Dry bulk sector remains cautious as China switches coal purchases.
Opinion
Top 10 technology leaders 2020: Technology leaders have had to rethink their business strategies during the pandemic. They should emerge leaner but fitter for the challenges ahead.
Markets
The dry bulk market should experience higher earnings next year as it moves back into a recovery mode following the impact of the coronavirus, according to maritime consultant Drewry.
Vale, Brazil’s mining giant, has lowered its iron ore production for this year and next.
In other news
Dry bulk owner M/Maritime has emerged as the buyer of two Scorpio Bulkers ultramaxes that were announced sold this week.
Maran Gas Maritime has placed an order for a new liquefied natural gas carrier at Samsung Heavy Industries, its first-ever deal with the South Korean yard.
The UN General Assembly has passed a resolution calling on governments to designate seafarers and other maritime personnel as key workers and to implement measures allowing crew changes and ensuring medical care.
Waterfront Shipping Company will add eight methanol dual-fuel tankers, to be built by South Korea’s Hyundai Mipo Dockyard, to its fleet.
A containership operated by Ocean Network Express has lost a “significant” number of boxes when sailing across the Pacific Ocean.
Fourteen nations that account for almost 30% of the world’s Exclusive Economic Zones have committed to completely sustainable management of the ocean waters under their jurisdiction by 2025.
BIMCO says Nigeria must put its new counter-piracy assets to use as Gulf of Guinea piracy incidents increase.