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Daily Briefing July 1 2021

Free to read: Economou cleans up in rare Cuban crude shipments | CommBank quits shipping amid market uncertainties | How long can bulk market benefit from containerisation spillover?

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


Tankers owned by George Economou have lifted all 11 crude cargoes tracked from Cuba since March 2020.

Commonwealth Bank of Australia is to close its shipping desk as the company looks to a withdrawal from the sector.

Record high freight rates for containerised cargoes and a severe lack of ship capacity are forcing some shippers to turn to the bulk or ro-ro trades.


Analysis


Cyber insurance is failing to spur companies to improve security, according to a report by the Royal United Services Institute

From the News Desk: How to solve container congestion


Opinion


Class has traditionally been reactive. The focus on digital solutions in maritime will make Lloyd’s Register much more proactive. The desire is to be the go-to trusted adviser on technology and sustainability, writes Richard Clayton.



Markets


The shortage of containership tonnage is continuing to drive up charter rates and periods to all-time highs as carriers seek to fix vessels to meet demand.

Navios Maritime Partners has agreed to acquire another three bulkers from Navios Maritime Holdings which has mounted a cash-gathering campaign in a bid to meet major bond maturities looming next year.


In other news


Euroseas, the Greece-based container vessel owner, said it had agreed a rare newbuilding order amid bullish projections for an extended run of strong boxship earnings.

Pertamina, the national oil company of Indonesia, is embracing liquefied natural gas as a marine fuel and looking to develop the supporting bunkering infrastructure.

The first liquefied natural gas bunkering operation off Southeast Asia’s second-busiest port has taken place.

Carrier alliances have been told they should enter talks with the operators of Port of New York & New Jersey to ease the return of empty containers.

Precious Shipping, a dry bulk operator, has secured an $85m financing deal from the World Bank’s International Finance Corp.

Hugo Wynn-Williams has stood down as chairman of Thomas Miller, the insurance services group that manages marine mutuals including the UK Club, the UK Defence Club, the TT Club, UK War Risks and Hellenic War Risks.

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