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 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.
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.
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.
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.
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 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.
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.
At the EU-Japan summit in Tokyo, on July 17, the two parties signed the EU-Japan Economic Partnership Agreement. The trade agreement between two of the world’s largest economies includes provisions that promise a free trade, something that ECSA welcomed in a statement.
The European Commission announced provisional safeguard measures regarding imports of a number of steel products. These measures address the diversion of steel from other countries to the EU market as a result of the recently imposed US tariffs. The measures will come into effect on 19 July.
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