While the proposed tariffs on China’s exports into the US represent an effort to correct the trade imbalance between the two countries, what’s just as important is the investment relationship which has expanded in recent years, says Faryar Shirzad, global co-head of the Office of Government Affairs at Goldman Sachs.
AMSA will be the only service provider under the National System for Domestic Commercial Vessel Safety. Australia will allocate an additional $10 million funding for the national system, which means no taxes to the industry for the first three years of AMSA’s service delivery, in order to help all operators as services transition.
Eco ships will be able to bargain a considerable premium over older vessel ahead of high bunker prices, creating a two-tier market. After 2020, Drewry expects increased LSFO/ MGO prices, along with cheaper HFO prices. This will lead to a three-tier structure. Drewry also expects a $76 per barrel price in the third and fourth quarters of 2018.
Manning costs have increased in 2018 after many years of stagnation, as pressure in most cargo shipping markets has been reduced, allowing employers to lift wage levels, especially amongst the market-related officer ranks. As Drewry notes, the mean aggregate manning costs increased by about 1% in 2018.
On Thursday, the east African state of Djibouti commissioned a $3.5 billion, Chinese-built free trade zone, deepening ties with the Asian giant and helping the Horn of Africa nation generate more jobs. The new trade zone covers 48 square km and was built by China’s Dalian Port Corporation.
WTO’s new report on G20 trade measures, covering mid-October 2017 to mid-May 2018, shows that new trade-restrictive measures from G20 have doubled compared to the previous review period. These findings should be of ‘real concern’ to the international community, noted Director-General Roberto Azevêdo.
China presses the EU to issue a joint statement against US’s trade policies and the recent tariffs, at a Sino-European summit later this month. The EU rejected the proposal idea of allying with China against the US, as it thinks that the Chinese proposal is an attempt to manipulate the of trade and dominate global markets.
The risk to container shipping from US-led trade wars is currently low, but potentially very damaging, Drewry noted. Analyzing potential scenarios for eastbound Transpacific container trade, Drewry suggests that, in the worst case, up to 1.8 million TEU, or 1% of world loaded traffic could be lost over a period of time.
The trade war that has emerged between the US, Europe and China increases the uncertainty for the shipping industry, as it negatively affects the free flow of goods. It also leads to changes in the trade lanes and makes it harder for ship operators and owners to position their ships efficiently in the market.
The price of prime aged vessels is expected to rise over the next two years, according to VesselsValue. The contraction of yard capacity is expected to support the replacement value of ships, while short term earnings have either bottomed, or started to recover in most markets.
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