Daily Briefing February 4 2020
Free to read: Cosco VLCCs head to Singapore and Fujairah after sanctions lifting | Secondhand tanker values stall on coronavirus-led demand downturn | Australia to quarantine vessels from China
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
A total of 10 VLCCs owned by Cosco Shipping Tanker (Dalian) previously blacklisted by the US for violation of sanctions on Iran have left anchorage, suggesting they have returned to service.
Coronavirus and the return of sanctioned Cosco tankers will stall anticipated rises in tanker asset values, as spot charter rates plunge, threatening the nascent recovery in the crude sector.
Australia has said ships arriving in the country from China after February 1 will be subject to a 14-day quarantine.
Major container ports in China are exempting storage charges to provide support for clients being disrupted by the outbreak of the coronavirus in Wuhan.
As the coronavirus outbreak continues to spread and more countries start to ban travellers from China, the implications for shipping are also likewise mounting.
The impact of the coronavirus on Yangtze River shipping movements has been revealed in figures from Lloyd’s List Intelligence that show a dramatic reduction in port calls.
The fuels of the future may be a decade away, but shipowners still have viable options to get on the path towards emissions cuts today.
The UK government's decision to set a deadline for completing trade negotiations with the European Union by the end of the year has been criticised by a senior British shipping industry representative.
From the News Desk: The Lloyd’s List 2020 Outlook forecast that this year would be dominated by the five big S’s — sanctions, scrubbers, sulphur and supply. The past week has rather proven our point as the coronavirus hit markets, a US sanctions U-turn upset tanker supply and fuel concerns once again spooked investors already concerned about an uncertain path towards decarbonisation.
Lloyd’s List Podcast: LNG may not be the silver bullet to shipping’s decarbonisation dilemma, but there plenty of owners betting serious money that it offers a safe bet on the path to a greener future. Joining Lloyd’s List editor Richard Meade and markets editor Michelle Wiese Bockmann is, Bryan Comer, a senior researcher at the International Council on Clean Transportation and one of the authors of a report challenging the received wisdom that LNG provides a 20% reduction in greenhouse gas emissions and might actually be more environmentally damaging than conventional fuel options.
Tanker markets have been hit by the coronavirus outbreak, warmer winter temperatures and weaker than expected oil demand growth in the beginning of the year. Analysts are scaling back oil demand estimates rapidly in response to the virus.
Britain’s formal departure from the European Union finally went through last Friday, but most of the potential headaches for the shipping and port sectors have been deferred rather than resolved.
The former head of Sembcorp Marine’s unit in Brazil has been charged with alleged money laundering and corruption in connection with rigbuilding contracts secured by the shipyard group in the country.
ExxonMobil could not see eye to eye with the PNG government over new terms sought for the P'nyang gas project that will back a doubling of the country's 8m tonnes per annum export capacity.
Hapag-Lloyd has joined fellow carriers Maersk and CMA CGM in trialling biofuel on one of its containerships as it seeks to reduce CO2 emissions.