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What to watch

Imposing speeding tickets and charging shipowners a premium on hydrocarbons have been described as realistic and acceptable measures to cut maritime’s greenhouse gas emissions.

Shell, the world's second-largest charterer of crude tankers, has achieved greenhouse gas reductions of up to 20% using data analytics and optimising port schedules, the Capital Link forum in London was told.

Iran’s Revolutionary Guard Corps were able to seize the UK-flagged oil tanker in the Strait of Hormuz because the company only gave three hours’ notice of their transit and then left earlier than planned, former UK defence secretary Penny Mordaunt has told a parliamentary select committee hearing.

With containerships now reaching the 24,000 teu mark, fighting fires on board has become an almost impossible task. The onus now needs to be on preventing misdeclared cargoes getting on board in the first place.

British banks were ‘no good at shipping’ even prior to their withdrawal from the sector, but can bounce back by financing green shipping and digitalisation initiatives, one of the world’s leading shipping financiers argues.

Shipping’s most well-known banker is confident Chinese lenders and export credit rating agencies around the world will endorse pioneering financing principles that incorporate climate policy. But owners are still waiting for incentives to invest in sustainable shipping.

The global nature of shipping has meant that it makes sense for regulation of the industry to be done at an international level. But is a global regulatory framework required for ports as well?

Analysis

A London International Shipping Week audience was told that lack of infrastructural investment is holding back economic expansion for maritime clusters in the north of England. BPA chief executive Richard Ballantyne urged northern ports to lobby as a group at Westminster.

Opinion

The Lloyd’s List Podcast: LISW Day 2 — ABS chief Chris Wiernicki is in the studio with Lloyd’s List Editor Richard Meade for today’s podcast and they are talking about the path from here to 2050 and why software safety must be integrated into the industry’s planning now. It’s not going to be the structure or equipment that will cause the next major accident — it’s the software that we don’t see that is shipping’s greatest risk factor.

Markets

The value of the ship technology market will grow by over 160% over the next decade to reach $278bn by 2030, according to a new report.

Platts analytics points to a 35% to 40% chance of a global recession next year, which will be exacerbated by higher fuel prices from the mandatory low-sulphur transition for international shipping. Distillate stocks will run low as IMO 2020 draws near and refinery feedstock prices and freight costs may consequently jump.

In other news

The US Coast Guard and salvage crews have rescued the fourth and final seafarer who had gone missing after the car carrier he was on board overturned and caught fire early on Sunday off the coast of Georgia.