"high uncertainty"

Hapag-Lloyd ups profits but warns of risks

German container shipping line Hapag-Lloyd on Wednesday reported preliminary results for the first half of 2020 showing core profits above those of the same 2019 period and upholding its guidance for full year earnings

The analysis

Demolition activity suffers as freight rates rebound

Athens - As freight rates, particularly in the dry bulk market, ships’ recycling activity has taken a hit. In periods of a strong market environment, demolition activity tends to suffer and this has occurred once more

The rating agency

Moody's: Global shipping sector outlook remains negative as earnings forecasts fall

London - Aggregate EBITDA of rated shipping companies will fall by around 16%-18% in 2020. Road to recovery will be long and bumpy. The outlook for the global shipping sector for the coming 12 to 18 months remains negative, Moody's Investors Service said in a new report. The outlook has been negative since March 2020

The operation

TEN announces long-term charters for up to three Suezmax DP2 tankers

Athens - TEN announced the contract for the building of up to three suezmax DP2 shuttle tankers on long-term employment to a major European end-user. The vessels will be built in South Korea and the time charter equivalent minimum revenues to be generated over the duration of the respective contacts, should all be exercised, are expected at about $250 million

In Denmark and abroad

DFDS to cut 650 jobs

The Danish group DFDS, which operates freight and passenger transport services with a fleet of ferries and logistics services, announced its intention to cut 650 jobs due to the impact on the activities of the Covid-19 pandemic

Covid-19

Oil tanker quarantined in Antwerp

The Belgian port of Antwerp has quarantined a Maltese-flagged oil tanker until at least July 4 after more than half of its crew tested positive for COVID-19, the port authority said on Thursday

On-board systems and equipment

ABS strengthens its presence in Genoa

The historic American classification Society based in Houston with over 5,500 employees and two hundred offices worldwide, has chosen Genoa as the head quarter for the European MED certification

A global issue

Singapore works with shipping to solve the crew change challenge

The off-going nineteen members of the Liberty's crew will now return home via a chartered flight from Singapore to Colombo, then on to India. Their colleagues - 14 Sri Lankans and four Indian seafarers who arrived from Sri Lanka early Saturday on the same chartered plane - have signed on aboard the ship

Traffic volumes

Vessel port call frequency improving in Europe, falling in North America

Rotterdam - Container ship call numbers in European ports have been gradually improving over the past three weeks, despite the high levels of blank sailings on the trade, while calls at North American ports continue to decline as carriers extend the capacity withdrawals into the third quarter, according the latest IAPH-WPSP Port Economic Impact Barometer

Covid

Ocean shipping shrinks as pandemic pummels retailers

Some shipping lines, whose retail customers are being hammered by the coronavirus pandemic, are reducing sailing speeds and taking longer routes around Africa, avoiding Suez canal passage fees

International regulation

Philippines recognizes Filipino seafarers as “key workers"

Manila - The Philippines fully supports the recognition of Filipino seafarers as “key workers” ensuring that ship crew changes can take place safely amid COVID-19 pandemic. This was in response to the statement of International Maritime Organization (IMO) Secretary-General Kitack Lim urging all the Member States to recognize all seafarers as “key workers” by removing any barriers to documentation and lifting travel restrictions

Project cargo

Recent critical shipments handled by Wilhelmsen UAE

Dubai - Wilhelmsen Ships Service (WSS) is continuing to handle critical shipments within GCC countries during the COVID-19 lockdown of land borders by utilising different sea freight solutions. Their team in Dubai recently handled 1,706mt of steel plates from Hamriyah Free Zone Port in Sharjah to Shuwaikh Port (Kuwait

Freight rates

Crude oil tanker earnings drop 68% in nine days

Copenhagen - Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China dropping 68% in just nine days (from USD 222,591 per day on 22 April to USD 71,885 per day on 4 May)

Freight rates

COVID-19 to cut shipping container fleet and slow pricing recovery

London - The outbreak of the coronavirus has disrupted container supply chains around the world and depressed the demand for vessels and boxes. It will lead to a contraction in the shipping container fleet and keep prices and lease rates under pressure in 2020, although better than in 2019

