Friday September 4, 2020 Daily Briefing Leading maritime commerce since 1734

LEAD STORY: OOCL lisnked to more supersized OOCL linked to more newbuilds supersized newbuilds WHAT TO WATCH: Missing livestock carrier: Survivor says vessel sank in typhoon DP World plans $4.5bn in new port investment with Canadian pension fund ACL chief does not rule out UK flag return as ships move to Malta ANALYSIS: Frontline chief eyes VLCCs as next investment Investors advised to look to shipping tech Container shipping’s digitalisation at inflection point MARKETS: LNG shipping sees post-pandemic ORIENT OVERSEAS CONTAINER Line is said to be considering rebound orders for seven more 23,000 teu containerships, raising the prospect Columbia partners with Saudi Aramco of another investment binge in the sector. for Mid-East expansion The company, now part of state conglomerate Cosco Shipping, aims to IN OTHER NEWS: combine the newbuildings with the quintet of the same size already on Crew evacuated after fire on VLCC off Sri Lanka order to form an independent loop on the Asia-Europe trade, according to people with knowledge of the matter. Brittany Ferries seeks state aid after 75% fall in passengers The ordering plan is “at a very early stage”, with the choice of shipyards Industry ready to push ahead of and the type of vessel engines yet to be decided, the sources said. regulators in decarbonisation pursuit Hull and machinery claims down, Cosco and OOCL have been approached for comment. Cefor data shows FSL taps Chinese leasing firm for twin Having landed more than $1bn last year from the sale of its US LR2 sale-and-leaseback deal terminal assets, Hong Kong-based OOCL in March signed a $780m contract to build five 23,000 teu ships at two affiliated yards in China. IMO’s Arctic fuel ban projected to be largely ineffective Those deliveries are scheduled for between the first quarter and the PSA signs Singapore terminal deal early fourth quarter of 2023. with HMM Wilhelmsen in hydrogen fuel venture Independent consultant Tan Hua Joo said the additional orders would with Hyundai Glovis make sense if the carrier wants to form a new string for the Asia- Shippers file claim over alleged Europe routes which require a dozen ships. Iranian petroleum cargoes seized by US “The decision is clearly driven by Cosco and is partly politically Singapore learns how to adapt to motivated given the dwindling order backlog at Chinese yards but is shipping’s new normal also in line with Cosco’s growth ambitions,” he added.

US west coast risks losing more The newbuilding plan would help the state-owned giant — which import trade to Canada controls the world’s third-largest containership fleet — narrow the

Lloyd’s List | Daily Briefing Friday 4th September Page 1 capacity gap with the leading carrier Maersk and the Alliance. It trails the 2M grouping — Maersk and runner-up Mediterranean Shipping Co. MSC — in Asia-Europe capacity.

The Cosco management appears to believe the fresh The ordering scheme also comes as box shipping supersized tonnage is a rather “safe bet”, according carriers have fared surprisingly well so far this year to one of the sources. against the backdrop of the coronavirus outbreak.

“In a good market, these 23,000 teu ships can surely Most major carriers reported satisfying profits in the help Cosco and the Ocean Alliance tap more Asia- second quarter, as their efforts in blank sailings Europe revenue,” said the person. “When it turns managed to shore up rates on the main east-west gloomy, the capacity pressure can be alleviated by trades. returning some of the chartered-in big ships and send some of the smaller ultra-large ships to the Prospects for the second half remain upbeat as seen Middle East trade.” by some analysts, with a sizzling market recovery led by record high transpacific rates during the Cosco and OOCL, alongside French line CMA CGM summer peak season, as well as a remarkable low and Taiwan’s Evergreen, are members of the Ocean vessel orderbook.

WHAT TO WATCH Missing livestock carrier: Survivor says vessel sank in typhoon A LIVESTOCK carrier with 43 crew and 5,800 cattle The 2002-built Gulf Livestock 1 is believed to have on board sank off Japan in a storm, according to a been in the storm area of Typhoon Maysak when the survivor rescued by the coastguard. incident happened. The typhoon subsequently struck South Korea. The Panama-flagged, 8,372 dwt Gulf Livestock 1 capsized in the East China Sea en route to China on The Japan Coast Guard received a distress signal Tuesday. when the ship was about 185 km (115 miles) west of Amami Oshima Island in Kagoshima The Japan Coast Guard rescued one surviving crew Prefecture. member after a surveillance aircraft found him at sea, the Associated Press reported. The vessel had left New Zealand on August 14 and was on its way to China. The Filipino survivor told rescuers the vessel was lost after capsizing. The ship’s movements show that over the past year it has voyaged in the region, with port calls He is reported to have said that from the point the in Australia, New Zealand, China, the ship capsized to the moment he was rescued he did Philippines, Singapore and most frequently not see any other crew members. Indonesia.

