Wednesday September 23, 2020 Daily Briefing Leading maritime commerce since 1734

LEAD STORY: Chinese leasing houses weigh options Chinese leasing houses amid uncertain outlook weigh options amid uncertain WHAT TO WATCH: Yard Talk | Why is looking to outlook China to support its shipping strategy

Recycling rise needed to support tanker market as demolition hits 29- year low

ANALYSIS: Coronavirus resurgence weighs on oil demand and tanker earnings

DNV GL backs LNG for the decarbonisation journey

MARKETS: Tanker owners focus on sustainability

Euroseas hails strong boxship market amid unpredictability

IN OTHER NEWS: Insurers respond to piracy risk in Gulf JACK XU, DEPUTY head of shipping at CMB Financial Leasing, said of Guinea his company is cautious about the impact from the ongoing viral CMA CGM containership sets US east pandemic, worsening Sino-US relationship and burgeoning anti- coast record globalisation trend.

Salvage of capsized Golden Ray clears But he was also careful not to let such caution lead to any suggestion of hurdles for October start a retreat, or that the lessor is just a fair-weather friend for its shipping First LNG-fuelled deepsea boxship borrowers. enters service “We did conclude new deals this year, including dry bulkers, tankers, Keppel OM seals deals worth $147m containerships and also some gas carriers.” Mr Xu told the Capital Link Maersk Tankers appoints Holth and forum. “What we have done is to try to keep our commitment to the Brennan to board industry to stay with our clients, to go through this tough time.”

Seattle and Tacoma see reduced Striking such a delicate balance is, perhaps, a big task for all major containerised throughput leasing houses from China — an indispensable force in today’s South Africa plans green ship finance arena — facing an increasingly murky outlook in shipping. recycling yard Part of the options being weighed by the Chinese shipping lessors is reflected in their drawdown, which refers to the accessed part of a credit line extended to their borrowers.

That portion of lending expanded by 25% from 2018 to $15.8bn in 2019, according to data compiled by Smarine Advisors, an expert in facilitating vessel leasing deals.

There was year-on-year flat growth for the first half of 2020, however, Lloyd’s List understands.

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 1 Mr Xu said his division’s drawdown had also “Also, the vessels will be used to import cargo from palpably slowed in the six months. the US to China, which the lessors think contains high risks given the current Sino-US relations.” Behind that anaemic growth is a combination of causes: slack market demand, the coronavirus As a “natural response to uncertainties”, the leasing disruptions, and the higher dose of circumspection companies now preferred counterparties with a taken by the lessors. strong balance sheet and liquid assets, said Smarine director James Chen. They primarily lend via newbuilding projects, where funds are normally allocated in parallel with the But at the same time, the quantitative easing policy shipbuilding instalments spanning about two years, prevailing in the developed economies has brought and via sale and leaseback transactions for existing some western banks back to the shipping table with fleet, in which sellers often receive the payments en abundant funds in hand. bloc. “The Chinese lessors are aware of the competition.” The ordering appetite for fresh tonnage has been Mr Chen said. “They will achieve a balance between dulled for several years amid uncertainties about how to remain competitive and how to manage the future marine fuels. Now the coronavirus backdrop risks.” has made it more difficult for vessel delivery, upon which a newbuilding owner usually draws the last Maintaining that competitiveness sometimes but also the largest tranche of his borrowing. requires bold innovations.

