Trade Fears Drag Stocks, Yuan at 10-Year Low
NEW YORK, Aug 5 (Reuters) - Stock markets around the world fell hard on Monday on fears that China's willingness to let the yuan slide in response to the latest U.S. tariff threat could further aggravate trade-related tensions between the world's two largest economies.China on Monday let the yuan tumble beyond the 7-per-dollar level for the first time in more than a decade, in a sign Beijing might be willing to tolerate further currency weakness after U.S. President Donald Trump vowed last week to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept.
Beijing: U.S.-China Trade Talks 'constructive'
U.S. and Chinese negotiators wrapped up a brief round of trade talks on Wednesday that Beijing described as "constructive", including discussion of further purchases of American farm goods and an agreement to reconvene in September.The first face-to-face trade talks since a ceasefire was agreed last month amounted to a working dinner on Tuesday at Shanghai's historic Fairmont Peace Hotel and a half-day meeting on Wednesday, before U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin flew out."Both sides…
Port of Oakland Exports Up with Asian Help
The San Francisco Bay container ship facility Port of Oakland said that its containerized export volume increased in the first half of 2019 thanks to China’s neighbors.Port data released today showed double-digit export volume percentage increases through June 30 to South Korea, Japan and Taiwan. Trade with those three nations alone offset a 17 percent drop in exports to China, the Port said.Exports to China have dropped by the equivalent of 14,000 20-foot cargo containers this year, the Port said. China is Oakland’s largest trading partner.
Dutch Seaports Hit Record Volumes
Dutch seaports processed a record volume of goods in 2018 as the throughput of containers increased the most, reported the Central Bureau of Statistics (CBS).According to Statistics Netherlands (CBS), the total volume of incoming and outgoing cargo shipments to and from Dutch seaports reached a historic high of almost 605 million tonnes in 2018."This is an increase of over 1.5 percent relative to 2017. At 4.5 percent, container transhipment saw the highest increase," CBS said.Two-thirds of cargo handling in Dutch seaports consisted of unloaded goods in 2018.
Port of Oakland Concerned with China Trade War
Port of Oakland Executive Director Chris Lytle is sounding an alarm over the trade war with China. The veteran maritime leader this week warned that tariffs imposed by both sides threaten the U.S. economy. He added that trade barriers could dry up his customers’ access to a major export market.“We remain concerned about the impact that tariffs will have on the health of our economy,” the Executive Director wrote in a letter to U.S. Trade Representative Robert Lighthizer. “To the extent that other countries are stepping in to provide goods that are exported by U.S.
MSC to Boost Costa Rican's Export
Swiss-based shipping line MSC Mediterranean Shipping Company is improving trade links between Costa Rica and northern Europe by adding a new direct call from the Port of Moin.The container shipping that operates in all major ports of the world said in a press release that MSC Katya R. has become the largest vessel to call Moin Terminal in Costa Rica, launching a new era in cargo shipping for the port and for exporters using its facilities.MSC’s service will bring larger container…
Abadan Ports Exports Up 56% in 2018
Abadan, Arvandankar and Choabdeh ports experienced an increase of 56% in 2018, says Iran's Ports and Maritime Organization (PMO).Abadan ports and maritime management announced that the export of goods from the three ports of Abadan in the past year has shown a growing trend.According to the information system, the exports from these ports increased by 39.471 tons in the same period last year which shows a growth of 56.3% in exports, it said.Agricultural products, meat and meat products…
China Jan Soybean Imports from U.S. Double vs Dec
China's imports of U.S. soybeans nearly doubled in January from the previous month as cargoes booked after a Sino-U.S. trade truce arrived in the world's top oilseed importer, according to Chinese customs data published late on Monday.China brought in 135,814 tonnes of U.S. soybeans in January, up 95 percent from 69,298 tonnes in December. But the figure was still down 99.7 percent from 5.82 million tonnes a year earlier as Beijing's hefty tariffs on American shipments curbed purchases.China typically buys from the United States in the last quarter and first couple of months of the year…
Abadan Ports Records 47% Growth in Exports
Iran's Director of Ports and Maritime Affairs of Abada, Reza Safari, announced a 47% increase in exports from Abadan, Arvandkenar and Chouebdeh Ports.During the last 10 months of this year, exports of goods and commodities from Abadan ports has increased by 47%, Reza said.The export volume of goods and commodities in the last 10 months of this year was 27 thousand 735 tons more than in the same period last year.Agricultural products, household appliances and light products, meat and meat products are among the most exported items from the three ports of Abadan, Arvandkenar and Chouebdeh.