The search is continuing for other survivors. The vessel is owned by Jordan-based Hijazi & Ghosheh Group, according to Lloyd’s List The ship’s crew reportedly consists of 39 Filipinos, Intelligence. The owner could not be reached for two Australians and two New Zealanders. comment. DP World plans $4.5bn in new port investment with Canadian pension fund DP WORLD and Canadian pension investor Caisse Since inception in December 2016, the fund — which de dépôt et placement du Québec have committed an is owned 55% by DP World and 45% by CDPQ — has additional $4.5bn to their port investment platform, invested in 10 port terminals globally, across various almost doubling its size to $8.2bn. stages of the asset life cycle.

Lloyd’s List | Daily Briefing Friday 4th September Page 2 Under the plan, the platform will target both new high-quality port and terminal infrastructure assets and existing regions, including Europe and Asia that will help design the future of smart trade and Pacific. logistics.

There will also be diversification across a wider part “We will further diversify our geographic reach and of the integrated marine supply chain, including look to seize new opportunities in a sector that, even logistics services linked to terminals. during a uniquely challenging period, is driven by long-term fundamental trends.’’ “The opportunity for the port and logistics industry is significant and the outlook remains positive as Anglosphere pension funds have taken on increasing consumer demand triggers major shifts across the exposure to ports in recent decades, with the port global supply chain,” said Sultan Ahmed Bin sector’s dependable unspectacular but steady return Sulayem, chief executive of DP World. seen as a good match for the long-term requirements of pension investors. “Best-in-class, well connected ports and efficient supply chains will continue to play an active role in Britain’s Forth Ports has been wholly owned by advancing global trade and cultivating the business Canadian, Australian and British pension funds environments closest to their operations.’’ since 2018.

Emmanuel Jaclot, head of infrastructure at CDPQ, Canadian and other pension funds also hold a said the platform will seek investments in significant stake in Associated British Ports. ACL chief does not rule out UK flag return as ships move to Malta ATLANTIC Container Line has reaffirmed its Since ACL, which is owned by the , commitment to , where it is a major is registered in Sweden, its ships have to fly the flag customer of the port and a large local employer, as of an EU country or one with which there is a its ships are re-flagged to Malta. relevant tax agreement.

Chief executive Andrew Abbott has also expressed Both Mr Abbott and Grimaldi joint managing director the hope that ACL ships will eventually be able to Emanuele Grimaldi have lobbied hard to prevent the return to the UK register. ships from having to switch to another flag.

“We did not want to leave. Why would we want to ACL moved from the Swedish register to the British leave something that works?” he asked in an flag when it took delivery of a series of newbuildings interview. “This was not a decision that we wanted.” several years ago, and favours the UK Ship Register, which is run by the Maritime and Coastguard The change of flag, which was forced on ACL by Agency. Brexit, will not have any negative effect on the company’s position in Liverpool’s maritime cluster, “The people are just fantastic — helpful, smart, and according to Mr Abbott. if we had a problem, they would help us find a practical solution. They would always call you back,” The last of its five multipurpose ships, which can said Mr Abbott, who is a US national. “The carry containers, vehicles, and ro-ro cargo, left the experience we had with the British flag was just UK flag this week, much to the regret of the great.” company, which had hoped the transfer would not be necessary. Although the ships are now registered in Malta, ACL and the wider Grimaldi group remain heavily “We waited, and waited and waited,” said Mr Abbott. invested in the UK and in particular Liverpool, where around 170 staff are employed. However, hopes have now faded that a treaty between Britain and the European Union covering They carry out back office work for other Grimaldi maritime issues will be agreed by the end of the divisions as well as for ACL, including money year, when the UK’s transition period is over collection logistics, inland transport arrangements, following its formal departure from the bloc. and documentation for North American customers.

Lloyd’s List | Daily Briefing Friday 4th September Page 3 Productivity levels in Liverpool are invariably higher ships could move back to the UK flag if a tax treaty than other group offices, according to Mr Abbott. that meets EU ship registration requirements can be negotiated. “Liverpool has become an integral part of our system,” he said. The move to Malta was not from choice but for legal reasons, and both he and Mr Grimaldi would like to ACL is also one of the biggest customers of the port be able to tell their customers that they operate of Liverpool, especially since Independent Container British flagged ships. Line moved to Southampton last year. Mr Grimaldi said a few months ago that ideally, he Speaking from New Jersey, Mr Abbott said he would like to set up a shipowning division in the envisaged the time when ACL and other Grimaldi UK, if the legal and tax issues can be resolved.

ANALYSIS Frontline chief eyes VLCCs as next investment FRONTLINE’s chief executive Robert Macleod is It agreed to buy 10 suezmaxes from global eyeing out potential investments in very large crude commodities trader Trafigura earlier in the year, and carriers. is expecting four new ice-class aframaxes to be delivered next year. “VLCCs would be the place to go if we wanted to do something,” the executive said on an Arctic The tanker market is down from where it was earlier Securities webinar. “If I had to choose, I would go for in the year in what can only be described as “an VLCCs; it is the favourite segment.” exceptional year,” the executive said.

At the moment, though, the company’s focus was on “At the moment, there are too many ships and cash breakeven, he said, which was about $19,100 not enough cargo,” he said. “When those per day on average for the entire fleet. volumes return, it should have a positive impact on rates.” “We are happy with our size,” he added, and the medium-to- long-term view “is enjoy what we have”. Volumes being shipped are down 20% as a result of lower demand from the coronavirus backdrop. Mr Macleod said he had little interest in ordering newbuildings at this point in the tanker cycle as The third quarter is generally the weakest, with there were opportunities in the secondhand refinery maintenance taking out demand, he market. noted. But the fourth quarter could be an “outperformer”. Resales were at $92m-$93m, while new orders were priced in the high-$80m range, he noted, adding The orderbook to fleet ratio is the lowest since 1997, that ordering has been at a “controlled pace” which while the fleet continues to age, and the expectation is positive for the market. is that a number of the older ships will be demolished, slowing fleet growth further, the In addition, access to finance was also limited. executive said.

Frontline is owned by billionaire shipping tycoon The time-charter market had “extreme volumes” John Fredriksen. It went public in 2001, trading on amid volatility, with the six-month period charter the New York Stock Exchange. seeing the most liquidity, while the 24-month charter had the least, he noted. Nevertheless, the “Mr Fredriksen’s commitment to the company is company did conclude some deals for two-year unquestionable, and will continue,” Mr Macleod durations. said. Challenges continue to dog the market related to The company lists 71 tankers in its fleet, six of which logistics and crew change restrictions, Mr Macleod are under commercial management and two are said, which were leading to port congestion around chartered-in, according to its website. the world. The congestion seen in China, however,

Lloyd’s List | Daily Briefing Friday 4th September Page 4 had more to do with a demand rebound as its oil growth in 2021, he said. A 100% recovery was market was in contango. predicted for 2022.

Arctic Securities analyst Ole-Rikard Hammer said Production cuts by the Organisation of the he has an upbeat view of the tanker market. Petroleum Exporting Countries to a 30-year low was “just temporary,” while the inventory “We are entering a phase of a new upcycle,” he said overhang would clear in the fourth quarter. on the webinar, although the rates seen earlier in the year are unlikely to be repeated. Slower fleet growth is also expected in the next two to three years, to a level that was easier for Oil demand is expected to rebound by 4m-6m the market to deal with, he pointed out. barrels per day, leading to double-digit tonne-mile Investors advised to look to shipping tech WOULD-BE shipowners considering entering the audience at the 13th Marine Money Hong Kong Ship industry without the necessary passion and Finance Forum. The last thing the industry needs is commitment have been told they would be better off more asset players, he added. investing their money elsewhere. He reminded the delegates attending the virtual Not only is it very difficult to turn a profit but costs forum that with shipping and the dry bulk market in can quickly build up as compliance and other risks particular having become so commoditised, the way increase, according to TCC Group chief executive in which the market sees the owner has completely officer Kenneth Koo. changed in the past 10 years.

TCC, which owns a fleet of very large crude carriers With the recent rising interest of leasing companies and aframaxes, is well aware that especially with in the market, these need to be made cognizant of regulations such as OPA90, this can prove to be very this as well in order to bring some normalcy to the costly indeed. shipping market.

Regardless of whether a third party shipmanager is Especially with the flush liquidity available, used or everything is done in-house, “the investors should sit down with shipowners to responsibility of the shipowner to provide safe, find out what they really need instead of just efficient, reliable and environmentally friendly buying up assets and plunging into the transportation” does not change, Mr Koo said. business.

