Daily Briefing May 14 2021
Free to read: Maersk seeks a sustainable box shipping model | Capesize market slips as charterers take a breath | US east coast Colonial pipeline resumes operations after cyber attack
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
Maersk is going through a “significant transformation” in its Ocean business, even as it puts its main focus on its fast-growing logistics and services division.
The volatile capesize market has fallen 12% this week as miners and charterers paused for breath following a rally to more than $44,000 per day.
Colonial Pipeline, the largest refined products pipeline in the US, has restarted operations on the east coast five days after voluntarily shutting down when its computers were subjected to a ransomware attack.
Analysis
Ince head of tax Huw Witty tells Lloyd’s List how freeports offer benefits besides tax breaks for exporters, after concerns exporters will miss out on the full relief because of post-Brexit trade deals.
Opinion
The role of data in the transformation of shipping is critical but the significance of the human element must not be overlooked. Without trust between parties, digital solutions will fall short of achieving potential, writes Martin Wallgren, chief information officer at shipping, logistics and marine services group GAC.
Markets
Teekay Tankers, a US-listed shipowner, says it sees “early positive indicators” for a recovery in the tanker market, which faces near-term uncertainty due to the continuing pandemic.
Northern Europe’s major container hubs are only recovering slowly from the volume downturns that hit them in the first half of last year.
In other news
Costamare, the US-listed containership owner, has said it will offer up to €100m ($120.8m) of unsecured bonds in a landmark fundraiser for the capital market in Greece.
Decarbonisation of container shipping is not just a necessity, but a strategic opportunity for competitive advantage that can be funded by customers, according to the world’s largest container line.
Reports of drug seizures from cargo ships travelling from South America are increasing as coronavirus restrictions boost the seaborne drugs trade.
The defendants in the Tai Prize case, which centres on whether shipper statements on draft Bills of Lading amount to a warranty of the cargo’s condition, are seeking to appeal to the Supreme Court, its solicitors have confirmed.
The reason why Alfa Laval paid a premium for StormGeo, a weather routeing software business, was because it needed to accelerate the digitalisation of the group but was unable to do it fast enough using its own resources.