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Daily Briefing February 3 2021

Free to read: Owners ‘going ballistic’ in hardest P&I renewal round for years, warns Aon | Shipowners make their play to define EU emissions rules | Trafigura suspends terminal operations in Myanmar

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


Shipowners are seeing the hardest P&I market for years in the current renewal round, with clubs clearly determined to make double-digit percentage point rate hikes stick, a major broker has warned.

European shipowners’ positioning on European Union emissions regulations last week was the culmination of months of debate and the start of what is likely to be a strong lobbying offensive from the different sectors of the industry.

Trafigura, a global commodities trader, said it has temporarily suspended its Puma Energy terminal operations in Myanmar as a safety precaution following the military coup in the country.

More than 70m barrels of crude was tracked for discharge at the port of Kyaukpyu, Myanmar last year, from where it is sent by pipeline from the Bay of Bengal port to inland China.


Analysis


Understanding the needs of the industry and seeking the right digital tool will have much more impact than expecting shipping to invest unwillingly.

Remote surveys have helped clear the backlog of ship inspections delayed due to the pandemic. But once it is over, can class societies convince shipowners to keep up the pace of change?

Digitalisation and other technologies have enabled shipping companies to shift seamlessly to remote working, but bosses hope staff can be persuaded to return to the office once the pandemic recedes.


Opinion


Letter to the Editor: No competition concerns over boxship safety collaboration.





Markets


Containership owners are riding high on the back of unprecedented containerised freight demand, with both vessel values and charter rates soaring.

Boxship owner Costamare has agreed charter deals for 20 vessels at rates and for durations reflective of a rising charter market.

Equipment providers have installed data gathering software that operates independently. It is time to think about how to combine some of this technology, says one expert.


In other news


Scorpio Bulkers, the US-listed owner determined to exit the dry bulk market, has agreed to sell seven vessels to Star Bulk Carriers Corp.

New Delhi has put forward plans to double ship recycling capacity by 2024 and attract more vessels from Europe and Japan.

Creditors grouped under four classes have granted Pacific International Lines the required majority vote in support of its proposed restructuring, paving the way for $600m of new equity and debt injection from Temasek-linked Heliconia Capital.

The disruption occurring in the US supply chain has led to a shortfall of available container equipment at Los Angeles, according to figures from container positioning platform Container xChange.

Excessive detention and demurrage charges imposed by shipping lines and marine terminal operators are threatening US intermodal carriers, with more than half of them reporting “critical negative effects” on their businesses.

Iran may detain more ships for political ends if hardliners win its presidency in May, according to a security consultant.

Federal maritime commissioners have made a plea to President Joe Biden for the US maritime workforce to get priority for vaccinations against the coronavirus.

Wikborg Rein is expanding its marine casualty and emergency response team by hiring Ince & Co’s admiralty manager Matt Berry for the same role in its London office.

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