Tag: China

Two Chinese shipbuilders have expressed their interest in buying the Hanjin Heavy Industries and Construction Phillipines shipyard, prompting concern from policy and defense analysts. HHIC Phil owes $900 million to South Korean lenders and $400 million to five Philippine banks, making it the largest corporate bankruptcy in the Philippines' history. 

China will attempt to solve the trade tension with the US during 2019, the country’s commerce minister informed. This decision came after talking with US negotiators last week. China will attempt to advance outside investment by working on a foreign investment law and improving its dispute resolution system.

The result of the ongoing trade talks between China and the US, seems doubtful that the levels of frontloading seen at the end of 2018 will continue into 2019, according to BIMCO. Were the negotiations to fail, it would increase the possibility of tariffs to be increased in March, affecting the container shipping industry.

20 crew members were rescued from Vanuatu-flagged MV Star Centurion, after it capsized in the Indonesian waters of Singapore Straits after a collision with a Hong Kong-flagged tanker MT Antea, on January 13 according to the Jakarta Post. The first responders to the incident were Singaporean authorities. Indonesian navy has also dispatched search and rescue vessels to the site. 

According to local media reports, the Chinese authorities stopped a gas leak from a South Korean liquefied petroleum gas tanker, at Dongying Anchorage, Shandong Province, China, Bohai sea on January 14. The leak occurred after the ship didn't manage to shut down the valve for one of its cargo tanks. The master notified authorities and asked for anchorage, to fix the valve.

IRENA, the Assembly of the International Renewable Energy Agency, launched 'A new World' report, according to which, the Global Commission on the Geopolitics of Energy Transformation supports that the geopolitical and socio-economic consequences of a new energy age may be as profound as those which accompanied the alter from biomass to fossil fuels two centuries ago. These include changes in the position of states, the importance of new leaders, more energy actors, alter in trade relations and the emergence of new alliances.

On 10 January, the High Court of Hong Kong sanctioned without modification the proposal for the privatisation of Sinotrans Shipping Limited, the company informed in an official statement. The High Court also confirmed the capital reduction of the company provided for by the Scheme of Arrangement. The privatization came on the table in September when Sinotrans proposed a scheme of arrangement and withdrawal of the company’s listing. The decision was a result from the company's poor performance, in light of the US and China tensions in last year and slow performance of the global market. As such, subject to the registration of the order of the High Court, the minute and the return by the Registrar of Companies of Hong Kong, and the fulfillment or waiver of the remaining Conditions, the Effective Date of the Scheme of Arrangement is expected to be postponed from Friday, 11 January to Tuesday, 15 January 2019. As stated in the Scheme Document, subject to the registration of the order of the High Court, the minute and the return by the Registrar of Companies of Hong Kong, and the fulfilment or waiver (as applicable) of the remaining Conditions, cheques for payment of the Cancellation Consideration under the Proposal ...

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.

PSA International’s, Bharat Mumbai Container Terminals, BMCT, has welcomed the beginning of a regular service call from Hyundai Merchant Marine’s, HMM, China India Express service. The 8,562 TEU M.V. Hyundai Loyalty is one of six vessels involved in the service, which connects BMCT to important Far East markets and trade centres.

The largest cranes to operate in a US commercial port, standing 170 feet tall, arrived Monday at Port of Virginia, as part of the port's efforts to align with the overall trend of bigger and bigger ships arriving. The Chinese-made gantry cranes towered over the ship that carried them through the mouth of the Chesapeake Bay.