Latest Maritime News
June 9-22, 2020
The Panama Canal Sees 21% Drop in Crossings Amid Pandemic

The Panama Canal reported a 21% drop in the number of ships crossing the waterway in May amid the coronavirus pandemic, compared to projections for traffic.

Just 937 ships used the canal last month, while there were 260 cancellations of crossings, canal administrator Ricaurte Vásquez said Wednesday.

He said 119 of the cancellations involved giant LNG and LPG tankers that were to have carried liquified gas, mostly from the United States to Asia. Crossings by cruise ships and car carriers also declined. Continue reading here ( Source: Yahoo News)
Shanghai Tops All, Singapore #2, Hong Kong Now #7 Busiest Container Port in the World

The Port of Shanghai maintained its top ranking at the busiest container port in the world, reporting a 4.4 per cent increase volume to 42 million TEU.

Coming in at No 2 was the Port of Singapore with the highest growth in the top 20, up 8.7 per cent to 36.6 million TEU for the year 2018.


Growth of 7.1 per cent helped Ningbo-Zhoushan port surpass the Port of Shenzhen to take third place, while Guangzhou's 7.6 per cent growth was enough make it No 4 and propel it ahead of Busan, which fell to No 6 despite a 5.8 per cent volume increase.   Continue reading here ( Source: SeaNews)
Oil Prices No Longer Especially Cheap After Strong Rally

Oil prices are no longer particularly cheap by historical standards. 

Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period. 

But over a longer time horizon, current prices are not especially cheap, and are only a little below long-run averages over the last few price cycles. 

Current Brent prices at just over $40 per barrel are in the 49th percentile for all months since 1988, after adjusting for U.S. inflation. Continue reading here (Source: Reuters )
Cruise Lines Voluntarily Suspend All Trips out of U.S. Ports Until Sept 15

Major cruise lines have agreed to voluntarily extend a suspension of operations out of U.S. ports until Sept. 15, the Cruise Lines International Association announced Friday.

“Due to the ongoing situation within the U.S. related to COVID-19, CLIA member cruise lines have decided to voluntarily extend the period of suspended passenger operations,” CLIA, which represents the largest cruise companies in the world, said in a statement. “It is increasingly clear that more time will be needed to resolve barriers to resumption in the United States.” Continue reading here (Source: CNBC)
Blank Sailing Strategy Could Bring Carriers $9bn In Profit This Year, Says Consultant

Notwithstanding a significant decline in container liftings as a consequence of the global pandemic, ocean carriers have confounded the dire predictions of analysts with their more optimistic outlook for earnings.

Sea-Intelligence, which only a few weeks ago predicted a worst-case annual loss for the liner industry of $23bn, said that, based on its remodeling, the carriers could potentially achieve a profit for the year “in excess of $9bn”.

The consultant said there were now two scenarios, depending on the continued discipline of the carriers.

“If the carriers maintain the current rate levels, they stand to have a profit in excess of $9bn in 2020,” said Sea-Intelligence CEO Alan Murphy. Continue reading here (Source: The Loadstar)
Shipping Coping Well With IMO 2020, But Dispute Cases May Rise

The shipping industry has largely experienced a smooth sailing six months into the implementation of IMO 2020, though dispute cases are expected to increase and even drag on, according to an industry panel speaking during the Informa Markets Digital Maritime Week. 

The IMO 2020 global regulation on curbing sulphur emissions from ships was a very much anticipated event for the shipping industry, which has shown “tremendous resilience in coping with the use of very low sulphur fuel oil (VLSFO)”, said Lloyd’s Register (LR) regional consultancy manager Douglas Raitt, who was one of three panelists touching on the topic of IMO 2020: Industry Implementation Update, held by Seatrade Maritime News. Continue reading here (Source: Seatrade Maritime News)
No Escaping Global Trade Slump

Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.

New data from the United Nations Conference on Trade and Development (UNCTAD) predicts a 20% slump in the value of trade this year – and developing countries look set to bear the brunt of the pain.

Pamela Coke-Hamilton, UNCTAD's director of international trade, says the jury is still out on a turnaround in 2020: “There is still a lot of uncertainty about the possibility of any economic recovery in the second half of the year.

Unsurprisingly, lockdown measures and the subsequent collapse in national economies are to blame. Continue reading here (Source: Bunker Ports News)
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