“Sometimes, it is because the pandemic-hit yards Bocomm Leasing recently made the headlines with a lack the required workforce to complete the vessels $650m contract signed with Shell for a dozen dual- on schedule,” said another shipping executive from a fuel long range two tankers. major leasing house. “Sometimes, it’s the owners who want to push back the handover owing to poor What makes the deal stand out is not just its market conditions.” environmental feature, but also an attached time charter agreement — rather than the traditional way In some rare cases, the lessors had to halt the credit of a bareboat charter — with the vessel user. line when their clients’ liquidity dropped below the level stipulated in the covenants, he told Lloyd’s List. The lessor said it proved capability to offer tailor- made, packaged solution to its commodity and On the other hand, the leaseback deals are now transport clients. subject to more stringent screening amid heightened market volatility and concerns about insufficient In fact, the deal has also further developed the project cashflows, according to Bocomm Financial lessor’s attributes as a shipowner, despite the Leasing head of shipping Fang Xiuzhi. tremendous extra efforts it must spend on commercial operations and ship management. “Risk control are getting stricter than before,” he said. “Chinese lessors have done time charters for dry bulkers and containerships before, but this is the The extra caution exercised was showcased recently, first tanker case I’ve ever seen in the market.” said when Chinese acrylic acid producer Zhejiang the previous leasing executive. Satellite Petrochemical was seeking to sell and lease back six very large ethane carriers linked to US It was more complicated to operate and manage imports. tanker for safety reasons, such as the oil spill risks, the executive explained. At least two large Chinese leasing lenders were approached yet turned down the offer, Lloyd’s List “But ship lessors definitely see the time charter has learnt. between them and cargo interests as a trend. They are now more active in doing that, at least in the “Satellite Petrochemical is not deemed as a top-tier other two segments.” he said. charter because it is privately-run and a newcomer to shipping.” said one person familiar with the Like his colleague at CMB Leasing, Mr Fang at matter. Bocomm Leasing is also a master of balanced speech.

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 2 He told the Capital Link audience that the challenge Vessel supply was reined in while asset price was for his company now was to find enough good kept low, he pointed out. “It was still a good time for projects. But he then quickly turned to optimism. us develop our portfolio.”

WHAT TO WATCH Yard Talk | Why China is looking to China to support its shipping strategy COSCO Shipping Bulk chairman Gu Jinsong If China does increase the guohuo guoyun ratio, recently said that Chinese companies along the domestic cargo owners and traders will hire more shipping industry chain should look to one another ships from domestic owners, who in turn will need for comfort. to order more ships with compatriot builders. And bear in mind that most of the major players in these The remarks come against the backdrop of a new sectors are state owned. strategic axis of China’s economic development, a dual-cycle pattern centred on domestic demand and To a certain degree, this has already happened. facilitated by foreign trade. Most of the valemax bulkers used to help fill China’s Economists and analysts see this policy shift as demand for Brazilian iron ores are either owned by partly a pivot of the “world’s factory” towards Chinese shipowners or leasing houses and built at economic self-sufficiency amid the coronavirus Chinese yards. pandemic and rising geopolitical uncertainties. A similar structure may be applied to the up to 16 Is it related to shipbuilding? Of course it is. large liquefied natural gas carriers booked at Hudong-Zhonghua Shipbuilding, part of China State The focus of domestic cycle has heightened the Shipbuilding Corp, for importing the fuel from importance of energy and food security for China, Qatar. said Mr Gu. His company, a subsidiary of state conglomerate China Cosco Shipping Corp, owns the Earlier this year, the same yard also won orders for world’s largest dry bulker fleet. another three LNG tankers linked to US exports from a joint venture between Cosco and state oil and “Our country still largely relies on imports for gas giant PetroChina. commodities such as iron ore, oil and grains,” he told a Capital Link forum. “Chinese shipping The latest talk from the newbuilding market seems companies should seize the opportunity as well as to suggest that compatriots’ affection and ties will take the responsibility to help guarantee the supply only strengthen. of those resources.” These include the newbuilding project between China That led to his key conclusion that more Chinese Minsheng Trust, Cofco and Chengxi Shipyard for cargo should be carried by Chinese ships, or guohuo eight kamsarmax dry bulkers, and a deal involving guoyun, as it is often referred to in the Chinese orders for a maximum of 30 very large crude carriers language. that are being discussed by Shenzhen-listed Rongsheng Petrochemical and its partner CSSC. The idea is not new, though. Policy makers in Beijing have been trying to achieve that goal for many years, Some analysts think Cosco’s recent fleet expansion while the progress has not been impressive. plan to build seven more 23,000 teu containerships is also partly driven by Beijing’s policy goal to For example, the Ministry of Transport in 2003 set a safeguard supply chain stability. target that 80% of the country’s oil imports should be hauled by China-owned tankers by 2015. The The company, following a consultation between the reality is that ratio has never exceeded 40%. government and liner carries, took the lead in withdrawing the markup on transpacific trade and But the old topic now seems just the right fit for replenishing vessel capacity to help reduce the China’s new norm envisaged by Beijing. shipping costs of Chinese exports.

