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Daily Briefing June 17 2020

Free to read: Swift oil market rebalancing easing floating storage | Crew change crisis: Renewed calls for governments to act | Shipping warned it risks losing crews if it abandons seafarers | Greek owners urged to halt Venezuela calls

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   |   Markets   |   In other news




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What to watch


The oil market rebalancing is easing pressure on floating and onshore storage capacity, according to the International Energy Agency.

Governments are facing renewed calls to facilitate crew changes and repatriate thousands of seafarers who have been stranded at sea for months.

Seafarers may abandon shipping if the industry does not solve the crew change crisis, a webinar has been warned.

Unions plan to unilaterally act to help seafarers exercise their right to stop working, leave ships, and return home, regardless of the consequences to global trade after a deadline for governments to resolve the crisis passed without the necessary outcome.

Greek owners are being urged to shun Venezuelan cargoes after four tankers owned by leading names were blacklisted by the US earlier this month.


Analysis


Listed shipbroker Braemar Shipping Services is back in the black, but shareholders will not be getting a dividend payment this year because of continued uncertainty about the coronavirus, executive chairman Ron Series has confirmed.

The push to decarbonisation will force more shipping companies to turn to the public markets for financial support, according DNB Markets investment banking chief executive Ted Jadick.

From the News Desk: With the US backing words with firm action when it comes to companies facilitating the trade of Venezuelan crude oil, shipowners are reconsidering calls at ports in the Latin American country as well as reassessing ownership structures.


Markets


Leading dry bulk shipping companies say the worst is over for the sector as earnings and asset values rapidly rebound from four-year lows seen a month ago.

Charter rates for liquefied natural gas carriers are close to rock bottom as demand has dwindled owing to the economic slowdown caused by the coronavirus backdrop.

Container terminals will suffer the same pain from the coronavirus-driven downturn as their carrier customers, but with fewer means of alleviating the financial fallout.


In other news


Braemar Shipping Services has reported an improved full-year performance despite volatile markets.

The cancellation of three of Hapag-Lloyd’s feeder services in the Baltic has forced its The Alliance partner Ocean Network Express to find alternative services.

Tanker owners Diamond S and Norden will consolidate the commercial management of their product tankers and set up one of largest medium range product tanker operators globally.

Mitsui OSK Lines is to invest in a methanol export project developed by US-based Northwest Innovation Works at the Port of Kalama in southwest Washington.

Navios South American Logistics, the Montevideo-based logistics business controlled by New York-listed Navios Maritime Holdings, has announced a $500m private bond placement.

The UK government’s decision to increase funding for customs training within a package of other measures to prepare for a post-Brexit trading relationship with the European Union has been welcomed by the freight sector.

Train 1 of Novatek’s 19.8m tonnes per annum Arctic LNG 2 liquefaction plant on Russia’s Gydan peninsula remains on course for completion by the end of 2022.

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