Manning costs have grown moderately over the last 12 months, checked by easing officer supply shortage, and are forecast to rise at a similar pace over the next five years, said global shipping consultancy Drewry in a new report.
The US will impose a 5% tariff on all Mexican imports starting from June 10. What is more, duties of up to 25% will be added in case Mexico does not reduces or eliminates the number of illegal aliens entering into the US. If the situation remains the same, the Tariffs will be increased to 10% on July 1, 2019.
Global economic consultants of Centre for Economics and Business Research in the UK launched a study, according to which the global economic impact of the Belt and Road Initiative is most likely to boost world GDP by $7.1 trillion per annum by 2040.
World crude steel production for the 64 countries reporting to the World Steel Association was 156.7 million tonnes (Mt) in April 2019, a 6.4% increase compared to April 2018. China’s crude steel production for April 2019 was 85.0 Mt, an increase of 12.7% compared to April 2018.
During a speech at a forum on Saturday, May 25, Guo Shuqing, the People’s Bank of China’s party secretary and head of the China Banking and Insurance Regulatory Commission, commented that the impact of the trade war with the U.S. on the Chinese economy will be very limited.
Passenger transport will increase nearly three‑fold between 2015 and 2050, while more than three‑quarters of all freight will continue to be carried by ships in 2050, according to a new report issued by the International Transport Forum (ITF).
Trade war and an economic slowdown are two factors impeding growth in global freight, Danish giant Maersk, the world’s largest container shipping company, warned on Friday. Maersk cut its forecast for global growth in container traffic this year, due to the trade dispute between the US and China.
The global container port throughput index for March 2019 bounced back to a level of 130.2 points, after experiencing more than 17 points decline in February, Drewry said in its latest Container Port Throughput assessment. This decline was mainly due to the effects of the Chinese New Year holiday period.
Greek shipping firm ‘Star Bulk Carriers’ announced its Q1 2019 financial results, presenting a net loss of $5.3 million during a challenging and seasonally weak period of the year, which included approximately 300 off-hire days for scrubber installations.
Due to unresolved trade tensions, high international policy uncertainty and declining business confidence, the UN announced on May 21, a broad-based slowdown in the global economy and cut its growth predictions. UN also informed that a weaker global economy puts essential investments at risk. Developing countries could feel the most impacts.
