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.
A new finance agreement that will enable offshore and marine asset owners to decrease their fuel consumption, costs and emissions has been launched. Namely, Blueday Technology, which designs energy systems, has collaborated with energy infrastructure fund manager SUSI Partners to provide a new financing structure for asset owners.
The UK Supreme Court decision in the Renos case provides useful guidance for both shipowners and insurers concerning the cost in deciding whether a vessel is a constructive total loss under its hull and machinery policy.
China’s trade with countries participating in the Belt and Road Initiative marked a robust growth in the first half of this year, according to data provided by the General Administration of Customs (GAC), on Friday. Chinese trade with BRI countries totaled 4.24 trillion yuan (= USD 617.5 billion) during this period.
According to Gibson Shipbrokers, OPEC+ announced the expansion of their product cuts for additional nine months until the end of the first quarter of 2020. Yet, the OPEC cuts are a negative development concerning Middle East’s tanker market, mostly affecting VLCCs.
CNBC International’s Xin En Lee addresses the Belt and Road Initiative, which she comments marks a huge change in China’s foreign policy. Generally, the Belt and Road Initiative was firstly announced by Chinese President, Xi Jinping in 2013. Its aim is to strengthen trade, infrastructure and investment relations, between China and an estimated 65 other countries.
Greek Piraeus Bank announced it is exploring a potential strategic partnership opportunity with a major Asian Pacific financial conglomerate operating globally, to provide financing solutions to Greek shipping companies. This initiative forms part of its commitment to the shipping community, the Bank said.
A robust compliance system and the use of tax automation would enable large logistics companies to comply with specific VAT requirements with regard to the information requested by the Federal Tax Authority (FTA) during VAT Audit, according to a new report analyzing VAT implications on shipping and logistics sector of the UAE.
Australian livestock company Wellard has agreed to sell its 2009-built livestock carrier Ocean Swagman to Heytesbury Cattle Company for $22m. The sale is part of the company’s plan to restructure, reduce debts, and turn around its poor financial performance.
Israeli shipping firm Zim Integrated Shipping Services (ZIM) announced a further expansion of its Strategic Cooperation with the members of the 2M Alliance, Danish Maersk and Geneva-based MSC, to the Asia – US Gulf Trade.
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