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Daily Briefing April 2 2021

Free to read: Sometimes, no publicity really is bad publicity | Maritime Markets Outlook: Shipping’s game of snakes and ladders | Suez Canal seeks billion-dollar payout over closure

Good morning. Here’s our quick view of everything you need to know today.

Easter weekend holidays: The next Daily Briefing will be published on Tuesday, April 6

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




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What to watch


Shipping executives had an opportunity to be front and centre in the international news cycle and deliver an important message about how trade works, instead they chose to hide in the shadows. Complaints about sea blindness will not be taken seriously next time they matter.

The Suez Canal shutdown exposed the fragility of global supply chains, but what about other black swan events that could potentially buoy or sink a market? This month’s market outlook offers a maritime edition of the classic board game snakes and ladders, where the team roll the dice and consider the long list of market ‘what ifs’ that will ultimately determine the fate of maritime markets more than any traditional notions of supply and demand forecasting.

Egypt is looking to claim around $1bn in compensation for the casualty that closed the Suez Canal for six days last month, the head of the Suez Canal Authority said.

Container lines expect the backlog of boxships waiting outside the Suez Canal to be cleared by the weekend, as the number of daily transits are increased to accommodate delayed traffic.


Analysis


The majority of the global fleet is going to have to take action to comply with incoming regulations on recycling, with engine power limitations looking likely to be the most widely used tool.

The next Marine Environment Protection Committee in June is the last opportunity for the IMO to demonstrate intentions to satisfy delegates and critics ahead of November’s COP26.

With the global voluntary carbon market set to grow exponentially in the coming years, what role will it have on shipping’s pursuit of net-zero emissions?


Opinion


The week in charts: Suez relief and decarbonisation timeline.





Markets


Dry bulk shipping is bearing the brunt of difficulties in getting seafarers prioritised for vaccinations against the coronavirus, Intercargo has warned.

Medium range tanker rates have gained over March to the highest levels of 2021 so far, as global diesel shipments reached a monthly record on surging Chinese exports and rising flows from the US Gulf.

A combination of liquefied natural gas engines and wind propulsion would be the ideal solution to meet shipping’s decarbonisation goals, according to an industry discussion.


In other news


Choosing the perfect fuel for the future should not be confused with choosing the best fuel for now, according to Hapag-Lloyd managing director of fleet Richard von Berlepsch.

Tanker owner–operator Navig8 is backing an ammonia bunkering project in South Korea.

Southampton port’s operator has agreed a deal for a private 5G network with telecoms giant Verizon.

The $2trn US infrastructure plan is focused on fixing roads and bridges, expanding internet access and boosting funding for research and development — but offers little for maritime.

US ports are not expecting any surges of ships or cargo after the refloating of the Evergreen vessel that blocked the Suez Canal for six days.

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