The European Commission announced provisional safeguard measures regarding imports of a number of steel products. These measures address the diversion of steel from other countries to the EU market as a result of the recently imposed US tariffs. The measures will come into effect on 19 July.
Saint Lawrence Seaway Development Corporation published its 2018 study of the economic impacts of shipping in the Great Lakes-St. Lawrence region. According to the report, cargo moved on the Great Lakes – St. Lawrence Seaway System in 2017, totaled 143.5 million metric tons valued at US$15.2 billion/C$19.8 billion.
Maersk Line, Mediterranean Shipping Company and ZIM announced a new strategic cooperation on the Asia – US East Coast trade. As of September 2018, Maersk and MSC will provide four of their operated loops to a combined operation of five loops with ZIM between Asia end the US East Coast.
As of 1 January 2018, US operable atmospheric crude distillation capacity totaled 18.6 million b/cd, a slight decrease of 0.1% since the beginning of 2017, according to EIA. Annual operable crude oil distillation unit capacity had increased slightly in each of the five years before 2018.
The US Bureau of Ocean Energy Management will offer about 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale is scheduled for August 15, 2018, and includes all available unleased areas in federal waters of the Gulf of Mexico.
The US accused North Korea of breaching the UN sanctions on refined petroleum, as illegal transfers between ships at sea took place. As a result, the US demanded an immediate stop to all sales of the fuel. The US said that these transfers, are breaching the UN sanctions.
As China’s domestic energy consumption has grown, the country has become a significant destination for US energy exports. Namely, China has been among the largest importers of US exports of crude oil, propane, and LNG. In 2017, more US crude oil was sent to China than any other destination except Canada.
Driven by increasing consumer demand and rising retail sales, imports at US’ major retail container ports are expected to set a new record this month, even though new tariffs on goods from China just took effect, according to the monthly Global Port Tracker report released by NRF and Hackett Associates.
French shipping major CMA CGM has decided to pull out of Iran following the US government’s decision to renew sanctions on companies operating in the country, according to an official announcement by the company’s chief executive, during an economic conference in south France, on Saturday.
While the proposed tariffs on China’s exports into the US represent an effort to correct the trade imbalance between the two countries, what’s just as important is the investment relationship which has expanded in recent years, says Faryar Shirzad, global co-head of the Office of Government Affairs at Goldman Sachs.
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Novatek ships LNG cargo to China via the Northern Sea Route19/07/2018
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