Daily Briefing March 9 2021
Free to read: Shipping needs 5% zero-carbon fuels by 2030 to meet green goal | Opposition aims to boost UK shipping sector to win votes | Empty container stockpile continues to grow
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
Zero-carbon fuels must represent 5% of international shipping’s fuel mix by 2030 for the global fleet to achieve complete decarbonisation by 2050, according to new research.
The UK’s official opposition political party will boost employment in the maritime sector and strengthen the Maritime and Coastguard Agency and UK Ship Register if it returns to government, its shipping spokesman tells Lloyd’s List.
Container equipment is continuing to build up in the UK due to post-Brexit trade disruptions and ongoing congestion as terminals struggle to clear excess containers.
Analysis
The flow of containerised imports into the US looks to continue as the country’s latest stimulus effort received approval by the country’s legislators, auguring an increase in consumer spending in coming months.
Issues surrounding seafarer mental health are growing, especially among Asian crew members, according to the findings of a report.
The first official volume data on container shipping’s deepsea trades for 2021 shows growth slowing, in a somewhat surprising development given the historical highs of spot freight rates in January.
Opinion
The benefits of successfully managing ESG risks go beyond access to funding and lower Capex. They include fewer injuries, less pollution, less waste, fewer claims, and less downtime and much better collaboration, writes Dr Torkel Soma, partner and senior consultant at Oslo-based management consultancy SAYFR.
Markets
Cosco Shipping Holdings, which controls the world’s third-largest containership fleet, saw a surge in the bottom line in the fourth quarter of 2020 amid a pandemic-related market boom.
The Philippines has approved another liquefied natural gas import and regasification project to be sited on the country’s most populated Luzon island.
In other news
Clarkson Plc, the world’s largest listed shipbroker, reported a before-tax loss of £16.4m ($22.6m) for 2020 after writing down the goodwill of its securities and offshore broking divisions by £60.6m ($83.8m).
Hafnia, the product tanker company owned by BW Group, reported a $26.4m loss for the final quarter of 2020 and does not project any bounce-back in the global seaborne product trade until at least the second half of this year.
Wallenius Wilhelmsen chief executive Craig Jasienski has left the company after more than 30 years at the Scandinavian car carrier group.
Kidnappers have released 10 crew taken hostage from the Chinese fishing boat Lianpengyu 809.
Oslo-listed Höegh LNG is on the verge of becoming a private company after its largest shareholder announced a deal to buy its outstanding shares.
China’s Yangzijiang Shipbuilding has secured contracts worth a total of $1.74bn to build 21 container vessels and 10 bulk carriers.
Saudi Arabia said its largest oil export terminal at Ras Tanura has emerged unscathed with crude production unaffected, after being targeted in a drone attack launched by Iran-backed Houthi rebels.