Daily Briefing November 10 2020
Free to read: Weaker winter forecasts dampen LNG shipping stocks | Economou sells Heidmar tanker pool to chief executive | Felixstowe turns to former chief as cargo struggles persist
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The prospect of a seasonal rally in liquefied natural gas spot rates being cut short by looming overcapacity and pandemic-linked demand concerns is pulling back pure LNG shipping stocks.
Greek shipowner George Economou has sold his interest in US-based tanker pool manager Heidmar to chief executive Pankaj Khanna for an undisclosed sum, a statement from the company said.
Chris Lewis has returned to Felixstowe as chief executive of Hutchison Ports UK at a time when Britain’s top container port has been struggling to cope with a surge in volumes.
Brexit is forcing Irish shipping and ports to remake trading patterns on a scale unparalleled since country joined the European Union in 1973, according to a lawmaker from the Irish Republic’s governing coalition.
BP has chartered a newbuilding very large crude carrier for six months to load and store nearly 2m bbls of middle distillates, as plunging demand for diesel and jet fuel again leaves refineries with surplus clean products.
With three more years until Europe’s Consortia Block Exemption Regulation is up for review, the commission must use this time wisely to assess the landscape of the container shipping market, which has evolved significantly since its inception.
The Lloyds List Podcast: With the containership sector averaging one fire every two weeks, we talk to Rahul Khanna, the head of marine risk at Allianz, Are Solum, Gard’s senior claim executive, and TT Club risk management director Peregrine Storrs-Fox to find out why the boxes are burning.
Grindrod Shipping, a Singapore-based owner and operator of mainly bulk carriers, has wound up its joint venture with Mitsui following the sale of a handysize.
Nordic American Tankers, which has a fleet of 25 suezmax tankers, warned of a “certain lull” in the market for its vessels ahead of its issuing third-quarter earnings, suggesting very different results are coming compared to three months ago.
Concordia Damen has signed a contract with institutional investors advised by JP Morgan Asset Management for 40 liquefied natural gas dual-fuel barges that will be used by Shell for inland waterway transportation in Europe.
China State Shipbuilding Corp and Rongsheng Petrochemical have agreed to form a partnership to develop a very large crude carrier fleet.
Britain has blocked entry to all non-UK resident HGV drivers from Denmark and halted all passenger vessels and accompanied freight from the country.
Oslo-listed Stolt-Nielsen’s tanker unit has entered into a joint venture agreement with John T. Essberger of Germany for the operation of a combined parcel tanker fleet trading within Europe.
Danish Shipping called for tighter maritime security in the Gulf of Guinea after the Italian navy repelled a pirate attack on a Torm tanker off Benin — the latest in a string of failed attacks in recent weeks.