COVID-19 Crisis

Despite Cargo Diversions, Asian LNG Demand Peaks

  • LNG sellers capitalize on strong spot prices amid cargo diversions.
  • India’s gas-fired power demand drops 24% on year in H1 May: Platts Analytics.
  • Price impact of India diversions only about 5 cents/MMBtu: Citigroup.

A recent news article published in the Platts by Yi-Le Weng, Shermaine Ang and Eric Yep states that Strong Asian LNG demand soaks up India cargo diversions amid COVID-19 crisis.

Strong Asian LNG demand

Strong Asian LNG demand for summer and tight supply amid maintenance and...

https://mfame.guru/despite-cargo-diversions-asian-lng-demand-peaks/

Global COVID Cases Hit 7 Weeks in a Row, Says WHO

  • US Covid-19 cases and hospitalizations are increasing – particularly for younger people – while deaths are going down.
  • Cases in India are surging during a steep second wave, as millions gather for a religious festival.

Based on a World Health Organization report received on April 11, global Covid-19 cases have climbed for seven consecutive weeks, reports CNN.

7% increase in deaths

WHO reported more than 4.5 million new cases and 76,000 deaths in the week ending on April 11. That’s a 7% increase...

https://mfame.guru/global-covid-cases-hit-7-weeks-in-a-row-says-who/

Forwarders in Chaos, As Maersk Suspends Contract Bookings

Maersk’s decision to “temporarily suspend” spot and short-term contract bookings from Asia following the Suez Canal blockage has left forwarders and NVOCCs scrambling for alternatives, reports the Loadstar.

Spot market volatility

Maersk estimated a loss of capacity across its network of up to 30% “over multiple weeks,” in addition to equipment shortages in Asia. One UK forwarder said although he appreciated the difficulties for Maersk, he was “shocked” it had decided not to honour its short-term...

https://mfame.guru/forwarders-in-chaos-as-maersk-suspends-contract-bookings/

High Alert Over A Mutated Coronavirus Strain That Travels Faster

  • Britain on high alert as new strain of the novel coronavirus transmits in UK
  • New strain could be causing more transmission. 
  • Scientists alarmed by the new strain as it is less virulent but more transmittable.
  • Travel restrictions likely in south-east England as new strain spreads.
  • No clarity on vaccine effectivity on the new strain yet. 

According to a Guardian report, the UK has announced that a new strain of the novel coronavirus is inflicting people. 

Britain on High Alert

The matter is of...

https://mfame.guru/high-alert-over-a-mutated-coronavirus-strain-that-travels-faster/

How Digitalisation Transformed Shipping Industry During Covid 19?

  • Digitalisation has helped shipping and logistics fare relatively well during the Covid-19 pandemic according to Maersk’s head for Latin America.
  • Specifically related to the current Covid crisis the new partnership with Covaxx announced this week represents a new model for integration and a great signal to the market.
  •  In Latin America, there is an imbalance situation because of strong exports and low imports and demand planning has always been an issue.

A recent news article written by Michele...

https://mfame.guru/how-digitalisation-transformed-shipping-industry-during-covid-19/

Floods Hit China As World’s Largest Dam Reaches its Maximum Capacity

  • Extreme floods have hit China’s Three Gorges dam, which recorded the largest inflow of water in its history.
  • Inflows to the world’s largest hydro-electric dam reached 75m litres of water a second, according to state media.
  • The Three Gorges dam, which can handle inflows of about 98.8m litres a second, is already approaching its capacity.
  • Upstream from the dam, officials in the city of Chongqing, in Sichuan province, evacuated almost 300,000 residents before the flooding.
  • The flooding threatens...

https://mfame.guru/floods-hit-china-as-worlds-largest-dam-reaches-its-maximum-capacity/

BIMCO & ICS Launching ‘Fit for the Future’ Workforce Report

  • BIMCO and ICS Prepare for New Seafarer Report for ship operators, agencies and governments for crewing and training.
  • An industry standard resource to develop crewing and training strategies fit for the future.
  • The report is scheduled to be published in 2021.

BIMCO and ICS are preparing for the launch of the New Seafarer Workforce Report , an industry standard resource to develop crewing and training strategies fit for the future, says a press release published on ICS website. 

A management tool 

https://mfame.guru/bimco-ics-to-launch-new-seafarer-workforce-report/

[Watch] EU Agrees on €750bn COVID19 Recovery Package

In a major development, EU leaders have struck a deal on a huge post-coronavirus recovery package following a fourth night of talks, reports BBC. 

What is it?

It involves €750bn (£677bn; $859bn) in grants and loans to counter the impact of the pandemic in the 27-member bloc.

  • The talks saw a split between nations hardest hit by the virus and so-called “frugal” members concerned about costs.
  • It is the biggest joint borrowing ever agreed by the EU.
  • The deal centres on a €390bn programme of grants to...

https://mfame.guru/watch-eu-agrees-on-e750bn-covid19-recovery-package/

COVID-19 Crisis To Trigger a World Wide Overhaul?!

  • The seismic events unleashed by the COVID-19 pandemic will have a powerful impact on the world we live in, changing it in ways we had never imagined were possible.
  • COVID-19 is the reboot button that will trigger a system-wide overhaul. It will impact how we live, how we work, and how we use technology.
  • What repercussions these changes will have on the shape of human society only time can tell.

COVID-19 will reboot the world into virtual reality and after the crisis, work from home models are...

https://mfame.guru/covid-19-crisis-to-trigger-a-world-wide-overhaul/

Industrial Ministry To Offer EGP 1.19bn Relief Fund in 4 Months!

  • The Egyptian MSMEDA has allocated EGP 1.19 billion in funding to 48,743 small and micro projects during the first third of 2020.
  • The financing comes as part of efforts to combat the negative fallout of the coronavirus (COVID-19) and its impact on the MSMEs.
  • There are many industrial, services and commercial sectors that have increased their operating rates and profits during this severe crisis.

According to the Trade and Industry Minister Niven Gamea, the Egyptian Micro, Small and Medium...

https://mfame.guru/industrial-ministry-to-offer-egp-1-19bn-relief-fund-in-4-months/

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.