Daily Briefing November 20 2019
Free to read: EU shipping emissions regulations: A sweet spot or a bureaucratic monster? | VLGC spot rates rise to five-year high | VLCCs and Japanese-built handysizes best bet for asset plays | UK chamber says political demands will pay for themselves
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The push for the European Union to regulate shipping has reignited the dispute between environmentalists and shipping interests that fear the EU’s plans would distort the market, penalise ships that operate in European waters and undermine the role of the IMO as the global maritime regulator.
As traders lock in ships to source liquefied petroleum gas from the US, Canada, the North Sea and Australia because of disruption in Saudi Arabia’s oil facilities, freight rates are shoring up.
The gap between older crude tankers being scrapped and future demand uncertainty may produce a sudden spike soon. Meanwhile, on minor bulks, being built in Japan is an unmatched liquidity asset.
Shippers and forwarders prepare to help carriers cover the extra cost of next year’s low-sulphur fuel, including some customers on annual contracts being asked to start paying an IMO BAF from December 1, reports Drewry.
The Chamber of Shipping’s four-point political platform will largely pay for itself if its demands are implemented by the next government, chief executive Bob Sanguinetti tells Lloyd’s List.
Malaysia has prohibited the use of open-loop scrubbers by ships plying Malaysian waters in the run-up to the 2020 sulphur cap regulations.
North P&I Club joins the ranks of International Group affiliates intending to impose the going rate of a 7.5% general increase at the next renewal round, and warns it expects its combined ratio for 2019/20 to top last year’s 105%.
Euroseas, an owner and operator of containerships, has further expanded its fleet.
All political parties should commit to ensuring Britain remains a major shipping centre, provide support for decarbonisation and training, and work for frictionless trade after Brexit, the Chamber of Shipping says.
Yemen’s Houthi militia have seized a tug that was reportedly towing a rig across the Red Sea.
Crude oil tanker giant Euronav has acquired two 14-year-old suezmaxes through a new joint venture to take advantage of what it expects to be a strong winter market.
BW Group is seeking to raise $101.3m by selling a 10% stake in very large crude oil tanker owner DHT Holdings.