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Daily Briefing May 5 2021

Free to read: Dry bulk freight futures soar as trading volumes hit 13-year high | GMS defends Maersk scrapping record after Danish criticism | Paul Ioannidis, guardian of the Onassis legacy, dies age 97

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


Dry bulk freight futures trading suggests soaring capesize rates will peak over the second quarter, even after front-month contracts for the largest bulk carriers gained 25% in value in two weeks.

Industry groups have defended Maersk’s record on scrapping after Denmark questioned a decision to recycle four ships at Alang, India.


Analysis


As the shipping industry emerges from the global pandemic and works for a zero-carbon future, class societies must ensure they focus on confidence, trust, and meeting expectations of new stakeholders.


Opinion


Paul Ioannidis, former head of the Onassis shipping operation and one of the last living links to the tycoon’s glory days, has died in Athens. He was 97.




Markets


Congestion at European ports has been less severe than had been expected following the release of the Suez Canal backlog, but only in relation to the ongoing disruption caused by existing conditions.

France’s Total anticipates there will be at least a one-year delay resuming work at the Mozambique liquefied natural gas project, fuelling uncertainty over the status of 17 newbuilding LNG carriers currently on order with charters linked to Africa’s largest energy project.


In other news


Singapore has blocked crew changes for seafarers with recent travel history to Bangladesh, Nepal, Pakistan and Sri Lanka following an increase in coronavirus infections.

Idan Ofer’s Singapore-based Eastern Pacific Shipping said it has entered into an agreement with Rio Tinto for three liquefied natural gas dual-fuelled newcastlemax vessels, with an option for another three.

Castor Maritime has continued its buying spree with the addition of six tankers within a week.

Thirteen people have tested positive for coronavirus on a bulk carrier at Newfoundland, Canada. One man is in hospital and the other crew remain on board the Marshall Islands-flagged Federal Montreal.

A fast-growing bunkering player has defied the World Bank’s call to halt investment in liquefied natural gas as a marine fuel, unveiling a tender for the construction of the fifth vessel to supply marine LNG in Europe’s busiest maritime waters.

Exmar, the Belgian gas shipping specialist, has received compensation from trading house Gunvor for the early termination served on a floating regasification and storage barge.

Japanese shipping lines are building marine capabilities to service large offshore wind farms lined up off the coastline of their home country.

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