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Daily Briefing May 25 2021

Free to read: UGS censures leading Greek owner for ‘Black Trail’ remarks | Taylor Maritime’s oversubscribed IPO draws in shipowner and hedge fund | Egyptian court rejects Ever Given owner’s appeal against detention

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   |   Opinion   |   Markets   |   In other news




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What to watch


The Union of Greek Shipowners has distanced itself from controversial statements made by prominent member Panos Laskaridis in a documentary which depicts shipping as an unreformed emitter of greenhouse gases.

A US hedge fund and Germany’s Christian Oldendorff have emerged as key stakeholders in Taylor Maritime, which raised $253.7m in an oversubscribed issuing on the London Stock Exchange.

An Egyptian court has rejected an appeal by the Japanese owner of containership Ever Given (IMO: 9811000) against the vessel’s detention in the Suez Canal, where it blocked traffic for six days in March after becoming grounded.


Analysis


Euromar, the Portuguese company providing management services to the International Shipping Register of Madeira (MAR), has opened a full branch office in Greece marking a new phase in the flag’s growth strategy.

The week in charts: Sustainability scorecard | Compliance risk conundrum | Mixed signals for product rate recovery | Container freight rate march.


Opinion


Agreeing climate measures at the International Maritime Organization has been slow going, with the law thrown up as a regular roadblock. However, legal worries are not a barrier to urgent climate action, write Aoife O’Leary, International Climate director at the Environmental Defense Fund Europe, and Michael Prehn, representative of the Solomon Islands to the IMO.

The Loyd's List Podcast: Despite its reputation for opaque business practice, the shipping industry has, over the past decade, been going through a quietly effective anti-corruption revolution. The Maritime Anti-Corruption Network now represents over 50% of the global fleet and commands serious leverage when tackling systemic corruption wherever it finds it. This week’s guest is MACN’s chief executive Cecilia Müller Torbrand.


Markets


The capesize market has proved surprisingly durable as bullish market sentiment supports freight rates, with Baltic Exchange indices revealing some gradual recent improvement.

Jera, Japan’s leading liquefied natural gas trader, plans to start importing large volumes of ammonia cargoes to replace coal used in its power generation as early as 2024.

A landmark bond issue in the Greek market by containership owner Costamare has been hugely oversubscribed, fuelling optimism that the market could open up for similar issues by other owners.


In other news


Terminals at one of China’s largest export hubs have been partly closed after four workers tested positive for coronavirus.

Mitsui OSK Lines says it is considering acquiring a newbuilding panamax vessel to transport wood biomass for energy because of the strong demand for carbon-neutral biomass fuels in Japan.

ITF Seafarers Trust, a London-based maritime charity, will donate 200 oxygen concentrators and other medical supplies to help coronavirus relief efforts in India.

Ocean Network Express shareholder Mitsui OSK Lines expects container rates and volumes will level off as the effects of the pandemic on consumer behaviour begin to ease.

Sri Lankan maritime authorities have asked the owners of the 2021-built, 2,700 teu X-Press Pearl (IMO: 9875343) to remove the vessel from its territorial waters to avoid pollution after a fire on board.

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