A delegation from the ICS, the Asian Shipowners’ Association (ASA) and the European Community Shipowners’ Associations (ECSA) has, at the World Trade Organization in Geneva, raised concerns regarding recent increases in protectionist measures. The associations presented two position papers to the WTO, to highlight the importance of the shipping sector fully committing to the preservation and promotion of free trade policies and principles around the world.
China will impose retaliatory tariffs on most US imports according to a revised $60 billion target list. This move aims to hit back at a tariff hike by the US on $200 billion of Chinese goods, further escalating the ongoing trade war. The 25% tariffs will be implemented against 2,493 goods including LNG, soy oil, peanut oil, petrochemicals, frozen vegetables and cosmetics, while the 20% on 1,078 products.
As EIA informs, during winter 2018-2019, imports of LNG at terminals serving New England played an important role in moderating natural gas prices in the region. LNG imports are regasified at these terminals and then sent to natural gas distribution networks. Dpot natural gas prices in New England are more volatile during winter months, as cold weather drives increasing regional natural gas demand.
The US Department of the Treasury’s Office of Foreign Assets Control designated two companies that operate in the oil sector of the Venezuelan economy, pursuant to E.O. 13850, as amended. OFAC has also identified two vessels, which transported oil from Venezuela to Cuba, as blocked property owned by the two companies.
Iran could target US commercial ships, including oil tankers, sailing through key Middle East waterways, as one of the threats to US interests posed by Tehran, the US Maritime Administration (MARAD) said in an advisory posted on Thursday.
Graphic Products’ Alison Warner designed an infographic presenting all the dangers that are lying behind the oil and gas industry. The equipment, the flammable chemicals and high pressures can easily result to fatal accidents. The oil and gas industry is amongst the most dangerous jobs in America, this is why it has one of the most thorough safety training programs.
China and the US will carry out more negotiations in China, according to Vice Premier Liu He. In the meantime, the US President Donald Trump ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. However, Mr. Liu is conservatively optimistic that the two countries will agree on a deal, but there are some ‘issues of principle’ on which China is not willing to back down.
EIA informed that net income for 43 US oil producers totaled $28 billion in 2018, which is a five-year high. According to the net income, 2018 was the most profitable year for these US oil producers since 2013, in spite of crude oil prices that were lower in 2018 than in 2013 on an annual average basis. These companies accounted for about one-third of total US crude oil and natural gas liquids production in the fourth quarter of 2018.
With retail sales rising and Trump’s plans to both increase and broaden tariffs on goods from China, imports at the US’ major retail container ports are expected to see unusually high levels in the next months and through the summer, according to a monthly report by the NRF and Hackett Associates.
According to Bloomberg, US President Donald Trump provided an executive order banning the purchase of Iranian iron, steel, aluminum and copper, worsening the tensions with the Islamic Republic a day after he declared he may begin enriching uranium again in two months.
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