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What to watch

As containerships resume their passages through the Suez Canal and the backlog of ships awaiting transit begins to abate, the focus is now moving towards the deluge of volumes about to hit Europe’s already disrupted supply chain.

The logjam at the Suez Canal is receding, but just over 300 vessels still remain queued at northern and southern ends, Lloyd’s List Intelligence data show.

The Suez Canal blockage and the disruption it has caused is a warning of how global trade will suffer if climate change goes unaddressed, according to the head of the World Trade Organization.

International Seaways’ planned merger with Diamond S Shipping will result in a tanker fleet of 100 and overall net debt of $1.2bn, with the two companies earning a combined $1bn in 2020.

Black carbon pollution in the Arctic makes up a growing share of shipping’s contribution to climate change. Regulation is still far off, despite a decade of lobbying. But tackling black carbon offers shipping a relatively easy way to make a meaningful difference — and to be seen to do so.

Analysis

Carbon capture could be a speedier solution for the shipping industry to cut greenhouse gas emissions while alternative fuels are being developed.

Ammonia is gaining traction as one of the most viable zero-carbon fuels for international shipping. Even so, the transition appears insurmountable: the technology is unproven, fuel availability is uncertain, and trillions of dollars need to be invested just to get to the commercial starting line.

Container lines are feeling the pressure to reduce carbon emissions from both regulators and their own customers; but there are concerns that just showing the emissions per teu on a particular port pairing is nowhere near the transparency required.

Opinion

Shipowners’ technical teams recognise the danger posed by polished salesmen pushing the latest shiny solution, writes Richard Clayton.

Weekly Briefing: Container chaos likely for weeks | Dry earnings lifted by Suez shutdown | Tanker consolidation back on the agenda.

Markets

CMA CGM is believed to be close to finalising orders for 12 dual-fuel neo-panamax containerships as the French carrier plans a continued increase in the proportion of its fleet that is powered by cleaner energy.

Cosco Shipping Holdings, controller of the world’s third-largest boxship fleet, is making “better-than-expected” progress on transpacific contract negotiations as pandemic-led disruption has prompted shippers to demand long-term commitment.

Green ammonia is gaining traction as a next-generation fuel within the shipping community because it is deemed to be another cost-effective alternative in efforts to comply with tightening regulations over greenhouse gas emissions.

In other news

Leaking hatch covers have been responsible for an overwhelming number of cargo losses or damage claims from bulkers, according to Brittania P&I.

Pacific International Lines, the Singapore-based boxship owner-operator, has completed a debt restructuring.

Grindrod Shipping Holdings, the Nasdaq-listed bulker and tanker operator, has sold three tankers for a total $49.6m as it pivots to dry bulk.

Shipping delays are being reported off the Australian port of Newcastle, with bad weather leading to the longest queues since last November.

US President Joe Biden has appointed Daniel Maffei as the new chairman of the Federal Maritime Commission, according to a statement.

Marine, aviation and transport lines at Lloyd’s clocked up their best result in years, with a return to both underwriting profit and a combined ratio below 100%, the insurance market revealed in its annual results.

Maersk North America has announced the start of a new service from May — the TP23 — linking ports in Vietnam and China with the US east coast via the Panama Canal.