Daily Briefing March 16 2021
Free to read: Emissions levy proposal is a major turning point for shipping | Scrubbers and eco specs helping VLCCs avoid negative earnings | Cargo underwriters providing free trade credit cover, ruling shows
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
Industry groups are welcoming the call for a market-based measure to be imposed on shipping, but are not committing to whether they support the proposal for a $100 levy per tonne of CO2 equivalent by 2025.
Owners of modern, fuel-efficient very large crude carriers or those with scrubbers installed have escaped negative earnings amid dire market conditions over the first quarter, according to Cleaves Securities.
Analysis
Cargo underwriters are often providing trade credit cover for free without being aware of it, according to an analysis of a lengthy commercial court judgment.
BIMCO has introduced a clause that encourages parties to a shipping venture to agree on port call efficiency. Although the driver is GHG emissions reductions, charterers have reasons for rejecting the clause.
India plans to speed up the diversification of crude oil supply sources to reduce its dependence on the Middle East after the Organisation of the Petroleum Exporting Countries decided to continue production cuts in April.
Opinion
Lloyd’s List Podcast: ITOPF managing director Dr Karen Purnell joins our Sustainability Editor Anastassios Adamopoulos to explain why oil spills from tankers have declined so much and what impact all those containers that are lost at sea could really have.
Markets
Sovcomflot, the Russian shipowner, plans to invest $4.4bn over the next five years in its gas-focused newbuilding programme.
Leading oil companies are increasing available liquefied natural gas for use as a marine fuel in Singapore and the Mediterranean.
Trading house Trafigura has taken delivery of what could be the first condensate cargo tied to carbon offset arrangements.
In other news
Western-backed anti-piracy programmes too often fail for the same reasons, a researcher says.
A new head of marine has joined Hempel as the Double Impact strategy kicks in. Alexander Enström has the task of driving a restructuring, focusing on larger customers and meeting sustainability targets.
Excelerate Energy has teamed up with the liquefied natural gas arm of ExxonMobil to study the feasibility of developing an import project at the port of Vlora in Albania.
InterManager, the international trade association for the shipmanagement sector, has launched a recruitment drive ahead of the drafting of a quality standard.