Vessel operating costs have increased at their fastest pace in over a decade this year, due to higher insurance cover premiums and COVID-19 related expenses, says the latest Ship Operating Costs Annual Review and Forecast 2020/21 report published by Drewry.
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.
BIMCO’s chief market analyst, Peter Sand, provides his view on the current state of the container shipping market paying attention to the developing trade war and tariffs and their impact on the container shipping industry, which seems to experience barriers in comparison to 2018.
Dutch group SBM Offshore announced it has completed the project financing of FPSO Liza Unity by a consortium of nine international banks, for a total of US$1.14 billion. The company expects to draw the loan in full, phased over the construction period of the FPSO.
CNBC International’s Xin En Lee addresses the Belt and Road Initiative, which she comments marks a huge change in China’s foreign policy. Generally, the Belt and Road Initiative was firstly announced by Chinese President, Xi Jinping in 2013. Its aim is to strengthen trade, infrastructure and investment relations, between China and an estimated 65 other countries.
The Ministerial Meeting of the Foreign Ministers of China, France, Germany, Russia and the UK will set up a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran. Namely, the participants considered ways forward to ensure the full and effective implementation of the JCPOA in all its aspects.
US President Donald Trump signed a revised free trade agreement with South Korea on September 24 in New York. This is the first bilateral trade deal of his administration and includes steps to open up the Korean market to more American exports. It will also allow the US to impose a 25% tariff on Korean trucks until 2041.
As the global community becomes more interested in- and aware of- the devastating impacts of climate change, more and more industries have shown a shift towards environmentally-friendly solutions. This could not leave the financial sector unaffected. But how financial institutions form part of the green transition?
In this video, James Mitchell, Manager at Rocky Mountain Institute discusses the climate transition risks that shipping financiers face as countries begin to implement the Paris Agreement. He also discusses how decarbonization poses a significant opportunity for financiers who understand it and mitigate for it early.
On Thursday, the east African state of Djibouti commissioned a $3.5 billion, Chinese-built free trade zone, deepening ties with the Asian giant and helping the Horn of Africa nation generate more jobs. The new trade zone covers 48 square km and was built by China’s Dalian Port Corporation.
