US and China reached an agreement to pause their trade war and come up with a deal to give a boost in decreasing global growth. Commenting on the agreement, President Trump called it a bis steps forward for the US-China relations.
China imported its first US crude oil cargo after about two months, since the two countries agreed to stop imposing new tariffs on each other’s products for 90 days. However, Chinese oil traders said they were still cautious.
As per a previous announcement in late September, Geneva-based Mediterranean Shipping Company is introducing new bunker charges as of 1 January 2019 in line with 2020 sulphur cap. After considerable analysis of operating costs and related market factors, the company has now established a new price mechanism – the BRC (Bunker Recovery Charge) – which will be transparent to respective trades.
As we are now two months into the US soybeans trading year, the trade war between US and China is making its impact more apparent, Maritime Strategies International informs. Namely, US exports between September and October are less by 41%, as well as the exports to China (96%). However, there is an increase to shipments elsewhere (86%).
Japanese NYK announced a schedule update regarding its plans to form a joint holding company to integrate the management of the four NYK Group terminal operation companies in Japan, through a new joint holding company that will be established by NYK and Mitsubishi Logistics Corporation (MLC), as announced in August 2018.
The European Investment Bank (EIB) has approved a loan of EUR 195 million to support the upgrade of the Italian Ports of Rome and Lazio as per the Port Authority’s multi-year investment plan. The approved loan will cover the financing of the extension of the Port of Civitavecchia, about 60 km north-west of Rome, and the construction of a new seaport for freights and passengers in Fiumicino, 20 km west of the capital.
According to EIA’s recent report ‘Crude Oil and Natural Gas Proved Reserves’, there is a continuous rise on shale and tight resources that drove proved reserves of both U.S. crude oil and natural gas to new records in 2017. Reserves of U.S. crude oil increased 19.5% in comparison to 2016, whereas reserves of natural gas increased by 36.1% from the end of 2016.
UK ports could experience major disruption in case a no-deal Brexit takes place, MPs warned. Specifically, the Public Accounts Committee (PAC) believes that UK’s preparations for preventing disruption from occurring at UK’s major ports are under-developed.
The sale of the German bank HSH Nordbank is now officially completed. The bank was sold to private equity companies, which are Cerberus Capital Management, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG. HSH Nordbank AG reported that it will become the first successfully privatised Landesbank in Germany.
Capital Product Partners and DSS Holdings entered into a transaction agreement. According to the agreement Capital will spin off its crude and product tanker business into a separate company, which will merge with DSS’ businesses and operations. The new company will be called Diamond S Shipping Inc.
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Indonesia will comply with IMO 2020 sulphur cap21/08/2019
Equinor makes light oil discovery in Barents Sea21/08/2019
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