US and China reached an agreement to pause their trade war and come up with a deal to give a boost in decreasing global growth. Commenting on the agreement, President Trump called it a bis steps forward for the US-China relations.
China imported its first US crude oil cargo after about two months, since the two countries agreed to stop imposing new tariffs on each other’s products for 90 days. However, Chinese oil traders said they were still cautious.
The short video, published by the International Union of Marine Insurance, provides an overview of the Union’s work since 1874 when international trade was growing and new markets were emerging. Operating at the forefront of marine risk, IUMI gives a unified voice to the market, tackling industry issues and challenges through effective representation and lobbying activities.
VesselsValue released a fact sheet looking at the top Middle Eastern countries by owners, fleet, countries and value. Currently, the major Middle Eastern Countries by value are Qatar, UAE, Saudi Arabia, Iran and Oman, while tankers are the key ship category forming the Middle East fleet by Gross Tonnage.
Supported by improving utilisation, car carrier shipping is expected to continue its recovery from the trough of 2016. However, increasing localisation and the threat of trade wars will slow finished vehicle cargo growth, while carrier operational efficiency will be challenged by the emergence of new trades and ports of call, says Drewry.
The European Commission has approved, under the European Merger Regulation, the acquisition by French container ship giant CMA CGM of the Finnish container shipping and logistics company Containerships. The Commission concluded that the proposed merger would not raise competition concerns,
The Union of Greek Shipowners welcomed to its premises the Board of Directors of Danish Shipping, in the context of the bilateral meetings of the two national shipowners’ associations. The meeting reaffirmed the industry stands united in support of the principles of free trade.
The World Economic Forum issued the 2018 edition of its Global Competitiveness Report, marking a milestone with the introduction of the new Global Competitiveness Index 4.0. The report identifies the US, with a competitiveness score of 85.6, as the closest economy to the frontier, the ideal state.
The new lease accounting standard, IFRS 16 Leases, comes into effect on or after 1 January 2019, and shipping companies need to make sure they have assessed its implications, Moore Stephens advised. IFRS 16 has the biggest impact on lessees, for whom it removes the distinction between an operating and a finance lease.
Commenting on the news that offshore drilling company Ensco will acquire Rowan in a $2.38 billion deal, Leslie Cook, principal analyst, Wood Mackenzie, noted that this ‘comes as no surprise’, as it is in line with a trend of consolidation among drillers over the last two years as ‘a paramount to a recovery’.
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