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Daily Briefing November 6 2020

Free to read: Scrubber spread narrows to record on low refinery runs, falling crude price | China-owned vessel with overdue crew held in Australia | How ship finance recovered from coronavirus

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 difference in price between very low sulphur fuel oil and the 3.5% sulphur marine fuel used by ships with scrubbers installed has fallen to fresh lows, according to price reporting agency Argus Media.

Yet another China-owned vessel has fallen foul of Australian authorities, with the Australian Maritime Safety Authority detaining the 9,032 dwt general cargo vessel Brio Faith for having crew on board for as long as 20 months without leave.


Analysis


United Bulk Carriers International, a panamax-focused operator, has filed for bankruptcy protection in Italy.

The Sustainable Shipping Initiative has joined a project to develop a human rights code of conduct for charterers to tackle systemic challenges to seafarers’ human rights.


Opinion


Months after feeling the impact of a global health crisis, ship finance is in better shape and working from home, figuratively speaking. And if it’s not yet quite back to full capacity, deals are still getting done, writes David Osler.



Markets


Scorpio Tankers, which owns and operates a fleet of 128 product tankers, reported its first quarterly loss in 12 months, as global refinery maintenance, Covid-19 volatility, US Gulf hurricanes and easing transport fuel inventories halved spot earnings.

Crude oil tanker owner Euronav anticipates a challenging winter season for the market after increasing its profits for the third straight quarter.

Japanese shipping giant Kawasaki Kisen Kaisha expects the business environment to remain severe until April next year, while it believes that the global economy will gradually recover during the period.

Navios Maritime Partners remained in the black in the third quarter and is eyeing an increase in dry bulk demand next year.


In other news


China’s appetite for bulk commodities, at a time when other countries of the world are experiencing a fall in trade volumes, is supporting the dry bulk market and shows its purchasing power.

Maritime welfare charities in the UK have launched a bursary fund that will provide up to £500 ($650) for retraining for seafarers made redundant as a result of the pandemic.

US exports of liquefied natural gas could be impeded by the decision of French power company Engie to end negotiations on a multibillion-dollar contract to import the fuel

Dry bulk vessel owner Genco Shipping & Trading is offloading three supramaxes as part of its fleet renewal amid wider losses.

Five workers taken to hospital after an explosion on a product tanker undergoing maintenance at Turkey’s Sefine Shipyard have been discharged.

Leading Japanese shipping company NYK Line has raised its full-year forecast and predicts net profit to more than double.

South Australia is pushing ahead with its efforts to develop port infrastructure to support an A$240m ($171.58m) project touted as being able to produce sufficient hydrogen to supply the world’s largest ammonia plant

The owner and manager of the grounded dry bulk carrier Wakashio, which came to grief off Mauritius in July, have appointed a Chinese salvage company to remove the remaining stern section of the hull.

Mediterranean Shipping Co has begun a “buying spree” that has seen the world’s second-largest container line spend $180m on secondhand tonnage, much of which it already has on charter.

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