Daily Briefing October 3 2019
Free to read: Brexit plan calls for customs clearance on intra-UK trade | Novatek ramping up LNG shipments via NSR to Asia | Maersk said to be considering sale of Rotterdam terminal | Greek-owned fleet continues to dominate
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Markets | In other news
What to watch
Under the British government’s tweak to its Brexit withdrawal plan, cargoes travelling across the Irish Sea could have to complete customs formalities as early as next month, even where both the port of loading and the port of discharge are part of the UK.
Russia’s leading private liquefied natural gas producer, Novatek, expects to more than quadruple its shipments of the supercooled fuel via the northern sea route to Asia-Pacific this year.
Maersk group is leaning toward shifting all its box business to a new site while disposing of its Maasvlakte I terminal at Rotterdam, according to Alphaliner.
Analysis
The ace up the sleeve of Athens as a world-class maritime city has always been the mighty resident Greek shipowning community. Now there are the first signs that a wider view of the maritime economy is gaining traction.
Lloyd’s List Intelligence data confirms the continuing strength of the Greek-owned fleet despite a modest recent contraction.
Cyprus can use a workforce familiar with shipmanagement, companies already established on the island and political support to grow its share of the shipmanagement market.
Markets
Container lines chartering-in ships are finding their costs rising as the number of vessels being removed from the fleet for scrubber retrofits pushes up charter rates.
Hapag-Lloyd, the world’s fifth-largest carrier, has said it does not intend to begin voyaging through either of the two main Arctic shipping routes that connect the Atlantic to the Pacific Ocean.
In other news
Iran plans to build two refineries and petrochemical facilities in the port of Jask in the Gulf of Oman.
Sempra Energy has announced a memorandum of understanding with China Three Gorges Corp for the supply of liquefied natural gas. The MOU, which marks the first US-China LNG agreement in 12 months, builds on Sempra’s plans for exports to Asia.
GTT, a liquefied natural gas containment system provider, has enlisted South Korea’s DSEC for the construction of two LNG fuel tanks on a landmark polar exploration newbuild vessel.
A MISC-Avenir joint venture has won a $28m three-year contract for a liquefied natural gas bunker tanker.
Nasdaq-listed Pangaea Logistics Solutions has sealed a sale-and-leaseback deal with Chinese shipyard-linked leasing company CSSC (Hong Kong) Shipping Company for four high ice class post-panamax dry bulkers at Guangzhou Shipyard International worth $152m.
The container sector’s model of fixed supply and variable demand leads to poor utilisation and weak rates. A flexible long-range booking system would allow carriers to better match shipper demand.