Daily Briefing June 19 2020
Free to read: Container shipping ‘past the worst’ | Höegh Xiamen highlights PCTC fire risks | Global LNG exports saw record growth in 2019
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What to watch | Analysis | Markets | In other news
What to watch
The container shipping industry is ‘past the worst’ of the demand impact caused by the coronavirus pandemic, according to analysts.
A spate of recent fires on car carriers have once again highlighted safety concerns amid efforts to improve technology and regulation of the sector.
Liquefied natural gas exports grew by 12.7% in 2019 — the largest annual increase yet seen — driven by record increases from the US and Russia, as well as continued growth from Australia, according to the BP Statistical Review of World Energy 2020.
Analysis
Shipping companies have been warned not to wait until the last minute to act on cyber security.
The International Group of P&I Clubs is perhaps the clearest example of synergy in the whole of shipping, enabling affiliates to provide cover at prices that would be unobtainable if they worked alone.
A pioneering propulsion systems business has launched an upgrade to a dual-fuel engine which it claims will significantly reduce methane emissions and cut fuel consumption.
Markets
Trade volumes have declined along North America’s northern Pacific coast, with steep downturns in container throughput reported by Washington state’s Northwest Seaport Alliance, as well as Canada’s port of Prince Rupert.
In other news
Calculating the optimal speed at which to operate a ship against a backdrop of so many variables, ranging from freight rates and bunker costs to weather conditions and vessel specifications, is one of the biggest challenges faced by shipowners as they strive to cut pollution levels and maximise profits.
US firms Mirage Energy and Northern Hemisphere Logistics have secured $4bn in funding for the development of a project aimed at moving US oil and natural gas to Asian markets via Mexico’s proposed Isthmus Corridor.
Vale, Brazil's iron ore giant, has been allowed to restart its Itabira mining complex.
Pope Francis has offered words of encouragement to those who work at sea during the current coronavirus crisis.
Shipping companies have reconciled with the fact that decarbonisation of the industry will require more than just improvements to the current fleet. New and expensive zero-emissions fuels will be necessary.
Globus Maritime, a dry bulk carrier owner, posted a first-quarter loss of $9m that included an impairment loss of $4.6m.