President Donald Trump signed a partial trade deal with China on January 15, in attempt from the world’s two largest economies to contain an economic struggle. According to the deal, the Trump administration aspires to address American concerns over Chinese trade abuses.
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.
Despite the fact that the US and Iran seem keen on avoiding further conflict, oil and gas shipowners are preparing to pay a price from the tension that was created after the rocket strikes in Iraq over the last week.
The US Department of Transportation’s Maritime Administration (MARAD) officially announced the funding of $1.5 million in order to boost the conversion of Washington’s State Ferry vessel from diesel fueled to hybrid-electric power one.
The US and China reached an agreement on a ‘Phase One’ deal to avert US penalty tariffs that would take effect on December 15. Namely, China has agreed to purchase $32 billion in additional agricultural goods during the next two years from $24 billion purchased in 2017. In addition, it will also buy more manufactured goods and energy products.
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.
The Chamber of Marine Commerce commented that the possibility of closing the St. Lawrence Seaway in December – which aims at accommodating higher water outflow at the Moses-Saunders dam in December – will have a negative impact to the Canadian and US economies of $193 million/per week.
UNCTAD published a report discussing the ongoing trade dispute between US and China, highlighting that the trade war played a crucial part in the reduction of the bilateral trade, higher prices for consumers and trade diversion effects, increased imports from countries not directly involved in the trade war.
In light of the trade war between the US and the EU, the tariffs seem to be affecting Greece’s most buoyant export sectors, its canned peach, Reuters reports. The increase in tariffs came into effect on October 18, when Greeks were ready to ship 50 million tins to US markets.
After the US imposed sanctions on subsidiaries of Cosco, European refiners have received an unexpected boost, as less crude oil from the North Sea and West Africa heads east, Reuters reports. What is more freight rates have risen as oil producers seek non-blacklisted vessels.
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