Daily Briefing August 30 2019
Free to read: BDI continues upward momentum | Iran to expedite legal process against seized British tanker | Exclusive interview with HFW’s Paul Dean
Good morning. Here’s our quick view of everything you need to know today.
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Dry bulk owners’ earnings have been rising, supported by strong capesize and panamax markets, which have reached the highest level in six years. However, the segment is expected to show signs of slowdown due to the escalating tensions between China and the US.
Iran plans to fast track legal action against a UK-flagged oil tanker seized last month in the Strait of Hormuz, the country’s Foreign Minister Mohammad Javad Zarif has said.
The strength of the London maritime law scene is precisely its depth, says Paul Dean, head of HFW, which claims to be the world’s largest shipping law firm. There is plenty of room for everyone, from the larger firms down to the boutiques, he tells Lloyd’s List.
Those arguing against a no-deal Brexit ought to spend a little time at the gate of a major cargo terminal to see how well-oiled systems and intelligent people can keep the goods moving, iron out the documentary difficulties and deal with problems, writes Michael Grey.
Merger and acquisition activity is picking up in Australia’s oil and gas sector. Energy and commodities research agency Wood Mackenzie pointed to an alignment of interests between owners of upstream gas resources and liquefaction facilities for new LNG projects as an impetus for equity deals between these players.
BW LPG flipped back to the black in the second quarter of the year as the rate environment improves for the very large gas carrier segment. The owner is confident that increased US production will support vessel supply in the future.
Leading energy and commodity pricing agency S&P Global Platts is to roll out new price assessments for liquefied natural gas bunkering on the back of a significant ramp-up in the use of the super-chilled fuel in the marine sector.
Global commodities trader Trafigura has ordered two new dual-fuel very large gas carriers, being built at Hyundai Smaho Heavy Industries yard in South Korea.
Bulkers and tankers owner Grindrod Shipping says it plans to buy out one of its partners in the IVS Bulk venture.
A slowdown in the global economy will not impede Cosco Shipping Ports’ expansion into overseas markets, according to chairman Zhang Wei.
Global Ports Holding has finalised a 25-year concession deal for the cruise port of Nassau’s Prince George Wharf and related areas, pledging to invest $250m in development projects.
Awilco LNG, a Norwegian-based owner and operator of liquefied natural gas carriers, has said it is looking to recoup all costs related to a collision in May.
Taiwanese shipbuilder CSBC Corp has agreed to install scrubbers on two newcastlemax dry bulkers recently delivered to compatriot owner China Steel Express.
US Secretary of Agriculture Sonny Perdue and Assistant Secretary of the Army for Civil Works Rickey Dale James ysterday toured the Melvin Price Locks and Dam on the upper Mississippi River to emphasise the importance of inland waterways to the competitiveness of the country’s agriculture and economy.
The trade and energy policies of the Trump administration, together with the widening of the Panama Canal, are credited with generating new possibilities for commerce along US inland waterways, delegates at the Tennessee-Tombigbee Waterway conference have been told.
Munchmeyer Petersen Capital, the Hamburg-based asset manager with a significant interest in Oslo-listed MPC Container Ships, is moderately upbeat on shipping prospects for the rest of the year.