Daily Briefing November 18 2020
Free to read: IMO approves new emissions measure for ships | Tanker markets in ‘cash burn mode’ as owners seek respite | Rebadged HSH still in shipping after ‘learning its lessons’
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Maritime regulators have approved a new short-term greenhouse gas emissions cutting measure for ships bringing it one step closer to becoming official regulation.
Spot rates for tankers are in “cash burn mode” and demand for seaborne oil and refined products won’t return to pre-pandemic levels over the next 12 months said shipowners as they reported third-quarter results this week.
Hamburg Commercial Bank, the privatised successor to what was once the world’s biggest bank lender to the industry, is still lending to owners after having learned the lessons of over-exposure in a massive downturn, according to its head of shipping.
Ship recycling prospects look good for the coming year as the maritime industry continue to face the disruptions from the coronavirus outbreak. But the cost of making ship recycling greener and safer still remains the biggest impediment.
From the News Desk: A recent spike in attacks on vessels in the Singapore Strait has been linked to the economic effects of the coronavirus pandemic.
When it comes to decarbonisation, too often people who do not know the shipping industry say that it is not ambitious enough and that shipping sits outside the Paris Agreement on climate change, writes Guy Platten, secretary-general of the International Chamber of Shipping.
Star Bulk, a US-listed owner, has returned to profitability in the third quarter as the dry bulk markets recovered.
Container lines and non-operating owners have shown a great deal of restraint over the past year, largely avoiding going back to the yards for more tonnage due to the uncertainty surrounding the coronavirus pandemic and its uncertain effect on demand.
Samsung Heavy Industries has sealed a Won195bn ($176m) order for three suezmax tankers from an unnamed owner from the Oceania region.
Scorpio Bulkers, the US-listed shipowner moving into offshore wind, has agreed to sell five more vessels with two unaffiliated third parties.
China’s CDB Financial Leasing has struck a sale-and-leaseback deal for six ultramax dry bulkers with German owner Oldendorff.
Maersk’s integration strategy has not jeopardised its relationship with freight forwarders, according to Vincent Clerc, head of the company’s ocean and logistics unit.
Mediterranean Shipping Company is leveraging on its connections and the high efficiency of Hong Kong’s transhipment capabilities to introduce an express service for cherry and fresh fruit cargo from Chile to Asia.
The Nordic region should take a greater lead in decarbonisation and seek more aggressive policies that could help promote zero-emission shipping globally.
Parties linked to Indonesia’s Tangguh LNG project have sealed a $155m eight-year refinancing deal for two liquefied natural gas carriers.
Pacific International Lines has said it is “not commercially feasible” to make payments on a loan.