Daily Briefing May 12 2021
Free to read: Chinese crew invokes contract clause after order to call at India | V.Group wants vaccine-shunning nations to donate to seafarer countries | Grimaldi praises UK flag as ships switch to Malta after Brexit
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
Seafarers are trying to cite ‘epidemic area-related’ clauses in their employment contracts to back their objection to sailing to coronavirus-ravaged India, but a shipping dispute lawyer said a lack of clear definition of the term may lead to a tug of war between the two sides.
The head of the world’s largest shipmanager has called on Denmark and other governments that have shunned using approved coronavirus vaccines to donate them to seafaring nations.
Italy’s Grimaldi Group plans to retain a sizeable presence in the UK despite transferring ships to the Malta register following Britain’s departure from the European Union.
Analysis
Shipping should take with a grain of salt Nigeria’s promises to thwart Gulf of Guinea piracy with its long-awaited Deep Blue Project, an analyst has warned.
Maersk expects to raise its return on invested capital to between 7% and 12% in 2021-2025 as its strategy to reinvent itself as an integrator of container logistics services beds in.
From the News Desk: Crew changes, climate and a rising China.
Markets
Liquefied natural gas prices and shipping rates have staged another unusual rebound after exiting from a volatile winter, advancing to multi-year highs as buyers start restocking earlier to couch against an increasingly erratic climate.
The Baltic Dry Index — the barometer for dry bulk shipping markets — has been continuously marching forward in recent weeks, supported by strong commodity demand and inflation.
Specialised reefer ships are in high demand as carriers try to get a grip on a global reefer equipment shortage. Not only have charter spot rates for conventional units soared to decade highs, capacity is expected to rise in 2021 for the first time in ‘many years’.
In other news
Cargill Transportation missed its shipping climate-change and diversity targets set for 2020, according to its latest sustainability report.
Maersk and China Unicom have formed a partnership to commercialise TradeLens, a blockchain-based container logistics platform, in China.
Container shipping service quality is continuing to worsen, with the number of boxes being rolled increasing.
Seanergy Maritime, a capsize bulk carrier owner, has attributed “optimal timing” for a slew of acquisitions clinched since the start of the year as the first deliveries take place amid a roaring charter market.
Danaos has reinstated a regular dividend as it takes advantage of the best boxship charter rates for at least a decade.
Keppel Offshore & Marine has teamed up with South Korea’s Hyundai Heavy Industries in a successful bid for a floating production, storage and offloading vessel contract with Brazil’s Petrobras.
BP said it would remain a member of the American Petroleum Institute after the largest US oil and gas trade lobbying group adjusted some of its policies following earlier criticism from the energy company.