According to Bloomberg, major oil players in the US warned Trump administration that the region will struggle to produce the oil, gas and other energy product that China has agreed to buy under their phase one trade deal.
Following the coronavirus outbreak, with several shipping companies skipping Chinese ports and many Chinese factories shutdown, trade market is passing a period of disruption. According to Bloomberg, physical supply chains are affected due to the above-mentioned situation.
The world’s first nuclear-powered merchant vessel “N.S. Savannah” set sail from Philadelphia and is returning back to Baltimore. According to the Maritime Administration, the vessel was under maintenance at Northeast Ship Repair of Philadelphia.
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.
The most popular underwater shipwreck, “RMS Titanic” will be from now on protected under the international treaty between the United Kingdom and the United States. According to the U.K.’s Maritime Minister Nusrat Ghani, both sides passed legislation which allows them to grant or deny licenses to enter the hulls of the wreckage and remove artifacts found outside.
The International Group of P&I Clubs has published its Annual Review which provides an overview of the Group, key activities and areas of engagement.
The U.S. Maritime Administration (MARAD) announced that found $7.5 million for the investment of nine U.S. marine highway projects. Specifically, the funding will give a boost to the existing services in the states of Florida, South California, Kentucky, Louisiana, Michigan, Oregon, Texas, Virginia and lastly Washington.
On 9 December 2019 the US Treasury Department of Foreign Assets Control (OFAC) designated several individuals and entities to the Specially Designated Nationals (SDN) sanctions list under Executive Order 13818 (EO 13818). Under EO 13818, a former government official in Latvia and four companies owned or controlled by him were listed under the SDN list, which included Ventspils Freeport Authority.
Oil prices dropped an almost 1% on Wednesday, following a surprise build in the U.S. crude inventories led by a concern within the trading and analytical communities that a new round of tariffs on Chinese goods might be imposed in the following days.
China’s imports of crucial commodities are presenting a rapid development the last months, showing that Beijing’s efforts may lead to a fruitful outcome and its trade dispute with the US may not be as harmful as expected, according to Reuters’ Clyde Russell.
- Maritime Software
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