Daily Briefing February 5 2021
Free to read: Euronav future-proofing with ammonia suezmaxes | Ammonia retrofits for LNG-fuelled ships to pick up in 2030s | Can freeports boost the UK’s post-Brexit trade?
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
With a $58.6m quarterly loss and forewarnings of a difficult market ahead, Euronav attracted as much interest about environmental issues from analysts during its quarterly conference call as it did about the tanker market and short-term commercial issues.
Ships running on liquefied natural gas will first switch to ammonia, even if the hype appears to be louder about the promise of hydrogen as the leading next-generation fuel, one leading class society has held.
The UK has huge hopes for a new wave of post-Brexit free ports in Britain. But bringing thousands of jobs to disadvantaged areas and even ‘turbocharging economic recovery’ after a pandemic is going to be a big ask, writes David Osler.
Analysis
Containership tonnage owners are seeking to lock in the high rates being achieved from charterers in the current booming market, but still expect the next two years will be strong for the sector.
Opinion
From the News Desk: Coronavirus may be the cultural push shipping has long needed to spur its digitalisation. How well operators manage this transition could be the difference between the industry’s next winners and losers.
Markets
The crude tanker market is enduring one of its most difficult spells in recent memory, according to Euronav.
The US Energy Information Administration expects the country’s total energy consumption to return to 2019 levels by 2029, but also said this forecast “is highly dependent on the pace of the US economic recovery”.
Weekly briefing: Box bonanza beckons | Tanker troubles continue | Seasonal bulker lull
In other news
Long-serving Hamburg Süd chief executive Arnt Vespermann is to stand down after more than 20 years at the Maersk-owned container carrier.
The crew of an abandoned bulk carrier have been on a hunger strike for almost a month due to unpaid wages by the Qatari owner.
With China slowly moving into holiday mode, the seasonal lull has taken hold of the dry bulk freight market and unsurprisingly, fixtures in the Pacific region are few and far between.
Westports, the dominant operator at Malaysia’s main port of Port Klang, saw container throughput fall slightly to 10.5m teu in 2020 from a record 10.9m teu the year before.
Castor Maritime has lost little time buying additional bulkers on the secondhand market after completing its most recent fundraiser.
Samsung Heavy Industries says it has won a contract to build another pair of 13,000 teu containerships, following the two announced in the past week.
The Singapore Chamber of Maritime Arbitration and Baltic Exchange Asia have signed an agreement to deepen collaboration.
A refinery in the Caribbean which will produce compliant low-sulphur fuels to meet increasing demand for transportation fuels has resumed operation after being idled for eight years.
An Italian website purporting to be North Group’s Irish subsidiary North of England P&I DAC is fraudulent, the Newcastle-based marine insurer said.