Daily Briefing January 29 2020
Free to read: Bulkers snub refuelling delays at Singapore as new fuel rules take effect | Heidmar and Signal claim successful start for new tanker pool deal | Coronavirus: Guidelines issued to shipping
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
A significant number of ship operators who are unable to set aside more days in their journey schedule with which to procure compliant marine fuel oil appear to be favouring the loading of bunkers at ports of origin. Other ship operators are considering switching to the more widely available marine gasoil.
A new tanker pooling alliance between the George Economou Group and Ioannis Martinos-led Signal Maritime Services appears to have won over the majority of aframax owners affected by the tie-up.
The International Chamber of Shipping and the US Coast Guard have issued advisories to shipping on how to respond to the threat from coronavirus.
Nicolas Sartini is to take charge of CMA CGM’s port interests from the beginning of March.
Analysis
Environmentalists are stepping up pressure on global regulators to set methane emission targets for ships fuelled by liquefied natural gas.
Variations in the levels of bunker surcharges being applied by carriers to meet sulphur cap costs is leading to confusion among shippers and beneficial cargo owners, according to analysts.
Markets
The Digital Container Shipping Association has published its first standard in the form of a common set of processes, and data and interface standards for track and trace services.
With the official lunar new year holidays under way in China, forwarders report that the expected flood of ocean freight largely failed to materialise this year.
In other news
Eagle Bulk Shipping’s shipmanagement unit will pay $1.1m to settle claims it traded with a blacklisted Myanmar company between 2011 and 214, breaching US sanctions.
Owners may have recourse against timecharterers where low-sulphur fuel oil bunkers are off-spec or otherwise unfit to be consumed by the vessel, legal experts say.
Thai national oil and gas group PTT has been asked to weigh the feasibility of making use of multi-year low prices to buy and import LNG cargoes from the spot market. This may lead to Thailand’s first entry into LNG spot trades.
Performance Shipping’s switch to tankers has had a positive impact on the Nasdaq-listed company’s profitability although shedding its container fleet last year dragged it to an accounting loss.
Castor Maritime, a Cyprus-registered dry bulk carrier owner led by Petros Panagiotidis, has raised $5m from an unidentified institutional investor.
British maritime industries pressure group Maritime UK and the Dutch government will host a forum in Rotterdam next month, in the wake of Britain’s departure from the European Union.