Daily Briefing June 15 2021
Free to read: IMO adopts CO2 intensity reductions to 2026 amid strong opposition | Costamare diversifies into dry bulk with deals for 16 vessels | Why Ever Given cargo claims will get ever larger
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
Costamare, the containership owner, has purchased 16 bulk carriers through a flurry of recent market deals, and is said to be looking at further acquisitions in the sector.
Additional cargo claims will result from Egypt’s continuing refusal to let Ever Given sail on, and the longer the vessel is held, the more expensive those claims will ultimately get, legal experts believe.
Analysis
The surge in freight rates since last November, which propelled carriers to an estimated record $16.2bn in collective earnings before interest and tax, is having a far greater impact on low-volume shippers than their larger rivals.
Opinion
Webinar: How to decarbonise shipping.
The Lloyd's List Podcast: Shipping experts are calling for serious commitment on sustainability before it’s too late. Is the answer only to be found in zero carbon fuels, in which case how many years will it be until the right fuel or fuels have been trialled and tested under all conditions? Roger Strevens, vice-president of global sustainability at Wallenius Wilhelmsen, explains why reducing carbon intensity by one third since 2008 is not enough.
Markets
Port congestion that has reduced work at Yantian is now spreading to other nearby container terminals as the number of vessels waiting to berth increases.
Container shipping is expected to see an extended peak season this year, with no evident signs of a slowdown in demand.
In other news
Shipping tycoon Tor Olav Trøim is planning to set up a new dry bulk company to be called Himalaya.
Governments have backed the International Maritime Organization’s call to hire more emissions experts to tackle its growing pile of work related to greenhouse gas reduction.
Australia and Germany have entered into an alliance regarding hydrogen production and trade.
Pan Ocean Co, the South Korean shipping line, is to end its dual listing on Singapore’s main board following light trading interest in its stock.