Daily Briefing May 26 2021
Free to read: China’s signal to speculators may well support dry bulk freight rates | China and US ‘lead tanker market turnaround’ | Australian firm targets carbon neutral methane bunker exports
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
China's recent comments aimed at bringing down super-hot commodities prices may turn out to be a blessing for the dry bulk market.
At least one shipping analyst has called the bottom of the tanker market, citing rising steel prices alongside China’s rapid industrial rebound, falling global crude inventories and increased demand for transport fuels as travel rises in the US following a successful vaccine rollout.
Analysis
A renewable energy technology company is seeking to launch a renewable methane export industry and has identified shipping companies as some of the first suitable buyers.
A weather system brewing off the eastern coast of India has halted some shipping services at ports.
From the News Desk: China port outbreak spreads as India braces for cyclone.
Markets
The port of Yantian has said it will stop taking in loaded containers as congestion at the export hub in Southern China deteriorates.
Container lines are still favouring loading empty containers for backhaul voyages ex-Europe, putting increasing pressure on shippers seeking export slots.
In other news
All crew on board the 2021-built, 2,700 teu X-Press Pearl have been evacuated after the ongoing fire on the vessel led to an explosion.
Seanergy Maritime has said it has entered into a definitive agreement with an “unaffiliated” third party to purchase another vessel for its capesize fleet.
Seaspan, the containership owner and operator, has completed a $500m private placement of senior secured notes that it describes as sustainability linked.
Seanergy Maritime, the Greece-based capesize bulk carrier owner, has posted a sharply-reduced first-quarter loss and appears poised to benefit further as charter earnings increase sharply.
YQNLink, a digital container logistics platform, has raised $100m from venture capital investors.