Daily Briefing November 7 2019
Free to read: Tanker owners delay scrubber retrofits to cash in on rate rises | Shipping’s future relies on industry chain unity, says Cosco Shipping chairman | Greek shipping minister urges ‘practical solutions’ to 2020 implementation issues
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
What to watch
Owners seeking to profit from a dramatic surge in freight rates in the spot market have held back on sending more tankers for scrubber retrofits. The number of tankers waiting for retrofits in yards is just one quarter of that one month ago, Braemar ACM estimates.
Participants along the shipping industry chain are told to become more united and form strong co-operation to tackle the increasing challenges faced by the sector. A total of 14 companies and organisations have joined the Global Shipping Industry Chain Cooperation Initiative to work on that goal.
Greece’s shipping minister Ioannis Plakiotakis has raised concerns regarding the imminent implantation of 2020 sulphur rules.
Sanctions imposed on Cosco’s tanker units show that no company is too big, according to a senior US government official.
The number of tanker companies asked to give testimony to Brazil’s investigation into an oil spill that has been fouling large tracts of the country’s coastline has grown to at least four, suggesting that efforts to categorically identify the source of the pollutions still have some way to go.
Analysis
Research finds that recent-onset psychological disorders are increasing among serving seafarers, yet 55% of employers had not introduced any practices to address mental health for a decade.
Informal chats around the office coffee machine about how to cut greenhouse gas emissions have evolved into a more formal collaboration between three of the biggest names in shipping.
Opinion
Former Greek prime minister Kostas Karamanlis is a political animal. He has lain low in recent years, however his re-emergence on the speaker circuit has not gone unnoticed, writes Richard Clayton.
Markets
CMA CGM has become the latest container carrier to introduce an emergency fuel levy to cope with uncertainty over the cost of bunkers in the run-up to the introduction of the International Maritime Organization’s sulphur cap in January.
The Hong Kong Monetary Authority and several major banks are part of an initiative that is hoped will accelerate the document validation and trade finance process by using blockchain technology. The network is envisaged to eventually feed into the Global Shipping Business Network that was formed as an alternative to Maersk and IBM's TradeLens solution.
In other news
Hafnia, the Mikael Skov-led product tanker company, has raised $230m via selling company shares through a private placement and will begin trading on the Oslo Stock Exchange on November 8.
Trafigura is receiving a head start in Singapore’s efforts to promote blockchain technology.
Maersk is to trial battery technology on one of its containerships in an effort to reduce CO2 emissions.
The IMO working group on greenhouse gas emissions convenes in London next week. This technical body will have to begin taking difficult decisions on speed limits and other carbon-cutting proposals on the table.
CPO Tankers, the former tanker unit of German entrepreneur Claus-Peter Offen’s shipping empire, has been rebranded Zeaborn Ship Management Tanker, to reflect its acquisition by Zeaborn Group in June this year.
Norden, a Danish owner and operator of dry bulk vessels and tankers, is expecting a promising end to 2019, despite experiencing challenging markets for much of the year.
Norwegian firm JJ Ugland is reviewing its stance on future voyages in the Gulf of Guinea following the abduction of nine seafarers.