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Daily Briefing October 10 2019

Free to read: Cosco Shipping woos forwarders as it clarifies end-to-end strategy | Registry calls for review of IMO’s casualty code | Innocent passage seen under threat | Boxship upsizing continues apace

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   |   Markets   |   In other news




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What to watch


Container shipping carriers with end-to-end ambitions should not aim to replace the role of freight forwarders or other intermediaries in the sector, according to China Cosco Shipping Corp vice-president Wang Haimin.

The Liberian registry’s chief operating officer tells Lloyd’s List that the International Maritime Organization’s casualty investigation code needs to be reviewed to emphasise information sharing. It should also take into account the level of training received and identify any mental health issues.

Lawmakers have a duty to uphold the right of innocent passage if shipping is to deliver on its historic mission to promote global trade and prosperity, according to Claes Berglund, president-elect of the European Community Shipowners’ Associations.

Hong Kong’s latest floating storage and regasification unit will have the capability to supply liquefied natural gas to bunkering vessels when it enters operation in 2021, CLP senior director for planning and development Joseph Law tells Lloyd’s List.


Analysis


Average ship sizes on the Asia-Europe trade have nearly doubled since the start of the decade and will only rise, according to a new study by Alphaliner. While the capacity of ships serving the transpacific trade has not jumped so dramatically, it has still increased by an average of one third since 2010.

A hard Brexit is expected to cause uncertainty and less predictability when it comes to establishing jurisdiction and enforcing judgments. But it may also affect the UK’s current dominating market position in the provision of maritime services and bring more maritime litigation to Denmark and the rest of Scandinavia.


Markets


Large boxship owners and operators will need to build excess liquidity to cover the extra working capital needs arising from the mandatory low-sulphur transition.

An ExxonMobil-invested joint venture has selected a consortium led by Japan’s JGC Corp to build the onshore production complex of the $33bn Rovuma liquefied natural gas project in Mozambique.


In other news


The Malta Ship Registry has opened a new office in Greece to build on its history of success with Greek shipowners.

Less than a month after a major coalition launched to decarbonise shipping, two of its key members have already set up a new venture to help cut shipping emissions.

Okeanis Eco Tankers, an Oslo-listed tanker owner, has said it will buy two suezmax newbuildings from the private company of its chief executive Ioannis Alafouzos.

Novatek, the Russian gas producer that operates the Yamal LNG export facility, is in talks to set up transhipment hubs in Norway or Russia’s Murmansk port, according to Reuters.

Malaysian national oil company Petronas has signed a liquefied natural gas offtake agreement with Korea Midland Power Co.

A&R Logistics has entered into a collaborative agreement with the South Carolina Ports Authority to open facilities for the export of plastic resins after earlier reaching similar deals with the ports of Savannah, Georgia and Freeport, Texas.

APL said its Eagle Reach Guaranteed rail service from Los Angeles to Kansas City, Chicago, Memphis, Dallas and New York will depart daily instead of weekly starting on November 1.

DP World has said the $538m first phase of its new deepwater port of Posorja in Ecuador is complete and operational, signalling a new gateway on the Pacific for boxships of up to 10,000 teu capacity.

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