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 3 For the first seven months of 2020, Chinese This is an extremely high proportion compared to shipbuilders won orders for 164 vessels, of which the past level, or rather just a starting point for 100 were ordered by domestic owners, according to future. Clarksons data. Recycling rise needed to support tanker market as demolition hits 29-year low TANKER demolition is set to hit the lowest level in When vessels registered in flags used for cabotage 29 years, focusing attention on recycling prospects purposes are removed, such as Nigeria, Canada, for 2021 as the coronavirus pandemic keeps exports Indonesia and the US, the number is a smaller 588 for refined products and crude at much lower than tankers comprising 44.6m dwt. projected levels. Of these, VLCCs account for 60 vessels and 40% of Scrapping volumes for tankers over the first eight all scrapping candidates, followed by aframax or months of 2020 reached 1.9m dwt on 48 ships of long range one tonnage at 20% by deadweight, 10,000 dwt or over, according to Lloyd’s List covering 85 ships. Intelligence. Some 24 of the 47 tankers scrapped this year were That puts demolition on track with levels last seen in built after 1990. 1990 and 1991, when 709,000 dwt and 2.2m dwt respectively was scrapped, data shows. Record-breaking spot tanker rates in the first half of 2020 kept owners from considering recycling, as Owners and operators of publicly listed companies well as a healthy market for older tonnage to be used have hyped the low scrapping numbers this year, for storage. along with the ageing fleet and low orderbook, as factors that will offset any tepid rebound in demand Alongside these conditions crude and product tankers for tankers next year. enjoyed record quarterly earnings in April to June.

Just two years ago tanker recycling was at a record, Demand was first buoyed by an oil-price war reaching 20.3m dwt. High steel prices offered by between Saudi Arabia and Russia which flooded the scrapyards in east Asia fuelled this scrapping, at the market with crude exports, followed quickly by the same time as earnings were low. pandemic-induced collapse in crude demand, which led to up to 10% of larger tankers used for floating Owners examined the extra costs involved in storage amid a shortfall of land-based tanks for keeping older tankers trading ahead of incoming surplus crude and refined products. international ballast water and marine fuel regulations that would weigh on operating expenses. Alongside elevated freight rates, recycling yards across the continent faced protracted closures The crude tanker fleet stood at 2,225 ships, or 429m because of the pandemic, followed swiftly by dwt, as of August, the LLI Shipbuilding Outlook seasonal monsoon conditions. calculated. Scrapping rates were also poor, further hindering Almost 60% of this comprises the very large crude recycling economics, but steel values have gained carrier fleet of 823 vessels. The average age of the over the past month, improving numbers. crude oil fleet is 10.8 years. The threat of a second wave of coronavirus has now The chemical and product tanker fleet was assessed dampened crude demand, and along with it, tanker at 202m dwt for 10,100 ships. Some 2,990 are rates and earnings. vessels that are 20,000 dwt and over account for 83% of this tonnage. These are now hovering around operating expense costs for smaller tankers, with larger sizes barely Data shows some 713 crude, product, chemical and breaking even, leading many to question whether floating storage tankers over 10,000 dwt, which increased scrapping can compensate for an were built between 1990 and 2000, are still trading oversupply of tankers amid lower crude and refined and could be potential scrapping candidates. product export volumes next year.

