shipping trade

Coronavirus may have short term effects on the oil market

The Tanker Research & Consulting department at Poten & Partners recently informed on the potential impact of the Coronavirus outbreak on the tanker market. In fact, Poten & Partners highlight that it is highly uncertain at this point how the virus outbreak, which started in the city of Wuhan in China and has spread across several countries in Asia and the world, will further develop and what the implications will be on the Chinese as well as the global economy.

President Trump strikes for a trade deal with EU and UK

Following the Phase 1 trade deal with China, U.S. President Donald Trump announced that will shift his attention to Europe, post-Brexit Britain and India. Namely, Trump informed that will force new tariffs, shaking up relations with the above-mentioned major U.S. trading partners.

Infographic: Maritime Singapore’s performance in 2019

The MPA Singapore published an infographic concerning the overview of Maritime Singapore’s key performance for 2019, in relation to the Singapore port; the shipping market; and the general economic performance of the country.

Low Rhine water levels reduce loading rates

With water levels in Rhine continue dropping, shipping routes through the river are negatively affected. In fact, the whole falling water levels situation, reduced loading rates for vessels, as there is a prospect of higher transportation costs for cargo and materials.

UK Maritime Minister to prioritize transport and freeports

The UK Maritime Minister, Nusrat Ghani, recently said that the new Government is ready to “turbo boost” rail infrastructure in the North, while meeting with maritime industry leaders in Merseyside. In fact, on Wednesday, January 22, Ms Ghani, a Minister in the Department for Transport, visited Mersey Maritime, the representative body for Merseyside’s £4bn powerhouse maritime sector, in order to speak with local businesspeople.

Brazilian crude oil exports rise after China’s high demand

According to BIMCO, the crude oil exports in Brazil hit a record for December 2019, marking a total amount of 8.7 million tonnes of crude oil exported. With China pushing Brazil to product more crude oil, country’s annual export volumes increased by 5% in comparison to 2018.

Maersk CEO: Keeping the Strait of Hormuz open is crucial

During an interview with CNBC, Maersk’s CEO, Soren Skou, provided his thoughts on the US-China trade war, and the recently-signed Phase 1 deal. He also commented on the slowed trade, as well as the problematic situation at the Strait of Hormuz.

China and Myanmar to develop new deep-sea port

In fact, a new deep-sea port will constitute the core of a new economic partnership between China and Myanmar after the two countries reach a series of infrastructure deals as part of the Belt and Road Initiative (BRI).

McDermott may file for bankruptcy

Bloomberg recently reported that McDermott International Inc. is preparing to file for bankruptcy as soon as next week in order to address its more than $4 billion debt load. It is said that the Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion.

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