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Daily Briefing October 7 2020

Free to read: Shipping industry expects post-pandemic economic crisis | Euronav chief backs ‘gradual’ carbon levy | India to surpass China as the world’s largest LPG importer by 2030

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 maritime industry faces a global economic crisis in the next decade for which it is woefully underprepared, according to the findings of a survey of shipping leaders.

A carbon levy on fuels for shipping should increase gradually to ensure it is successful, according Euronav chief executive Hugo De Stoop.

Liquefied petroleum gas demand in the residential sector in India will continue to see sustainable growth at a cumulative annual growth rate of 3.3%, reaching 34m tonnes in 2030, according to energy and commodity research agency Wood Mackenzie.


Analysis


Total’s marine fuel unit has set its sights on the strong growth of China’s budding bunkering market, which has held up amid the pandemic-driven supply chain disruption.

From the News Desk: Shipping has received a sharp wake-up call in recent days over the threat posed by hackers. It comes as the US Office of Foreign Assets Control issued advisories highlighting the increased sanctions risks associated with ransomware payments.


Opinion


The Lloyd’s List Podcast: We look at the next steps in the journey to carbon-neutral fuels in this special edition of the podcast.





Markets


The head of Okeanis Eco Tankers says he does not believe that using liquefied natural gas as a fuel is a long-term solution for shipping to cut emissions.

A collaboration between Lloyd’s Register, Daewoo Shipbuilding & Marine Engineering and MAN Energy Solutions has resulted in the approval in principle of a design for a 23,000 teu containership.


In other news


A new Sea Cargo Charter initiative adds to the piling pressure on the shipping industry to be more transparent and take responsibility for decarbonisation action.

The High Court judgment that Greece-owned bulker Panamax Alexander was wholly responsible for a multiple ship pile-up that closed the Suez Canal has been hailed as victory for common sense by a leading law firm.

Singapore’s top licensed physical bunker supplier Equatorial Marine Fuel is using digitalisation to boost transparency and lift the efficiency of its bunkering operations, launching one of Singapore’s first real-time bunkering tools.

The Port of Antwerp will receive European Union funding to study ways to transport CO2 for carbon capture and storage.

PSA International has taken over the management of King Abdulaziz Port Dammam’s First Container Terminal to become the Saudi port’s sole terminal operator.

The biggest bunker industry event kicked off with an emphasis on decarbonisation and digitalisation, with Singapore senior transport minister Chee Hong Tat pointing out in his opening speech at the 21st Singapore International Bunkering Conference and Exhibition that there were particular opportunities in these two areas.

Mediterranean Shipping Co has called for collaboration in the development of future fuels as it trials biofuels and puts its weight behind hydrogen as the energy source to achieve shipping decarbonisation.

Increased demand for containership transits helped the Panama Canal break even in terms of tonnage volumes during its 2020 financial year, but other sectors showed the strain that the pandemic is having on global shipping.

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