Daily Briefing October 21 2020
Free to read: Skuld head predicts club consolidation in next five years | China’s imports of Malaysian diluted bitumen face IEA probe | Tanker rates at 11-year low as Europe refineries curb imports
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
Consolidation in the protection and indemnity sector could see the number of International Group affiliates reduced by half within five years, according to one chief executive.
Imports of diluted bitumen into China from Malaysia exceed the latter’s production and refinery capacity, according to official figures.
The resumption of crude exports from Libya has failed to revive Mediterranean crude tanker rates which remain below operating expenses with earnings at the lowest in 11 years on some routes.
Western Australia is considering turning back ships with coronavirus cases, with the state’s leader warning more crew changes increased the risk of outbreaks.
Analysis
The huge cost of decarbonisation in shipping cannot be shouldered by vessel operators alone and will require the support of other participants, including banks, classification societies, flag states, and ports, a conference has heard.
Slow steaming measures to save the environment are an easy fix in reducing shipping emissions to meet agreed 2030 targets, according to Chile-based dry bulk operator Nachipa.
From the News Desk: The Global Maritime Forum produced many forward-thinking proposals, but not everyone in shipping agrees they are the correct approach.
Markets
A vessel grounded over the weekend is affecting access to Sabine Pass LNG terminal while post-hurricane damage continues to restrict deep-draft vessel access to Cameron LNG terminal, with the constrained access to large-scale liquefied natural gas plants in the US Gulf of Mexico supporting the seasonal winter surge in Asia’s spot prices for the commodity.
In other news
A floating storage and offloading unit holding Venezuelan oil is at risk of sinking after a fishing lobby spotted the vessel listing up to 25 degrees.
The US has targeted more shipping companies with sanctions for alleged dealing with Iran.
One of the major concepts behind smarter ports has taken a step forward with the release of a new set of standards designed to align definitions between container lines and terminals.
Golden Ocean Group has parted company with chief commercial officer Thomas Semino, the bulk carrier operator said in a statement.
Maran Tankers is said to have offered to buy three very large crude carriers in Xihe Holdings’ fleet at prices coming in at over and above the outstanding vessel loan values.
French energy major Total has made its first carbon-neutral shipment of liquefied natural gas through the use of carbon offsetting.
Brazilian miner Vale appears on track to meet its full-year iron ore output target, which should support dry bulk shipping.