Lloyd's List is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Daily Briefing October 1 2019

Free to read: Shipping industry moves to mitigate sanctions risks | Sanctions spark short-term bullishness for VLCCs | Teekay tanker joint venture ‘blocked’ by US sanctions on Cosco

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




Print this briefing


What to watch


Bunker suppliers, banks, marine insurers, charterers and port states have rushed to reassess and reduce exposure to Chinese government-owned shipping giant COSCO, in the wake of unilateral sanctions imposed by the US.

US sanctions on two COSCO Shipping Energy Transportation subsidiaries triggered the current strength in very large crude carrier rates as vessel supply tightens. However, analysts believe the spike may be short-lived once the vessels are out of trading operations.

Teekay LNG, whose liquefied natural gas joint venture business has been caught up in the sanctions imposed by the US on Cosco companies, has postponed a meeting with investors due this week as it deals with the impact on its Arctic shipping business.

 


Analysis


European shipowners are pushing back against calls for the European Union to regulate shipping’s emissions.


Opinion


From the News Desk: Last week’s US sanctions on two Cosco Shipping Energy Transportation subsidiaries sent shockwaves through the market, triggering tightened supply and opportunities for the more nimble players. But amid the noise and political fireworks let’s not forget the crew or the longer term projects of decarbonising our future and creating a more balanced industry.


Markets


Cosco Shipping Energy Transportation saw its share price plunge on the first day of resumption of trading after the shock imposition of sanctions on its units last week.

Tight control on Asia-east coast South America container trade capacity has helped drive freight rate gains despite relatively weak demand prospects, according to analysis by Drewry.


In other news


BIMCO is calling for the global regulation of vessels’ power to curb greenhouse gas emissions and also appease supporters of speed regulations.

Norwegian insurer Gard provided both P&I, and hull and machinery cover for both vessels involved in the explosion at the South Korean port of Ulsan during the weekend, according to a spokesperson.

Search and rescue efforts are continuing for 11 missing crew members after firefighting tug Bourbon Rhode sank in the Atlantic after being hit by a hurricane at the end of last week.

Piraeus Port Authority, the Cosco-controlled Greek port, has unveiled higher earnings for the first half of 2019 despite a dip in container transhipment.

Container freight blockchain pioneer 300Cubits has pulled the plug on its token-based service following weak uptake.

Bulkers owner Globus Maritime says it is “elated” by recent spikes in charter rates after posting a heavier loss in the second quarter.

Excelerate Energy has taken Maran Gas Maritime’s newbuilding floating storage and regasification unit, under construction by Daewoo Shipbuilding & Marine Engineering, for delivery next year.

Shipping industry veteran Jesper Kjaedegaard has joined Dubai-based digital operation Marcura Group as a senior adviser.

CMA CGM has appointed a senior police officer with experience of hostage negotiation as its head of security and safety.

Advertisement
Advertisement

Topics

Advertisement
UsernamePublicRestriction

Register

LL1129351

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel