1. Tanker explosion, crew injured, Libya UPDATE seized by Libyan Gov
Mar 23: Tanker arrived at Benghazi on Mar 13 from UAE, allegedly with cargo of jet oil for Libyan National Army (LNA), adversary of Libyan Government of National Accord LGNA. Tanker left Benghazi on Mar 16, went off AIS radars on Mar 18, being in Gulf of Sidra, and reappeared on Mar 22, issuing distress signal. LGNA in its’ statement said, that tanker was seized by LGNA in the evening Mar 22, to be taken to LGNA-controlled port for investigation.
2. Chang Kuo-wei wins Evergreen succession war
A court in Taiwan has ruled Chang Kuo-wei, the youngest son of late Evergreen chairman Chang Yung-fa, is entitled to solely inherit around TWD14bn ($460m) worth of assets and take over as chairman of Evergreen Group according to Chang Yung-fa’s will. https://splash247.com/chang-kuo-wei-wins-evergreen-succession-war/
3. Coronavirus sees Wallenius Wilhelmsen prune fleet and send ships into cold lay-up
Blue chip Norwegian roro shipowner Wallenius Wilhelmsen today detailed what it described as the “decisive steps” to prepare for a challenging time ahead thanks to the spread of Covid-19. The proposed dividend for 2019 has been withdrawn, up to four vessels will be recycled, and preparations are being made to place up to 10 vessels in cold lay-up. https://splash247.com/coronavirus-sees-wallenius-wilhelmsen-prune-fleet-and-send-ships-into-cold-lay-up/
4. India and Pakistan bar ships for demo
Shipping companies looking at sending their ships for demo in south Asia are likely to face severe disruption thanks to the spread of coronavirus with only Bangladesh fully open for business at the moment.
Currently, both Alang in India and Gadani in Pakistan have put a hold on beaching vessels until at least March 31. The one caveat is vessels with full Indian crew that have not recently been trading to restricted countries will be permitted into Alang. https://splash247.com/india-and-pakistan-bar-ships-for-demo/
5. Unprecedented uncertainty sparks new ship finance conundrum
Respect for the shipowner who has to make the big decisions these days on fleet development. Whether it’s hard to read the markets, the regulatory intransigence or fuel conundrums there is just so much that is up in the air when committing to a newbuild that will be on your books for potentially 25 years. https://splash247.com/unprecedented-uncertainty-sparks-new-ship-finance-conundrum/
6. Seven crew kidnapped from MSC boxship in Gulf of Guinea
The 2005-built 957 teu feeder boxship MSC Talia F was boarded by pirates in Gulf of Guinea on Sunday and seven of the 17 crew onboard the vessel were taken by the attackers.
The incident happened while the vessel was en route from Lome in Togo to Port Libreville in Gabon. All seven abducted crew members are Ukrainian nationals. https://splash247.com/seven-crew-kidnapped-from-msc-boxship-in-gulf-of-guinea/
7. History’s Largest Oil Glut Months Away From Topping World Storage While Tanker Freight Rates Explode
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd). An exclusive Rystad Energy analysis shows global storage infrastructure is in trouble and will be unable to take more crude and products in just a few months. https://www.shippingtribune.com/news/shipping/History’s+Largest+Oil+Glut+Months+Away+From+Topping+World+Storage+While+Tanker+Freight+Rates+Explode
8. Asian Buyers Swoop In For Bargain Picks On Middle East Crude
Crude buyers in Asia emerged from the sidelines to pick up Middle East sour crude cargoes at bargain prices in mid-morning trade Friday after a week of sizable losses, and as signs of a turnaround for falling crude prices started to appear.
Various buyers were starting to make inquiries for Middle East crude barrels for the May trading cycle, market participants in Asia said. Buyers that spoke to S&P Global Platts Friday morning said they were “keeping their options open.” https://www.shippingtribune.com/news/shipping/Asian+buyers+swoop+in+for+bargain+picks+on+Middle+East+crude
9. Russian Q2 Crude Oil Exports And Transit To Rise 1.4% From Q1 – Schedule
Russia plans to boost its crude oil exports and transit via Transneft pipelines in April-June by 1.4% from the previous three months to 64.595 million tonnes, according to a quarterly schedule reviewed by Reuters.
This is up by some 72,000 barrels per day (bpd) from the daily export quota set for January-March, despite Russia’s pledge to lift oil output by 200,000-300,000 bpd, Reuters calculations show. https://www.shippingtribune.com/news/shipping/Russian+Q2+crude+oil+exports+and+transit+to+rise+1.4%25+from+Q1+–+schedule
10. OPEC Supply Curbs, U.S. Measures Could Support Oil Prices Near Term – Goldman
Supply restraint by core-OPEC producers could push second-quarter Brent oil prices up to $30 a barrel, while U.S. measures to support the market could underpin prices in the near term, Goldman Sachs said in a research note. Citing Wall Street Journal reports that the United States was considering intervening in the ongoing Saudi-Russian price war and Texas regulators may curb oil output, the U.S. investment bank said such action would reduce global and U.S. domestic supplies. https://www.shippingtribune.com/news/shipping/OPEC+supply+curbs%2C+U.S.+measures+could+support+oil+prices+near+term+–+Goldman