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Daily Briefing October 28 2019

Free to read: Baltic Exchange eyes new revenue model | The Interview: Michael Khouri | US-sanctioned Cosco tankers granted grace period

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


The Baltic Exchange is prepared to remunerate shipbrokers who provide it with freight and time-charter assessments, ending the centuries-old practice in which data was freely supplied as part of membership of the London bourse.

This weeks big interview is with Federal Maritime Commission chairman Michael Khouri, a light-touch regulator who wants carriers to thrive. However, only if they follow abide by rules.

The US Treasury Department has issued a sanctions waiver to China’s Cosco Shipping Tanker (Dalian) to wind down all transactions related to Iranian oil under US sanctions. The company has been offered a two-month grace period to complete voyages.


Analysis


Business consultancy BDO has unveiled the results of its OpCost 2019 survey, which shows that vessel operational costs have fallen for bulkers, tankers and containerships. Regulations are expected to increase future costs.


Opinion


More is known about the surface of Mars than about the seabed. Understanding the oceans will lead to a greater understanding of how the climate is changing, and that will benefit shipping, writes Richard Clayton

The Lloyd’s List Podcast: The Podcast is in Naples this week as our law and insurance expert David Osler talks over the legal challenges of autonomy, Brexit and 2020 sulphur rules with some of the shipping industry’s finest legal minds. Featuring this week are: Mans Jacobsson, the now-retired former director of the International Oil Pollution Compensation funds; Tiejha Smyth, a solicitor who now works as deputy director of freight, demurrage and defence at North Group; James Leabeater QC and Hamish McRae, one of Britain’s best-known economics commentators.


Markets


New York-listed dry bulk owner Safe Bulkers has pushed the last retrofits in a 20-ship scrubber-installation programme into the first quarter of next year as it enjoys a favourable charter market. This is seen as an opportunity to minimise down-time in the current good market conditions.

Dry bulk carrier orders have hit multi-year lows. Braemar ACM says just 232 bulker orders have been placed so far this year, down 30% compared with 2018.

DHT Holdings, a US-listed owner of very large crude carriers, will likely postpone its remaining scrubber installations while the spot market is on its bull run.


In other news


Orient Overseas (International) Ltd, now part of China Cosco Shipping Corp, has completed the sale of its Long Beach Container Terminal to a consortium led by Macquarie Infrastructure Partners, almost six months after the agreement was signed.

Wärtsilä’s marine chief says scrubber installations pencilled in for the fourth quarter face delays and risk being pushed into 2020, due to installation capacity issues and high tanker rates.

PACC Offshore Services Holdings, the Singapore-based offshore marine services provider,continues to restructure its businesses with the winding up of its POSH Terasea joint venture with Ezion Holdings.

Norden, a Danish owner and operator of bulkers and tankers, has lowered its full-year earnings guidance due to a calculation error affecting its tankers business.

Indebted offshore services company Emas Offshores application to be put under judicial management has been granted, with Goh Thien Phong and Chan Kheng Tek from PricewaterhouseCoopers appointed as the judicial managers.

Hong Kong-based Orient Overseas Container Line has reported mild growth in the third quarter of 2019 amid a weak peak season on long-haul trades.

The closure of a northern California oil and gas facility has left two product tankers carrying ethanol from Brazil out in the cold in San Francisco Bay, unable to discharge their cargoes and looking for new buyers.

Slowing global trade and the ongoing dispute between the US and China have led to a 1% fall in overall throughput at HPH Trust’s ports in the nine months to the end of September.

ExonMobil Alaska Production Inc has signed a heads of agreement for the potential supply of natural gas to the proposed Alaska North Slope liquefied natural gas export project of Qilak LNG, a subsidiary of Dubai-based Lloyds Energy.

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