The US Secretary of State Mike Pompeo announced on April 22 that the United States will end all exceptions for countries currently purchasing oil from Iran. As he specifically, said the country will no longer grant any exceptions. ‘We’re going to zero across the board’. Countries that had previously bought Iran’s crude oil have been transitioning to new suppliers.
Switzerland will support China’s Belt and Road Initiative as President Ueli Maurer visits China during April. This will ensure ties with a major trading partner as other Western countries view the gigantic project with scepticism. The Swiss government said that the aim is to enhance cooperation on trade, investment and project financing in third markets along the Belt and Road Initiative.
The US Federal Maritime Commission (FMC) will continue paying attention on the way that ocean carriers pass on additional fuels costs that have occurred due to IMO’s 2020 sulphur cap. The regulation could increase fuel costs by as much as one third. FMC is mainly aiming to make sure that ocean carrier bunker charge adjustment formulas are clear and definite, FMC Chairman Michael Khouri informed.
Drewry published a report according to which the new American tariffs on cars and car parts could have a negative impact on some of the largest US ports. President Donald Trump threatened to impose tariffs on 25% of the cars imported. Drewry supports that in the possibility that President Trump implements the tariffs, American auto imports from overseas markets could fall by nearly 15% by 2021.
Growth in China is expected to be moderate in the next two years as global growth slows down and trade tensions with the US put pressure on trade and investment, according to the Asian Development Bank. In its Asian Development Outlook 2019, ADB expects GDP growth for the world’s second largest economy to slow to 6.3% in 2019 and 6.1% in 2020. That is below the 6.6% growth rate recorded in 2018.
Prof. Dr. Dieter Schwampe, Partner at Arnecke Sibeth Dabelstein, IUMI Professional Partner, talks about the sanctions that are taking place around the world, regarding Iran. The start was made with the termination of the US participation from the Joint Comprehensive Plan of Action (JCPOA), on 5 August 2018, with EU following by publishing the Blocking Regulation.
The Sumas trading point on the Canada-Washington border averaged $161.33 per million British thermal units on its natural gas spot prices on March 1. This is the highest daily spot price ever recorded by Natural Gas Intelligence anywhere in the United States in at least five years. The price peak was due to regional supply constraints and unseasonably cold temperatures.
The volume of US ocean cargo imports arranged by Deutsche Post’s DHL Group, United Parcel Service Inc, FedEx Corp and other freight forwarders decreased significantly in February. This could be an indicator of warning on global trade, which is a key factor for the world economy. In total, US imports from China experienced a fall of 9.9% in February, driving the majority of the monthly reduction for freight forwarders.
Italy joined China’s ‘Belt and Road’ initiative on March 23, and became the first major Western power to support this initiative, in an attempt to help revive the Italian economy which faces troubles. The agreement was signed during a trip of the Chinese President Xi Jinping to Italy. Leveraging this occasion, Italian companies signed agreements with Chine firms, amounting a total of 2.5 billion euros ($2.8 billion).
International container rates finish in March with small but important increase in European import and export activity, along with increased Far East imports and a continuous development in US exports. Xeneta’s latest XSI® Public Indices report builds on the positive rates development recorded which effectively halted a decline underway since August 2018.
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