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Daily Briefing May 22 2023

UK sanctions shipping companies as G7 readies tighter restrictions | Russian foreign ministry says grain deal will be terminated if demands not met | New ships authorised in Ukraine grain deal

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 and Opinion  |   Markets   |   In other news




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What to watch


The UK has targeted Russian shipping companies including Sovcomflot and its Dubai-based management in a new raft of sanctions, while Fesco and Volga Shipping among those targeted for links to grains theft. This comes as the G7 prepares to impose fresh sanctions on Russian ships and tighten gaps that allow circumvention of existing measures.

Russia will ‘terminate’ the Black Sea Grain Initiative if its demands relating to the facilitation of the export of its own grain and fertiliser products are not met, according to a release from its ministry of foreign affairs.

The Joint Coordination Centre has registered three vessels to participate in the Black Sea Grain Initiative, the first time that authorisation has been granted since May 4.


Analysis and Opinion


Fuel and infrastructure availability should not be a barrier to shipping’s rapid decarbonisation. Aligning the industry with a 1.5°C Paris Agreement temperature goal is entirely feasible with the right development in the Global South, argues Trafigura. But nothing happens without a carbon price and regulatory clarity this year. Can we do it? This week’s edition of the Lloyd’s List Podcast makes the optimistic case that all this is within reach.

Comité Maritime International, the grouping of national maritime associations that played a key role in bringing about the Beijing convention, sees the need for a further series of diplomatic pacts on industry issues, such as cyber security, decarbonisation and automation, according to its president Ann Fenech.

This week’s UAE Maritime conference lacked passion. If the Middle East really cares about decarbonisation, the emotional resources behind COP28 must be gathered. Otherwise, it’s all hot air, says Lloyd’s List The View.



Markets


Micro and macroeconomic factors continued to have a cooling effect on the port of Los Angeles’ cargo volumes in April.

China Merchants Energy Shipping, the state-owned shipping group, is planning to continue expanding its fleet. The Shanghai-listed company said its board had approved a proposal to order two 175,000 cu m liquefied natural gas carriers and a pair of aframax tankers.

China’s Qingdao Shipyard and Norwegian shipowner Seatankers have signed a newbuilding deal for four 82,000 dwt dry bulkers, plus an option for four more.

The port of Hamburg is suffering from a ‘problematic trend’ in the world economy that saw overall throughput fall in the first quarter, despite a positive trend on some seaborne trades.


In other news


Ocean Network Express and Wan Hai have paid a combined $2.65m in civil penalties to resolve allegations brought forth by the Federal Maritime Commission.

Kenya has launched its candidate for secretary-general of the International Maritime Organization, Nancy Karigithu, who told a group of about 150 people that she would improve global governance and boost transparency in shipping if elected.

Maersk Line is being sued by a former chief engineer who was terminated last year for violating the company’s drug and alcohol policy in the wake of the Midshipman X probe.

Marine mutual Shipowners’ Club has hailed its 2021 performance as a breakout year, after bringing its combined ratio below the key 100% break-even for the second time in succession.

Mitsui OSK Lines and Mitsubishi Gas Chemical Company have signed a basic agreement for the long-term charter of a newbuilding methanol carrier.

Hafnia, one of the largest product tanker owners and operators, reported its best-ever quarterly results as trade flow shifts continued to support freight rates.

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