1. UN agencies call for urgent action on crew changes and keyworker designation for sea and air workers. The heads of the maritime, labour and aviation organizations of the United Nations have issued a plea for urgent action on crew changes and for keyworker designation so that sea and air workers can be relieved and repatriated in a safe way during the COVID-19 pandemic.
2. Is Your USCG License Protected Under Your Employer’s Policy?
In the unfortunate event of a marine casualty, it’s typical for the vessel owner’s liability insurance carrier to promptly appoint maritime counsel. This not only protects the interests of the vessel, but safeguards her owner and any insureds under the policy as well. In this capacity, the appointed counsel helps to defend the vessel’s owner against any potential claims for loss, injury and third-party property damage. The counsel may also work to defend the vessel’s captain…but not always. https://gcaptain.com/is-your-uscg-license-protected-under-your-employers-policy
3. Shipping: Massive Blanking Of Sailings Has Supported Freight Rates As Demand Collapses
The Covid-19 crisis has – and will continue to – hit the container shipping market hard, and the current economic situation provides no hope for a short-term recovery.
4. Iranian gasoline arrives in fuel-starved Venezuela, three more tankers en route
Two Iranian tankers carrying gasoline arrived in Venezuela over the past few days with three more on their way as the country deals with severe fuel shortages and US sanctions. https://www.hellenicshippingnews.com/iranian-gasoline-arrives-in-fuel-starved-venezuela-three-more-tankers-en-route/
5. Norwegian shipowners commit to a climate neutral shipping
Risavika LNG index has dropped 6 % week on week to 14.49 EUR/MWh last week. European gas prices have fallen to the record low levels. The gas market remains oversupplied and gas storages are filling up, despite a large amount of US LNG cargoes arriving to Europe being cancelled for June and July.
6. Hafnia Tankers Reports First Quarter Net Profit of $77.1 Million
In a challenging and quickly changing world, Hafnia delivered a very satisfying net profit of USD 77.1 million in the first three months of 2020. This is a competitive return on invested capital. The global lockdowns caused by the COVID-19 pandemic have led to unprecedented demand destruction and weak economic fundamentals.
7. Hyundai Heavy Industries replaces its CEO in the wake of a series of fatal accidents
Apparently in response to a series of recent fatal accidents, Hyundai Heavy Industries (HHI) has replaced its shipbuilding business representative and upgraded the position of CEO from vice president to president. HHI’s Ulsan shipyard has had four fatal accidents this year.
8. PIL in talks with Temasek unit for bailout
Singapore’s Pacific International Lines (PIL) has confirmed it is in discussions with Helliconia Capital Management, a unit of state-owned Temasek Holdings, for an investment to bail out the container line. https://www.seatrade-maritime.com/finance-insurance/pil-talks-temasek-unit-bailout
9. S. Korea-Made World’s Largest Container Ship Transits Suez Canal: Cheong Wa Dae
The world’s biggest container ship, built by South Korea, has passed through the Suez Canal en route to Europe, Cheong Wa Dae announced Tuesday, saying it signals the revival of the country’s once-powerful shipping industry. https://www.shippingtribune.com/news/shipping/S.+Korea-made+world’s+largest+container+ship+transits+Suez+Canal%3A+Cheong+Wa+Dae
10. Dalian Iron Ore Futures Fall On Rising Shipments From Miners
Iron ore futures in China extended losses into a second straight session on Tuesday, dropping nearly 3.5% as data showing higher shipments from mainstream miners last week eased supply woes. Miners in Australia and Brazil shipped 26.03 million tonnes of the steelmaking ingredient last week, up 4.08 million tonnes from the week earlier, data compiled by Mysteel consultancy showed. https://www.shippingtribune.com/news/shipping/Dalian+iron+ore+futures+fall+on+rising+shipments+from+miners