Monjasa, the Danish bunkering expert, acquired four new banks in 2019, while increasing its credit facilities by an additional total of USD 160 million, amid preparations of the upcoming 2020 sulphur cap.
The Chamber of Marine Commerce commented that the possibility of closing the St. Lawrence Seaway in December – which aims at accommodating higher water outflow at the Moses-Saunders dam in December – will have a negative impact to the Canadian and US economies of $193 million/per week.
BIMCO forecasts freight rates to face pressure after the end of the high seasonal demand in Q4, as well as the boost from the sulphur cap. The fleet growth of 6.3% in the crude oil tanker market and the 4.8% growth in the oil product fleet will also affect the supply and demand balance.
The fundamental balance in dry bulk shipping has gotten worse during 2019, with supply growth outstripping demand, and BIMCO forecasts that this will continue into 2020. Namely, after peaking in September, the fundamentals of the market have started to drag on freight rates.
A slowdown in global growth, as well as a lower trade multiplier will reduce overall demand for shipping for the rest of this year and through 2020, BIMCO reports. The World Trade Organization (WTO) has significantly lowered its forecast for trade volumes growth in 2019, putting numbers to the slowdown that is already being felt by shipping.
CMA CGM ocean carrier, recently announced its plans to carry out a major asset sale program in order to gain control of CEVA Logistics. As the company stated, part of the plan is to sell stakes in 10 port assets to its joint venture partner, China Merchants Port Holdings.
According to Xinhua news agency, China’s cargo throughput at ports rapidly increased by 8% year on year to 11.5 billion tonnes in the first ten months of 2019. Specifically, container throughput at ports achieved a 4.5% rise to about 217 million TEUs in the first ten months.
The Indian government has approved sale of its stake in five Central Public Sector Enterprises (CPSEs), including Shipping Corporation of India (SCI), officials announced Thursday. The privatization plan for SCI foresees disinvestment of government’s shareholding of 63.75% in SCI.
By the end of October 2019, China has inked 197 Cooperation documents on Belt & Road Construction with 137 Countries and 30 International organisations, highlighting the progress of the shipping industry in terms of trade relations.
The EU-Singapore Free Trade Agreement (EUSFTA), was approved from the EU council several days ago and officially came into force today, November 21. From now on, Singapore frees all the EU products that enter in country from tariffs and EU from its side, removes the tariffs up to 84% for all the exports from Singapore.
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