shipping market

COVID-19 impacts fleet development and demand

The impact of the COVID-19 pandemic on the shipping industry is obvious, not only decreasing demand growth prospects for the year across all segments, but also affecting fleet development.

Following BIMCO’s 2020 forecast revision, Peter Sand, BIMCO’s Chief Shipping Analyst, commented that the coronavirus has replaced the long waited 2020 sulphur cap; The demand outlook has weakened and uncertainty has increased across the board.

He added that this combination is reflected in fleet developments...

https://safety4sea.com/covid-19-impacts-fleet-development-and-demand/

CMA CGM vessel changes route to avoid Suez Canal tolls

An ultra-large containership belonging to CMA CGM is bypassing the Suez Canal while returning to Asia, adding about 3,000 miles and five days to the journey as impacts of COVID-19 and low oil prices ripple across the supply chains.

Specifically, Lars Jensen, CEO of SeaIntelligence Consulting, published through Linkedin that the 16,022 TEU capacity CMA CGM Alexander Von Humbolt last called in Algeciras, Spain on March 27 and was last tracked underway off of West Africa as of March 31.

The vessel...

https://safety4sea.com/cma-cgm-vessel-changes-route-to-avoid-suez-canal-tolls/

Baltic Exchange: Maritime market highlights 27 Mar – 3 April

The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 27 March – 3 April 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.

Tankers – VLCC

  • Activity in the Middle East continued apace with owners firmly in the driving seat. 280,000mt to the US Gulf via the...

https://safety4sea.com/baltic-exchange-maritime-market-highlights-27-mar-3-april/

IMO seeks UN support concerning “keyworker” designation for seafarers

During a virtual meeting on 1st of April between the IMO Secretary- General Kitack Lim, UN chiefs and the UN Secretary-General, was among others addressed the COVID-19 pandemic situation and its impacts around the maritime industry.

In light of the situation, the IMO- Secretary-General Kitack Lim requested from the United Nations system agencies to provide their support concerning IMO’s request to governments to declare seafarers, port personnel and other crucial maritime workers as key...

https://safety4sea.com/imo-seeks-un-support-concerning-keyworker-designation-for-seafarers/

China’s ports preparing for second hit amid global COVID-19 trade disruption

The port and shipping sector in China is getting ready for a second wave of supply chain disruptions that may be deeper and more prolonged than the recent COVID-19 lockdown, as the global spread of the virus impedes international demand.

China has reported a significant decrease in COVID-19 cases through March, which has allowed workers to return to posts and ports to return to normal cargo operations.

But with virus outbreaks now overwhelming healthcare systems and shutting logistics channels in...

https://safety4sea.com/chinas-ports-preparing-for-second-hit-amid-global-covid-19-trade-disruption/

Baltic Exchange: Maritime market highlights 21-27 Mar

The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 21-27 March 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.

Tankers – VLCC
  • 280,000mt to the US Gulf, via the Cape to Cape routing, is rated at the WS88 level, while 270,000mt to China is at WS112.5.

https://safety4sea.com/baltic-exchange-maritime-market-highlights-21-27-mar/

Maintaining public health and trade flow: A critical COVID-19 conflict

The COVID-19 pandemic has brought an unprecedented disruption to global maritime trade, and an even bigger crisis is down the road unless global coordinated action is taken. Amid a growing uncertainty, the great dilemma for governments seems to be protecting public health and maintaining trade transport at the same time, subsequently, safeguarding global economic stability.

Exploring this conflicting issue was at the center of a Winward webinar, which convened maritime experts to discuss how...

https://safety4sea.com/cm-maintaining-public-health-and-trade-flow-a-critical-covid-19-conflict/

EU Commission extends Consortia Block Exemption Regulation

The European Commission has prolonged for another four years the ‘Consortia Block Exemption Regulation‘. The regulation outlines the conditions under which liner shipping consortia can provide joint services without infringing EU antitrust rules that prohibit anticompetitive agreements between companies. Now the regulation is extended until 25 April 2024.

Generally, EU law bans agreements between companies that restrict competition. However, the Consortia Block Exemption Regulation allows, under...

https://safety4sea.com/eu-commission-extends-consortia-block-exemption-regulation/

Baltic Exchange: Maritime market highlights 13-20 Mar

The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 13-20 March 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.

Tankers -VLCC
  • In the Middle East, rates for 280,000mt to the US Gulf via Cape to Cape routing, fell back to WS120 having reached just...

https://safety4sea.com/baltic-exchange-maritime-market-highlights-13-20-mar/

Operations continue normally at Fuzhou port, says PSA

PSA International stated that operations at the Fuzhou Container Terminals in the eastern Chinese city continue normally despite the COVID-19 crisis, adding that they do not plan to quarantine any docking vessels calling the port.

Specifically, according to Straits Times, a spokesman for PSA Fuzhou said on Thursday that cargo vessels will be allowed to berth in Fuzhou port as per normal.

The spokesman commented that the port has already taken the necessary precautions to protect the crew and...

https://safety4sea.com/operations-continue-normally-at-fuzhou-port-says-psa/

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