Daily Briefing January 20 2021
Free to read: Over 60 bulkers caught in China–Australia coal standoff | Cyprus offers tonnage tax cuts for greener vessels | Singapore plans to vaccinate 10,000 maritime workers this month
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
Dozens of bulkers remain stranded in China’s anchorages with Australian coal because of the political spat between the two countries that has hit trade flows, according to Lloyd’s List Intelligence data.
Cyprus is offering shipowners tonnage tax reductions of up to 30% under one of the first ‘green’ incentives programmes offered by a leading ship registry.
Singapore is taking the lead to vaccinate front-line maritime personnel, announcing a plan to offer coronavirus vaccinations to more than 10,000 workers by the end of January.
Analysis
First quarter of the year global oil demand has been revised down by 600,000 bpd — equivalent to removing nearly one aframax cargo daily from the market — as fresh International Energy Agency forecasts underscored further earnings hardship for tanker owners.
Opinion
Shipping should anticipate significant risks in its recovery from the pandemic, including the challenges of digitalisation and uneven technological competence of the workforce, writes Richard Clayton.
Markets
Many key transhipment ports and the leading container lines are continuing to see elevated levels of cargo rollovers, according to research from Ocean Insights.
China’s Zhonggu Logistics, a domestic-focused container shipping company, has announced a plan to build up to 18 panamax boxships.
Global trade is expected to return to pre-pandemic levels at a faster rate than recovery following the global financial crisis, but business leaders still expect it will take one to two years before economic activity returns to 2019 levels.
In other news
The International Chamber of Shipping is calling for seafarers to be designated as key workers to be able to get priority for coronavirus vaccines to ‘avoid a repeat of the 2020 crew-change crisis’.
Jiangnan Shipyard, part of China State Shipbuilding Corp, said it has signed a contract to build a pair of very large gas carriers for Oriental Petroleum (Yangtze), a subsidiary of Shenzhen-listed Oriental Energy.
Denmark has appointed a special representative for maritime security in the Gulf of Guinea after attacks on Maersk ships raised concerns.
Parametric insurance specialist Paratus has received Guernsey Financial Services Commission approval to provide parametric freight price insurance, alongside the fuel price insurance it launched last year.
Australian mining giant Rio Tinto expects Chinese imports to rise with the global economic recovery, and a policy shift to promote domestic investment and consumption which is supportive of the commodity demand outlook.
Gard’s fixed premium P&I clients will benefit from an extension of cover for the 2021 policy year, taking in many coronavirus-related risks.
US-based project developer Commonwealth LNG and trading giant Gunvor are casting a wider net to solicit long-term offtake for a planned 8.4m tonnes per annum export project.
Shipping law firm Ince has hired Watson Farley & Williams finance specialist Konstantinos Mexias at partner level in its Piraeus office.