The US decided to impose tariffs on steel and aluminium imports from key allies in Europe and North America. Namely, the US will establish a 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada. Canada and Mexico immediately retaliated, while the European Union has its own retaliation ready.
According to BIMCO, the dry bulk shipping industry is still on the road to recovery, as demand continues to be more that the fleet growth. In the mean time, scrapping and ordering remain low. The improved situation during 2017 is seen in the freight rate levels during the first four months of 2018.
Recently the MSC and Maersk implemented Emergency Bunker Surcharge due to high bunker prices. Now, the Global Shippers Forum says that this is a negative development and needs to be changed. Chris Welsh, Secretary General of GSF noted that the industry needs to be more transparent about bunker surcharge costs.
The decision by President Trump on 8th May, 2018 to cease the US participation in the JCPOA and to re-impose US nuclear-related sanctions which were lifted to implement the JCPOA, is likely to have significant consequences for maritime trade with Iran and the insurance of such trade, the UK P&I Club warns.
The Competition and Consumer Commission of Singapore issued a provisional Statement of Decision to Wilhelmsen and Drew Marine, finding that the proposed acquisition by WMS of control over DMTS may result in a substantial lessening of market competition for the supply of marine water treatment chemicals in Singapore.
The Mediterranean Shipping Company and Maersk informed that they will implement Emergency Bunker Surcharge. The two companies resorted to this solution, as a measure to deal with the rising bunker prices. Fuel prices increased by more that 30% this year, and almost 70% since last June.
Over 60% of banks surveyed in the ICC report Global Trade: Securing Future Growth have implemented, or are in the process of implementing, technology solutions to digitalise their trade finance operations. However, only 9% reported that the solutions implemented have reduced the time and costs in trade finance transactions.
Despite being the world’s fifth busiest container port, Hong Kong encounters a keen competition from other maritime clusters, according to a paper released by the Financial Services Development Council. The paper examines Hong Kong’s strengths and weaknesses in this global competition and recommends strategies for growth.
During the visit of the Chinese Vice Premier Liu He in Washington for economic and trade negotiations last week, it was announced that China and the US have agreed not to launch a trade war, reaching consensus on economic issues. The potential implications from a dispute between the world’s two biggest trade forces has recently risen concerns for shipping.
Rotterdam based Europe Container Terminal exercised its right of retention on Hanjin containers after the carrier’s bankruptcy in 2016. ECT and Fenex, the Dutch trade association for logistic service providers and forwarders, reached an agreement that the containers will be released upon payment of 500 euros per container.
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- Cyber Security
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