Daily Briefing March 11 2021
Free to read: Casualty reporting falling short of targets | Maritime Risk Briefing: Why subterfuge shipping requires greater industry scrutiny | Gulf of Guinea faces a significant piracy threat
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What to watch | Analysis | Markets | In other news
What to watch
Mandatory accident investigation reports submitted to the IMO show improvement, although personal targets set by secretary-general Kitack Lim are unlikely to be met.
Shipping is being subjected to greater sanctions compliance scrutiny and the industry needs to keep up to date with the latest intelligence, red flags and evasions tactics to effectively mitigate risk. The latest edition of Lloyd’s List’s regular risk analysis discussion panel explores how shipping can get caught out in the changing evasions landscape and the red flags raised by regulators, lawyers and insurers.
Lloyd's List’s interactive map shows how the issue of piracy in the Gulf of Guinea remains a significant threat to maritime operations in the region. Major incidents occurring over the past six months are almost parallel to the previous reporting period. Most vessels are acting in time to save their crews from kidnappings, but analysis also shows the daunting scale of the task of securing the region’s waters.
Analysis
There is no silver bullet when it comes to tackling seafarer exhaustion, with crews working excessive hours an issue that has been quietly acknowledged for many years, a Nautilus International webinar heard.
Markets
Capesizes have been staging a recovery in recent days, mostly attributed to fixtures from Brazil, according to analysts.
Early warnings of emerging demand along the supply chain could help resolve some of the port congestion that has led to cargo delays in a number of major import gateways.
In other news
Major shipping nations are backing a proposal to develop a global research and development fund for maritime decarbonisation.
Publication of the London Interbank Offered Rate, the interest rate benchmark for the overwhelming majority of shipping loans, will be phased out in two stages in December this year and mid-2023, the UK’s Financial Conduct Authority has confirmed.
Liquefied natural gas is “not a transition fuel”, the marine head of the world’s biggest bulk charterer said.
Lloyd’s Register has given in-principle approval to a design for an ammonia-fuelled gas carrier.
Maersk and Keppel Offshore and Marine are backing a second ammonia project that is set to be formalised within weeks in Singapore.