Taiwan's Evergreen Opens Four New Offices in Latin America
Taiwanese container transportation and shipping company Evergreen Marine Corp. is expanding its operations into Central and South America this year following the recent opening of four new agency offices in the region."In view of the growth potential in Latin American trade, Evergreen Line is continuing to establish its own offices at main service locations in the region. The move will strengthen the effectiveness of the line’s operations, improve its capability to react to market opportunities…
Evergreen Opens Four Offices in Latin America
In view of the growth potential in Latin American trade, Evergreen Line is continuing to establish its own offices at main service locations in the region. Evergreen Line has opened its own agency in Colombia following the establishments of other offices in Peru, Chile and Mexico over the past few months. In setting up these offices Evergreen confirms its continued commitment to serving the trade and economy of Latin American west coast region. The dedicated personnel at these locations will have responsibility for local marketing and sales…
ATCO Buys 40% Stake in South American Port
Calgary-based natural gas, electrical and real estate giant ATCO is getting into the transportation business after buying a 40-per-cent stake in a South American port operator Neltume Ports for about CAD$450 million (USD$340 million).Neltume Ports, a subsidiary of Ultramar, operates in 16 port facilities and three stevedoring businesses primarily located in Chile and Uruguay. “This acquisition represents an important milestone in the execution of ATCO’s long-term strategy to diversify…
Southern Ports are Getting with The Program…
The In-transit cold treatment program, that is! The dimensions of The Program are remarkable. The Reefer Shipping Market and Forecast 2017/18 produced by Drewry calculated that 79 percent of perishable cargo moved in refrigerated containers in 2016 and only 21 percent on reefer ships. By 2021, reefer containers will carry 85 percent of perishable products, while reefer cargo will reach 134 million tons, Drewry study predicts. One reason for the growth of reefer cargo in containers is the remarkable expansion of the USDA sponsored In-Transit Cold Treatment Pilot program.
China to Impose 25% Tariffs on 659 US Goods
China will impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion in response to the U.S. announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.Tariffs on $34 billion of U.S. goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China's biggest import from the United States by value.The tariffs will also be applied to autos and aquatic products, the ministry said.The list of 659 U.S.
Mexico Slaps Tariffs on US Steel, Agricultural Products
Mexico will impose tariffs of 15 percent to 25 percent on U.S. steel products and on some agricultural goods, the Mexican economy ministry said on Tuesday, after pledging to retaliate against U.S. President Donald Trump's metals tariffs.The ministry published a list of new tariffs in the government's official gazette, which included a 20 percent tariff on U.S.
Sealand Launches GOEX service from New Orleans Port
Sealand, the Intra-Americas regional ocean carrier of the Maersk Group, will operate a new direct, all-water service, the Gulf Ocean Express (GOEX) service, that connects Central America, Panama and Columbia to and from the Port of New Orleans (Port NOLA). The Sealand Tiger cargo vessel makes its inaugural call for the GOEX service at Port NOLA Friday, April 20. The service will call at the Napoleon Avenue Container Terminal operated by New Orleans Terminal. The service will include two Sealand vessels and one MSC vessel.
China Importers Hope to Sell U.S. Cargoes After Tariff Move
Chinese importers expecting cargoes of U.S. commodities from beef to propane said they hope to sell the goods to South Korea or Japan after Beijing's decision to slap extra tariffs on a swathe of items from agricultural products to chemicals. Beijing on Wednesday hit back against the Trump administration's plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals. The speed of China's move stunned financial markets.
