Daily Briefing May 7 2021
Free to read: Greece backs creation of European R&D fund within ETS | Stranded crew data reveals extent of changeover crisis | Role of seafarers in keeping the world moving is unrecognised | Why the China-US tariff war still matters for shipping
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Greece has urged Europe to create a special fund under its emissions trading scheme for the cost of the industry’s greenhouse gas emissions to be borne by commercial operators.
More than 5,200 seafarers were working beyond the expiry of their employment contracts in April, according to shipmanagers’ data.
New waves of coronavirus infections have led the maritime industry to once again highlight the plight of seafarers stuck on vessels around the world because of disembarkation and travel restrictions.
The US-China trade dispute has been put on the back burner by shipping in a pandemic-driven market. Yet how the Biden administration is to deal with the tariffs will have a profound implication for the industry.
US sanctions on Iran are designed to make exports of crude from that country all but impossible. Yet these days, Beijing is not paying very much attention to what Washington wants.
Markets where cargo does not involve China as the origin or destination are a key indicator of how globalised Cosco’s container shipping business has become — and its potential for future earnings.
China has been the golden child of the dry bulk market, waving its magic wand to boost imports of raw materials. However, as it shifts its focus towards retail, the environment and self-sufficiency, will bulker demand suffer?
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Norden, a Danish owner and operator of bulkers and product tankers, has raised its full-year profits guidance based on a ‘booming’ dry bulk market that is expected to bolster the dry operator unit.
Low freight rates weighed on Euronav’s earnings in the first quarter of the year, with the owner and operator of a fleet of 85 tankers reporting a $71m loss and a 72% cut in revenue compared to the same period last year.
New efficiency regulations will likely renew interest in biofuels to cut emissions, but high prices and handling problems will complicate their uptake in ships.
An ongoing downturn in passenger traffic and lower volumes has hit revenues and earnings at Grimaldi Group subsidiary Finnlines.
D’Amico International Shipping, an Italian product tanker owner and operator, said it has ‘lingering concerns’ about an oil demand recovery as coronavirus infections rise in some countries.
Cheniere Energy, the leading US exporter of liquefied natural gas, said the outlook for the rest of the year has improved after strong demand boosted first quarter of the year results.
Safe Bulkers, the Cyprus and Greece-based dry bulk carrier owner, has said it is eyeing further renewal of its fleet after posting a strong first-quarter profit.