To help ensure prompt and adequate compensation in the Western Asia and Eastern Europe, a regional IMO workshop is currently taking place in Batumi, Georgia. The workshop started on September 11 and will conclude on September 14. IMO’s liability and compensation regime covers issues such as pollution incidents, wreck removal, carriage of passengers and luggage.
The long list of tariffs that the US and China have established, have affected negatively global trade. Namely, 85.3% of Chinese seaborne imports from the US and 58.5% of US seaborne imports from China could become affected by the trade war, if the US and China implement a further USD 200 and USD 60 billion worth of tariffs on goods.
The International Chamber of Commerce’s (ICC) Secretary General John W.H. Denton AO called on business leaders to leverage their private sector experience towards world trade reform, noting that business must move beyond merely voicing concern over rising protectionism.
US President Donald Trump warned that he is ready to impose tariffs on almost all Chinese imports into the United States. Mr. Trump threatened duties on another $267 billion of goods, adding to the already $200 billion tariffs imposed in imports. China has imposed retaliatory tariffs on $60 billion worth of US goods.
To measure how nations are dealing with illicit trade, the Transnational Alliance to Combat Illicit Trade commissioned the Economist Intelligence Unit to produce the Global Illicit Trade Environment Index. At the bottom of the overall index are generally developing economies, with Libya ranking last.
Drewry presented a positive outlook on the dry bulk market, as it expects charter rates to improve, driven by moderate increases in vessel demand and low growth in vessel supply. This is caused by restrained new ordering and a thin orderbook, according to Drewry’s latest edition of the Dry Bulk Forecaster.
Respondents to the annual Shipping Risk Survey by Moore Stephens rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 5.9 out of a possible score of 10.0, compared to 6.8 in the 2017 survey.
Chinese Cosco Shipping Ports (CSP) has set its eyes to make the Port of Piraeus, Greece’s major port, the largest port in the Mediterranean in one and a half years, at the same time that freight traffic is expected to increase by 35% within this year only.
Iran will react with equal countermeasures if Washington tries to block its oil exports, Reuters reported in July. In response, US has recently said it is full prepared to keep regional commerce flowing through the Arabian Gulf and committed to ensuring the safety of the region.
In a recent analysis, Mr. Peter Sand, BIMCO’s Chief Shipping Analyst, explainsthe latest developments of demand and supply in tanker shipping, concluding why a record poor tanker market with a growing fleet is prolonging the crisis.
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