Following the coronavirus outbreak, an OPEC, non-OPEC technical panel proposed extending a current oil supply cut pact until the end of 2020, afraid that the impact of the coronavirus the oil and gas industry will be severe.
The UK Department for International Trade has launched a public consultation to inform the UK’s new independent global tariff policy. Namely, the UK is developing a new UK Most Favoured Nation (MFN) tariff schedule which will enter into force on 1st January 2021.
TUI Group announced that it has signed an agreement to sell a 50% stake in cruise line Hapag-Lloyd Cruises to Royal Caribbean. The former TUI Group subsidiary will be integrated into the TUI Cruises joint venture, a structure having been established by TUI and Royal Caribbean since 2008. The closing of the transaction is expected for this summer.
Guardian reports that markets rally after Beijing unveils plans to halve extra tariffs on 1,717 US products to boost its coronavirus-hit economy. The market rally followed the latest attempts by the Chinese authorities to boost the economy. After pumping money into the banking system and announcing tax and spending measures to help companies and households, Beijing said it would halve additional tariffs on 1,717 US goods.
Navios Containers announced its 2019 results, with the CEO commenting that although the company has a good position for the new year, the impact of the coronavirus outbreak in China on trade is yet to be realised on the outlook.
Authorities in Calais are pressing the French government to establish a duty-free zone for British shoppers that would cover the entire port town in northern France, in case a future trade deal between the UK and the EU returns to trade tariffs.
The coronavirus outbreak is seriously affecting the container and commodity industries as many shipping lines re-route their cargoes and reduce calls to Chinese ports, setting the scene for months of delivery delays ahead, Reuters reports.
DP World reported its 2019 TEUs commenting that despite the challenges arising from the US-China trade war and regional geopolitics, their portfolio saw a development representing their resilience. DP World handled 71.2 million TEUs (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes flat year-on-year on a reported basis and up 1.0% on a like-for-like basis.
Yonhap reports that South Korea recently unveiled a financial package worth 820 billion won (US$690 million) with the aim to help modernize aging passenger boats and cargo vessels. The move is part of South Korea’s efforts to strengthen maritime safety and boost the economy. It is said that the package in particular is meant to help smaller shipping companies build 59 new ships; of them 21 will be passenger boats and the other 38 will be cargo vessels.