Maersk Line New Services at Kakinada Port
Maersk Line India announced the introduction of Export and Import service offerings at Kakinada port in Andhra Pradesh. This End to End service (Store Door) will enable customers in the region to reach global touch points. With this first time offering in Kakinada, Maersk Line will be able to containerize cargo at its origin, cut out wastage and complexities of dealing with multiple vendors and help move it to port in a cost-effective manner. This will have a direct bearing on…
The Cruise Industry Business Model Evolves
Shifting populations, desirable destinations and yes – economics – drive the cruise industry of tomorrow. Unlike the cargo side of shipping, the cruise business has seen a steadily upward trajectory, with steady growth over decades. The 2018 annual “State of the Cruise Industry” report from Cruise Lines International Association (CLIA) was projecting a count of 27.2 million passengers for 2018, showing a steady rise from the 19.1 million, the figure for the beginning of the decade, and a substantial increase from 25.8 million in 2017.
St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
St. Louis Regional Freightway, Port of Plaquemines and St. Louis Regional Ports Sign Agreement to Foster Economic Growth on the Mississippi River. The pact will help support development of a new transportation link for cargo to move along the Mississippi River. The St. Louis Regional Freightway, Plaquemines Port Harbor & Terminal District located in the State of Louisiana and four ports in the St. Understanding (MOU) to establish and grow an alliance to generate new business by promoting international and inland trade routes at strategic locations along the Mississippi River.
Trade Wars Clearly Bad for Global Shipping - BIMCO
On March 1, 2018, President Trump pushed through a metals tariff plan that puts 25 percent tariff on imports of steel and a 10 percent tariff on imports of aluminium. They are set to enter into force on March 23, 2018. The Trump administration seems positive towards protectionism and that picture became clear when the pro-trade U.S. President Donald Trump’s chief economic adviser Gary Cohn resigned on March 6 because of the tariffs imposed on steel and aluminium. Although the tariffs on steel and aluminium are expected to have a limited impact on most international bulk trades…
Antwerp Sets up Maritime Training Institute in Brazil
The port of Antwerp is to make its know-how and expertise available to further professionalise the management of ports in Brazil. It will do this by among other things providing a special series of seminars in two already active training centres for maritime professionals in Brazil. The initiative is laid down in a Memorandum of Understanding that was signed on Tuesday this week by Marc Van Peel with among others Maurício Quintella, the Brazilian minister of Transport, Ports and Civil Aviation.
Port of Hamilton Posts Record Year
The Port of Hamilton said it continues to expand its role as a transportation hub for Ontario’s agri-food sector. In 2017, the port handled its highest-ever total of agricultural products. Close to 2.3 million metric tons (MT) of commodities such as Ontario-grown corn, wheat and soybeans, as well as canola, sugar, potash and other fertilizers were handled through the Port of Hamilton. Agricultural cargoes now make up 23 percent of the port’s total, up from 12.5 percent in 2010.
DP World to Develop Logistics Plan for Mali
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, met with the President of Mali, Ibrahim Boubacar Keïta, last week to discuss a trade and logistics master plan to unlock the resource rich country’s economic potential. The plan includes a transportation and logistics strategy with electronic customs processes, replicating DP World’s successful model with Dubai Trade at its flagship Jebel Ali Port and Freezone in Dubai. Regional trade in West Africa connects through ports such as DP World Dakar in Senegal to international markets.
Egypt Aims to Reverse Bans on Agricultural Exports
Egypt is looking to reverse a series of bans on its agricultural products that has hit one of its most promising export sectors, Abdel Hamid al-Demerdash, the head of Egypt's Agriculture Export Council told Reuters. Egyptian crops from strawberries to peppers have been hit by temporary bans in Saudi Arabia and the United Arab Emirates on concerns over pesticides residues. Sudan introduced a blanket ban in May on agricultural products from Egypt. Agricultural exports were expected to increase significantly this year after Egypt floated its pound currency in November…
New Orleans' Big Plans Showing Dividends
A Container-on-Barge service intended to be an integral part of the regional intermodal equation is gathering momentum – and customers. Quietly, the Port of New Orleans (NOLA) has marked some important accomplishments in the past two years, across multiple business sectors. For example, in April 2016, NOLA’s Board dedicated a $25 million Mississippi River intermodal terminal, capable of handling 160,000 twenty-foot-equivalent (TEU) units per year by rail. CN Railroad signed a memorandum of understanding (MOU) a year earlier (2015)…