What you missed while we’ve been away
Since the last Daily Splash, our free newsletter, was published on December 20 there has been no let up in big shipping stories amid the roast turkeys and new year fireworks.
The key developments readers might have missed over the Christmas period included Maersk’s $3.6bn acquisition of Hong Kong-based LF Logistics, a distribution company held by Li & Fung and Temasek Holdings.
Not to be left out, Mediterranean Shipping Co (MSC) made a $6.4bn bid to buy out Bolloré Group’s African logistics business, while the board of directors of Brazilian regional container shipping operator Log-In Logistica gave its approval to the acquisition of a 67% stake in the company by MSC.
Liner warchests are likely to swell further. The Shanghai Containerized Freight Index (SCFI), a bellwether of the box spot markets, broke through the 5,000 mark for the first time in its history on December 31.
There has been no let up in big shipping stories amid the roast turkeys and new year fireworks
In dry bulk, the biggest news from the past fortnight emanated from Jakarta where on Saturday the Indonesian government banned coal exports for the month of January over concerns about local power blackouts amid tight supplies. Many ships bound for Southeast Asia’s largest country have been left in limbo by the swift export ban.
In gas shipping, the rise of US Gulf LNG exports, estimated to surpass Australia and Qatar in 2022, as the world’s biggest exporter saw another key chapter signed. Venture Global LNG and CNOOC Gas & Power Group, a wholly owned subsidiary of China National Offshore Oil Corporation (CNOOC), announced the execution of a 20-year sales and purchase agreement, marking the first LNG supply agreement signed by a US exporter with CNOOC, China’s largest importer of LNG.
In offshore, ailing Singaporean liftboat operator Ezion Holdings will be liquidated after failing to come up with a potential investor it was announced on December 30. Trading of Ezion shares have been suspended since early 2019.
Finally, in shipbuilding news, South Korea’s oldest shipyard Hanjin Heavy Industries & Construction rebranded as is now known as HJ Shipbuilding & Construction (HJSC).
The Daily Splash newsletter returns today, featuring the eight most important shipping stories from our correspondents around the globe as well as four offshore news reports. The free letter comes out at 5pm Singapore time Monday through Friday. To subscribe, click here.