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What to watch   |   Analysis   |   Opinion   |   Markets   |   In other news

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What to watch

Tanker forward freight agreement volumes hit fresh trading records last week as the chartering frenzy that triggered skyrocketing rates in the crude sector spilled over to the paper market.

Posidonia, the biennial international shipping exhibition held in Greece, has postponed this year’s event until October.

Pool activity has increased as shippers seek greater scale and flexibility, according to industry observers.

Analysis

Three of the key trade associations representing the Italian maritime sector have written a letter highlighting the increasing stress the sector is under as a result of the nationwide lockdown to tackle the coronavirus outbreak.

Ships should improve their carbon intensity by at least 80% by 2030, according to a new regulatory proposal seen by Lloyd’s List.

From the News Desk: Tanker rates spike and coronavirus restrictions hit ferries.

Opinion

The Lloyd’s List Podcast: Editor Richard Meade discusses the forthcoming awards series, answering many of the questions that come up as companies and individuals are preparing their submissions, and setting listeners on the path to success with some sound advice.

Markets

A very large crude carrier chartered by Saudi Arabian shipping company Bahri has been concluded at a rate equivalent to a record-breaking $352,000 per day, setting a new ceiling in an unprecedented tanker chartering frenzy that began last week.

The Baltic Exchange has gained European Union benchmark administrator status through the UK’s Financial Conduct Authority.

Most ship finance contracts will have to rewritten ahead of the phase-out of the London Interbank Offered Rate interest benchmark next year, with the bill for doing so payable by borrowers, according to a specialist lawyer.

In other news

BW LPG has appointed interim chief executive Anders Onarheim to the role permanently. 

US shipper and transport associations have written to the Federal Maritime Commission and lawmakers calling on the commission to adopt its interpretive rule on detention and demurrage to prevent further disruption from the coronavirus outbreak. 

Maersk Tankers is taking over the commercial management of 27 Team Tankers International chemical tankers and will establish two pools for the new vessels. 

With production in China coming back on line and exports beginning to move through the country’s ports again, questions are emerging concerning the ability of terminals and supply chains in Europe to handle import cargoes. 

Evangelos Marinakis’ Capital Maritime group has accused Al-Iraqia Shipping Services & Oil Trading (AISSOT) of “wrongful conduct” in an escalating dispute over the early termination of long-term charters for six of the Greek owner’s very large crude carriers. 

Enforced delays to crew changes as a result of the coronavirus outbreak are reinforcing a situation in which seafarers are safer on vessels than they are on land, according to Henrik Jensen, managing director of Danica Crewing Services. 

Navigator Gas has launched a new liquefied petroleum product vessel pool with Asian firms Pacific Gas and Greater Bay Gas. 

Good co-operation between the Singapore and Indonesian navies helped detain pirates who had boarded a bulker in Indonesian waters in the Singapore Strait. 

China’s Yangzijiang Shipbuilding has confirmed massive containership orders from Tiger Group, as the Singapore-listed company strives to rise above the fallout from the coronavirus outbreak.