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Commerzbank to support Belt and Road projects

Germany’s Commerzbank and the Industrial and Commercial Bank of China signed a Memorandum of Understanding to support projects linked to the Belt and Road Initiative. Commerzbank economists expect Foreign Direct Investment from China to BRI countries to have doubled to USD25 bn by 2020.

BP acquires BHP’s shale assets for $10.5 billion

BP agreed to buy US shale oil and gas assets from BHP Billiton for $10.5 billion, improving the British oil major’s impact in oil-rich onshore basins in its biggest deal in almost two decades. This sale will increase BP’s quarterly dividend for the first time in four years and puts an end to disastrous seven years by BHP.

EU, US agree not to impose tariffs

The EU along with the US announced that they reached an agreement toward zero tariffs. This came after the visit of the European Commission’s President, Jean-Claude Juncker in the US, where he and US President, Donald Trump agreed for zero tariffs on industrial goods.

A political agreement can resolve trade war, WTO chief says

A political agreement between world leaders will be able to end the global trade war, as if this situation continues it will eventually damage the global economy, WTO Director General, Roberto Azevedo noted. He also believes that world leaders must listen to each other in order to find a solution, instead of resorting to retaliation.

Cosco finalized OOCL acquisition

Orient Overseas International informed that Cosco and SIPG acquired Orient Overseas Container Lines. The proposed takeover will cost $6.3 billions. Earlier this month, Cosco had received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, not to prohibit the offer.

South Korea invests $1.2 billion in Korea Ocean Business Corporation

The South Korean Ministry of Maritime Affairs and Fisheries informed on Tuesday, July 24, that it will allocate government stakes of 12.7% in its four port authorities – Busan, Ulsan, Incheon, and Yeosu Gwangyang, through the Korea Ocean Business Corporation. This investment amounts to $1.2 billion. 

Impact on charterparties- Time to act now

Tiejha Smyth, Deputy Director at North P&I Club’s FD&D Department attempts to shed light on the possible impact of the 2020 sulphur cap on contracts and charterparties. Ms. Smyth advises operators to consider matters such as bunker quality clauses, performance guarantees and fines for non-compliance early, in order to avoid future problems.

Two major South Korean shipbuilders suffer loss in Q2

In line with a downward trend in South Korean shipbuilding industry, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., both ranking at the top of the world’s largest shipbuilders, announced massive deficits in the second quarter of 2018.

CMA CGM acquired 10% stake in Zeebrugge Terminal

CMA CGM announce that it acquired 10% equity interest in CSP Zeebrugge Terminal from Cosco’s subsidiary China Shipping Ports. CMA CGM acquired the 10% equity interest through its wholly-owned subsidiary CMA Terminals. Cosco Shipping Ports completed the acquisition of the remaining 76% equity interest in November 2017.

Wilhelmsen abandons Drew Marine acquisition after US ruling

Norwegian maritime industry group Wilhelmsen abandoned the acquisition of the US-based Drew Marine Technical Services, after the US District Court for the District of Columbia announced that it will grant the Federal Trade Commission’s motion for an injunction to block the transaction, on 21 July.

Poll

The sulphur cap is less than a year away and with most vessels choosing compliant fuel, do you expect to see a spike in incidents and accidents related to the switch over?

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