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Daily Briefing October 12 2020

Free to read: IMO’s greenhouse gas plan is already outdated | LNG marine fuel phase-out urged to drive decarbonisation | LNG boxship conversions not economically viable

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


If shipping wants a say on its future — and support from lawmakers when it requires their help — it’s going to have to prove its progressive environmental credentials.

The International Maritime Organization has been urged to adopt a decarbonisation path that quickly phases out the use of liquefied natural gas as a marine fuel and establish carbon pricing, rather than waste time on marginal abatement measures.

The conversion of existing containerships to LNG propulsion is not yet commercially viable, according to the first company to have attempted the process.


Analysis


The week in charts: Healthy volumes in the capesize chartering market, in particular on the C5 Australia to China route, pushed spot rates to new highs before falling away as the week progressed. Meanwhile, strong demand on trades out of China are supporting container freight rates.


Opinion


Richard ClaytonStart-up entrepreneurs must be so frustrated by shipping’s inability to understand why digitalisation is not the answer to every one of the industry’s concerns, writes Richard Clayton.



Lloyd’s List Podcast: ABS chief Christopher Wiernicki is our return guest to cover decarbonisation pathways, shipbuilding decisions, the threat of regionalism in climate change policy and why a rapid mindset shift is required from the shipping industry to keep up with the pace and scope of changes afoot.


Markets


Freight rates are unlikely to remain at their current stratospheric levels for long, despite continued strong demand on major east-west trades, according to Hapag-Lloyd chief executive Rolf Habben Jansen.

The container freight rate spot market is showing signs of resilience in the post-Golden Week period, with indices largely unmoved at the start of the traditional slack season

Coal shipments from Colombia have fallen to fresh lows as September volumes dropped to around 3.2m tonnes, which is the lowest monthly rate on record, according to Braemar ACM.


In other news


Shipping is exploring the benefits of digital technology across the industry. Optimised main engine performance derived from electronically controlled main engines is an example of what is possible.

Havyard Ship Technology’s Leirvik shipyard in Norway, which has been closed down after an outbreak of coronavirus among its staff, will not reopen before October 19.

Brazilian mining giant Vale is to invest Yuan4.3bn ($641.3m) in building a new terminal at the Port of Ningbo-Zhoushan with a Chinese partner.

The very large crude carrier that caught fire off Sri Lanka’s east coast is being towed to the United Arab Emirates, after the shipowner paid more than $2m of firefighting expenses.

The Suez Canal collision case should not have proceeded as far as the UK High Court because it was clear from the start where responsibility lay, according to the law firm that acted for one of the vessels involved.

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