Daily Briefing March 26 2021
Free to read: Almost all Suez tailback vessels likely lack cover for delays | Suez blockage extends as salvors fail to free stuck containership | Cosco board eyes order for 10 dual-fuel megaships
Good morning. Here’s our quick view of everything you need to know today.
The Lloyd’s List Daily Briefing is brought to you by the Lloyd’s List News Desk.
What to watch | Analysis | Opinion | Markets | In other news
What to watch
The overwhelming majority of the 230-plus vessels currently tailing back from the Suez Canal in the wake of the Ever Given grounding will not be able to reclaim potentially sizeable out-of-pocket expenses, insurers have warned.
The latest attempt to refloat the grounded Ever Given, currently blocking the Suez Canal, has failed and salvors have warned that the operation may take several days.
Lloyd’s List Intelligence AIS tracking data indicates the first boxship to avoid the Suez Canal to take the far longer route around the Cape of Good Hope to get to Europe or North America is Evergreen’s Ever Greet, a sistership to the grounded Ever Given.
Orient Overseas International is expected to join the latest ordering spree of containerships, with the Cosco Shipping unit said to be considering an investment in 10 dual-fuel 15,000 teu vessels.
Analysis
Traffic congestion along the Suez Canal is not expected to affect liquefied natural gas prices and shipping rates as much as the disruption at the Panama Canal late in the past year.
Weekly Briefing: Suez stretches supply chains but spares tankers | Dry bulk deals with political standoff
Opinion
As the number of ships waiting to access the Suez Canal increases, questions are being asked over how a large, modern containership could end up skewing off course and blocking the channel, writes James Baker.
The pace at which new technology is coming to shipping increases year by year. While that’s seen as positive, it is putting real strain on seafarer training, says the head of IMO’s training sub-committee, writes Richard Clayton.
Markets
Vehicle carriers with a combined capacity to transport 85,000 cars are stuck at the Suez Canal, worsening a global logistics logjam that’s delayed manufacturing and delivery of new stock worldwide.
While tanker markets have navigated the Suez Canal blockage thus far, the disruption may affect delivery schedules if the situation is not resolved soon, according to market participants.
In other news
Liquefied petroleum gas exports are expected to rise to 120m tonnes a year by 2022 from 112m tonnes a year in 2020, according to Poten & Partners.
An Israeli-owned boxship has been struck by a missile in the Arabian Sea, according to reports.