1. Cargo ship sank in harbor, Vietnam
General cargo ship TUAN TU 08 (Ex – MINH PHAT 09) loaded with stone reportedly sank in Vinh Tan Port, Binh Thuan Province, southeast Vietnam, in the evening Apr 26. The ship left the port earlier this day but had to return, reporting unidentified trouble – cargo shift or water ingress, most probably. The ship sank in harbor, crew safe. http://www.maritimebulletin.net/2020/04/27/cargo-ship-sank-in-harbor-vietnam/
2. Diamond Offshore Files for Bankruptcy Amid Historic Crude Crash
Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document. https://gcaptain.com/diamond-offshore-files-for-bankruptcy-amid-historic-crude-crash/
3. Port Authorities Commit to Stay Open Amid Coronavirus Pandemic
Twenty port authorities in Asia, Europe, the Middle East and North America signed a declaration committing to stay open amid the coronavirus pandemic.
Initiated by Singapore, the declaration calls for ports to boost collaboration so that operations are undisturbed, according to a statement on April 24. Members of the Port Authorities Roundtable that signed the declaration include Singapore, Abu Dhabi, Rotterdam, Tokyo and Los Angeles. https://gcaptain.com/port-authorities-commit-to-stay-open-amid-coronavirus-pandemic/
4. What The Sea Has Taught Me About COVID-19
Today the New York Times published a featured article about my friend John Ramey and the people we know who “predicted” COVID19 titled “I Used to Make Fun of Silicon Valley Preppers, Then I Became One.”. The article is well written and accurate but it misses one critical fact. A fact I learned sailing through many storms at sea.
5. Oil Buoyed by Production Cuts to End Historic Week
Oil edged lower for the week after paring losses following the dramatic collapse on Monday that saw prices in New York plunge below zero for the first time in history.
West Texas Intermediate for June delivery rose 2.7% Friday, closing the curtain on a tumultuous week of wild price swings. U.S. operators have started to shut old wells and halt new drilling, actions that could reduce output by 20%. https://gcaptain.com/oil-buoyed-by-production-cuts-to-end-historic-week/
6. COVID-19 Pandemic: 20 Port Authorities Sign Declaration to Keep Ports Open
Recognising that the maritime sector plays a critical role in keeping trade flows open in the global fight against COVID-19, 20 members of the Port Authorities Roundtable (PAR) from Asia, Europe, Middle East and North America came together today to declare their commitment to ensuring their ports remain open amidst the current pandemic. https://seanews.co.uk/features/covid-19-pandemic-20-port-authorities-sign-declaration-to-keep-ports-open/
7. Trade Is Getting Accustomed To The New Scenario : Mr. Deepak Kumar Sharma, M.D. BainBridge Navigation
COVID-19 has has caused huge impact on people’s lives and businesses. Sea transportation of dry bulk cargo is no exception from this global crises. Team Shipping Tribune requested Mr. Deepak Kumar Sharma for an interview to get an update on current scenario, we are happy to share the link of the interview with our viewers : https://youtu.be/z3_G_gdjvhw
8. VLCCs: Rates Rocket Upwards On Strong Demand
The week got off to a slow start, then on Tuesday activity ramped up with an influx of cargoes causing rates to rocket upwards. However, by the end of the week the trajectory was downwards, with heavy pressure being applied. https://www.shippingtribune.com/news/shipping/VLCCs%3A+Rates+Rocket+Upwards+on+Strong+Demand
9. ‘We Are Making A Lot Of Money’ Amid The Oil Supply Glut, Nordic American Tankers CEO Says
Oil tanker companies have watched their stocks climb as the crude market toiled in recent weeks. And business, according to the founder and head of Nordic American Tankers, business is better than ever. https://www.shippingtribune.com/news/shipping/‘We+are+making+a+lot+of+money’+amid+the+oil+supply+glut%2C+Nordic+American+Tankers+CEO+says
10. US Supreme Court Rules Safe Berth Clause Is A Warranty
On 30 March 2020, in Citgo Asphalt Refining Co v Fescati Shipping Co Ltd, the US Supreme Court resolved a circuit split on the interpretation of safe-berth clauses. If the clause contains an unqualified warranty of safety, the court determined that the clause imposed an absolute duty on the charterer to select a safe berth. Though the decision was based on the specific wording in the charter party at hand, it suggests parties negotiating a charter party should not infer limitations on liability absent express language. https://www.shippingtribune.com/news/shipping/US+Supreme+Court+rules+safe+berth+clause+is+a+warranty