Daily Briefing November 5 2020
Free to read: Carriers face expensive transition to zero-carbon future | Cargo sector looks back for the future of unaccompanied freight | Singapore aims for 600 crew changes a day
Good morning. Here’s our quick view of everything you need to know today.
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Container shipping needs to prepare quickly for increasing demands to decarbonise shipping and find solutions for how it will pay for the move away from fossil fuels.
The combination of Brexit and a global health crisis has resulted in cargo owners and carriers reverting to a UK-Europe freight model, a Lloyd’s Loading List webinar heard.
Singapore expects to conduct some 500 to 600 crew changes per day in the coming months in a boost to efforts to tackle a problem created as a result of coronavirus lockdown measures around the world.
Eyes have recently been focused on the result of the US presidential election and what that will mean for the global economy, but it is China that is leading the way in terms of recovery and the country continues to be the main driver for trade this year.
Weekly briefing: High freight rates on transpacific routes have buoyed the container market in recent weeks but carriers have been told there is no guarantee the strong demand will continue. Meanwhile, transatlantic tanker rates have dropped in the past month but there is robust trade in grains.
Norden, a Danish bulker and tanker owner and operator, expects to see volatility continue in the dry bulk market.
Swedish product tanker owner Concordia Maritime expects a “turnaround” in the market next year due to increasing consumption and low fleet growth.
Small to mid-size container terminal operator International Container Terminal Services, Inc heeded its own warnings made the quarter before and managed to do well in the third quarter, even managing to raise throughput 3% to 2.63m teu from 2.55m teu in the previous corresponding quarter.
Pirates have attacked a Greek-owned product tanker off Nigeria.
Singamas Container Holdings says it has reached a debt payment agreement with its controlling shareholder Pacific International Lines.
As polls closed across the US there was widespread concern over the possibility of a protracted vote count that could delay the outcome of the election by weeks or even months.
Five workers at a Turkish shipyard were taken to hospital after an explosion on a product tanker undergoing maintenance.