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Latest From Finance

Force majeure doesn’t get ship operators off the loan repayments hook

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

International Finance

Bankers go easy on owners as coronavirus bites — at least for now

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

International Finance

Chinese lessors warn on rising shipping defaults

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

Asia Pacific Containers

CDB Leasing orders $188.9m ultramax octet

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

Asia Pacific Dry Bulk

Investment banks eye greater shipping consolidation

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

International Finance

Moody’s to review CMA CGM credit rating

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

France CMA CGM
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Latest From Insurance

Swedish Club imposes general increase after combined ratio hits 5%

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

Sweden Insurance

Virus lockdown sees force majeure at Indian ports

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

India Ports and Logistics

P&I clubs ‘set the tone’ during renewal round

‘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

International Insurance

Marine business still being placed as Lloyd’s shuts underwriting room

‘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

United Kingdom Insurance

Coronavirus: Marine claims for delay and disruption to rise

‘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

International Insurance

UK Club offloads occupational disease liabilities

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

International Insurance
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Latest From Law

Force majeure doesn’t get ship operators off the loan repayments hook

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

International Finance

Italian shipping and ports in line for stimulus package

‘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

Italy Law

London arbitration sees continued growth

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

United Kingdom Law

Citgo held liable for costs of 2004 oil spill in US

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

US States Casualty

Coronavirus will see shipping litigation spike, HFW warns

‘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

International Law

Campaigners call for human rights arbitration as crisis highlights seafarer abuse

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

International Law
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Latest From Regulation

Singapore exempts maritime from virus-linked suspension

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’

Singapore Regulation

Seafaring should be considered an essential service

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

Coronavirus Ports and Logistics

Is Vitol deal the start of an M&A wave in Singapore’s bunkering industry?

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

Singapore Bunkers

Citi’s Parker says shipping cannot wait for regulators on decarbonisation

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

Citibank Environment

Shipping in the crosshairs of the EU emission strategy

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

EU Fuels
See All

Latest From Casualty

US court upholds Gourdomichalis corporate veil in Adamastos action

‘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

United States Dry Bulk

Iran calls for review of tanker safety after Sanchi report

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

Tankers and Gas Safety

Clubs urge adherence to new dangerous goods code

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

Insurance Containers

Marine accident reports remain inadmissible in English courts

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

United Kingdom Casualty

UK agrees treaty with US to protect Titanic wreck

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

United Kingdom Casualty

Ship batteries need extra fire risk safeguards

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

DNV GL Group International
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Latest From Piracy and Security

The Lloyd's List Podcast: Piracy in a time of coronavirus

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

Coronavirus Piracy and Security

Pirate attack thwarted off Nigeria

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

Piracy and Security Nigeria

Seven seafarers kidnapped in attack on MSC containership

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

Containers Mediterranean Shipping Co

Pirates arrested as crew foils Singapore Straits attack

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

Asia Pacific Piracy and Security

Experts call for flag state law clarity

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

IMO Law

The week in charts: Freight prices jump, sulphur-fuel spread contracts

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.

Containers China
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Latest From Ports and Logistics

The week in charts: More blank sailings, China shows early signs of recovery

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

Coronavirus Containers

Singapore exempts maritime from virus-linked suspension

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’

Singapore Regulation

Antwerp prepares for crisis and beyond

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

Europe Belgium

Yilport's US investment plans delayed by red tape and coronavirus

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

Turkey United States

Capacity reductions set to stay

New wave of cuts likely as China export demand falls

International Containers

Freight forwarding in the virtual office

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

Europe United Kingdom
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Latest From Environment

Register now for the Lloyd’s List Future Fuels Webinar

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.

Singapore Maritime Week Environment

What if coronavirus teaches us to consume less?

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

International Coronavirus

Citi’s Parker says shipping cannot wait for regulators on decarbonisation

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

Citibank Environment

Shipping in the crosshairs of the EU emission strategy

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

EU Fuels

Financiers split on how virus is undermining ship finance

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

International Containers
See All

Latest From Safety

New dry bulk safety standard launched

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

Dry Bulk Safety

Port of Los Angeles terminal closes after positive coronavirus test

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

US States Containers

Weekly briefing: Little cheer for containers, floating storage reignites tanker rates

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.

Coronavirus Containers

Cash remains king in the coronavirus era

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

International Containers

Coronavirus: IMO calls for improved treatment of crews

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

Coronavirus IMO

Citgo held liable for costs of 2004 oil spill in US

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

US States Casualty
See All

Latest From Shipbuilding

Singapore exempts maritime from virus-linked suspension

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’

Singapore Regulation

Dynacom confirms orders for seven tankers in China

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

Greece Tankers and Gas

CDB Leasing orders $188.9m ultramax octet

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

Asia Pacific Dry Bulk

Keppel closes some shipyard operations over coronavirus cases

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

Singapore Shipbuilding

Asahi to build first battery-powered tankers

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

Tankers and Gas Technology and Innovation

China Merchants orders four multipurpose ships and sells three small tankers

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

Asia Pacific Dry Bulk
See All

Latest From Technology and Innovation

Freight forwarding in the virtual office

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

Europe United Kingdom

Decarbonisation initiatives launched in Singapore

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

Singapore Tankers and Gas

Asahi to build first battery-powered tankers

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

Tankers and Gas Technology and Innovation

Liquefied bio and synthetic methane could decarbonise shipping

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

Fuels Environment

Health crisis exposes need for LNG floating storage

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

Tankers and Gas LNG

Wärtsilä trials ammonia fuel for ships

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

Wartsila Fuels
See All

Latest From Sale and Purchase

Frontline to buy 10 suezmaxes from Trafigura

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

Tankers and Gas Frontline

PIL confirms disposal of feeder unit

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

Containers Consolidation

TEN sells five vessels for $104m

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

Tankers and Gas Sale and Purchase

PIL sells more assets to shore up liquidity

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

Containers Sale and Purchase

Is it time to question the economics of US LNG exports?

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 

Tankers and Gas United States

Genco to sell 10 handies in fleet renewal

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

Dry Bulk Sale and Purchase
See All
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