Instead, he suggests investing in shipping-related Mr Koo unfortunately was not optimistic that this technology. ideal scenario would play out.

“There is a dire need for committed funds for “I do not think it will happen because there is just technology to improve shipping,” he told the online too much free capital out there,” he concluded. Container shipping’s digitalisation at inflection point THE pandemic has brought container shipping to “Online businesses are seeing huge increases in an inflection point in its move towards revenues, driven by the need to shop online during digitalisation and it must act on the changes that the pandemic,” he told a webinar. “But container are emerging to use the crisis to improve customer shipping is not digital. It is about the transportation service. of physical goods. Therefore, when factories shut down there was an immediate impact that carriers Digital Container Shipping Association chief had to deal with.” executive Thomas Bagge said the health crisis had changed priorities and that it was not possible to Even those goods that were still transported faced continue as before. new challenges as bills of lading were unable to

Lloyd’s List | Daily Briefing Friday 4th September Page 5 reach their destination, consignees were unable to need to start using the same language and pick up containers at ports and letters of credit went vocabulary.” undelivered. Doing so would open a “treasure trove of “When we look at those things there is an immense opportunity”, he added. opportunity and momentum in front of us,” said Mr Bagge. “Everyone sees the pain right now and that is Despite their strong relationships with forwarders, an opportunity we can’t squander.” carriers risked competition from companies that have excellent customer service and which could But the pandemic was putting a strain on supply disrupt the whole industry by simplifying it. chains that had already been stretched to their limits in terms of efficiency. “The imperative is greater than ever and we are at an inflection point,” Mr Bagge said. “The Container carriers have been forced to manage their standardised products in international trade are capacity in a volatile market. But this is a short-term complex. There are many parties involved with a solution and in the long term the problems of long list of documents involved, most of which are inefficient processes still needed to be addressed. paper-based. Then there are the antiquated processes, such as a booking process that can take “Customers are terribly affected by the current up to 50 emails.” situation and the antiquated processes we have in international supply chains,” Mr Bagge said. “We While initiatives such as electronic bills of lading don’t need to have delays because of bills of lading could save the industry up to $4bn over a number of that did not arrive or letters of credit that have not years, the real necessity was to improve customer been delivered. service.

“There are technologies that can eliminate these “Carriers have improved the efficiency of container pain points. But before we can deploy those we shipping but now must focus on the customer side.”

MARKETS LNG shipping sees post-pandemic rebound LIQUEFIED natural gas shipping rates have made a Jeffrey Moore of S&P Global Platts flagged supply significant comeback since the start of the outages, which “initially kicked off from the coronavirus pandemic as prices for the commodity unexpected extension to the maintenance at Gorgon advanced in Europe and Asia to levels supporting LNG train 2 in Australia”, as the key driver of the inter-basin trades with the US. LNG price surge in Asia’s spot market.

Spot fixtures on oceangoing LNG tankers of 155,000 “Although the plant is not going to have to shut down cu m to 165,000 cu m rose to $50,000 and $54,000 fully as some once believed, the loss of supply out of for the Pacific and Atlantic basins, the latest the Pacific Basin helped support JKM, which rallied assessment by ship brokerage Fearnleys showed. from $2.25 per mmBtu on July 15 to $4.29 per mmBtu on September 1,” said Mr Moore. Poten & Partners separately assessed spot rates for 165,000 cu m TFDE (Trifuel Diesel Electric) tankers Demand in Asia, the home region for the world’s at $49,000 last week, up from $29,000 in June. largest and fastest-growing LNG buyers, also rebounded strongly. Recent rallies in LNG spot prices have backed up such recovery in the corresponding shipping market. Poten’s Wong Kit Ling pointed to “firm buying interest” from Taiwan, China and South Korea. For October loadings, Europe hub TTF LNG and Asia JKM LNG last settled at $3.86 per million China’s imports are expected to hit a new year-to- British thermal unit and $4.225 per mmBtu as of date high in August, having already clawed back yesterday, opening up the arbitrage window for losses from the pandemic-led demand disruptions trades between buyers in the two regions and sellers during the first five months to match last year’s in the US. levels.

