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Daily Briefing July 30 2020

Free to read: Grimaldi says state aid for shipping risks distorting market | Dry bulker crew members test positive for coronavirus | Capesize market decline shows signs of slowing 

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


Grimaldi, the Italy-based car carrier and ferry operator, has repeated its call for state aid to shipping to be closely monitored to avoid “blatant distortion of the market”.

Seafarers on a handymax dry bulker have tested positive for the coronavirus at the Port of Zhoushan, according to a statement by the local health authority.

Mitsui OSK Lines is reducing the number of employees working at its offices as the coronavirus outbreak continues to spread in Japan.


Analysis


Weekly briefing: There are signs of improved chartering rates and opportunities in the containers sector, floating storage on tankers is again elevated due to Chinese port congestion, and volatility continues in the dry bulk market.

The annual CMA Shipping conference has become the latest large-scale maritime event to move online this year because of the impact of the coronavirus outbreak.


Markets


The capesize market has continued to decline in recent days on limited fixture activity, though there is the prospect of new cargoes emerging from the Atlantic that may provide relief.

Port of Rotterdam saw declines in throughput in the first half of the year because of the coronavirus outbreak, but the situation has also showed some unexpected positive trends.


In other news


A court hearing to consider Oversea-Chinese Banking Corp’s application to place the vessel-owning affiliates of financially troubled Hin Leong Trading under judicial management has been adjourned.

Navios Maritime Partners’ chief executive Angeliki Frangou has defended the company’s move to reduce its cash distribution because of the impact of the coronavirus pandemic.

Offices of a Greek shipping company have been damaged in an explosion.

The United Nations has warned it is still unable to inspect a decaying oil tanker off war-torn Yemen at risk of a huge oil spill.

International Group P&I club combined ratios averaged 121% in 2019/20, while in comparison a five-year rolling average was 103%, according to calculations from JLT Gallagher.

Port operator International Container Terminal Services has picked up yet another concession in the less developed country market it favours, signing a concession contract with Port Autonome de Kribi for the development, operation and maintenance of the Kribi Multipurpose Terminal in Cameroon.

The Japan Ship Owners’ Mutual Protection & Indemnity Association has slipped into the red.

Dry bulk carrier owner Globus Maritime has pulled in about $15m from its third fundraiser since June.

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