Daily Briefing May 19 2020
Free to read: Venezuela shipments test US maritime sanctions resolve | Health crisis threatens investment, profits and jobs, survey finds | VLGC earnings fall amid weak US-Asia arbitrage
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The US is facing the first test of its new and tougher sanctions guidance for the maritime industry as it seeks to further restrict Venezuela’s oil exports and prevent gasoline imports reaching the country to offset unprecedented shortages.
The coronavirus outbreak has severely impacted the shipping sector, cutting turnover and raising the spectre of large reductions in the workforce and investment, according to a new survey of European owners.
A slowdown in activity and difficult arbitrage economics has resulted in depressed market sentiment for the very large gas carrier segment, which fell almost 35% in a week.
Retrofitting or upgrading existing technologies could achieve ship fuel savings of up to 27%, according to a Green Ship of the Future study. There is potential for more if the return on investment time limit is removed.
The Lloyds List Podcast: Could coronavirus spark a renaissance in shipping, turbo charging digital developments and cultivating collaboration and data standardisation along the way? This week the podcast focuses on maritime innovation and entrepreneurship, featuring insights from Roger Holm, president of Wärtsilä’s marine power business and Matt Heider, chief executive of Nautilus Labs, which specialises in ocean commerce artificial intelligence.
Containers lines’ capacity appears to have stabilised after blanking more than 500 sailings since the outbreak of the coronavirus pandemic, with only a few new cancellations announced.
Nordic American Tankers has said it is in the “best position ever” to capitalise on what it expects to be a “promising” 18 months ahead.
Gunfire was exchanged as pirates attacked UK-flagged chemical tanker Stolt Apal off the coast of Yemen in the Gulf of Aden on Sunday.
South Korean shipyard Daewoo Shipbuilding & Marine Engineering saw its net profit for the first quarter of the year rise by 24.2% to Won243bn ($197m) from Won195bn a year earlier.
The UK will provide funding to safeguard 16 freight routes in danger of closure due to falling demand owing to the coronavirus backdrop.