Month: March 2020
An Epidemic Of Uncertainty – The Coronavirus And Force Majeure
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts (which similarly apply to offshore construction contracts), particularly those underway in China? In general terms, a force majeure event is an unforeseeable one that is outside...
https://www.hellenicshippingnews.com/an-epidemic-of-uncertainty-the-coronavirus-and-force-majeure/
Baltic index up for 13th straight session
The Baltic Exchange’s main sea freight index rose for a 13th straight session on Tuesday, helped by an uptick in demand across vessel segments. The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, gained 10 points, or 1.9%, to 549, its...
https://www.hellenicshippingnews.com/baltic-index-up-for-13th-straight-session/
China’s PMI contracted to 35.7 index points in February – what does it mean for shipping?
The latest PMI (Purchasing Manager’s Index) reading from the National Bureau of Statistics confirms what we all had expected: the coronavirus has dealt a merciless blow to Chinese manufacturing. The official Chinese PMI, which tracks larger businesses, slumped to 35.7 index points from the 50...
Maersk Drilling awarded $3.8m contract offshore Egypt
Maersk Drilling has been awarded a one-well contract for 2009-built semi-submersible rig offshore Egypt. The contract is set to commence this month in direct continuation of the rig’s current contract with Edison E&P. It has an estimated duration of 21 days, and is worth around $3.8m. “We’re...
https://splash247.com/maersk-drilling-awarded-3-8m-contract-offshore-egypt/
Daily Briefing March 4 2020
Free to read: Shrinking fuel oil spread cuts scrubber earnings premiums | Forwarders count the cost of coronavirus impact |…
https://lloydslist.maritimeintelligence.informa.com/LL1131121/DailyBriefingMarch42020
Philippines Coast Guard says captain evaded quarantine measures
The Philippines Coast Guard is reported to have detained bulk carrier Harmony Six (IMO 9133288) after the captain allegedly gave false information about the ship’s last port call in China. Because of the outbreak of Covid-19 the Philippines requires vessels arriving from China to wait for 14 days –...
Signs of recovery at Chinese ports
Recently published data from CargoMetrics, Clarksons and Sea Intelligence suggest a recovery in Chinese economic activity, at least when it comes to moving goods at ports, reported Splash.. US-based CargoMetrics printed graphs on LinkedIn which showed that Chinese imports and exports were now near...
https://insurancemarinenews.com/insurance-marine-news/signs-of-recovery-at-chinese-ports/
Gerd Knutsen enters international waters after discharge
US-based refiner Citgo said crude oil tanker Gerd Knutsen (IMO 9041057), which had been carrying crude that was claimed by both the company and by Venezuela’s PDVSA, left Venezuela’s Jose Terminal on Thursday February 27th and entered international waters on Friday morning. The tanker was said to...
Carriers cancel 1.67m teu China capacity, costing $1.5bn
The impact of the Covid-19 outbreak on the shipping industry has been highlighted in a survey by France-based Alphaliner. It found that carriers had withdrawn more than 1.67m teu of export capacity from China since the Chinese New Year holiday, equalling a potential loss of about $1.5bn. This was...