shipping trade

S. Korea officially excludes Japan as trading partner

South Korea officially excluded Japan from its list of trade partners affecting the latter’s fast-track approvals in trade, meaning that South Korean companies will now have to submit five documents to win individual approval, which is more than the previous three, Yonhap news agency reports.

Cargill, Maersk Tankers join forces in Medium Range segment

Under a new agreement, Cargill will enter its Medium Range (MR) fleet into the existing Maersk Tankers MR pool, creating a new joint pool to increase the scope of their MR spot tanker business. The joint pool is expected to enable vessels to focus on fuel optimization and CO2 emissions reduction, as well as a digitalized approach to trading. 

WTO: Services trade weakening into second half of 2019

WTO issued its Services Trade Barometer, revealing that global trade in commercial services faced increasing headwinds in the second quarter of 2019. The latest reading of 98.4 is below the baseline value of 100 and well below the most recent peak of 103.1 recorded in July 2018.

IMB protects shipping against fraudulent bills of lading

Gard issued a statement alerting about the incidence of fraudulent bills of lading, adding that the ICC International Maritime Bureau (IMB) is a believer of prompt dissemination of relevant information is key to successful prevention and control. 

Port of Hamburg the European hub for China trades

China is the Port of Hamburg’s largest trading partner, with the Port being China’s Gateway to Europe for Chinese products, and at the same time as the German export trade’s gateway to the Far East. In 2018, the Port of Hamburg handled around 2.6 million TEU or standard containers for the China Trade.

India inaugurates second Multi Modal Terminal on Ganga

On 12 September, the Indian Prime Minister inaugurated India’s second riverine Multi Modal terminal, built at Sahibganj in Jharkhand, in the eastern part of the country. Built within a record time of two years, this is the second of the three Multi Modal Terminals on river Ganga under Jal Marg Vikas Project. 

Port of Los Angeles calls for a trade war settlement

The Port of Los Angeles announced a new cargo record for the fifth consecutive month in August, moving 861,081 TEUs and recording the busiest August in its 112-year history. On this occasion, the head of the Port called for an end to US-China trade war for global trade stability to be restored.

New tools help companies reduce emissions in freight transport

Smart Freight Centre and the World Business Council for Sustainable Development released the Smart Freight Procurement Guidelines, and BSR released the Sustainable Freight Procurement Framework. These tools seek to enable organizations to reduce GHG emissions and air pollutants through their freight transport.  

New report unveils steps to grow UK maritime businesses

A new report commissioned by trade promotion body Maritime London has set out 36 detailed recommendations to grow the UK’s $6bn – marine insurance, ship broking, legal, finance and classification industries. The report comes in support of the UK Government’s Maritime 2050 Strategy.

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