Daily Briefing July 9 2020
Free to read: Summit to address crew change crisis faces calls for action | Hong Kong tightens crew change policy as infections rise | Hafnia seeks dialogue after Ardmore rejects ‘takeunder’
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
Calls to get crew repatriated have intensified ahead of a global summit to try to break the deadlock over a crisis threatening the health and wellbeing of tens of thousands of seafarers.
Hong Kong’s convenience as a crew change hub is facing a setback after a fresh surge of local coronavirus cases.
Hafnia’s failed bid for Ardmore has been described as an attempted “takeunder” by the chief executive of the target company.
West of England’s move into for-profit ventures — rolled out in three deals over the past 12 months — is the limit of the P&I club’s commercial ambitions for the time being, its chief executive says.
Analysis
Tanker demand growth is forecast to contract by 5.5% in 2021, the most since 2009, as falling oil supplies and inventory destocking lowers the need for seaborne transport, according to Norwegian bank Cleaves Securities.
Weekly briefing: The second quarter of 2020 will be one of the worst ever for container shipping in terms of volume, yet box lines remain relatively healthy compared to others in the industry. Meanwhile, despite a recent improvement, the dry bulk market is still volatile.
Despite some encouraging signs of recovery, some which may be no more than mirages, the 7.7% decline in container volumes in the first five months of this year is within the range of early forecasts for how bad things will be for container shipping this year.
Japan has a roadmap for its maritime sector to meet the IMO’s 2050 decarbonisation targets. How far it gets will depend on its domestic industries coming together — and the progress that is made globally.
Opinion
In September, the European Parliament will consider a proposal for new greenhouse gas emissions regulations in the EU. One way or another, new rules are coming. Industry interests will likely focus on the timing and the stringency, writes Anastassios Adamopoulos.
Markets
Panamax bulker earnings have gained as a result of capesize cargoes being split, according to market participants.
Shipbuilding delays and the economic impact of the coronavirus pandemic mean cruise companies are reassessing their operations.
In other news
China Navigation Company’s dry bulk business has become so successful since Swire Bulk was established as a division of the company that it will now be hived off from the Swire Group shipping arm’s liner shipping and fleet management business.
Mediterranean Shipping Co has again rebutted the findings of campaign group Transport & Environment that claim the carrier is the among Europe’s worst carbon emitters.
Dalian and Yingkou, two major ports in northern China, have revealed more details about their merger plan, following a briefing last month.
CMA CGM, the French container giant, is tightening rules on the carriage of protected species as part of a corporate social responsibility policy.