The Chinese economy is still slowing down as it rebalances, with headwinds including trade frictions and a weak global economy undermining exports and creating new uncertainties. Policy should highlight long-term strategies to advance the economy towards improving economic efficiency and ensuring that future growth is sustainable, greener and more inclusive, a new report from the OECD says.
The World Steel Association released its April 2019 Short Range Outlook. worldsteel predicts that global steel demand will reach 1,735 Mt in 2019, an increase of 1.3% over 2018. In 2020, demand is projected to increase by 1.0% to reach 1,752 Mt. In 2018, global steel demand rose by 2.1%, growing slightly slower than in 2017.
The Abu Dhabi National Oil Company (ADNOC) announced that it entered a follow-on pipeline infrastructure investment agreement with the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF). ADRPBF will invest AED 1.1 billion (USD 300 million), following BlackRock and KKR who in February of this year signed the initial investment agreement to invest AED 14.7 billion (USD 4 billion) into the midstream pipeline assets.
The German transport ministers’ conference announced that discrimination is no longer tolerable against sea and inland ports and airports, as well as the entire German logistics and forwarding sector. It is caused by the current tax levying process in Germany for import VAT compared to neighbouring countries.
The US Federal Maritime Commission (FMC) will continue paying attention on the way that ocean carriers pass on additional fuels costs that have occurred due to IMO’s 2020 sulphur cap. The regulation could increase fuel costs by as much as one third. FMC is mainly aiming to make sure that ocean carrier bunker charge adjustment formulas are clear and definite, FMC Chairman Michael Khouri informed.
Ahead of the European Council (Article 50), the European Commission has taken stock of the European Union’s intense ‘no-deal’ preparations and has issued practical guidance to Member States in 5 areas, including citizens’ residence and social security entitlements, data protection, medicine and medical devices, police and judicial cooperation in criminal matters, and fisheries.
Drewry published a report according to which the new American tariffs on cars and car parts could have a negative impact on some of the largest US ports. President Donald Trump threatened to impose tariffs on 25% of the cars imported. Drewry supports that in the possibility that President Trump implements the tariffs, American auto imports from overseas markets could fall by nearly 15% by 2021.
French shipping giant CMA CGM announced successful completion of its public tender offer to acquire Swiss CEVA Logistics. Following the close of the public tender offer launched on 12 February, CMA CGM will hold 97.89% of the outstanding shares and voting rights of CEVA.
The UK customs system is not ready for Brexit and it could be three more years before it is, as Peter MacSwiney, chair of the Brexit committee at the Joint Customs Consultative Committee stated (JCCC). He highlighted the fact that preparations for Brexti are being slow.
As Reuters reports, prices for Australian heavy-sweet crude grades are increasing since traders rush to gain cargoes for blending ahead of new rules on shipping fuel, placing them among the most expensive crudes in the world.
