Daily Briefing June 10 2021
Free to read: Shipping needs its regulator to show up | China ports throughput hit by supply chain chaos | Shippers renew call for block exemption to be removed | Shipping urged to form zero emissions strategy with UN
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
Shipping needs decisions from the International Maritime Organization this week on key issues like short term emissions measures, a $5bn research and development fund and a structure for future market-based measure negotiations.
Container throughput growth at major Chinese ports slowed last month, highlighting the impact of the coronavirus crisis on the country’s southern export hubs and the disruption in the global supply chain.
The Global Shippers’ Forum has used the current disruptions in the supply chain to renew its call for the removal of the consortia block exemption regulation.
Climate experts are calling on more shipping companies to develop zero emission strategies and pledges ahead of the biggest UN climate meeting since the Paris Agreement.
Analysis
Despite the rapid influx of Chinese investment in European ports over the past decade, barriers are rapidly being erected to scrutinise deals and counter what the EU regards as the unfair trade and investment distortions produced by Chinese state capitalism. So why then is Cosco’s proposed stake in Hamburg, a steadfastly independent hub amid a sea of global operators, apparently not triggering too many concerns for now?
Opinion
Shipping has long been a low-tax industry and demands for a global minimum corporation tax could have a profound effect on some owners. But officers’ union Nautilus believes the measure is essential for fairness, writes general secretary Mark Dickinson.
Markets
Carriers are likely to blank more sailings from southern China as increased dwell times and a shortage of equipment increase at the congested ports of Yantian, Shekou and Nansha.
The capricious capesize market is still an enigma, particularly in comparison with soaring panamax rates that have been supported by thriving grain trades.
Weekly briefing: No end in sight for box boom | A capsize breather | Tankers wait for action
In other news
Global Ship Lease says it has agreed a $233.9m deal for the acquisition of 12 boxships from Borealis Finance.
The International Group of P&I Clubs has been warned that the 2022 renewal of its reinsurance contract will come at a particularly difficult time for reinsurers.
Diana Shipping, the Greece-based dry bulk carrier owner, said it has refinanced outstanding Norwegian bonds on more favourable terms.
Shipbroker McQuilling Partners and Vertis Environmental Finance, a Hungarian emissions trading house, have joined forces to form a new carbon offsetting and advisory company.
Temasek-backed Pavilion Energy said it signed a long-term agreement with BP for the sale and purchase of liquefied natural gas cargoes.
Pembina Pipeline Corp is injecting equity into a proposed floating liquefaction plant under a deal with a Canadian indigenous group that will deliver a much-needed shot of confidence into that country's fledgling liquefied natural gas sector.
Samsung Heavy Industries, a large South Korean shipbuilder, says it will develop nuclear power technologies as a source for zero-carbon energy.
A second west coast port has signed co-operation agreements with a US inland port authority to facilitate the movement of containers, reduce terminal congestion and boost railroad transport over trucks.