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What to watch

The IMO’s commitment to cut shipping’s annual GHG emissions by 2050 by at least 50% was partly meant to boost incentives for businesses to invest in a low-carbon future. A year-and-a-half later, a large coalition of such entities has come together to work on zero-emissions vessels.

Since the IMO adopted its GHG strategy in April 2018, pledging to slash emissions by at least 50% by 2050, little has changed in the regulatory landscape. The new coalition working to develop commercially viable zero-emissions vessels by 2030 could push regulators to accelerate their work.

Nations in the Pacific Islands are launching a partnership to fully decarbonise their maritime sectors by 2050 and are seeking at least $500m to help them get there.

The British-flagged tanker detained by Iran will be released soon, according to reports yesterday citing an Iranian maritime official.

Analysis

US Gulf-China tanker rates have hit their highest this year as Asian refiners scramble to charter very large crude carriers to ship replacement cargoes from the Atlantic basin after missile attacks on Saudi oil facilities temporarily stopped production.

Fuel oil spreads have shrunk after drone attacks on two Saudi oil facilities curbed crude production, lowering refinery runs and product output in the kingdom. As well as hiking prices for fuel oil, gasoil futures also gained on the expectation that exports of diesel, jet fuel and other middle distillates would be affected by the outage.

Clean and dirty tanker earnings are set for a stronger-than-anticipated fourth quarter, as the drone attack on two Saudi oil facilities leads to a sudden readjustment of seaborne export flows for crude and refined products.

Opinion

No currently available fuel appears to be able to deliver the IMO’s goal of halving CO2 emissions by 2050, writes Hwee Hwee Tan. And while research and development on new alternatives is necessary, so is a consensus on the basis to evaluate their emission profiles.

The Lloyd’s List Podcast: The annual IUMI gathering may not be everyone’s idea of a party, but there was a palpable undercurrent of optimism rippling through the actuaries and analysts this year. We spoke to luminaries such as Nick Shaw, chief executive of the International Group of P&I Clubs, Astrid Seltmann of Cefor, and Lars Lange, IUMI’s Hamburg-based secretary-general.

Markets

Seaborne trade growth has been revised lower by Clarksons Research as the slowing world economy and escalating US-China trade war reduces shipping volumes.

In other news

Idan Ofer’s Eastern Pacific is understood to be in “active dialogue” with several partners about liquefied natural gas-dual-fuelled vessels as pro-LNG charterers continue to back gas as a viable step in the right direction when it comes to reducing carbon emissions.

Brittany Ferries, DFDS, Irish Ferries, P&O Ferries, Seatruck and Stena have all made it onto a UK government shortlist to provide international freight capacity in the event of a Brexit on World Trade Organisation terms.

India’s Petronet LNG said it has signed a $7.5bn agreement with Tellurian to buy into its proposed liquefied natural gas terminal in Louisiana. This follows a previous memorandum of understanding between Driftwood and Petronet announced seven months ago.

Miclyn Express Offshore, the financially troubled OSV player, is seeking backing from its creditors towards a proposal it claims will yield more favourable outcomes for stakeholders. The proposal calls for partial redemption of the outstanding debts with shares, while the remaining debt, including $217m from a bank loan, will be extended for several more years.

Mark McAndrews, director of the Port of Pascagoula in the state of Mississippi, is clear on the niche his facility occupies among other gateways along the US Gulf Coast such as New Orleans to the west and Mobile to the east.

A US grand jury has indicted a seaman from Montenegro for his role in the attempt to smuggle some 20 tons of cocaine through the Port of Philadelphia on board MSC Gayane earlier this year.

Tanker owner Tsakos Energy Navigation is raising $34m from a private placement of shares with an outside investor.

Traffic flow through the Houston Ship Channel, one of the busiest waterways in the world, continues with some restrictions after strong currents in the aftermath of Tropical Storm Imelda restricted shipping movements.