Daily Briefing February 26 2021
Free to read: EU database shows higher emissions than initially reported | Evergreen wins pivotal collision regulations case in Supreme Court | ESG survey confirms broad industry support for decarbonisation
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
The European emissions database was anticipated by many to set the standard for emissions reporting and transparency in shipping. More than a year and a half into the process, it risks falling below expectations.
Analysis
Evergreen has clinched a dramatic legal victory in the Supreme Court that could save it tens of millions of dollars in a case with industry-wide implications for the application of collision avoidance regulations.
Reducing shipping’s carbon footprint is the industry’s main challenge, according to a survey carried out on behalf of law firm Watson Farley & Williams. However, attitudes to sustainability differ between financiers and vessel operators.
Weekly Briefing: The containers sector saw progress on environmental goals, as Maersk pledged to have a carbon-neutral vessel in service by 2023 and the CMA CGM-backed Coalition for the Energy of the Future welcomed three new members. The future looks clouded for tankers, but in dry bulk rates are red-hot, with coal and grains both strong.
Markets
Ardmore, a product and chemical tanker owner, is anticipating an evolution in trades towards greener cargoes.
Pacific Basin, an owner and operator of minor bulk vessels, said the rally in spot rates is mostly being driven by US grain exports which have continued to be strong into 2021.
Canada’s Teekay Tankers predicts more tough months as it added an aframax newbuilding and bought back two suezmaxes.
In other news
Steamship Mutual has reported a gain of 5.8m gt in entered tonnage following the closure of the renewal round, joining Norwegian outfits Gard and Skuld among this year’s winners.
Cosco Shipping and SAIC Motor, two state-owned Chinese conglomerates, have teamed up on automotive logistics and supply chain solutions.
Chairman of Keppel Corp is standing down from office amid renewed attention in a corruption scandal linked to the group’s offshore and marine business.
Genco, a US-listed dry bulk owner, said it has completed its divestiture programme with the sale of two supramaxes.
Wilhelmsen and Hamburger Hafen und Logistik have signed up as anchor investors in the S$30m ($22.8m) Motion Ventures investment fund that seeks to accelerate start-ups solving maritime value chain hurdles with strategic capital and support.