Coronavirus Impact

Mitsui O.S.K. To Invest $710m In New Cruise Ships

Credits: Georgy Trofimov/ Unsplash
  • The vessels will be successors to the company’s Nippon Maru cruise ship, which was built in 1990 and is showing its age. 
  • The cruise industry was hit hard by the coronavirus pandemic, but MOL sees tourism demand recovering in the medium to long term.
  • In the shipping business, the company will focus on placing orders for LNG and ammonia carriers in the near term. 

Japanese marine transporter Mitsui O.S.K. Lines (MOL) will invest at least 100 billion yen ($710...

https://mfame.guru/mitsui-o-s-k-to-invest-710m-in-new-cruise-ships/

WFS Posted A 54.3% Fall In Net Income

New York-listed oil and bunker trading firm World Fuel Services (WFS) on Thursday (29 April) posted a 54.3% fall in net income for the three months ended 31 March (Q1) 2021 due to the coronavirus’ impact on the aviation sector, reports Manifold Times.

Impact On The Global Economy

The company’s net income was USD 18.9 million in Q1 2021, compared to USD 41.4 million during Q1 2020, showed financials.

“Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole,...

https://mfame.guru/wfs-posted-a-54-3-fall-in-net-income/

Crew Change Crisis Exploited, Warns ITIC

ITIC has warned its ship and port agent members to be aware of people traffickers, says an article published in Seatrade Maritime News.

Illegal immigrants 

The International Transport Intermediaries Club (ITIC) has warned its ship and port agent members to be aware of people traffickers attempting to smuggle illegal immigrants through ports.

Pretend to be shipping companies

The traffickers operating through legit agents provide a cover for their illegal operations.

They pretend to be shipping...

https://mfame.guru/crew-change-crisis-exploited-warns-itic/

UK Needs Effective Testing & Tracing To Combat Second Wave

  • UK may see the second big wave of coronavirus, if it reopens schools without with less number of testing, says a study.
  • To make the schools function full-time, it is essential to diagnose 75% of people with COVID-19 symptoms and trace 68% of their contacts.
  • In England, only 50% of the contacts of those tested are found and tested on the basis of test-and-trace system, says research lead Jasmina Panovska-Griffiths.
  • In case the level of diagnoses and contact tracing goes below as identified by...

https://mfame.guru/uk-needs-effective-testing-tracing-to-combat-second-wave/

Can China Be Self-sustainable in the 2020 LSFO Market?

  • China could become self-sustainable in the LSFO market during 2020, producing 18.1 million metric tonnes (mt) of low sulphur bunker fuel this year.
  • China will be able to produce 22.6 million mt of the IMO-compliant fuel by 2021, increasing output to 29.6 million mt by 2022.
  • IMO 2020 and the COVID-19 economic impact forced many state-run refineries to produce LSFO to serve domestic and international demand. 
  • China’s marine fuel futures contract to attract strong interest.
  • China’s policy on...

https://mfame.guru/can-china-be-self-sustainable-in-the-2020-lsfo-market/

COVID19 Drives Blockchain-based Bills of Lading

  • India gives the green light for use of blockchain-based bills of lading as part of the country’s efforts to digitise its maritime supply chains
  • B/Ls submitted on CargoX’s blockchain technology through the country’s Port Community System.
  • Paper-based administrative processes that accompany container shipping have been severely affected by the coronavirus pandemic.

India set to allow blockchain-based bills of lading (B/Ls) as part of the country’s efforts to digitise its maritime supply chains,...

https://mfame.guru/covid19-drives-blockchain-based-bills-of-lading/

“Seafarers Matter” Petition Addressed To IMO Gains Huge Support

Capt. Andriyan Evtimov, Bulgaria’s Good Will Ambassador to IMO started a global petition “Seafarers Matter”. It is gaining huge support from the seafarers all around the world. 

How many have signed?

More than 6,000 seafarers from different parts of the world have signed the petition. And the number is expected to grow.

About the petition

What is the petition for?

The petition aims to draw the attention of the general public to the problems of the innumerable seafarers. 

Till date many seafarers face...

https://mfame.guru/seafarers-matter-petition-addressed-to-imo-gains-huge-support/

Coronavirus Impact To Put Asian Economies With Zero Growth This Year! Warns IMF

  • Economies in Asia will see zero growth this year for the first time in 60 years.
  • Global economy will face the “worst recession since the Great Depression”.
  • China’s expected growth figure is a significant fall from the 6% growth estimate forecast in January.
  • The world’s second-largest economy is expected to see a rebound later this year, with growth bouncing back to 9.2% next year.

The International Monetary Fund (IMF) warns that the global economy will face the “worst recession since the Great...

http://mfame.guru/coronavirus-impact-to-put-asian-economies-with-zero-growth-this-year-warns-imf/

Coronavirus Outbreak Pushes Bunker Spread Record Low and Scrubber Premium Fall!

  • Q1 saw record low bunker spread and scrubber premium sliding.
  • Bunker price differential to end the quarter at $79/mt (Rotterdam prices on March 31st).
  • Scrubber premium declined sharply over the course of the first 3 months of the year and ended the quarter at $2,699 for capesizes and $1,319 for panamaxes.
  • Scrubber installations planned for the balance of 2020, will increase the total number of scrubber ships to about 3,500 by the end of the year. 
  • Coronavirus outbreak has shrunk bunker spread...

http://mfame.guru/coronavirus-outbreak-pushes-bunker-spread-record-low-and-scrubber-premium-fall/

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