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Daily Briefing October 25 2019

Free to read: Maersk calls for focused future fuel development | Fuel price spreads show signs of IMO 2020 impact | Standard Club chief forecasts general increases across the board | Cosco restructures LNG business to avoid US sanctions

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


Maersk is calling on the energy industry to focus on developing and producing viable zero-emission fuels urgently, in order that new ships can be designed and built to use them by 2030. The Danish carrier will focus on alcohol, biomethane and ammonia in an effort to concentrate industry efforts in developing new fuels and infrastructure.

With less than three months to go before the deadline for the International Maritime Organization’s low sulphur rules, the shipping community has finally embarked in earnest on the mandatory transition, which is being reflected in the price spread between compliant and non-compliant fuels.

Most International Group affiliates will be forced to impose a general increase this year, the chief executive of the Standard Club has predicted, in the wake of his own marine mutual’s decision to charge 7.5% more across the board for P&I cover.

Cosco Shipping Tanker (Dalian) has disposed of its holdings in China LNG Shipping, freeing the gas carrier business from the US sanctions fallout.


Analysis


Merchant shipping has a role to play in mapping the world’s ocean floors. The chairman of Nippon Foundation told Lloyd’s List that understanding the oceans will help to tackle climate change.

In an exclusive interview, Port of New Orleans president and chief executive Brandy Christian emphasises the importance of diversity in investments to sustain revenue streams, as the port looks to leverage its railroad to boost container throughput numbers.


Opinion


Only ships can land the heavy plant and equipment, the tonnes of supplies and shelter that are needed when a natural disaster has wrecked a local economy. It is time a vessel dedicated to this purpose was placed in the Caribbean, a part of the world that can expect more than most to deal with disasters, writes Michael Grey.

Market dynamics will make it difficult for the shipping industry to change to zero-carbon fuels. But it is worth making the effort, writes James Baker, in response to Maersk’s call for focused development of new fuels.


Markets


Higher charter rates for larger vessels have helped containership owner Costamare to post strong results for the third quarter.


In other news


Wind propulsion technology saved a Maersk Tankers vessel about 8.2% in fuel over a one-year period.

China Development Bank has agreed to provide $629m of long-term loans for the construction of the first deepsea port in Nigeria.

Sembcorp Marine has awarded the engineering, procurement and construction contract for the cargo handling system for Mitsui OSK Lines’ 12,000 cu m LNG bunker tanker to Gas Entec.

Shipping has been pinpointed as a pilot sector for sharpening up teamwork and co-operation across Moore Global, the international accountancy and consultancy network that last month rebranded from Moore Stephens, its name for the last century.

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