The recently-launched state-run Korea Ocean Business Corporation announced it will support financially 10 small and medium South Korean shipping lines, in line with its efforts to boost the domestic maritime industry, on the aftermath of Hanjin Shipping bankruptcy in early 2017.
Although a growing proximity between US President Trump and North Korean Leader Kim is important to deescalate political tension in the Pacific, their alliance could potentially leave 29 Panamaxes unemployed, while providing employment to only 11 Supramaxes, according to Drewry.
Germany’s Commerzbank and the Industrial and Commercial Bank of China signed a Memorandum of Understanding to support projects linked to the Belt and Road Initiative. Commerzbank economists expect Foreign Direct Investment from China to BRI countries to have doubled to USD25 bn by 2020.
BP agreed to buy US shale oil and gas assets from BHP Billiton for $10.5 billion, improving the British oil major’s impact in oil-rich onshore basins in its biggest deal in almost two decades. This sale will increase BP’s quarterly dividend for the first time in four years and puts an end to disastrous seven years by BHP.
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.
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