Daily Briefing December 24 2019
Free to read: Ship scrapping plunges to 11-year low | The Finance Outlook | LR chief supports R&D fund and carbon levy in shipping’s green transition | Piracy alert in Singapore Strait after spate of attacks
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The prices being offered to shipowners for scrap has been consistently low throughout 2019. This has coincided with the build-up to the IMO 2020 rules taking effect in January. Poor prices and a changing shipping backdrop have led to a noticably low scrapping figure for 2019.
While ship finance has fallen out of favour among many traditional lenders, the pain is not equally spread and the largest owners still manage to access corporate lending with very little, if any, reduction.
The shipping industry needs to accelerate its pace of decarbonisation, with the recently proposed $5bn research and development fund for green fuels representing a welcome effort, according to Lloyd’s Register chief executive Alastair Marsh.
The Lloyd’s List Podcast: That was the year that was — A look back at 2019 and a few predictions for 2020, courtesy of the London-based editorial team.
Knife wielding pirates have attacked three bulk carriers and two tankers in the eastbound lane of the Singapore Strait in the past four days. Although most of the attacks were unsuccessful, they managed to steal engine and generator spares and a gold chain.
The International Group of P&I Clubs pool agreement will see pricing frozen across all vessel categories for 2020/21, with the existing structure largely left intact.
The Danish group will soon be back on a sound footing after the latest round of job cuts and loss of several executives, but the real one to watch will be Mediterranean Shipping Co, where Søren Toft’s arrival may presage a major change of direction.
The Greek government is looking to power LNG operations in the eastern Mediterranean Sea. Shipyards are being called to construct at least two LNG bunkering vessels with net capacity of 3,000 cu m-4,000 cu m.
US-based investment firm Invesco has acquired a 5% stake in shipping broker Clarksons. Could this be a sign that investor confidence is returning to shipping?
The import of liquefied natural gas through floating facilities is increasing in popularity in the Philippines, with yet another conglomerate announcing it is joining the fray. The LT Group-led consortium is the latest entrant to the market.
Nearly three weeks after 19 crew members were abducted from the Hong Kong-flagged 296,988 dwt Nave Constellation tanker vessel off Nigeria the seafarers have been released unharmed. The details of the release were however not disclosed by Navios Maritime Holdings.
Ørsted will pay Glencore to take over its loss-making LNG business. The former is set on further spreading its wings as a renewable energy developer.
The shipping unit of the oil and gas giant Shell has signed a deal with a company that specialises in air lubrication technology for ship hulls for a series of retrofits.
Thailand is expected to cancel the award of a long-term LNG supply contract to Malaysian oil and gas company Petronas. This state of affairs has been brought about owing to the reversal of a policy that would have allowed the state-run utility provider the Electricity Generating Authority of Thailand to import 1.5m tonnes per annum of LNG. However, the utility provider EGAT is sticking to its plan to import spot cargoes from Malaysia.
The executive chairman Ren Yuanlin has resumed his duties at Yangzijiang, according to the Singapore-listed shipbuilder. Sources familiar with the matter say he was released by the authorities on Friday after assisting officials in relation to an anti-corruption probe into a local official.