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 4 Crude exports from the Middle East Gulf, a major If 52% of the estimated 97.1m bpd is exported in employer of VLCC tonnage, were tracked at 65.6m 2021, then that represents 50.4m bpd in exports, tonnes on 291 tankers in August, the lowest in some 2.2m bpd less than 2019. records going to back 2012, according to Lloyd’s List Intelligence. That extrapolates to removing one VLCC a day from the market, or 365 fewer VLCC loadings in 2020 Similar declines were seen during July and August than in 2019. for West Africa loadings, which drives demand for suezmax vessels. August loadings at just over 3m Such a figure does not account for tonne-mile barrels per day, or 13m tonnes, were 25% lower than demand but does indicate why scrapping volumes the same period a year ago. are shaping up as an important measurement to the health of the tanker markets. International Energy Agency forecasts for 2021 crude demand are around 97.1m bpd, compared Alongside demand for crude and slowing with around 100m bpd in 2019, and 91.7m bpd for newbuilding orders and deliveries, market this year. conditions that support the removal of older vessels from trading will help existing owners and operators Lloyd’s List Intelligence measured global 2019 more easily digest the shock to global crude markets exports at 52.6m bpd, representing 52% of demand. and the global economy.

ANALYSIS Coronavirus resurgence weighs on oil demand and tanker earnings HOME working and air travel restrictions underpin The report makes grim reading for owners and fresh pessimistic forecasts about oil demand growth operators of the global fleet of crude tankers, which last for the remainder of 2020. year shipped about 50m bpd of the world’s estimated supply of 100m bpd of crude and condensate. This leaves floating storage deployment as the biggest driver of fourth quarter of the year tanker Along with refined products, total international earnings, amid stalling consumption of land and air seaborne tanker trading was estimated at nearly transport fuels that will deepen crude and refined 3.2bn tonnes in 2018, out of total 11bn tonnes, product contango spreads. according to the United Nations Conference on Trade and Development. The International Energy Agency lowered its second half of 2020 oil demand forecast for a second At the height of lockdown restrictions in April and consecutive month in its monthly report, saying May, demand for refined products slumped by one 2020 demand would be 91.7m barrels per day. third, while oil prices plunged to a 21-year low, triggering contango market conditions that saw That is 400,000 bpd below its prior estimate in tankers deployed for floating storage at record levels August, and 8.4m bpd lower than 2019 levels. through to August.

The crude market outlook was “even more fragile” Contango trades arise when the future price is than a month ago and “the path ahead is treacherous higher than the spot price, typically when immediate amid surging Covid-19 cases in many parts of the demand for a product is very weak. world,” the Paris-based agency added. When the difference in the two prices is wide “We expect the recovery in oil demand to decelerate enough, traders can buy and store oil for later sale at markedly in the second half of 2020, with most of a profit. Tankers can be typically used if land-based the easy gains already achieved,” it said. “The storage is not available or the chartering costs make economic slowdown will take months to reverse such economics work. completely, while certain sectors such as aviation are unlikely to return to their pre-pandemic levels of Contango trades helped shield tankers from the consumption even next year.” worst of the lockdown-induced demand downturns

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 5 by deploying as much as 10% of the trading fleet of gasoline consumption and for 600,000 bpd of the -sized ships through to very large crude 900,000 bpd fall in diesel in OECD countries during carriers for floating storage. June, according to the data.

