Daily Briefing January 24 2020
Free to read: Scrubber premiums spike tanker earnings boost as fuel prices erode profits | Shipping said to be failing to attract institutional investors | Questions over environmental benefits of tanker age restrictions | Exclusive interview with SLNG chief Tan Soo Koong
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Favourable scrubber economics are generating significant earnings premiums for crude tankers over January, as spot rates collapse from the fourth-quarter highs amid a 46% hike in fuel costs.
Pacific International Lines, which last week strongly denied any of its vessels were facing arrest, has had a vessel arrested and released, according to information originally sourced by Lloyd’s List Intelligence and later confirmed by Lloyd’s List.
Institutional investors could easily resolve shipping’s capital crisis, but are being put off by the industry’s poor image, a leading asset manager has told an industry audience.
The draconian attitude of the US authorities is likely to take some ship operators by surprise. Whistleblowers are expected to play a very important role in the new cases.
Incorporating the emissions footprint in the lifecycle assessment to include building and replacing a tanker skews the balance in favour of longer trading lives, says Stena Bulk’s Erik Hanell.
SLNG chief executive Tan Soo Koong has been boosting LNG adoption in maritime and other sectors aside from power generation. He is confident the lack of gas resources would not hold back Singapore from asserting its claim as Asia’s LNG trading hub, he tells Lloyd’s List.
While the trade war with China has been costly for the US, the Port of Long Beach has the resilience to counteract those adverse effects going into the future, according to its executive director Mario Cordero.
Beijing has officially announced a tax rebate for bunker supply to internationally-trading vessels at Chinese coastal ports.
The Mundra liquefied natural gas terminal is due to receive its first cargo this week, marking the start-up of India’s sixth import terminal for the supercooled fossil fuel.
Star Bulk’s chief strategy officer says the decision to retrofit scrubbers on some 110 vessels has been a good one, although the project has proved to be ‘Herculean’.
Initiatives being taken by France’s maritime community are enabling shipping to achieve its decarbonisation aims, according to Bureau Veritas.
Ukraine and Georgia have used International Maritime Organization search and rescue talks to protest against Russia’s seizure of Crimea, despite being told the dispute belonged elsewhere.
The International Chamber of Commerce has been using the global platform of the World Economic Forum Annual Meeting in Davos to accelerate the digitalisation of global trade and commerce.
At least a dozen companies have signed up to Danish Shipping’s Charter for More Women in Shipping.
Eight crew members from a Greek-owned product tanker have been released after three weeks of captivity in West Africa, Greece’s shipping ministry has confirmed.
Hamburg Süd’s management board will be trimmed when chief commercial officer Frank Smet retires in March.
Torm said it has agreed to buy two scrubber-equipped long range two tanker newbuildings from Guangzhou Shipyard International.