Lloyd’s List | Daily Briefing Friday 4th September Page 6 Over in Europe, Germany’s call to phase out nuclear expected to support freight rates of $45,000 to energy and lower piped gas flow from Norway $55,000. contributed to higher LNG prices, said Oleg Vukmanovic from Poten. Mr Moore of Platts held that the expected uptick in US LNG loadings in the coming months could boost Going by the forward curve as suggested by futures shipping demand through the end of this year, trades conducted this week, LNG spot prices may lifting freight rates once again to beyond the well surge past $4 per mmBtu in November and $100,000 threshold. December. But Mr Clarke warned against getting hopes up on These recent price moves “provide incentive for “full blaze ahead” given the downside risk from high freight markets to move” as they allow LNG storage utilisation and another warmer-than- offtakers of US LNG to break even at the operating expected winter. level. By Poten’s estimate, Europe’s LNG storage is more Poten’s Jefferson Clarke in flagging the above, than 90% utilised so the region is not as well-placed further suggested that LNG prices of above $4 are to absorb excess winter supply as in previous years. Columbia partners with Saudi Aramco for Mid-East expansion COLUMBIA Shipmanagement has opened an office We will inevitably be looking closely at Dubai, but in Riyadh, Saudi Arabia to offer full technical and the tail must not wag the dog.” crew management to Saudi Aramco in the areas of energy, oil and gas. Mr O’Neil said the new Riyadh office would be set up according to the Saudisation policy, announced In addition to providing maritime training and in 2016 as part of the Saudi Vision 2030 reforms, procurement services to the state-owned energy under which there is a strict obligation on training giant, the move is intended to start an expansion in of staff. the strategic Middle East shipmanagement market. “Columbia will train as many Saudis as we possibly The Riyadh office will cover the shipping and can,” he said, stressing the need for localisation with offshore sectors, including the cruise and super an international perspective. yacht markets, as well as vessel digitalisation and optimisation services, in addition to training, Mr O’Neil joined Columbia Shipmanagement catering, and newbuilding consultancy. from the German shipping team at law firm Reed Smith in January 2017, and within the same year Columbia Shipmanagement president Mark O’Neil saw the merger with another Cyprus-based said the move comes after discussions to build manager, Marlow Navigation. The merger partnerships with many of the region’s blue-chip operated throughout 2019 as separate brands operators. with 13 management offices and 35 manning agencies. “There has been a real shift in the Middle East from being service-takers to wanting to provide maritime The company provided full technical services themselves. We are talking to several management for 324 vessels as at December 2019, companies with a view to partnering in various with a further 47 vessels under crew formats,” he said in an interview. “The attitude on management. The total of 371 vessels placed both sides is: ‘what can we bring to the table?’” Columbia fifth in the Lloyd’s List ranking of shipmanagers. Over the past six months, Columbia He emphasised that shipmanagers “should not just Shipmanagement has added 37 vessels and 16 set up in Dubai and hope the business will follow. vessels have been sold.

