Daily Briefing June 30 2020
Free to read: Indian ports hold Chinese shipments amid rising tensions | DFDS cuts 650 jobs to adapt to new market conditions | Extended LNG dual-fuel payback time limiting newbuilding orders
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Rising tension between India and China over a border dispute is causing import consignments from China to face hurdles at Indian ports.
Ferry operator DFDS’ decision to cut 650 jobs is due to the severe fall in demand as a result of the coronavirus backdrop and to prepare for “the new reality”, chief executive Torben Carlsen tells Lloyd’s List.
Marine fuel price spreads equate to between a 10- and 12-year payback for shipowners investing in liquefied natural gas dual-fuel technology for a large newbuilding tanker, according to shipbroker Braemar ACM.
The success of carriers in maintaining freight rates has not been achieved across the board and some trade lanes are showing signs of weakness as volumes continue to fall.
Guinea's mining law, which mandates that the state has the first right of refusal to ship 50% of all mined commodities, is expected to help get Guinea Shipping Corp off the ground. The company aims to build a shipping line for Guinea that also provides a platform to develop the country’s own maritime industry, chairman Bernt Meldgaard Christensen tells Lloyd’s List.
Lloyd’s List Podcast: Italian shipowner Emanuele Grimaldi talks candidly about waiting for the world to restart in the wake of the coronavirus pandemic, why he has launched antitrust complaints against the governments he feels are distorting the marketplace and the persistently troubling subject of ro-ro safety.
Tanker owners are closely scrutinising developments in Libya, where any lifting of the five-month blockade on crude exports will offer respite to the aframax and suezmax markets where earnings on most routes remain below operating costs.
Lower liquefied natural gas prices are expected to drag Australia’s export earnings into the red but its shipment volumes look set to hold up over another 12 months into the pandemic-triggered macroeconomic disruption.
Castor Maritime, the Nasdaq-listed dry bulk carrier owner that is seeking to add to its current fleet of three panamaxes, has raised $20.7m.
Norden has ordered four ultramax dry bulkers as it bets on demand recovery and seeks to take advantage of low asset prices.
Trafigura Trading, a wholly-owned unit of Trafigura Group, one of the world’s largest commodity traders, has renewed its North American credit facility despite “challenging market conditions”.
Commodity trader Archer Daniels Midland said one of its prime US terminals for the export of grains will remain offline until next year owing to delays in repair work on the facility.
Bunker Holding, a global bunker supplier, has reported record full-year profit.
A Navios boxship has lost three or more containers in rough weather off Australia’s southwestern coast, according to reports.
Signal Group has confirmed its intention to introduce coverage of the dry bulk market this year as its market platform and shipmanagement businesses continue growing despite the coronavirus pandemic.