Trade growth is likely to slow further into the fourth quarter of 2018, according to the WTO’s latest World Trade Outlook Indicator (WTOI) issued on 26 November. The most recent WTOI reading of 98.6 is the lowest since October 2016 and reflects declines in all component indices. The latest Indicator is below the previous value of 100.3.
Low water levels on Rhine are are causing a continuous problem for the European commodity markets since summer. This led many refineries and industrial plants to reduce production, and in some cases to declare force majeure, Gibson reports. In October, depths at the key measuring point of Kaub reached a record low of 25cm.
The London P&I Club reminded operators that both the European Union and US are applying trade sanctions against Syria. These include prohibitions on the transport of crude oil and petroleum products from Syria, as well as restrictions on Syria’s oil and gas and electricity generating industries amongst a number of other measures.
According to Alphaliner, Maersk has lost ground worldwide, while its rivals have gained. It also added that its total container market share was 1.5% less the last year, after the acquisition of Hamburg Süd. However, the company’s COO Søren Toft replied that the company has experienced steady growth and it uses its tonnage better.
The continued austerity of the tanker market conditions led owners to dig deep into the oversupply of capacity, with BIMCO expecting the tanker fleet to keep growing. However, a short-term rate recovery is not expected, because of the refining industry’s maintenance season.
The European Union wants to take part in a complaint that Japan filed against the South Korean shipbuilding industry, according to the World Trading Organization (WTO). Namely, Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry.
Rising exports from India and Thailand are expected to partly replace Brazilian sugar in Asia and the Middle East. This could damage tonne-mile demand in the dry bulk market, Drewry reports. The increase of oil prices make Brazil divert more sugarcane in comparison to ethanol production.
The European Parliament’s Committee on Transport and Tourism and the Industry Committee voted to raise the general envelope of the Connecting Europe Facility transport budget by €7bn to €33.51bn. The new CEF transport funds will go towards improving connectivity and accessibility across Europe.
Due to increasing oil prices, CMA CGM announced that it will adjust the amount of the Emergency Bunker Recovery measure to recover this increase. The new measure will be valid from December 1st, 2018, until further notice. Emergency bunker recovery surcharge has a direct connection to volatility of oil price.
After the draft agreement regarding UK’s exit from the EU, Maritime UK welcomed this development. Namely, David Dingle, Chairman of Maritime UK, said that the agreement will not satisfy everyone, but it offers a solution to avoid major disruptions.
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