Daily Briefing January 28 2021
Free to read: Tankers doldrums underscored as tonne-mile demand shrinks 6.4% | New Maritime UK chair looks to shake up public perception | Hyundai Heavy eyes $900m IPO to build green ships
Good morning. Here’s our quick view of everything you need to know today.
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What to watch | Analysis | Opinion | Markets | In other news
What to watch
Preliminary tanker tonne-mile demand data for 2020 reveal trade routes with the greatest falls and suggest China alone cannot sustain any earnings rebound for the beleaguered shipping sector this year.
Transforming the often stuffy profile of Britain’s marine and maritime industries must be an immediate priority, according to the new leader of Maritime UK, the sector’s umbrella body for trade associations.
Hyundai Heavy Industries is planning a Won1trn ($905m) listing on the Korea Exchange to fund its efforts in building green ships.
Analysis
Ships certified as being ‘asbestos free’ by classification societies could still contain significant quantities of the material, according to a maritime law firm.
Mexico’s west coast continues to look like a promising alternative to the US Gulf for the development of terminals to export liquefied natural gas to Asia, despite political risk on both sides of the Pacific Ocean.
European shipowners have laid out what they see as required conditions for European Union market-based measures on shipping emissions.
Opinion
Shipping has been calling for governments, border authorities and airlines to prioritise seafarers getting home. It is sobering to hear that the crew change crisis is not a priority for epidemiologists, writes Richard Clayton.
Countries should vaccinate seafarers as part of their key worker status, says shipmanager Synergy Marine’s chief executive Rajesh Unni.
Markets
Freight rates for capesize bulk carriers have begun to stumble ahead of the Chinese New Year after registering a phenomenal beginning to the year.
The momentum is building for offshore wind farms in the US to see the light of day given President Joe Biden’s clean energy stance.
South Korea’s HMM struggled for many years to make money, but chief executive Jae-Hoon Bae believes it has turned the corner and that its investment in larger tonnage will help it survive and prosper.
In other news
Hapag-Lloyd said its operating profit exceeded $3bn in 2020 following a strong fourth quarter, despite a slight fall in transported volumes during the year.
Marine technology companies based in Greece and Cyprus have launched a new company focused on ship communications.
A coalition of leaders in the shipping industry and other heavy industry and transport sectors has been formed to tackle global emissions.
South Korean conglomerate SM Group has announced a plan to list its container shipping unit SM Line to fund expansion.
China’s Yangzijiang Shipbuilding has invested in a venture capital fund to help spur domestic economic growth and better deploy its cash on hand.