But with these trades unwinding and Chinese port The agency lowered its demand forecasts for congestion easing, earnings had hovered near gasoline by 450,000 bpd and by 260,000 bpd lower operating expenses for nearly six weeks by mid-to- for diesel, as a result of workers not travelling to the late September, even as oil exports had rebound office. from some of the lowest levels seen in nearly 30 years through June. Large product stocks will take another two to three months to absorb excess stocks from April and May, The IEA’s assessment also places doubt over any it said, with bearish fundamentals for refineries and seasonal rise in oil demand because of the northern crack spreads, especially for middle distillates which hemisphere winter and increased need for gasoil and include gasoil, diesel and jet fuel. heating oil that usually accelerates tanker spot earnings at the beginning of October. Owners and operators of product tankers, already digesting hurricane-related refinery shutdowns at The key this quarter will be in the pace of demand the exporting hub of the US Gulf, are likely to see for transport fuels, and one of these indicators will further falls in regional business. be teleworking, according to the IEA. Whether contango trades for gasoil and diesel will “Teleworking is now a significant component in shield them from further collapsing earnings is assessing the level of oil demand,” it said, estimating doubtful. public transport worldwide is down around 25% to 50% from January levels. “Liquefied petroleum gas, ethane and naphtha demand is forecast to fall little this year on resilient At least 20% of trips were work-related, the IEA petrochemical feedstock demand and residential use said, citing monthly fuel statistics for Organisation for LPG,” the report said. for Economic Development and Co-operation countries, and Google data. “Fuel oil demand, which includes marine bunker as well as power generation and industrial uses, is From this, home working was extrapolated to forecast to decline by only 400,000 bpd or 6.3% in account for 600,000 bpd of the 2.2m bpd fall in 2020. DNV GL backs LNG for the decarbonisation journey DECARBONISING shipping is a voyage that begins sea shipping. This makes LNG a natural choice to with gas, according to Knut Ørbeck-Nilssen, chief explore further.’’ executive of DNV GL’s maritime division. He described the discussion around methane slip as Introducing the class society’s fourth edition of its more of a technical challenge. Maritime Forecast to 2050, he said neither LNG nor LPG would be the carbon-neutral solution. “I know many of the big engine manufacturers are working on ways to reduce it. In some cases that will “We must not allow the perfect to be the enemy of the come with an extra capital expenditure. But it is a good,” he said, quoting the French philosopher Voltaire. problem that can be dealt with, or at least be reduced quite significantly. “LNG is the way to get where we want to be,” he told Lloyd’s List. “We talk about 20% savings on CO2 “That’s why we are pretty firm on gas as a first emissions for LNG and a little less for LPG, but add stepping stone on this journey.” that to the more general energy efficiency gains and it becomes a considerable step in the right direction. DNV GL stressed the importance of developing a new generation of carbon-neutral ships over the “Looking at the alternatives, there are very few that coming decades, with ammonia and methanol the are available or at a suitable price, or even fit deep more promising of the alternative fuels. Ship owners

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 6 are advised that installing a dual-fuel LNG engine is “It’s similar to the safety dimension,” he suggested. “a robust choice enabling future flexibility”. “Shipowners are not competing on safety: good safety benefits the whole group of ship owners Mr Ørbeck-Nilssen also highlighted the need for the whereas when something goes wrong everyone industry to collaborate to achieve the goal of suffers.” decarbonisation. The core of the challenge, he said, is getting first “The challenge we are up against is not so much movers to try new technology. about an individual shipowners’ competitiveness. It’s about adapting to a future scenario where there “There is a natural hesitance to share it with others, is not only regulatory pressure to improve on but the Green Shipping programme supported by emissions but also pressure from financiers, Norwegian authorities has created an environment insurance, wider stakeholder groups, shareholders if in which more than one company can benefit. they are publicly-listed, and customers.” The shipowner should not have to drive the He said there is untapped potential in academia, not decarbonisation initiative but coming together in only their knowledge but also the talent pool of new entities, and some public funding, will help this graduates from these institutions. along.

MARKETS Tanker owners focus on sustainability TANKER owners are focusing on fuel-efficient, four-year-old vessel is trading at a 30% discount to environmentally friendly assets, although ordering a new vessel. In addition, there were no newbuilding activity remains muted due to working capital requirements. uncertainties related to the development of new fuel types, a Marine Money panel event heard. He added that debt financing was available for the “right” projects. The company has five vessels in its For AET Tankers, owned by Malaysia’s MISC, its fleet. main aim was to meet the International Maritime Organization’s 2050 zero emissions target with oil Earlier this month, First Ship Lease Trust, also in majors appearing to be on an energy transition path. Singapore, secured financing for its pair of long range two product tanker newbuildings being Tan Chor Yang, the company’s head of group finance, constructed at a Cosco yard in China. The deal, with said it would “continue to invest in eco-friendly, a Chinese leasing firm, was for the sale and fuel-efficient vessels” in its fleet rejuvenation drive. leaseback of the two vessels. It believes in liquefied natural gas as a transition fuel. FSL Trust’s chief financial officer Markus Wenker said on the panel that the company had been in talks “For us, energy transition is a space we are with international banks but was increasingly monitoring,” he said, adding that in his view, “looking to the east” for financing, or the Oslo scrapping would increase in the coming years. market, rather than the US.

