Reuters reports that Taiwanese and South Korean refineries are testing the market for fuels, that are compliant with IMO’s sulphur cap, starting next year, by exporting cargoes of very low-sulphur fuel oil (VLSFO). For the time being, refiners have a hard time deciding on which fuel to produce due to the fact that shipowners are able to choose between LSFO or MGO to comply with IMO’s 2020 sulphur regulations.
Royal Boskalis has created a joint venture with Hwa chi, to undertake the transport and installation of submarine foundations for CIP’s Chang Fang and Xidao projects. In addition, Boskalis aims to expand in Taiwan’s emerging wind industry in the next five to 10 years. The construction is expected to be completed by the end of 2023, with the wind farms have a combined capacity of 600 megawatts.
US Secretary of State Mike Pompeo discussed with leaders in Saudi Arabia and the United Arab Emirates about the possibility of countering the military threat from Iran by establishing a wide, global coalition that includes Asian and European countries.
According to research by natural resources consultancy Wood Mackenzie, Malaysia provides some of the most material and attractive upstream investment opportunities in Southeast Asia, primarily because of the need for additional gas supply.
Port of Oakland reported that its containerized agricultural exports are boosting, despite the trade war. The farm good shipments in the first four months of 2019 saw a 12% increase from the previous year. According to the port, the majority of its shipments are sent to Asia, despite US’s tariffs.
Economic growth around the world is decreasing, and various governments, including Germany, China and South Korea, have announced stimulus packages to boost their economies. In fact, the International Monetary Fund expects global GDP growth to slow from 3.6% in 2018 to 3.3% in 2019, before returning to 3.6% in 2020.
China’s foreign trade recorded a steady growth in the first five months of 2019, in spite of increasing uncertainties. Namely, China’s foreign trade of goods grew by 4.1% year on year in the first five months of 2019, reaching 12.1 trillion yuan, according to data from the General Administration of Customs.
Canadian energy infrastructure company AltaGas announced the opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia, the first marine export facility for propane in Canada. The facility began introducing propane feedstock in mid-April.
Global economic consultants of Centre for Economics and Business Research in the UK launched a study, according to which the global economic impact of the Belt and Road Initiative is most likely to boost world GDP by $7.1 trillion per annum by 2040.
The Asian Shipowners’ Association urged China and India to ratify the Hong Kong Convention on recycling. Namely, during its general meeting in Thailand on May 28, the association explained only by ratifying the Convention will an environmentally-sound recycling of ships take place worldwide.
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