Coronavirus

Airlines, shipowners warn of trade delays if seamen can’t travel

Geneva - The International Air Transport Association (IATA) and the International Chamber of Shipping (ICS) said governments should facilitate the movement of international transport personnel who have been affected by travel restrictions due to the coronavirus disease 2019 (COVID-19) pandemic

As Covid-19 situation worsens

Cargo owners must expect further major ocean freight service disruptions this year

London - Cargo owners should expect significant further ocean freight service disruptions this year with more blank sailings and likely service suspensions, Drewry highlighted yesterday, as volatility linked to the coronavirus pandemic continues or worsens. The container shipping analyst also suggested that shippers “should consider adding a few ‘backup carriers’"

Markets

Putin, Trump order their energy ministers to discuss oil

OPEC and other leading oil producers including Russia failed to agree on further joint action on the global oil market and to extend their deal to cut output, leading to a sharp fall in oil prices that have also been battered by the coronavirus pandemic

Two new pools

Team Tankers in fleet management feals with Maersk Tankers, V.Group

Monaco - Danish Maersk Tankers has entered into a deal with chemical tanker owner and operator Team Tankers International to take over the commercial management of its 27 tankers and establish two new pools. For Maersk Tankers the agreement will increase its fleet under management

Obstacles to the intra-European alliance

EU expected to veto Fincantieri's Chantiers bid due to lack of concessions

Milano - Italian shipyard Fincantieri has not offered any concessions to head off EU antitrust concerns about its planned bid for France’s Chantiers de l’Atlantique, giving regulators no choice but to block the deal, people familiar with the matter said last week. A veto by European Competition Commissioner Margrethe Vestager would deal a serious blow to Italy

BIMCO

COVID-19 and its consequences on shipbuilding contracts

Copenhagen - Shipyards are facing disruption to newbuilding, repair and conversion projects due to the impact of the virus on their labour force and the ability of their subcontractors to meet their commitments to supply materials and equipment necessary for the completion of such projects

Australia

Yang Ming ship arrested for pollution debt

The sister ship of the "YM Efficiency", which lost 81 containers off the coast of Newcastle and Port Stephens in June 2018, has been stopped in Sydney for a pollution debt that could cost Yang Ming more than 12 million euros

Transatlantic

ONE, COSCO, OOCL and Yang Ming launch new service

The EMA service will consist of six Panamax vessels. The port rotation for the weekly service is Mersin – Haifa – Alexandria – Istanbul – Piraeus – Genoa – Algeciras - New York – Norfolk – Savannah – Algeciras – Mersin

The crisis in the Middle East

Drewry: Risk premium tankers to soar amid tensions in Iran

The recent escalation in the unrest between Iran and the US has raised fears of a wider war in the Middle East, writes research firm Drewry in its latest report. Already heightened geopolitical tensions in the region have resulted in a surge in oil prices, with Brent surpassing the $69 per barrel mark

Heavylift

Roll Group expands its heavylift fleet

The Dutch shipping company Roll Group underlines with a recent ship purchase the positive expectations for the market. After the extension of their land activities into Asia in 2019, Roll Group starts 2020 in a similar manner with the addition of another Module Carrier into their fleet

Transport in chaos

MSC re-routes cargos due tro French strikes

Paris - Swiss headquartered container shipping company MSC said on Friday it was implementing contingency plans to re-route container ships away from French ports when necessary due to strikes in the country

Sea transport

First signs of stagnation for LNG imports

London - The increase in US liquefaction capacity is one of the major factors driving LNG shipping rates, as London research firm Drewry writes in its latest report

shipowners

Vado Gateway opening brings change to logistics in northern Italy

Genoa - The new container terminal, launched today in Vado Ligure and operated by APM Terminals, sets a new standard for port infrastructure in Italy. The facility is unique in terms of services and technology, from the “automated yard” to the “appointment system” for trucks.

shipowners

The storm destroys a road in the port of Vado Ligure

Genoa - “We are restoring the access road to the Vado terminal, while the Maersk port platform has not suffered damage, the collapse is part of the damage caused by the storm”, the president of the Liguria Region, Giovanni Toti, said.

shipowners

PSA-Sech, the doubts of Aponte (MSC) on merger

Genoa - Not many words. “Very courteous and respectful in tone,” says those who saw the letter written by Gianluigi Aponte to the Port Authority of Genoa. It is the style of the founder of MSC.