Daily Briefing June 28 2021
Free to read: This Day of the Seafarer, cut the crap and get the crews home | Investment returns won’t subsidise underwriting losses | Vaccines and crew change overshadow Day of the Seafarer | The Lloyd’s List Podcast: A fair future for seafarers?
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
Despite the usual outpouring of platitudes and warm words, efforts to address the crew-change crisis have left too many facing abandonment, cancelled repatriation, severe social isolation, and routine unending fatigue as their daily reality.
P&I clubs pulled back half-a-billion-dollar losses last year by similarly sized investment returns, but cannot count on doing so again this time round, according to executives at a leading marine mutual.
Tributes were paid to mark the annual Day of the Seafarer amid continued industry frustration that pleas to governments to help relieve seafarers’ plight have amounted to little.
Analysis
Crew exports from China, a top international supplier of seafarers, took a big hit last year because of the impact of the pandemic, government statistics show.
Ports need to focus on digitalising their processes if they are to play a role in creating a smooth flowing supply chain, but the nature of supply chains means this will not be an easy task.
The week in charts: Leaked EU Fuel plans | Bulker orders | Yantian Port logjam
Opinion
The Lloyd’s List Podcast: IMO secretary-general Kitack Lim reflects on why the industry has struggled to resolve the crew-change crisis. He also talks about the growing problem of crew abandonment, missing casualty investigations and responds to public image concerns raised in recent media coverage.
Markets
Greek banks have significantly increased their lending to shipping in stark contrast to the overall trend.
Persistently tight tonnage and an increase in cargoes have lifted the Baltic Supramax Index to its highest level since June 2010.
In other news
Cyprus has pledged to vaccinate all seafarers on the Cyprus-flagged fleet, as well as on vessels managed from the island that are flying other flags.
President Joe Biden has agreed a US infrastructure package worth about $1trn which reduces spending on ports and inland waterways from earlier proposals.
Seaspan Corp, the world’s largest independent containership owner, said it has forward fixed contracts for 17 containerships with Cosco Shipping Lines.
Ship brokerage Simpson Spence Young has launched a new carbon desk and offsetting service, aimed at helping clients meet their decarbonisation goals.