British-based shipping companies are in principle eligible for government coronavirus support schemes, say lawyers, but unfortunately few seem to have business interruption insurance

Lenders won’t necessarily be more reasonable, but coronavirus should make them more pragmatic, more resigned, and ready to recognise the nature of what the world is facing, say WFW partners

But bank-backed leasing houses are said to be financially confident as they can tap the inter-bank market for liquidity rather easily

Chinese lessor intends to charter the newbuilds to an independent third party upon delivery

Bankers warn that shipping may struggle to raise new equity even after the coronavirus shock dissipates. The dry bulk sector could have first call on investor interest

Capital structure is too weak to maintain current rating unless balance sheet can be recapitalised

‘We have continued to advance during 2019, delivering one of the strongest solvency ratios in marine and P&I,’ insists Lars Rhodin

‘We are facing unprecedented odds to sustaining our business’ — Essar Shipping chief executive Ranjit Singh

‘Negotiations were slower to get going than in previous years and were perhaps tougher in nature, with the majority of clubs setting the tone by the general increase levels called,’ a leading broker said

‘Everything continues to function. Placement is definitely taking place, lines being confirmed, and the Platform Placing Ltd exchange is, of course, of great use in these circumstances,’ says Marcus Baker of Marsh JLT Specialty

‘Impact is more likely to be felt in delay or disruption where no damage is suffered, with cargoes or vessels not being shipped, sailing empty, being delayed or refused entry at discharge port,’ says Clyde & Co lawyer

Deal will ‘significantly improve the club’s capital position and bring finality to a highly volatile book of claims’, says chairman Nicholas Inglessis

British-based shipping companies are in principle eligible for government coronavirus support schemes, say lawyers, but unfortunately few seem to have business interruption insurance

‘Things are at the point where shipowners can no longer sustain the kind of activity which is fundamental for the Italian economy in terms of logistics if they do not receive any support from the government anymore,’ says WFW partner

‘London remained far out ahead as the venue of choice for international maritime arbitrations,’ says LMAA president

Chris Nolan, Partner at Holland & Knight New York, who authored an amicus brief on the prevailing side, told Lloyd’s List that the ruling would be welcomed by the shipping industry

‘The first concern that clients have that we’re seeing is whether coronavirus gives rise to force majeure event. And then following on from that — depending whether it’s an owner or a charterer — there are questions as to whether a party can perhaps terminate the contract or charterparty,’ says Paul Dean

Non-governmental organisation highlights reports of officers and ratings retained on vessels after sign-off, unpaid wages, contract extensions without informed consent, and crew stranded in foreign countries and having to pay for hotel bills and flights home from their own pocket

Prime Minister Lee Hsien Loong said the suspension would not apply to economic sectors deemed ‘strategic’ or that ‘form part of a global supply chain’

The UK is one exception to have moved to categorise seafaring as an essential service, which goes to promoting seafarer welfare in trying times such as the current coronavirus outbreak

Following Vitol’s now completed acquisition, observers are questioning whether the deal involves a transfer of an existing bunkering licence in Singapore, which would facilitate future M&A deals

Citi’s veteran shipping chief believes shipping companies should not wait for the IMO to make more rules relating to decarbonisation and should voluntarily change their behaviour

Controls on carbon emissions are likely to extend beyond European shipping companies, EU-flagged vessels and intra-EU voyages

‘This result is an important statement that US courts will not hold shipowners responsible for liabilities incurred by entirely separate corporate entities’ — Seward & Kissel partner Bruce Paulsen

The fire and thick smoke that engulfed the tanker within minutes would have made it impossible for any crew member to survive, Iran says in submission to IMO ahead of a sub-committee meeting in March

TT Club and UK P&I Club seek ‘significant improvements’ in packing, stowage and declaration of hazardous cargoes

Mr Justice Teare has reaffirmed that detriment to incident investigations that might come about if MAIB reports were allowed to be used as evidence outweighs any benefit to commercial arbitration. The reports remain off-limits for commercial court disputes

The UK and US governments have passed legislation giving themselves the power to grant or deny licences authorising people entering the hull sections of Titanic

DNV GL hopes the joint development project’s findings will help guide battery safety rules as the technology evolves

West African pirates clearly didn’t get the memo on social distancing. Undeterred by the global coronavirus pandemic, piracy is still rife and insecurity in the Gulf of Guinea in particular continues to blight the lives of seafarers working in the region. As the industry seeks to strength security measures with the latest publication of ‘Best Management Practice’ focused on the Gulf of Guinea hot-spot, the Podcast this week explores how seafarers are having to deal with yet another layer of risk. Joining the podcast this week we have Bimco’s head of safety and security Jakob Larsen and Stephen Askins, Partner at Tatham & Co - Maritime Solicitors

Master of the 60,435 dwt bulk carrier sounded the alarm, forcing the pirates to abort their attack, according to Lloyd’s List Intelligence

This is the first incident in the area this year. However, there were four incidents at Port Libreville and the Owendo Anchorage in 2019

In the event, the Indonesian navy deployed two vessels and a helicopter to apprehend the pirates

UNCLOS is not clear enough on what constitutes a ‘genuine connection’ between a ship and its flag state

Ocean freight spot prices from Rotterdam to Shanghai rose 24% in the past week, 45% higher than for the same period last year. Meanwhile, the spread between high and lower sulphur marine fuel oil is contracting, which has slashed earnings premiums for scrubber-fitted vessels.

