1. Lowest level of coated tanker deliveries since 2002
Deliveries of tankers are set to be at the lowest level since 2015 this year, with coated tanker deliveries on course for their lowest tally since 2002, according to new data from brokers Braemar ACM. https://splash247.com/lowest-level-of-coated-tanker-deliveries-since-2002/
2. Precious Shipping and Sainty Marine settle newbuild contract dispute
Thai bulk carrier owner Precious Shipping has entered into a settlement agreement with Jiangsu Guoxin Investment Group, the parent of bankrupt shipyard Sainty Marine, on a newbuild contract dispute regarding the construction of eleven 64,000 dwt bulk carriers. https://splash247.com/precious-shipping-settles-newbuild-contract-dispute-with-sainty-marine/
3. China Merchants appoints new chairman
Chinese state-owned multi-sector conglomerate China Merchants Group has announced that it has appointed Miao Jianmin as its new chairman, replacing Li Jianhong who will retire. Miao comes from an insurance backgroud, having served as chairman of PICC and vice chairman of China Taiping Insurance Holdings, before joining China Merchants. https://splash247.com/china-merchants-appoints-new-chairman/
4. Several Injured as U.S. Navy Ship Catches Fire in San Diego
A three-alarm fire erupted on Sunday aboard a U.S. warship docked at Naval Base San Diego, prompting an evacuation of the vessel and sending about 18 sailors to the hospital with minor injuries, Navy and local fire officials said. https://gcaptain.com/several-injured-as-u-s-navy-ship-catches-fire-in-san-diego/
5. TANKERS: USGC VLCC freight jumps 26% on week as delays trump impact of pandemic
US Gulf Coast VLCC freight jumped more than 26% over the past week as a combination of discharge delays at Chinese ports and an influx of charterer inquiries across all key global VLCC loading regions trumped the otherwise depressed freight environment due to the coronavirus pandemic. https://www.hellenicshippingnews.com/tankers-usgc-vlcc-freight-jumps-26-on-week-as-delays-trump-impact-of-pandemic/
6. Refined Oil Product Temporary Floating Storage at 65mn Barrels
Floating Storage of Refined Oil Products has reached a peak in mid-May, when volumes stored on tankers marginally surpassed 80 million barrels. Volumes have dropped since, currently standing above 65 million barrels. However, inventories seem to be still absorbing less than they did before Covid-19, with destocking not looking that dynamic as it happens in the crude oil market. Meanwhile, charterers have fresh inquiries for clean tankers to be employed for floating storage in recent weeks. https://www.hellenicshippingnews.com/refined-oil-product-temporary-floating-storage-at-65mn-barrels/
7. Choppy waters forecast for global shipping industry over next 12-18 months
The global shipping industry’s outlook for the next 12 to 18 months remains negative, unchanged since March, as companies’ earnings forecasts fall, Moody’s Investors Service said in a new report. Expectations that the global economy will shrink in 2020 and a “long and bumpy” road to recovery are the key drivers for the negative outlook, the credit ratings agency said in a report. https://www.hellenicshippingnews.com/choppy-waters-forecast-for-global-shipping-industry-over-next-12-18-months/
8. Panama Ship Registry Grows 4.1% Under New Administration
The Panama Ship Registry has grown by 4.1% during the first year of its new Administration. During the first year of the new administration the Panamanian fleet has seen an increase of 8.m gt, or growth 4.1%. A third of new registrations being new build vessels financed by international banks that continue depositing their confidence in Panama as a maritime centre with competitive advantages. https://www.shippingtribune.com/news/shipping/Panama+Ship+Registry+grows+4.1%25+under+new+administration
9. Indian Thermal Coal Imports At Major Ports Decline 35 Per Cent To 17.71 MT In April-June: IPA
Thermal coal imports at India’s 12 major ports dropped 34.70 per cent to 17.71 million tonnes (MT) in the first quarter of the current fiscal, according to the Indian Ports’ Association (IPA). Impacted by the Covid-19 pandemic, coking coal imports too witnessed a decline 28.49 per cent to 10.69 MT in the quarter. https://www.shippingtribune.com/news/shipping/Indian+Thermal+coal+imports+at+major+ports+decline+35+per+cent+to+17.71+MT+in+April-June%3A+IPA
10. Athens Up Two Places As International Shipping Center, As Singapore Retains Top Spot For 7th Consecutive Year
The Baltic Exchange, in collaboration with Xinhua, the Chinese state news agency, has published the 2020 Xinhua-Baltic International Shipping Centre Development (ISCD) Index. The index, in its seventh edition, provides an independent ranking of the performance of the world’s largest cities that offer port and shipping business services. https://www.shippingtribune.com/news/shipping/Athens+Up+Two+Places+as+International+Shipping+Center%2C+As+Singapore+Retains+Top+Spot+for+7th+consecutive+year
