Hong Kong Shipping Gazette: Coronavirus dries up thirst for box ship ordering amid market uncertainty
CONTAINER shipping lines show no interest in fleet expansion as the industry struggles to ride out the fall out from the coronavirus pandemic that has led to a significant drop in orders at shipyards across all shipping sectors.
BIMCO chief shipping analyst Peter Sand was quoted as saying in a report by UK’s The Loadstar: “Uncertainty about future environmental regulations, as well as lower demand growth outlook in the coming years had many thinking twice before ordering a new ship. The very sharp decrease in market sentiment and global shipping demand has lowered contracting activity further.”
The analyst’s shipping market update notes that the earlier main issue of low sulphur compliance and recovery of the additional cost has been overtaken by the virus crisis.
Hong Kong Shipping Gazette: Scrubber installations to be scrapped as oil price falls off cliff
FINNISH technology group Wartsila says container and dry bulk ship owners are cancelling scrubber retrofits and installations in a move designed to cut costs. Alphatanker predicts a “flood of cancellations” as cost cutting and the erosion of marine fuel oil premiums render the sulphur abatement technology redundant.
The price of 0.5 per cent very low sulphur fuel oil now used by some 70 per cent of the international global fleet dived by 278 per cent in Singapore since the start of this year when it was as high as US$653.75 per tonne, according assessments compiled by price reporting agency Argus Media, reported London’s Lloyd’s List.
HLPFI: Brexit & bunkers preoccupy legal professionals
Global complications have always cast a long shadow over legal services in maritime commerce, whether tariff disputes or embargoes. Brexit and low-sulphur fuel regulations have been some of the key themes of the past 12 months, writes Gregory DL Morris.
Heavy Lift: Covid-19 shakes up Sulphur 2020
The rapid spread of Covid-19 has had a multi-faceted impact on global shipping. HLPFI takes a look at how the outbreak has caused shockwaves in bunker prices and what this means for the implementation of the sulphur 2020 regulations.