Daily Briefing November 13 2020
Free to read: Vaccine respite for tanker markets ‘at least nine months away’ | Shipping finance costs to rise after health crisis | Supply chains near break point amid service disruptions | UK container transport task force gathers as crisis deepens
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A vaccine for coronavirus is unlikely to offer any respite for global tanker markets until late in 2021, as renewed lockdown measures across Europe halt any global recovery in demand for transport fuels.
Vaccine treatments for coronavirus will boost economic activity and shipping in its wake, but ship finance is likely to get more expensive as a result, says Andy Dacy, global head of transportation at JPMorgan.
A failure to forecast the massive demand swings during the pandemic is now pushing maritime supply chains to breaking point, and there is little clarity on when the situation will improve.
The UK has reconvened regular meetings with ports and deepsea container lines as unprecedented disruption engulfs the country’s supply chains.
Coal trade should see growth return in 2021 following a contraction this year as the coronavirus pandemic slowed manufacturing, while supply lines were shut in.
Almost $2trn in upstream investments will be needed to meet future liquefied natural gas demand until 2040, but this figure could be reduced by 65% if gas demand peaks earlier owing to increasing calls for decarbonisation, according to consultancy Wood Mackenzie.
Unseen by most, but vital to everyone in the UK’s lives, our merchant seafarers have always played an integral part of the fabric of this country, writes UK Maritime Minister Robert Courts.
Lloyd’s List Shipping Outlook Forum: It has been a year like no other, with business forecasts and strategies swiftly realigned to accommodate the challenges presented by the coronavirus pandemic. We look ahead to what 2021 might bring.
Australia saw fewer delays to its liquefied natural gas shipments in October, a sign of winter demand picking up from the slump seen in the commodity market during the height of the coronavirus backdrop.
Gard is seeking to push up premium volume between 2.5% to 5% on last year’s total of $442m, chief executive Rolf Thore Roppestad has confirmed.
Corporate innovation and venture development firm Rainmaking has launched a maritime innovation advisory network for Southeast Asia with more than 30 industry leaders called Ocean Ventures Alliance.
Chinese leasing houses have been challenged to put more emphasis on decarbonisation initiatives as the need to build emission-free ships becomes a greater priority.
Product tanker owner d’Amico International Shipping believes it is well equipped with ongoing market downturn as the coronavirus hinders its prospects.
The death toll from a collision this week between a Greek oil tanker and a Turkish fishing boat has risen to five.
A bulk carrier with 23 Indian crew on board has been stuck at a Chinese port for almost five months waiting to discharge Australian coking coal.
Safe Bulkers, the Cyprus- and Greece-based dry bulk carrier owner, is eyeing fleet renewal with vessels that will meet new reduced emission standards.
Teekay Tankers, the Canadian owner, expects a challenging few months ahead citing the potential for uncertain virus conditions to temper a seasonal rise in spot rates.
Yang Ming Marine Transport has appointed Patrick Tu as its president as part of a management reshuffle.