There are merger and acquisition opportunities out With most publicly listed companies trading below there, and smaller players will find it hard to net asset value, it was hard to raise money in the compete, Mr Yang said. capital markets, he said. Those who come in with unrealistic promises were “destroying” the The company has 80 vessels in its fleet. industry’s reputation, putting investors off.

Singapore-based chemical tanker owner Foreguard “Ship finance is becoming more global,” he added. Shipping prefers the secondhand market to newbuildings for growth. Currently, there was a disconnect between financial performance and stock price performance, Mr Its managing director Alan Hatton said there is Hatton of Foreguard noted. Green finance was an value in the second-hand market when a three- to area that was gaining traction.

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 7 Dimitris Belbas, managing director and head of That has been the more immediate priority for all shipping finance at Seafin, said refinancing was the three companies, with deviations and forced off-hire current focus for many companies to “clean up” balance to facilitate crew changes. sheets. There were few new investments, he said. How to meet sustainability obligations and how to The biggest challenge facing the shipping industry attract talent to the industry were also cited as this year amid the health crisis has been crew challenges. change restrictions, the executives said. Euroseas hails strong boxship market amid unpredictability EUROSEAS, the Nasdaq-listed containership owner, Akinada Bridge is Euroseas’ largest vessel in a fleet has agreed charter extensions for two vessels against that also includes another four intermediate vessels an improved market backdrop, but has underlined of more than 4,000 teu capacity and 10 feeders. the “high” degree of uncertainty in its outlook on the market. Mr Pittas said the company is focusing its growth strategy on these segments, hoping to “leverage our “We are encouraged with the recovery of the position as the only US public platform of smaller charter market starting in late July 2020,” said containerships”. chief executive Aristides Pittas. “But we still believe that the economic uncertainties remain The fleet has been reduced to 15 vessels by a recent high due to both the possibility of recurrence of deal to sell the 30-year-old 1,169 teu feeder Ninos for the pandemic and the continuing trade tensions scrap. The ship fetched just under $2.4m and is due between the US and China, which affect the to be delivered before the end of this month. containership market.” Greece-based Euroseas also said that charterers of Mr Pittas said that the improved strength of the its 4,253 teu Synergy Oakland have exercised an market for intermediate boxships was reflected in a option to extend the charter by another eight to 12 charter extension for the company’s 5,610 teu months at the Contex-4,250 index rate minus 10%. Akinada Bridge at a rate that would “significantly contribute” to Euroseas’ cashflow for the next year at At September 17, the index stood at $15,369 but it is least. adjusted twice a week.

The charter for the 19-year-old vessel has been Mr Pittas said that the company remained “cautiously extended for 12 to 13 months from October 30 at a optimistic about the prospects of the containership daily rate of $17,250, with a charterer’s option for an market across all segments”, citing low fleet growth additional 10 to 12 months at $20,000 per day. projections over the next couple of years.

