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Daily Briefing May 11 2020

Free to read: Small carriers bear the brunt of coronavirus fallout | Capesize rates held back by limited Brazil shipments | Panama Canal Authority seeks dialogue with cargo owners

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.

Note: There is no pdf available today due to the national holiday in the UK. Normal service will resume tomorrow (May 12).

What to watch   |   Analysis   |   Opinion   |   Markets   |   In other news





What to watch


Small niche container shipping lines have been hit the hardest by the coronavirus shockwave, having sustained a worse fleet scale-down than their larger rivals.

The capesize bulker market continued with its downward trajectory last week as limited longhaul cargo from Brazil and an ample supply of vessels weigh down rates on all the benchmark routes.

A series of pirate attacks on vessels in the Gulf of Guinea over the weekend has resulted in the abduction of five crew members from two separate vessels and one very large crude carrier making a lucky escape due to the timely arrival of the authorities, according to Lloyd’s List Intelligence.

The Panama Canal Authority is exploring the idea of establishing direct relationships with cargo interests rather than channelling all communications through shipping companies.


Analysis


China’s largest petrochemical port has swung into operation with the arrival and offloading of the 2017-built 318,925 dwt very large crude carrier New Renown calling from Saudi Arabia’s Ju’aymah Crude Terminals.

US container ports are likely to see double digit year-over-year declines in imports this spring and summer due to the persistent economic effects of the global coronavirus pandemic, according to US retail experts.


Opinion


Lloyd’s List Podcast: The shipping industry’s 12-step plan to facilitate crew change was released this week and is expected to expedite a more effective government response to the crew change crisis that has seen thousands of seafarers stuck at sea for months. But it also highlights that the industry is bracing for a longer period of disruption than many had been hoping for. We talk to Columbia Shipmanagement president Mark O’Neil and International Chamber of Shipping secretary-general Guy Platten.

 


Markets


While Malaysian tanker owner MISC has, like many others in the sector, benefitted from the recent surge in rates, it has warned that prospects for the second half of the year are “highly uncertain”.

D’Amico International Shipping, an Italian product tanker owner and operator, said it was aiming to take a balanced approach through the current “uncharted” territory amid the coronavirus crisis and its impact on markets.

Eagle Bulk’s results give an indication of how conditions are panning out in the business, as it saw higher operating costs amid the coronavirus pandemic.


In other news


Kawasaki Kisen Kaisha has reported a surplus for the 2019 fiscal year, but said it is unable to give a forecast for the next 12 months because of uncertainties from the coronavirus outbreak.

Port of Oakland said it will allow three Norwegian Cruise Lines ships to moor in the port following the recent extension of the US government's no-sail order on cruise operations due to the coronavirus outbreak.

The Australian Maritime Safety Authority has urged Yang Ming to foot the bill for the recovery of 63 containers lost from the carrier’s vessel in the country’s waters.

Hess Corp is chartering three very large crude carriers to hold 6m barrels of its North Dakota crude production as rapidly filling storage forces some drillers to curtail output.

The port of Long Beach has received substantial financial approval for its ongoing work, even as it sees diminished cargo throughput due to the current economic downturn from the Sino-US trade war and coronavirus pandemic.

Former Liberian Registry Singapore managing director Tang Sau Weng has joined RightShip as its new Singapore-based head of Asia-Pacific operations.

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