There was a considerable jump in the number of blank sailings announced on deepsea trades this week, while the Baltic Capesize Index moved into positive territory for the first time since late January

Prime Minister Lee Hsien Loong said the suspension would not apply to economic sectors deemed ‘strategic’ or that ‘form part of a global supply chain’

Box ports may face changing supply chain needs in a post-coronavirus world

After losing out in the bidding for Long Beach Container Terminal in southern California, Yildirim Group chairman Robert Yildirim has turned his attention to the US Gulf where he hopes to develop a terminal that will be handling more than 300,000 teu a year initially, with scope for further expansion as the facilities are upgraded

New wave of cuts likely as China export demand falls

In the coronavirus lockdown, video conferencing has come to the fore in the relationship building that forwarders rely on

Join shipping and bunker industry experts to discuss how the sector will fuel its future and what businesses can do to mitigate risk and transition effectively.

In the discussion about cutting emissions by 50%, no one wants to discuss the benefits of a post-coronavirus world simply reducing consumption. Perhaps it’s a risk shipping doesn’t want to face

Citi’s veteran shipping chief believes shipping companies should not wait for the IMO to make more rules relating to decarbonisation and should voluntarily change their behaviour

Controls on carbon emissions are likely to extend beyond European shipping companies, EU-flagged vessels and intra-EU voyages

Another expectation of the coronavirus fallout is that it will sideline the trend towards putting greater importance on environmental, social and governance issues in maritime finance

The standard, which is in its draft form and was months in the making, requires further input from all industry participants

The 13,806 teu Thalassa Avra, which had just arrived for discharge and loading, was turned away and, by evening, was at anchor outside the port

Port groups call for government support to keep trade in essential goods moving amid the coronavirus crisis, but severe disruption seen in India. Forward freight agreements for VLCCs on the Saudi-China route rise sharply as oil traders look for floating storage, and mining companies start shuttering operations, impacting dry bulk.

The last question and answer period of this week’s 14th Annual Capital Link International Shipping Forum was as much about atmospherics as it was about answers, and the atmospherics were reassuring

The global maritime regulator suggests that seafarers, port personnel and others be considered ‘key workers’ who provide essential services

Chris Nolan, Partner at Holland & Knight New York, who authored an amicus brief on the prevailing side, told Lloyd’s List that the ruling would be welcomed by the shipping industry

Prime Minister Lee Hsien Loong said the suspension would not apply to economic sectors deemed ‘strategic’ or that ‘form part of a global supply chain’

After lengthy talks, a pair of VLCCs at Dalian and five suezmaxes at New Times are going ahead, says Greek owner

Chinese lessor intends to charter the newbuilds to an independent third party upon delivery

There are four known cases. Employees working on the Liza Unity FPSO and the Coral South turret project are said to be among those diagnosed positive

The vessels, which will each have large-capacity lithium-ion batteries, will operate in the Tokyo Bay area

Three 2013-built, 6,300 dwt liquid tankers will be sold for $15m in total

In the coronavirus lockdown, video conferencing has come to the fore in the relationship building that forwarders rely on

Inmarsat has signed up as a founding member of Asia’s first ‘Decarbonising Shipping’ initiative based in Singapore

The vessels, which will each have large-capacity lithium-ion batteries, will operate in the Tokyo Bay area

Intensive carbon pricing to help both fuels, as well as ramp-up of renewable electricity supply to boost LSM production, will be required

Floating, rather than onshore tank, storage holds the key to promoting liquidity in the liquefied natural gas market

The Finnish firm hopes to supply ammonia fuel, engines and storage services 

The finance deal, at Libor plus 2.3% interest, gives Frontline purchase options throughout the seven-year term

The offloading of Pacific Direct Line was already disclosed in a Alphaliner newsletter last week

TEN will post its fourth quarter of 2019 results on March 24

Lloyd’s List understands that the lessors will cease to be classed as owners after the deal completes, which suggests PIL will need to pay off the financers’ loans before the sale completes

The US Energy Information Administration said it expects monthly natural gas production to decline from last year’s record levels, as lower natural gas prices reduce incentives 

Genco says that the coronavirus outbreak has reduced the demand for cargoes including iron ore and coal