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EU to continue trade with Iran bypassing US sanctions

The Ministerial Meeting of the Foreign Ministers of China, France, Germany, Russia and the UK will set up a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran.  Namely, the participants considered ways forward to ensure the full and effective implementation of the JCPOA in all its aspects.

MSC introduces new fuel surcharge

MSC announced that it will introduce a new Global Fuel Surcharge as of 1 January 2019 in order to help customers plan for the impact of the post-2020 fuel regime. MSC decided to implement the fuel surcharge, as its operating costs are expected to increase significantly ahead of the 2020 sulphur cap. 

Shipping confidence slightly down due to trade war

Shipping confidence decreased very slightly in the three months to end-August 2018, according to Moore Stephens’ latest Confidence Survey. The respondents expressed an average confidence level reduced to 6.3 out of a maximum possible score of 10.0.

US, South Korea sign new trade deal

US President Donald Trump signed a revised free trade agreement with South Korea on September 24 in New York. This is the first bilateral trade deal of his administration and includes steps to open up the Korean market to more American exports. It will also allow the US to impose a 25% tariff on Korean trucks until 2041.

Saudi Arabia to become third partner in China Pakistan Economic Corridor

Pakistan invited Saudi Arabia to become the third partner in the Belt and Road initiative of major infrastructure projects inside Pakistan, as Pakistan’s information minister said last week. Fawad Chaudhry mentioned that he expects Saudi Arabia to invest in Pakistan in a major way.

IUMI: Outlook for marine cargo insurance remain challenging

Sean Dalton, the International Union of Marine Insurance (IUMI) Cargo Committee Chair, reported that the marine cargo market is still the largest commercial marine line of business in terms of premium income. However, 2017 was the worst year for natural catastrophe losses in the history of the insurance industry. 

UK: Four scenarios of a no-deal Brexit

As the Brexit negotiations are underway, the UK government published four scenarios in case there is a no-deal Brexit. These scenarios regard seafarers, trade with the EU, maritime security and luorinated gases and ozone depleting substances. 

US the key supplier of EU soya beans with a 52% share

The European Commission has published the latest figures on EU imports of soya beans, showing that the US has become Europe’s main supplier of this commodity, reaching a 52% share compared to 25% in in the same period last year.

Maersk announces business integration plans

Maersk announced that on January 1st, Damco’s Supply Chain Services and Maersk Line’s Ocean Product will be integrated and will be sold as Maersk products and services. MCC Transport, Sealand and Seago Line will go to market as ‘SeaLand – A Maersk Company’ as of October 1st, 2018. 

US ports association concerned over US trade tariffs

Responding to the US government’s announcement earlier this week on the imposition of an additional $200 billion in protective trade tariffs against Chinese imports, AAPA urged federal policymakers to consider the negative impacts that tariffs have on port and other trade-related American jobs.

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