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Daily Briefing June 25 2020

Free to read: Hin Leong restructuring only possible with owners’ assets | Japanese builders set out pathways to zero-emission ships | Shipping’s decarbonisation efforts assessed as ‘critically insufficient’

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   |   Opinion   |   Markets   |   In other news




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What to watch


The court-appointed judicial managers for beleaguered Hin Leong Trading want the company to be restructured, together with the assets of its owners, including the more than 150-strong fleet operated by Ocean Tankers.

Shipbuilders in Japan are keen to seize the opportunity represented by zero-emission ships. But they must first win the battle for survival. Jun Kohno, head of shipbuilding at the transport ministry, speaks to Lloyd’s List.

Shipping’s efforts to cut its emissions are “critically insufficient” to help reduce global warming and its decarbonisation targets must be elevated, according to a new report.


Analysis


Weekly briefing: Maersk, the world’s biggest container line by capacity, has said the downturn in second quarter containerised freight volumes have been less severe than initially feared, while there have been further developments with the new US guidance on ‘deceptive shipping practices’.

Resilience is the key word for the maritime industry beyond coronavirus and applies to shippers, carriers, ports and other elements of the supply chain, according to a new report.

The coronavirus outbreak could accelerate the push for decarbonisation in shipping as government stimulus packages and investments to rebuild economies focus on a re-setting on the carbon trajectory, according to Nick Brown, head of marine and offshore at Lloyd’s Register.


Opinion


Panama’s decision to allow seafarer tours of duty to be extended to up to 17 months verges on forced labour, writes Mark Dickinson, general secretary of the seafarers’ union Nautilus International.


Japanese shipping giants are trimming fleet and selling assets to weather the coronavirus crisis and adapt themselves to a post-pandemic era where seaborne trade is forecast to decline sharply. But they are also positioning themselves for new business opportunities created by a decarbonised world, writes Cichen Shen.


Markets


Reduced cargo demand has led to the cancellation and blankings of large numbers of container services, leaving vast amounts of capacity sitting idle.


In other news


Seafarers should be honoured and celebrated for the vital role they play in keeping the world supplied with goods.

GoodBulk has secured a $200m five-year loan to refinance most of its existing credit facilities.

UK prime minister Boris Johnson has pledged to hold talks on how to solve the plight of seafarers caught up in the crew change crisis caused by the coronavirus outbreak.

The Suez Canal Authority has extended its rebates for dry bulkers and tankers, including liquefied natural gas and liquefied petroleum gas carriers, as it continues to encourage vessels to route voyages through the canal rather than around the Cape of Good Hope.

The port of Cardiff, run by Associated British Ports, has agreed to the start of a new long-term contract with Texas refining firm Valero Energy Corp for the use of an existing storage and distribution terminal in South Wales.

Cyprus has named Vassilis Demetriades as deputy minister of shipping following a cabinet reshuffle.

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