US sanctions on Iran have forced South Korea to look for alternative sources of condensates, thereby impacting tonne-mile demand, shipping consultancy Drewry said. Meanwhile, as Asian petrochemical consumption is likely to slow down, intra-regional trade will weaken and will therefore lead to lower charter rates for small gas carriers.
The European Commission has approved, under the EU Merger Regulation, the joint venture of Stena Rederi of Sweden, part of the Stena Sphere, and Glovis Europe of Germany, controlled by Hyundai Glovis of South Korea. The joint venture will mainly operate short-sea transport services on Pure Car and Truck Carrier vessels in Europe.
UNCTAD launched the ‘Key Statistics and Trends in Trade Policy 2018’ study highlighting that European Union exports are those to possibly rise, capturing about $70 billion of U.S.-China bilateral trade, meaning $50 billion of Chinese exports to the US, and $20 billion of U.S. exports to China. Also, Japan, Mexico and Canada will each capture more than $20 billion.
According to the UK government, the majority of goods arriving from the EU will be allowed into Britain without full customs checks for at least three months if UK leaves the bloc without an exit deal. Britain is set to leave the EU on March 29. Despite the fact less than two months remain until Britain leaves on March 29, Prime Minister Theresa May has not achieved a Brexit deal.
A flotilla loaded with approximately 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to Reuters. Trump’s decision to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro.
EIA published that the implementation of new regulations on marine fuel will affect crude oil and petroleum product markets the following decade. The Administration focuses mainly on the long-term implications of the market changes that will involve changes to ships, marine fuels, refining, and some infrastructure in the next six to eight years.
The US President, Donald Trump, stated that its between him and Xi Jinping’s responsibility to strike a tariff deal. As he seems to be personal for this matter, it reflects his desire for a pact and might mean that Beijing won’t have to make big concessions, according to Reuters. Yet, his statement puts White House negotiators in a tough spot.
As of 1 February, the Economic Partnership Agreement (EPA) between the EU and Japan has entered into force, marking the largest open trade zone in the world. The EPA removes the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan.
According to Drewry, US sanctions on Venezuela are possible to shift the pattern of crude tanker trade, with long-haul trade replacing the short-haul trade. In fact, while the expected change in trade pattern will favour VLCCs, it will raise challenges for Aframaxes. These measures could halt Venezuela’s crude exports. Namely, Rajesh Verma, Lead Analyst, Tanker Shipping, explains.
German Hapag-Lloyd AG announced its decision to partially redeem EUR 170 million of its senior note on 11 February 2019 and prior to its maturity 2022 at a fixed redemption price of 103.375%. The senior note was issued in February 2017 with an aggregate principal amount of EUR 450 million.
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