Daily Briefing October 9 2019
Free to read: Gasoil demand linked to IMO 2020 to push oil prices higher | Weak box peak season laid bare | China-built jack-ups find work in a recovering market
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.
IMO 2020 will offer the oil market some relief, despite slowing demand growth. Even so, any rise in demand may not last beyond the first six months of 2020, according to a Rystad Energy forecast.
The latest data published by Container Trades Statistics shows softening demand growth through August, as the peak season for Far East exports failed to get off the ground. Transpacific volume growth slowed to an ebb, while moderate Asia-Europe increases did little to lift largely weak market sentiment.
The slowdown in orders for containerships due to overcapacity in the market could provide an opportunity to kick-start new ship technologies required to meet IMO 2050 objectives, according to Sea-Intelligence chief executive Alan Murphy.
Box repositioning service Container xChange has launched an availability index for container equipment. Three classes of container are reported from six Asian and European hubs.
‘Stranded’ China-built rigs have found work through bareboat charters with purchase options, Rystad Energy has pointed out. It warns this trend will hold back the recovery of the shallow-water drilling market.
In other news
Shipping confidence has dropped further to a two-and-a-half year low due to increased trade tensions, according to the latest survey by adviser and accountant to the industry BDO, formerly Moore Stephens.
The UK government has unveiled its updated preparation plans in the event that the country leaves the European Union on October 31 on WTO terms.
The bulk of operations at the port of Ulsan are continuing, although South Korea has banned the transport and discharge of dangerous goods cargo at several terminals there, according to Korean media reports.
A blockchain-based DNA tracker for bunker loads that would provide accountability across the supply chain has been trialled successfully, the company behind it has announced.
Since the opening of the expanded Panama Canal, US east coast ports have become better equipped to handle the larger boxships with capacities up to 15,000 teu, compared with the 5,000 teu ships previously familiar in the area.