Daily Briefing June 16 2020
Free to read: Hin Leong: Half of fleet idled as oil trader seeks buyers | More Greek owners drop Venezuelan calls | V.Group chief says seafarer repatriation ‘still far too slow’
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
Some 45% of the internationally trading Ocean Tankers fleet remains idled off Singapore or Malaysia, as vessels owned by its shipping affiliate, the troubled oil trader Hin Leong, are placed for sale by court-appointed judicial managers.
Two more Greek tanker operators that have been active in transporting Venezuelan oil exports have turned their back on the trade under pressure from Washington.
Analysis
While immigration and health authorities are starting to open up, much more needs to be done to speed up the repatriation of seafarers, according to V.Group chief executive Allan Falkenberg.
Spot freight rates for container shipments from China to the US west coast jumped by a third last week as a temporary surge in demand came up against a shortage of available capacity.
Opinion
Lloyd’s List Podcast: We are talking ship recycling on the podcast this week. Specifically, how we drive positive change and move this conversation on beyond the finger pointing politics that has dominated the scrapping debate for years. This edition features speakers from Standard Chartered Bank, Lloyd's Register, Norden and The Sustainable Shipping Initiative.
Markets
Australia’s liquefied natural gas exports have held up on year in May, but many of its cargoes saw delays in their deliveries in yet another sign that the coronavirus backdrop is placing a dampener on demand for the supercooled commodity.
In other news
Cosco Shipping Energy Transport has agreed to offload about Yuan400m ($56m) of non-core assets in a series of related party transactions.
Ceva Logistics is expanding its operations into Africa with the acquisition of a majority stake in AMI Worldwide, a third-party logistics provider.
Australian authorities have directed the owner of the vessel APL England to search for and recover containers that it lost overboard in bad weather off Sydney last month.
Mitsui OSK Lines and NYK Line are in a race to test unmanned ships with the support of the Nippon Foundation.
Indian power company Tata Power has sold three capesize bulk carriers to Oldendorff in a $212.8m block deal to reduce debt and shore up its finances.