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Daily Briefing January 22 2021

Free to read: Tighter emission requirements drive up demand for fuel-saving equipment | Tanker scrapping to rebound from 23-year low | Supply chain chaos rooted in box shipping’s contract culture

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    |   Markets   |   In other news




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What to watch


While shipowners splurging on the exploration of future green fuels and vessels makes compelling headlines, many of them are seeking mature and cost-effective solutions when grabbing with stricter emission requirements.

Tanker scrapping in 2021 is forecast to rise from a 23-year low as poor earnings, regulatory pressure, higher steel prices and the lack of floating storage close the gap between resale and demolition prices.


Analysis


The current chaos in the container supply chain is not only predictable, but also could well happen again, due to a peculiar quirk in the nature of box shipping.

The pandemic may have pushed shipping down the road to digitalisation, but this has focused attention on critical questions to be addressed before further progress is made.


Markets


The 2021 renewal round will certainly prove more expensive for all owners and a lot more expensive for some, according to the chief executive of the American Club.

The Alliance container shipping consortium plans to remove one of its five transatlantic offerings as part of a service rationalisation.


In other news


The dry bulk industry has launched a ‘quality standard’ for the sector to improve safety.

Bank creditors of French offshore shipping major Bourbon have emerged with an unspecified stake in its new holding company, according to the law firm which negotiated the deal.

Tanker owner DHT is buying two scrubber-fitted very large crude carriers for a total of $136m.

Castor Maritime, the US-listed dry bulk carrier owner, has increased its fleet to seven vessels with a purchase deal for the company’s first capesize.

Heavy weather has claimed another casualty in the Pacific with the loss of 750 containers overboard from a Maersk containership.

Denmark is making little progress in its call for European powers to join a joint military effort against piracy in the Gulf of Guinea.

Mitsui OSK Lines has jumped on the start-up bandwagon, announcing plans to establish a wholly owned corporate venture capital fund firm called MOL PLUS.

Navigator Gas has started a project for carbon-neutral voyages.

Navios South American Logistics appears to be eyeing an initial public offering in New York after previously showing interest in floating on the Brazilian stock market.

Venture development firm Rainmaking is looking to broaden the scope of its start-up programme, expanding into new areas such as port orchestration and safety and risk management.

Total, the French energy major, has entered a deal to charter in up to three new liquefied natural gas carriers from Sovcomflot.

A tropical storm intensifying off Australia’s northwest coast has put a halt to all shipping services at Port Hedland, one of the world’s largest iron ore terminals.

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