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Daily Briefing September 27 2019

Free to read: Cosco sanctions send ‘shockwave’ through tanker markets as charterers reject Chinese tonnage | Maersk Tankers buys seven AET vessels | Bunker tax exemptions cost EU $26.3bn | Viewpoint: Are you feeling vulnerable?

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

Crude tanker rates surged by a third as oil companies and traders rejected tonnage connected with Chinese state-owned Cosco Shipping Corp — one of the world’s largest shipowners — after the US government sanctioned two of its tanker subsidiariesCosco Shipping Energy Transportation, the oil and gas shipping arm of China Cosco Shipping Corp, has halted trading in its shares.

Maersk Tankers has bought seven chemical tankers from Malaysia-based AET for an undisclosed sum, all of which will operate in its handy tankers pool.

The European Union is missing out on around €24bn ($26.3m) of revenue each year by not taxing bunker fuel sales, according to a new study.


Analysis


The apparent consensus among industry participants pointing towards an improving vessel supply scenario looks patchy, as the recent orderbook across vessel segments has undergone some subtle manoeuvres, says Maritime Strategies International managing director Adam Kent.

Container shipping lines have moved to slash spot rates to compensate for sluggish volumes on the major east-west trades.


Opinion


US Maritime veteran and president and chief executive officer of the Chamber of Shipping of America Kathy Metcalf has been recognised at the Lloyd’s List Americas Awards in Houston.

The never-ending ascent of cyber-attacks, the security situation in the Strait of Hormuz and general geopolitical uncertainty are all underlining just how vulnerable shipping is, writes Michael Grey. We should not take for granted that we can keep the sea lanes open and must map out their vulnerabilities.

In what is still a male-dominated industry, gender balance was the underlying theme of this year’s World Maritime Day, writes Janet Porter.



Markets


A second freight derivatives trade for liquefied natural gas has been executed and settled against the Baltic Exchange’s newest LNG freight index. Counterparties were LNG traders JERA Global Markets and Vitol, with the freight swap settled against the Sabine, US-to-Tokyo, Japan round voyage route.


In other news


Cosco Shipping Energy Transportation has placed orders for two 49,900 dwt product tankers at Cosco Shipping Heavy Industry (Dalian) for $67.8m.

Supply chain enabler E2Open’s Avantida platform is being launched in Asia, with Japan chosen as the initial market, beginning from October.

Franman founder Costis J Frangoulis has been elected as the president of the Propeller Club of Piraeus.

A group of 16 UK ports have been granted £10m for infrastructure upgrades to prepare for and improve cargo flows after Brexit.

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