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Daily Briefing March 24 2020

Free to read: Tanker owners seek floating storage floor amid imploding oil market | Yard Talk: Target for new orders looks a tall order | Seafarer rights campaigners call for human rights arbitration as coronavirus crisis highlight abuses | Shanghai eases crew change ban

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




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What to watch


Tanker earnings slowed their free-fall as the oil price collapse, imploding financial markets and the US and European lockdown decimated demand for transportation fuels.

The coronavirus pandemic will rub salt into the wounds of the shipbuilding industry, with appetite for newbuilding orders further dulled amid cash-strapped shipowners and bleak economic prospects, writes Cichen Shen. 

Seafarer rights campaigners have joined forces with a prominent shipping law firm to float plans for an arbitration scheme for seafarers who feel their human rights have been abused by the employers

Shanghai has begun to allow crew changes as China increases efforts to relieve seafarers stranded on ships due to the coronavirus outbreak.


Analysis


Container carriers’ optimistic outlooks from just a few weeks ago of a V-shaped recovery appear to be well and truly dashed as the global coronavirus pandemic slashes demand forecasts.

More than a decade after the global financial crisis, trading on the stock exchanges of New York, once — and perhaps still — considered the pinnacle for shipowners, is not necessarily attracting the type of attention shipping companies would have wanted.

Coronavirus continues its adverse impacts on the leading US ports of Los Angeles and Long Beach, largely through reduced numbers of containerships coming in from abroad to deliver goods.


Opinion


Never before has our reliance on the global supply chain been felt more acutely, writes Mark Stokes, director at Blue Communications.



Decarbonising the shipping industry will require collaboration with external partners, argues Ocean Network Express chief executive Jeremy Nixon.




Markets


Oslo-listed ro-ro and car carrier operator Wallenius Wilhelmsen will withdraw its dividend, recycle up to four vessels and place up to 10 in cold layup as it seeks to preserve cash amid coronavirus.

Container shipping prospects are at risk in face of the rampant spread of coronavirus that could cripple the global economy, according to Orient Overseas International Ltd.

Dry bulk owners and operators are so far reporting business as usual amid the global coronavirus pandemic.


In other news


All UK shipping professionals — include those in white-collar roles — potentially qualify as key workers with the right to continue sending their children to school throughout the coronavirus crisis, subject to their employers’ agreement, lawyers believe

Greek shipowners have launched a fund to boost the Greek public health system’s battle against the new coronavirus by acquiring and donating desperately-needed medical equipment and supplies

FSL Trust Management, the trustee-manager of Singapore-based tanker and containership owner First Ship Lease Trust, has named experienced shipping banker Markus Wenker as its new chief financial officer

Port of Hamburg is insisting that there is sufficient equipment available in northern Europe to cope with exports, despite reports to the contrary

Commercial maritime law in the US is “woefully behind and anachronistic”, according to one of the people charged with implementing it

A Mediterranean Shipping Co containership came under pirate attack and was reportedly boarded by an unknown number of pirates some 61 miles west of Port Libreville, Gabon on March 22

Brazilian mining giant Vale has decided to temporarily close its iron ore terminal in Malaysia

China’s Cosco Shipping Group has donated a shipment of protective supplies to Greece’s ministry of shipping and island policy in a helping hand in the country’s fight against coronavirus

Australian oil and gas producer Santos is slashing its capital expenditure and postponing a final investment decision for a large backfill project meant to extend the production life of the Darwin liquefied natural gas plant

Following pressure from the liner shipping industry, Maritime Safety Queensland has eased its entry restrictions to allow all vessels to call the port of Brisbane except those from China and South Korea.

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