Dubai-based port operator DP World informed of a third quarter decline in cargo handled across its global portfolio, with volumes in Dubai falling for a sixth consecutive quarter. Releasing figures for the third quarter of 2019 on Tuesday, the port operator said it handled 18 million TEU containers in its ports, 1.6% down compared to the same period one year ago.
Exxonmobil, oil major, is going on trial after being accused of falsifying information on the investors about the potential impact of climate change regulations on the company’s operations, as it firstly used figures that were different from what they presented publicly when discussing the impact on laws and taxes.
Dutch group SBM Offshore announced it has completed the project financing of FPSO Liza Unity by a consortium of nine international banks, for a total of US$1.14 billion. The company expects to draw the loan in full, phased over the construction period of the FPSO.
After the US imposed sanctions on subsidiaries of Cosco, European refiners have received an unexpected boost, as less crude oil from the North Sea and West Africa heads east, Reuters reports. What is more freight rates have risen as oil producers seek non-blacklisted vessels.
The US Federal Gulf of Mexico accomplished an annual record reaching the US cruse oil production of 1.8 million barrels per day in 2018, and EIA now expects that the oil production in GOM will set new production records for 2019 and 2020.
A preliminary trade deal equivalent to a free trade agreement has been agreed between Indonesia and South Korea. The agreement establishing broader economic cooperation is aiming to boost the trade between the two countries by almost 50% by 2022. The move which comes after a five-year break from negotiations between the two countries, is part of South Korea’s on-going efforts to expand exports in the area.
UNCTAD issued its Asia-Pacific Trade and Investment Report 2019 highlighting that these tariffs affect the 58% of trade in Asia-Pacific trade, adding that the non-tariff measures (NTMs) have significantly increased in the past two decades.
The French government has called on the European Union to work on creating a tax on bunker and aviation fuel as part of its strategy for reducing carbon emissions and achieving a sustainable environment. The French Finance Minister Bruno Le Maire commented that taxes for carbon emissions should be implemented also to aviation and ships, not only to cars.
Drewry and the European Shippers’ Council launch a bunker adjustment factor mechanism and bunker charge guide to help shippers monitor and control bunker charges as shipping lines switch to the more expensive bunkers required under the IMO 2020 low-sulphur regulation.
The US and China agreed on the outlines of a partial trade accord on Friday, October 11, according to which China would step up its purchases of US agricultural commodities, agree to certain intellectual-property measures and concessions related to financial services and currency.
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