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After six years, U.S. trade deficit falls in 2019

According to the U.S. Commerce Department, for the first time after almost six years the overall U.S. trade deficit narrowed during 2019. Namely, regions’ imports were fallen faster than the exports in the middle of protracted trade tensions.

Capesize index records all time low

As Reuters reports, the Baltic Exchange’s main sea freight index dropped on Wednesday, February 5, with the capesize segment dropping to an all-time low due to reduced demand for ships and the muted activity in China due to the coronavirus outbreak.

Coronavirus affects crude oil performance

BBC reports that except disruptions in the shipping industry, the coronavirus has negatively affected crude oil performance, as the cost of crude hit its lowest level in a year after falling 20% since its peak in January. The flight restrictions also impact crude oil as the demand for jet fuel is declining. 

New guide launched for cargo claims in Brazil

Representacoes Proinde have produced a guide to cargo claims in Brazil. Brazil is a cargo-owning nation, and there has been little or no interest from the civil society and lawmakers over the years in getting the country to adopt global conventions on carriage of goods, Steamship Mutual says.

EU approves CMA CGM and CIMC joint venture

Under the European Merger Regulation, the European Commission announced the approval of a newly-proposed joint venture between the French shipping company CMA CGM and China International Marine Containers Neocontainer Logistics Limited (CIMC Neocontainer), part of CIMC Group. 

Scrubber makers complete merger

In fact, two scrubber manufacturers backed by Frontline and Navig8 Group have completed a merger to create one of the world’s biggest suppliers of exhaust gas cleaning kits. Namely, Clean Marine has finalized the tie-up with FMSI, as planned earlier in October.

Prosafe-Floatel merger raises competition concerns

An in-depth Competition and Markets Authority (CMA) review has provisionally found that the proposed merger between Prosafe and Floatel raises competition concerns. According to the UK CMA, both companies supply semi-submersible offshore accommodation support vessels (semi-submersible ASVs) to oil and gas companies, which are consequently used to provide accommodation space for employees working offshore and are a key facility for some types of work in the North Sea.

ABS receives $2.1m grant to boost offshore safety

ABS was recently awarded $2.1 million for two of its projects based on enhancing safety in the offshore oil and gas field. The grant was given by the Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine under their $7.25 million investment on 8 projects, aiming to further develop safety offshore.

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