Latest Maritime News
7-20 July 2020
OPEC Expects Big Rebound in Oil Demand in 2021, Still Not Enough to Reach 2019 Levels

OPEC released its monthly report yesterday.

Crude Oil Price Movements
Spot crude oil prices continued rising in June for the second consecutive month, given the continued improvement in physical crude market fundamentals and gradual reductions in global supply overhang. The OPEC Reference Basket (ORB) value rose by $11.88, m-o-m, to $37.05/b, up by 47.2%. In June, ICE Brent rose by $8.36, or 25.8%, to average $40.77/b, while NYMEX WTI rose by $9.79, or 34.3%, to average $38.31/b. The increase was driven by a drop in global oil surplus, signs of further improvements in oil market fundamentals, as well as prospects that the oil market would tighten further in 2H20. The contango structure of Brent and WTI continued to ease, while the DME Oman structure flipped into mild backwardation. Hedge funds and other money managers slightly raised their bullish bets on futures and options contracts in June, amid concerns about the spike of COVID-19 cases worldwide and potential impact on economic activity and oil demand. Continue reading here ( Source: Bunker Ports News)
Piracy in Asian Waters Rises to Highest Level in Five Years, Data Shows

Piracy and armed robbery against ships in Asian waters in the first half of 2020 shot up to its highest level in five years and nearly double the number recorded in the same period a year earlier.

A total 51 incidents were reported in the region in the January to June period, 50 of which were actual and one was an attempt, according to  data  from ReCAAP ISC, a piracy information group with 20 member nations, mostly in Asia. That compared with 28 incidents reported in the same period a year earlier and is the highest tally since 114 recorded in the first six months of 2015, the data showed.

The incidents occurred in the Singapore Strait and South China Sea, as well as waters off countries including Bangladesh, India, Indonesia, Malaysia, the Philippines, and Vietnam. Thirty-one of the 51 incidents occurred while the ships were anchored and the remaining when they were in transit, according to the data.   Continue reading here ( Source: Time)
Port of Long Beach Posts 11.1% Container Decline

The Port of Long Beach said Friday the COVID-19 pandemic continued to drive down demand for goods in the second quarter of 2020, leading to an increase in canceled sailings and a decline in containers shipped through the gateway.

Dockworkers and terminal operators moved 602,180 twenty-foot equivalent units (TEUs) last month, an 11.1% decline compared to June 2019, the port said. Imports shrank 9.3% to 300,714 TEUs and exports dropped 12.2% to 117,538 TEUs. Empty containers shipped to Asia were down 13.1% to 183,928 TEUs.

The port said economic uncertainty brought on by decreased consumer spending and ongoing health concerns amid the Coronavirus pandemic contributed to a 6.9% volume drop in the first half of 2020 to 3,433,035 TEUs. Continue reading here (Source: FreightWaves)
Cruises Will Not Sail in US Waters Until October After CDC Extends Its "No-Sail" Order

The Centers for Disease Control and Prevention have announced an additional extension to their "no-sail order" which is now set to expire on Sept. 30. 

The order will remain in effect until the end of September unless the CDC director rescinds or modifies the order or the secretary of Health and Human Services declares that COVID-19 is no longer a public health emergency, according to the CDC's announcement.

Previously, the CDC's order had been set to expire on July 24. Continue reading here (Source: USA Today)
Chinese Shipbuilding Volume Dropped 10.6% in H1 2020

During the first six months of this year both the shipbuilding volume and the orders in hand of Chinese yards declined.

According to the statistics released by China’s Ministry of Industry and Information Technology, in the first half of 2020, the nation’s shipbuilding output was 17.58m dwt, a decline of 10.6% year-on-year.

The orderbook in hand was 76.54m dwt, a drop of 6.3% year-on-year while the newly received order volume was 12.47m dwt, an increase of 3.4% year-on-year. Continue reading here (Source: Seatrade Maritime News)
Shipping Losses at Record Lows, but COVID-19 Impact Could Threaten Safety: Allianz

Large shipping losses dropped by 20% last year, in a continuation of decade-long trend when losses declined by almost 70%, according to a report published by Allianz Global Corporate & Specialty (AGCS).

However, the report warned that the Coronavirus crisis could endanger the long-term safety improvements in the shipping industry as difficult operating conditions and a sharp economic downturn present a unique set of challenges.

AGCS attributed the improved loss picture to sustained efforts in the areas of regulation, training and technological advancement. Continue reading here (Source: Insurance Journal)
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