Latest Maritime News
March 3-17, 2020
Oil Prices Could Hit Teens in Coming Weeks as Markets Crater Over Coronavirus and Price War

An end to the oil price plunge is nowhere in sight, energy experts say, as futures of international benchmark Brent crude fell below $30 a barrel Monday for the first time since 2016. That’s a stunning 54% drop year-to-date. 

“Oil could easily be in the teens at the bottom. Could even be low teens at the lowest,” Abhi Rajendran, director of research at Energy Intelligence, told CNBC on Monday.

“The main driver is for, a week or two, we could have global market oversupply of over 10 million barrels per day (bpd). Which is insane and unprecedented.” Continue reading here ( Source: CNBC)
Major Cruise Lines to Suspend Voyages After President's Request

President Donald Trump said the country’s biggest cruise lines will suspend operations for a month at his request, marking the most sweeping response yet by the industry after a series of coronavirus outbreaks at sea.

In a tweet late Friday, Trump said the shutdown will include market-share leader Carnival Corp., as well as Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd. and MSC Cruises.

Trump made clear that the action was taken “at my request,” even though Norwegian and Royal Caribbean had earlier announced “voluntary” suspensions. Continue reading here ( Source: Bloomberg)
Cargo Operations Continue at California Ports During Region-Wide Shelter-in-Place

The Port of Oakland and Oakland International Airport will remain open during a shelter-in-place order enacted throughout the Bay Area to slow the spread of novel coronavirus, the agencies announced Monday.

The shelter-in-place order will be in effect until April 7, according to health officials from San Francisco, Alameda, Marin, Santa Clara and San Mateo counties. The Port of Oakland and the airport are considered essential services, and will remain open, along with BART, hospitals, pharmacies and grocery stores.

The Grand Princess cruise ship, which was carrying quarantined passengers with coronavirus, docked at the Port of Oakland on March 9. The ship has since moved to San Francisco and the Oakland port said none of its employees, customers or business partners have tested positive for coronavirus. Continue reading here ( Source: NBC Bay Area)
Container Shipping Faces 17m TEU Demand Impact From Coronavirus

As the coronavirus (COVID-19) sweeps across Europe and the US causing widespread disruption and lockdowns container shipping could see a loss of 17m teu of cargo in 2020. 

Analyst Sea-Intelligence said in its latest newsletter that container shipping could be looking at developments similar to the globally financial crisis in 2009 which implies a volume loss of 10% or around 17m teu in 2020.

The analyst warned that as a result there was a “realistic risk of bankruptcies.”
  Continue reading here (Source: Seatrade Maritime News)
Coronavirus is Decimating IMO 2020 Ship-Scrubber Savings

The implementation of the IMO 2020 marine-fuel regulation has gone completely off script.

Marine-fuel pricing has actually fallen year-on-year and the predicted savings from exhaust-gas scrubbers have increasingly evaporated. What happened and what’s next?

The IMO 2020 rule, effective Jan. 1, requires all ships that do not have exhaust-gas scrubbers to burn either 0.5% sulfur fuel known as very low sulfur fuel oil (VLSFO) or 0.1% sulfur marine gasoil (MGO). Ships with scrubbers can continue to burn 3.5% sulfur heavy fuel oil (HFO). Continue reading here (Source: American Shipper)
Chinese VLCC Sets New High in Tanker Fixing Frenzy

While a host of VLCCs taken on subjects for huge six-digit figures last week have failed over the last 24 hours, the fully fixed Sea Splendor is making headlines.

According to the VLCC Fixtures app from Tankers International, the non-scrubber fitted, eight-year-old Sea Splendorwas fully fixed yesterday to Bahri Oil Transportation at WS 202.50, which works out a record time charter equivalent of $351,961 per day. The Chinese-controlled ship, operated by Blue Light Chartering, has departed China and will pick up a consignment of crude from Saudi Arabia to take via the Cape of Good Hope to the US Gulf.

Monday marked another frenzied day of tanker fixing with some more eye-catching deals on subs as the price of oil ducked below $30 per barrel with Russia and the Middle East ramping crude production. Continue reading here (Source: Splash247)
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