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Daily Briefing August 3 2020

Free to read: UK shipping sanctions guide shows closer alignment to US | Are shipping’s banks finally coming back? | Industry tortoise derided by Mr Hare is unfair race | Box freight rates in the balance

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 UK seems set to take a tougher US-style approach to maritime sanctions in the wake of Brexit following the issue of new guidelines from the Office of Financial Sanctions Implementation.

European banks, traditionally the mainstay of global ship financing, have seen their market share tumble since the global financial crisis sparked in 2008.


Analysis


Liquefied natural gas has long been understood by the shipping industry as a bridging fuel, a low-carbon step on the pathway to a zero-carbon future.

The coronavirus pandemic has halted progress on decarbonisation regulatory negotiations in 2020.

The week in charts: Reinstated sailings and a pick-up in China port calls indicate activity in the containers sectors is on the increase, while despite a weak outlook, more tonnage is expected to be added to the dry bulk fleet this year.


Opinion


It is easy to stand on the sidelines and criticise the pace of progress towards a zero-carbon future. It is much harder to commit to huge investment when there’s still so much to be understood, writes Richard Clayton.


Legal experts say Bangladeshi widow Hamida Begum’s bid for compensation from Maran is destined to fail, writes David Osler.



Shipowners will have to be more vigilant and more involved in the ship recycling process if lessons from a high-profile legal case are to be learnt, writes Anastassios Adamopoulos.




Markets


Carriers face a “delicate balancing act” as they seek to return capacity to the market and maintain the solid rates gains they have made this year.

Liquefied natural gas demand may have staged a rebound in two of the world’s most populated countries but growth in the commodity trade has slowed to crawl following a benign winter and coronavirus-led demand disruption, which is holding back commodity prices and shipping rates.

Optimism is lacking in the liquefied petroleum gas markets, where charter rates have slipped to roughly one third of the levels seen at the beginning of 2020.


In other news


Japan’s shipbuilding sector faces more consolidation, with Mitsui E&S Holdings announcing it is talking with Tsuneishi Holdings to form a shipbuilding joint venture.

A Taiwan-owned, Hong Kong-flagged dry bulk carrier is the second vessel in less than a week to be detained for crew violations, this time in a more serious case, with allegations of abuse and intimidation being levelled at officers this time.

Ocean Network Express has again delayed offering full-year guidance because of the “ongoing and uncertain situation” surrounding the global pandemic.

The crew of the capesize carrier that grounded off Mauritius last week are reported to be safe and healthy.

The US legal system can be a minefield for the global maritime industry, with each of the nation’s 50 states having its own laws.

Japan’s Mitsui OSK Lines warned that more scrapping of car carriers is on the cards after it carried 406,000 fewer cars in the first quarter of the year, as the industry continues to struggle with the pandemic.

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