Daily Briefing February 28 2020
Free to read: Pessimistic short-term outlook for container shipping over coronavirus | Pricier P&I cover in 2020 may prove a tipping point | Open for business: Shipping’s transparency revolution
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The impact of coronavirus on container shipping has “just about been bearable”, according to analysts at Drewry, but the longer and more widespread the outbreak goes the more damage it will cause.
After five years of reluctance to increase premiums, P&I clubs finally bit the bullet and asked for more money in this year’s renewal round. While they did not get as much as they may have hoped for, the precedent has been set, and things do not look like getting any cheaper next time.
Singapore’s yard group, Sembcorp Marine, confirmed the first coronavirus case linked to one of its site offices.
Small islands states have raised concerns about a proposed $5bn research and development fund, demanding financing and governance changes that could fundamentally alter its nature.
Class societies are increasingly regarded as enablers “who assist the industry in implementing regulation through their technical expertise,” according to IR Class managing director Suresh Sinha.
Shipping’s recruitment sergeants have their work cut out. However, by offering training and support, shipping should find it no harder to find the right people than any other industry.
Shipping has unconsciously sailed into an era of transparency, writes Richard Meade. Amid a slew of Lloyd’s List headlines exposing hidden flows of sanctioned oil cargoes, ‘dark-ship’ subterfuge and offshore obfuscation, that may sound a counter-intuitive assertion to make.
Safe Bulkers, a Greek-owned dry bulk owner and operator, said it has pushed back the schedule for five remaining scrubber installations to the second quarter of the year because of the coronavirus outbreak, which is affecting shipyard operations.
The coronavirus outbreak is having an adverse impact on the Southern California ports of Los Angeles and Long Beach, as declining production from Chinese factories hit by worker absenteeism means fewer ships being loaded with exports.
Evergreen Line has launched an online platform that provides instant booking and guaranteed slot services, as the Taiwanese carrier accelerates its digitalisation efforts.
Golar LNG hopes downstream gas projects in Brazil will lift its fortunes after it returned to profit in the fourth quarter of 2019.
Nine maritime companies, which includes container shipping carriers and terminal operators, have signed an agreement indicating their intention to become shareholders of a new blockchain-based liner shipping platform.
A very large ore carrier owned by Polaris Shipping is reportedly stranded off Sao Luis, Brazil.
Singapore Chamber of Maritime Arbitration has appointed Punit Oza, a Klaveness Asia board member, as executive director.
Pacific Basin said weak seasonal factors in the dry bulk market have been worsened by the coronavirus outbreak.
There is no definitive list of maritime jurisdictions restricting the use of open-loop or hybrid scrubbers, the Standard Club says.
Finnlines is confident it will continue to perform well after investing €500m ($547m) in greener ro-ro and passenger vessels.