Container volume data from key Chinese ports already shows a 20% drop since January 20. Lines have announced blank sailings and this programme is set to be expanded further in the coming months, putting paid to any hopes of volume recovery after the Chinese New Year holidays.
New report says lines will blank as many as 58 voyages on the Asia-Europe trade in the first quarter of 2020, more than double last year’s total. This number could rise further due to the Coronavirus outbreak.
Australia is the biggest coal and the second-biggest LNG exporter in the world. It is now poised to cultivate a hydrogen industry. International collaboration with regional partners such as Singapore, Japan and South Korea will be key. But the need for new facilities, infrastructure and supply networks means that investment for fuel end-users, such as shipping companies, could be a defining factor.
International Group P&I clubs will increase the minimum deductible on excess war risks P&I cover from the February renewal, from $100m to $500m, or the value of the ship if that is less.
Newbuilding contracts include four product tankers and one VLCC to be delivered from June 2021. The new order target of $15.9bn is unchanged from 2019.
A DNV GL report has found marine battery systems will need extra safety measures to prevent fires and explosions. Specialised fire prevention systems are already available but need to be adapted to the particular vessel and battery system used, while crews must also be taught processes for fighting battery fires specifically.
Demand levels are high ahead of the early Chinese New Year shutdown. But analysts warn that a sting in the tail will come in February.
Despite the Baltic Dry Index moving up by two points on Friday to 774 market participants hold a dim view as the International Maritime Organisation sulphur cap rules takes its toll. A producer of iron ore or coal sees a 40% increase in freight cost overnight with no ability to recover those costs.
Deal target remains unchanged from 2019. The group only managed to meet 76% of the goal last year.
From March 1, ships without exhaust gas scrubbers installed will not be allowed to carry fuel exceeding 0.5% in their fuel tanks.
The Lloyd’s List Outlook is fuelled by insights derived from Lloyd’s List Intelligence data, but understanding the macro view that underpins that data is essential. Here, LLI’s head of consultancy Christopher Palsson explains the underlying views that guide our interpretation of the data.
Next year is likely to be dominated by the same themes as in 2019 — sanctions, scrubbers, sulphur and supply. But the big decisions are all on hold thanks to uncertainty over the twin dynamics of decarbonization.