Daily Briefing July 7 2021
Free to read: Marine insurers failing to reimburse ransom payments | Shipbuilders face mixed outlook as newbuild costs soar | Derivatives dive as market confidence fades
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
Ransom payments for kidnapped seafarers off Nigeria are not being picked up by marine insurers as they were in the Somali piracy crisis of a decade ago, leaving owners trading to the Gulf of Guinea at risk of finding themselves hundreds of thousands of dollars out of pocket, according to a legal expert.
Newbuilding orders have enjoyed a remarkable rebound so far this year following a market depression in 2020.
Analysis
Fading confidence in the fundamentals underpinning the capesize bulker segment saw a dramatic plunge in the value of freight derivatives contracts in the last two days’ trading.
Markets
Contract containerised freight rates have witnessed an “astronomical” hike in the first six months of this year and are expected to remain elevated for at least the medium term.
UK ports remain less connected to the deepsea than to the shortsea market, despite non-European containerised trade representing the majority of cargo to and from the country, according to MDS Transmodal data.
In other news
Nobu Su, a Taiwanese former shipowner and billionaire, is facing a custodial sentence for a third contempt of court offence related to a long-running dispute concerning a minimum $54m owed to Greek shipowner Polys Haji-Ioannou.
Ships are being regularly hacked, at a rate of as many as one a day, an industry audience has heard.
Euronav, a crude oil tanker owner, is buying three new suezmaxes and one very large crude carrier that would be capable of running on ammonia and liquefied natural gas in the future.
The CMA CGM-led Coalition for the Energy of the Future has launched a feasibility study to trial the production of bio-LNG in France.
Seaspan has signed a charter and newbuilding deal that will see it providing 10 dual-fuel 7,000 teu vessels with long-term commitments to Israeli carrier Zim.
CSIC Ltd, a flagship listed unit of state conglomerate China Shipbuilding Industry Corp, has revealed the financial impact of the debt restructuring of an offshore platform building subsidiary.