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Daily Briefing February 17 2021

Free to read: P&I clubs ‘getting big rate rises’ as renewal deadline looms | Does shipping need its own ammonia rules? | Dry bulk fundamentals attracting post-coronavirus investment

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   |   Markets   |   In other news




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What to watch


P&I Clubs are by and large getting premium increases at the level they believe necessary to secure breakeven underwriting, according to the chief executive of an International Group.

The safe development of alternative fuels and their supply chains should be a priority for everyone across their value chain, but when it comes to ammonia, reinventing the wheel may be unnecessary.


Analysis


Strong fundamentals and systemic underinvestment in the dry bulk market have laid the foundationSecurities.

Swedish-Swiss technology business ABB has launched an industrial analytics and artificial intelligence platform that aims to solve the persistent challenge of data integration.


Markets


Cleaves Securities has upgraded its outlook for the global tanker fleet months earlier than expected, citing a potential post-pandemic surge in demand and “close to zero” fleet growth.

Spot market earnings for very large gas carriers are expected to fall below operating costs, with owners pulling in about $17,000 per day compared with a cash breakeven of $22,000 a day.

Spot rates for medium range tankers on the Europe-to-US route gained 70% as numbers chartered for transatlantic voyages surged on blizzard conditions in the US Gulf coast which have taken refineries offline and cut oil production.


In other news


Safe Bulkers has unveiled the latest moves in its fleet renewal push as it reported an increase in fourth-quarter earnings.

The International Maritime Organization is to form a Gulf of Guinea piracy working group amid “deep concern” over recent attacks.

An artificial intelligence startup company that focuses on streamlining shipping operations has launched a platform to improve vessel efficiency and cut greenhouse gas emissions.

Hutchison Ports has sealed a deal to invest in and operate the Port of Jazan Primary and Downstream Industries on Saudi Arabia’s Red Sea coast, and close to the border with Yemen.

Management reshuffling at Pacific International Lines is under way as the Singapore-based boxship owner-operator embarks on a proposed restructuring involving $600m of new equity and debt injection from Temasek-linked Heliconia Capital.

European shipowners are calling on the European Commission to require and incentivise suppliers to offer low- and zero-carbon fuels.

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