Global trade flows are decreasing in all key regions as the world economy is close to recession for the first time since 2008/09. If this happens, it could limit growth in oil consumption, specifically for mid-distillates such as diesel. Freight volumes handled through major ports such as Long Beach and Singapore have either remained flat or have reduced in comparison to 2018.
The International Chamber of Commerce Banking Commission released its 2018 Trade Register report, highlighting once again the low risk nature of trade finance in comparison to other asset classes. In 2018, global trade reached a new peak of US$18.5 trillion.
Economic growth around the world is decreasing, and various governments, including Germany, China and South Korea, have announced stimulus packages to boost their economies. In fact, the International Monetary Fund expects global GDP growth to slow from 3.6% in 2018 to 3.3% in 2019, before returning to 3.6% in 2020.
A new study conducted by British and Greek sustainability institutes, recommends four different scenarios for how international maritime trade might be influenced by climate change until 2050. The paper also presents adaptation efforts. The scenarios expect trade to increase between two and four times the 2010 value by 2050.
China’s foreign trade recorded a steady growth in the first five months of 2019, in spite of increasing uncertainties. Namely, China’s foreign trade of goods grew by 4.1% year on year in the first five months of 2019, reaching 12.1 trillion yuan, according to data from the General Administration of Customs.
The Common Market for Eastern and Southern Africa (COMESA), one of the continents free trade area, enlisted UNCTAD to enable its goods transportation in the region, as less borders mean that African businesses and consumers could save billions.
In November 2018, the US government issued Significant Reduction Exemptions (SREs) waivers to eight countries that were committed to decreasing the purchase of Iranian oil; China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.
Amid the imposition of sanctions related to Venezuela, and the current political volatile situation in the country, MSC informed that it will apply, with immediate effect a War Risk Premium surcharge on cargo coming from worldwide destinations into Venezuela.
KPI Oil Bridge is waiting for the new sulphur regulations that will come into effect in 2020, as Søren Høll, CEO of KPI Bridge Oil, confirmed the company’s readiness for the expected changes. They anticipate a price increase of 30-40% depending on the region and local availability, while they also expect to experience a shortage of available credit in the market.
The Hellenic War Risks Association announced its decision on supporting relevant maritime education by providing funds to sponsor fees for two student who wish to study for MA in Applied Strategy and International Security at the Hellenic National Defence College in Athens. The closing date for the applications is June 30, 2019, whereas the course is set to begin in September 2019.
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