Lloyd’s List | Daily Briefing Friday 4th September Page 7 IN OTHER NEWS Crew evacuated after fire on VLCC off emission vessels by 2030, held $58.5m, which will be used to Sri Lanka its second biannual meeting this finance the remaining payments ONE crew member is reported as week. to the shipyard under the relevant missing after a fire broke out on a shipbuilding contracts. fully loaded very large crude “While members are working carrier off the east coast of Sri together to develop new The vessels are being constructed Lanka. technologies and business at Cosco Shipping Heavy Industry models, they call for ambitious, (Yangzhou). Under the agreement, The fire started in the engine global regulation to set the the lease term will be 10 years room of the 2000-built, 299,986 industry on a climate-friendly from the delivery of the vessels dwt New Diamond, which was in course, but they are prepared to with a purchase obligation at the the Indian Ocean, according to move ahead of the IMO and other end of the term. Lloyd’s List Intelligence data. regulators to ensure that scalable solutions are in place when IMO’s Arctic fuel ban projected to be The Sri Lankan navy confirmed regulation is adopted,” said largely ineffective that the fire has been contained Johannah Christensen, managing A PROPOSED restriction on heavy and Lloyd’s List Intelligence data director, head of projects & fuel oil in the Arctic Sea would do shows that the crew have been programmes, Global Maritime little to stem its use and carriage evacuated. Forum, a founding partner of the in the region owing to potential coalition, in a statement. exemptions and waivers, Brittany Ferries seeks state aid after according to new research. 75% fall in passengers Hull and machinery claims down, BRITTANY Ferries has closed Cefor data shows The International Maritime some services and asked the HULL and machinery has taken Organization is developing a ban French government for financial only a modest hit from on the use and carriage of HFO in aid. coronavirus so far, but the impact the Arctic Sea. could be felt further down the The company says UK quarantine line, according to the latest But non-profit research rules had made worse a severe half-yearly statistical report from organisation the International hit caused by the pandemic and Cefor. Council on Clean Transportation Brexit. The carrier will close the has found that the global Cherbourg-Portsmouth and Le Meanwhile, total losses continue regulator’s current plans would fall Havre-Portsmouth routes, having their secular downward trend and short of actually achieving that recently closed its St Malo- have fallen to an all-time record end. Portsmouth route. Its Cherbourg- low, the Nordic trade association Poole route, suspended in March, added. PSA signs Singapore terminal deal will stay closed for the rest of the with HMM year. In the first half of 2020, the SOUTH Korean line HMM has coronavirus backdrop led to a made a prudent move to secure The company, which runs reduction in vessel activity, and berth space for its ultra large services between the UK, France, this in turn has seen a reduction container vessels, forming a joint Ireland and Spain, will take half in both claims frequency and venture with Singapore port its 12 ferries out of service. average claim cost per vessel. operator PSA to work together “for enhanced operational Industry ready to push ahead of FSL taps Chinese leasing firm for twin excellence and efficiency in regulators in decarbonisation pursuit LR2 sale-and-leaseback deal container operations”. CORPORATIONS are willing to FIRST Ship Lease Trust has leap ahead of regulators in signed a sale and leaseback deal The strategic partnership, which pursuit of decarbonisation with a Chinese leasing company is subject to regulatory solutions, according to a leading for two long range two product approvals, will offer long-term sustainability initiative. tanker newbuildings. hubbing certainty to HMM’s fast-expanding global vessel The Getting to Zero Coalition, The Singapore-based company fleet in PSA Singapore, the two which was formed last year to said in a statement that the sale companies said in joint help commercialise zero is expected to generate about statement without specifying

Lloyd’s List | Daily Briefing Friday 4th September Page 8 investment, operational or accused of violating sanctions by Mr Menon reiterated that despite capacity details. carrying petroleum products to the pushback caused by Venezuela from Iran. pandemic-related supply chain The joint venture company, disruptions, it was “not practical HMM-PSA Singapore Terminal Pte The case in the US District Court for most activities to be Ltd, with PSA holding a 58% share for the District of Columbia onshored”. and HMM the remaining 42% comes after US authorities through their respective units, is ramped up pressure in the matter US west coast risks losing more scheduled to start operations by seizing internet websites used import trade to Canada before the end of this year. by the three companies. CANADA’S southwest ports of Prince Rupert and Vancouver Wilhelmsen in hydrogen fuel venture United Arab Emirates-based are fast becoming major with Hyundai Glovis Mobin International told the court competitors for US west coast WILHELMSEN and Hyundai it purchased all of the petroleum- ports, joining existing rivals on Glovis have entered a joint product cargoes, chartered the the US east and Gulf coasts venture to develop new fuels tankers, and was transporting the for market share, according to such as liquefied hydrogen. fuel to Trinidad and Tobago, for a report released by the onward sale to Peru and Pacific Maritime The companies are expanding on Colombia. Association. an existing relationship and will exchange expertise and Singapore learns how to adapt to “The US west coast ports competency to improve existing shipping’s new normal continue to be the largest North technology and service areas, SINGAPORE’S maritime industry American gateway for Asian along with looking for new looked to the city’s financial imports, but that lead is being opportunities to shape the future regulator for wisdom on dealing eroded not just by US ports in the of the maritime industry, with the post-coronavirus world Gulf and east coasts, but also by Wilhelmsen said in a statement. and was told that resilience was the two major ports in British the key to survival. Columbia,” said PMA chief The aim is to explore the short executive Jim McKenna. and longer-term opportunities, In his keynote address at the leveraging on a shared focus on Singapore Maritime Lecture, The report by Mercator the global gas shipping market. Monetary Authority of Singapore International focuses solely on managing director Ravi Menon what it calls “intact intermodal Shippers file claim over alleged Iranian said that what the coronavirus cargo”, which it described as “an petroleum cargoes seized by US backdrop had shown was that important segment of the cargo THREE shippers have told a US resilience was needed in the market comprising containers federal court that they are the supply chain, in industry and the that are shipped directly by rail owners of cargoes seized on workforce as well as for the planet from vessels to internal US board four tankers that were overall. markets”.

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