As Reuters reports, the Baltic Exchange’s main sea freight index reached its lowest level in April 2019, impacted by falling rates across the capesize and panamax segments. The tracks rates concerning capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 25 points, or 3.3%, to 729.
Bloomberg recently reported that McDermott International Inc. is preparing to file for bankruptcy as soon as next week in order to address its more than $4 billion debt load. It is said that the Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion.
The Maldives are facing the danger of going underwater, unable to build critical infrastructures, as sea-walls, and have therefore asked the United Nations for financing to deal with the climate change.
Reuters reports that oil prices hit high on Friday, January 17, but were little changed during the week as the sluggish economic growth in the world’s biggest crude importer, China, raised concerns over fuel demand and countered optimism from the signing of the China-U.S. trade deal.
According to Drewry’s outlook, the container industry remains ‘soft’, despite the good news of the phase one trade agreement signed between US and China today, January 16. According to its predictions, the world container port throughput is set to rise by 3.3% this year, following an estimated 2.3% increase in 2019.
Maersk CEO Soren Skou warned that strict EU enforcement of competition rules prevents the development of the global champions, that are necessary to compete with Chinese and US companies. As he explained, with that way Europe risks being outperformed by a Chinese company.
President Donald Trump signed a partial trade deal with China on January 15, in attempt from the world’s two largest economies to contain an economic struggle. According to the deal, the Trump administration aspires to address American concerns over Chinese trade abuses.
Thietus, technology research and innovation consultancy, launched a report according to which over $1 billion was invested in technology companies working in the maritime sector in 2019. Accordingly, the report highlights that startups and scaleups collected $1.14 billion in the shipping sector, playing a major contribution in the economy.
The European Union presented the European Green Deal’s Investment Plan – the Sustainable Europe Investment Plan, which will attract public investment and unlock private funds through EU financial instruments, most importantly InvestEU, which can lead to at least €1 trillion of investments.
With the changing rainfall patterns and the low water levels at Gatun Lake, Panama Canal announced that will adopt new measures to reduce the low water level’s impacts. Namely, ships will have to pay a freshwater fee, which will be set on force from 15 February.
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