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Daily Briefing April 14 2021

Free to read: Suez closure likely to lead to ‘a spider’s web’ of claims | Delays expected as Suez cargo influx hits ports | Meadway fleet divided as brothers go separate ways

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   |   Markets   |   In other news




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What to watch


Extensive litigation in multiple jurisdictions is likely to result from the unexpected closure of the Suez Canal in the wake of the Ever Given grounding, as cargo interests seek to dispute the value of their claims, a US lawyer says.

The 1.9m teu of containerised freight held up by the recent closure of the Suez Canal for six days is about to make its way towards ports in northern Europe, adding further headaches to already congested supply chains.

Costas and George Dellaportas, scions of Meadway Shipping & Trading founder Dionysios Dellaportas, have separated the family’s fleet and will continue with independent dry bulk shipping outfits.


Analysis


The International Maritime Organization Council is a step away from the biggest expansion in its history.


Markets


Pacific Basin, an owner and operator in the smaller-sized bulk carriers, said demand to transport dry bulk goods has remained strong, leading it to enjoy the best quarterly time charter equivalent rates in 10 years.

Oslo-listed MPC Container Ships — which warned it was on the brink of bankruptcy in the past year — has issued an upbeat trading update, citing strong trade volumes, rates and prices in the wake of market disruption from the lockdowns in key global economies.

The Maritime Union of Australia has accused the Australian Antarctic Division of lacking a contingency plan after fire damaged a ship in the past week.

Japan Club saw its loss record for ocean-going vessels worsen significantly in the 2020 policy year, and also experienced a net outflux of tonnage, the Tokyo-based marine mutual said.


In other news


U-Ming Marine Transport Corporation has secured its first sustainability-linked loan to fund the purchase of a liquefied natural gas dual-fuel bulker.

DNV said it will focus attention on seafarer health, working, and living conditions in safety management audits.

Tanker owner Navios Maritime Acquisition has clinched a loan for up to $100m from chairman and chief executive Angeliki Frangou through a subsidiary of her private company N Shipmanagement Acquisition Corp.

Golar LNG chief executive Iain Ross is stepping down from his position.

Former Hamburg Süd chief executive Arnt Vespermann is to take the helm at German boxship owner Offen Group.

Pan Ocean Co, a South Korean shipping line, has won a long-term time charter for a liquefied natural gas bunkering vessel from Shell.

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