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What to watch   |   Analysis   |   Markets   |   In other news

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What to watch

The $60 oil price cap — which comes on top of the EU import ban on Russian seaborne crude oil and oil products, and the corresponding bans of other G7 partners — is intended to reduce the revenues Russia earns from oil. But what does this mean for shipping? Lloyd’s List’s in-depth explainer offers the last word on how the oil price cap will be shaping shipping markets.

EU and G7 governments are understood to be negotiating a last-minute compromise deal with Türkiye over its refusal to allow vessels to sail through the Bosporus without insurance guarantees that International Group P&I Clubs argue are unlawful. Insurers are concerned that if they issued what Türkiye is asking for they would be exposing themselves to sanctions breaches.

As if to highlight the safety issues at stake in the Bosprous, two laden general cargoships, Turan C and Burhan Dizman, collided in Istanbul anchorage on the night of December 2. It was the seventh such incident this year.

The Ukrainian port of Mykolaiv is ready to be reopened and operated under the Black Sea Grain Initiative, at least in theory. Opening the port could potentially free 26 vessels trapped since the start of the military activity and significantly increase grain shipments, but that will require military advances from the Ukrainians and a complex set of negotiations with the Russians.

Analysis

Spot rates for very large crude carriers have plunged by half in a little more than a week as factors that caused a rise begin to unravel.

The Seoul High Court has made a ruling that could change the business practices of GTT in South Korea.

A survey of 3,000 people across the industry has revealed that technology jobs are still dominated by men and only one third of respondents had access to training in diversity, equity, and inclusion issues.

Markets

The week in newbuildings: Ordering activity for new ships is being increasingly dominated by vessels capable of operating on alternative fuels, with liquefied natural gas remaining the fuel of choice for most ship owners on the path to reducing their vessel emissions.

The week in charts: At least 30 incidents this year have blocked or significantly restricted maritime traffic and logistics, average daily queues outside the Bosporus are 20% higher than last year and boxship charter rates stabilise.

Volatility will be a feature of the tanker market in 2023, but it should still perform better on average than this year, experts say.

In other news

China Merchants Energy Shipping Co is planning to order up to six large methanol dual-fuel pure car and truck carriers as the state-owned giant aims to increase its market share in international ro-ro shipping.

Dry bulk shipping companies Asia Maritime Pacific and Hamburg Bulk Carriers will merge their businesses to create one of the largest private dry bulk handysize players in the market.

Taylor Maritime Investments has obtained $208.3m in a secured term loan to partially finance its $506m acquisition of Grindrod Shipping.

China Merchants is heading to Dalian Shipbuilding to build two more large-sized liquefied natural gas carriers, taking the total number of gas carriers contracted by the prolific double act to 10.

Singapore is calling for expression of interest to build, own and operate low- or zero-carbon power generation and bunkering solutions on the country’s Jurong Island.

PSA Marine has launched OHS-Saphire, a first-of-its-kind digital solution that provides masters with real-time alerts about delivery information when their vessels are alongside Singapore terminals.