IN OTHER NEWS

Insurers respond to piracy risk in Gulf It now extends between Lome, the 2020-built, 15,128 teu CMA of Guinea Togo (6° 6′ N, 01° 12′ E) to a point CGM , the largest boxship LLOYD’s of London has expanded (0° 40′ S, 03° 00′ E), about 340 yet to call the US east coast. its Gulf of Guinea listed area nautical miles west of Cape further south and east because Lopez, Gabon in the south (0° 40′ “We welcome CMA CGM Brazil to of an increase in piracy attacks. S, 08° 42′ E). Charleston and extend a big congratulations on this landmark The group’s Joint War Committee CMA CGM containership sets US east record ship,” said SCPA president listed area was last changed in coast record and chief executive Jim 2013 and previously covered only THE South Carolina Ports Newsome. the exclusive economic zones of Authority underscored the big Togo, Benin and Nigeria north of ship readiness of Charleston on “This points to the success of our latitude 3° north. Monday, heralding the arrival of long-term strategy of investing in

Lloyd’s List | Daily Briefing Wednesday 23rd September Page 8 port infrastructure and deepening named after its founder, who died maritime industries and the our harbour to accommodate the in 2018. His children, chief global supply chain of fuels,” Mr largest vessels visiting the east executive Rodolphe Saadé and Uggla said in a statement. coast. We have planned well for company director Tanya Saadé our customers’ growth.” Zeenny, who is godmother to the Seattle and Tacoma see reduced vessel, attended a virtual launch containerised throughput Salvage of capsized Golden Ray event with the shipyard in THE Northwest Seaport Alliance clears hurdles for October start Shanghai. of Seattle and Tacoma saw THE salvage of car carrier Golden reduced containerised throughput Ray has been delayed due to Keppel OM seals deals worth $147m during August, with year-to-date technical challenges, legal SINGAPORE yards continue to container volumes falling by 20%. issues, the impact of the see orders trickle in with Keppel pandemic and the weather, the Offshore & Marine securing a The figures come as rivals along International Union of Marine floating storage and the US Pacific Coast all report Insurance has heard. regasification unit conversion surges of throughput and as project and its US subsidiary shipping line Maersk reported The vessel — owned and picking up a dredger newbuilding, “strong demand and volumes” in operated by Hyundai Glovis and although altogether worth only the Asia-North America entered with the North P&I club about S$200m ($146.8m). transpacific trade with imports — capsized in St Simons Sound into the US. near the US port of Brunswick in Keppel O&M said its Keppel the state of Georgia last AmFELS unit in Brownsville, NWSA handled 276,407 teu in September. Texas had won a Jones Act August, a 13.8% decline dredger contract from Manson compared with the same period a It was carrying more than 4,000 Construction, its first such year earlier. Full imports reached predominantly Hyundai and Kia project. their highest monthly volume for cars manufactured in Mexico, as the year at 107,890 teu, but were well as some other marques, for The high-specification trailing still down 3.9% year on year. export to the Middle East. suction hopper dredger will have a hopper capacity of 15,000 cu South Africa plans green ship First LNG-fuelled deepsea boxship yards and will operate primarily recycling yard enters service in the US Gulf Coast and US SOUTH AFRICA is planning an CMA CGM has celebrated the Atlantic coast. environmentally friendly ship entry into service of its iconic recycling facility on its west CMA CGM Jacques Saadé, the Maersk Tankers appoints Holth and coast. first of its series of nine 23,000 Brennan to board teu, LNG-fuelled, ultra-large MAERSK Tankers has appointed The facility, in the Saldanha Bay containerships. a former DNB shipping chief and Industrial Development Zone, an oil market veteran to its board. would use a ship lift to transfer The vessel will join the line’s FAL vessels into an uncontaminating Asia-Europe service, where its The appointments of Kristin decommissioning facility rather rotation will include Pusan, Holth and Michael Brennan came than the beaching method, which Tianjin, Ningbo, Shanghai, as company chairman Robbert has been heavily criticised for Yantian, Singapore, Uggla announced that vice- causing pollution Southampton, Dunkirk, Hamburg, chairman Paul Reed will retire by Rotterdam, Algeciras and Port early 2021. Named 34South, the site would Kelang. offer a convenient location for The pair “hold extensive and end-of-life ships rounding the The event in Marseille has a insightful experience from Cape of Good Hope, removing the special resonance for the family- commodity trading, the energy requirement to pay tolls through run company as the vessel is related capital markets, the the Suez Canal.

Classified notices follow

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