Growth of real gross domestic product (GDP) in the G20 area reduced to 0.7% in the second quarter of 2019, in comparison to 0.8% in the previous quarter, according to OECD provisional estimates. On the other hand, GDP growth showed a strong increase in South Africa and Korea, to 0.8% and 1.0%, respectively.
As Reuters reports, prices for Australian heavy-sweet crude grades are increasing since traders rush to gain cargoes for blending ahead of new rules on shipping fuel, placing them among the most expensive crudes in the world.
The possibility of a ban on Australian thermal coal to China got attention on the thermal coal marker in early March, because in February, five north-eastern ports in China implemented changes to clearance procedures for Australian thermal coal, as reported by Rory Simington, Principal Analyst, Asia Pacific Thermal Coal Research.
The Maritime Union of Australia warns that Australia’s shipping industry is in crisis, as the nations economic, environmental, and national security is at risk. To that point, MUA suggests that government reform could find a solution to this issue and deliver a multi-billion dollar benefit for the economy.
The Liberal-National Government published data from the Australian Bureau of Statistics showing Australia recorded a $22.2 billion trade surplus in 2018, which is the highest ever for a calendar year. Australia’s two-way trade in goods and services also reached a record high of A$854 billion in 2018. Thus, it delivered 12 montlhy trade surpluses in 2018 and 22 in the last two years. 2018 was also the first calendar year since 1972 where every month was in surplus. That is the first time in 46 years.
According to Reuters, iron ore shipments from Australia’s port of Hedland terminal to China, experienced an increase by 14% in December from the previous month as shown by the port’s data. Iron ore shipments to China from the world’s biggest iron ore port reached an overall of 37.4 million tonnes in December. On the contrary, iron ore shipments in November reached a total of 32.9 million tonnes, according to the Pilbara Ports Authority.
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.
Japanese K-Line’s plea follows an investigation by the Australian Competition and Consumer Commission and charges laid by the Commonwealth Director of Public Prosecutions, in relation to cartel conduct concerning the international shipping of cars, trucks, and buses to Australia. NYK had also pleaded guilty in July 2016.
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