Daily Briefing June 24 2020
Free to read: Hin Leong owners seek to safeguard tankers from insolvency | Panama’s green light for extended tours draws criticism | Bunker price spread keeps scrubber economics unfavourable
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
The owners of Hin Leong Trading have outlined a plan to wrest control over a third of shipping tonnage now on Ocean Tankers’ operating fleet.
Panama Maritime Authority has issued a circular authorising seafarers on ships under its flag to serve for as long as 17 months where the coronavirus pandemic makes crew change impossible.
The effects of the coronavirus pandemic will have resulted in a significant drop in new financing deals this year, according to a leading financial research house.
Analysis
The effects of the coronavirus pandemic will have resulted in a significant drop in new financing deals this year, according to a leading financial research house.
From the News Desk: Demand disruption linked to the coronavirus pandemic and resulting economic slowdown is having a significant impact on the LNG carrier market.
Markets
Volatile capesize rates pushed freight derivatives volumes to the highest in nearly 12 years, briefly returning the paper market to the halcyon days of the commodities super-cycle.
In other news
Mitsui OSK Lines plans to cut its overall fleet by up to 40 vessels and halve investment expenditure to ¥100bn ($934m) over the next two years.
The Tung family, former owners of Hong Kong-based Orient Overseas Container Line, have revealed their interests in liquefied natural gas shipping in a recent private offering by GasLog.
As South Korea worries about the threat of a second wave of coronavirus infections, a Russia-flagged reefer vessel has entered a port in Busan with 16 of its 21 crew testing positive for coronavirus.
Singamas Container Holdings has continued to trim assets amid financial challenges.
China’s customs agency has halted imports of poultry from the US after hundreds of workers at a food company tested positive for coronavirus.
Three London market brokers and insurers have developed a clause making marine cargo policies conditional on insureds complying with all applicable legal and regulatory obligations in respect of forced and child labour.
Costamare has clinched new loan deals worth $140m, underlining the containership owner’s access to bank debt.