Donald Trump informed that US will start, on September 1st, putting an additional tariff of 10% on the remaining 300 billion Dollars of goods and products coming from China into the US. This does not include the 250 billion dollars already tariffed at 25%.
China had a tremendous development in every field in the past decades and has done a wonderful job with the port of Piraues, said recently Andreas Potamianos, president of the Greece-China Association. Potamianos, aged 86, has been at the helm of the Greece-China Association since 1987.
Bahri, the Saudi-based transportation giant, experienced a decreased net income to SR224.9 million in the first half of 2019, affected by the shipping crisis in the region. CEO, Abdullah Aldubaikhi commented that ‘The financial results achieved for the first half of 2019 reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry.’
TT Club and BSI Supply Chain Services and Solutions issued the Global Cargo Theft Intelligence and Advisory Report for 2018, highlighting the impact of cargo theft on the global supply chain. This follows an earlier publication for the first half of 2018.
About two months after the White House banned the purchase of Iranian oil, tankers are offloading millions of barrels of Iranian oil at Chinese ports, resulting to piles of cargoes. Bloomberg reports that the store of oil could lead to a push down of global prices, in the possibility that Chinese refiners decide to draw on it.
TRACIT and UNCTAD examined how illicit trade impedes the 17 UN Sustainable Development Goals, noting that despite the recognition of international trade as an important means to achieve the SDGs, insufficient attention has been given to the substantial impact that illicit trade has on holding back progress.
Swedish engineering group Alfa Laval published its Interim report for the time-frame between April 1 and June 30, 2019, highlighting that but its order intake was down due to ‘weak demand’ for pumping systems and scrubbers.
The amount of outbound cargoes to the US is expected to be volatile for this year as the US-China trade dispute continue. Namely, container port business Hutchison Port Holdings Trust (HPH Trust) is expected to announce its second quarter results ended June 30, 2019, after the market closes, according to IG Bank.
East China’s Shandong Province is fully focusing on its advantages to develop the marine economy, by switching gear to new growth drivers. In fact, Shandong faced a marine economy output growth of 1.55 trillion yuan last year, increasing from less than 20 billion yuan in 1991, according to provincial Communist Party Chief Liu Jiayi.
Reuters reports that the recent attacks around the Strait of Hormuz and the Gulf of Oman have increased insurance costs resulting to the decrease of purchases of marine fuels in the UAE Fujairah oil hub, as shippers are trying to mitigate their time in the Middle East.
