China to Cut Steel Capacity by 2025
China will shut down more outdated steel plants and bring total capacity to less than 1 billion tonnes by 2025, the president of the country's steel industry association said, adding that national demand for the metal is set to decline gradually. With more than three quarters of firms suffering losses as a result of a price-sapping capacity surplus, China vowed in early 2016 to shut 150-150 million tonnes of annual production in five years in a bid to raise profitability and utilisation rates in the sector. Its capacity then was estimated at 1.2 billion tonnes.
US Exports to China to Rise amid Trade Talks, but Volumes are Capped
China has pledged to buy more U.S. goods to reduce America's huge trade deficit and help avoid exacerbating a trade war between the world's two biggest economies, with energy and commodities high on Washington's list of products for sale.The U.S. trade war with China is "on hold" after the governments agreed to drop tariff threats and work on a wider agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. Washington is especially keen to sell more of the United States'…
China's Export Growth Steady, Import Growth Faster
China maintained solid export growth of 12.6 percent in May, slightly slower than in April, but still providing good news for Beijing's policymakers as they deal with tough trade negotiations with Washington.Imports also rose more than anticipated in May and at the fastest pace since January, with the data coming at a time when China has pledged to its trade partners - including the United States - that steps would be taken to increase imports.China, the world's largest exporter…
Hyundai Merchant Marine Launches China-Australia Express Service
Hyundai Merchant Marine (HMM) announced that it is launching a new China-Australia express service, under the name ‘A1X (Australia No.1 Express) with carriers Evergreen and APL. The A1X service covers the ports of Ningbo-Shanghai-Yantian-Sydney-Melbourne-Brisbane from August 17 starting its first service at Ningbo on the vessel Hyundai Supreme.Previously, HMM provided the service through a slot purchase from Maersk, MSC, ONE and Hamburg Süd.For the new service, a total of five Panamax (4,600TEU) vessels will be deployed.
China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.China said Friday it would retaliate by slapping duties on several American commodities, including oil.Investors expect the spat to come at the expense of U.S.
Asian Shares, Oil Fall as US-China Trade Spat Escalates
Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.
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.
Trump Announces 25% Tariff on Chinese Technology
President Donald Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China related to intellectual property and technology, and pledged to impose further levies if the Asian nation takes retaliatory measures.Trump said the tariff list includes goods from China's "Made in China 2025" strategic plan to dominate high-technology industries that will "drive future economic growth for China, but hurt economic growth for the United States and many other countries."(Reporting by Lisa Lambert and David Lawder Editing by Jeffrey Benkoe)
APL Launches New Container Services
Ocean carrier APL announced today it will introduce two new weekly services from central and southern China connecting to Indonesia and Australia respectively.APL's new China Southeast Asia Service 8 (CS8) set to commence on June 30 will provide direct access from Shanghai, Ningbo and Shekou to Indonesia’s Jakarta and Surabaya. Its service rotation is Shanghai – Ningbo – Shekou – Jakarta – Surabaya – Kaohsiung – Shanghai.Shipments from Shanghai will arrive in Jakarta and Surabaya in as soon as eight and 11 days respectively.
China Surprises with Threat on US Energy Exports
Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.China responded to $50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S. energy products, which analysts considered a surprise as previous tariff threats had centered on agricultural goods and automobiles."This is a big deal.
Sino-Australian Seaborne Trade
In recent decades, trade between the Australia and China have made an increasingly significant contribution to growth in global seaborne trade, and the signing of the China-Australia Free Trade Agreement in 2015 is driving further co-operation, says a report by Clarkson Research Services. But just how important has the impact of trade between these two countries been? Between 2006 and 2016, Chinese imports from Australia grew by a CAGR of 17% p.a. to reach an estimated 792mt in 2016.
China Prepares to Counter Any US Trade Penalties
China's government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions such as finding alternative suppliers of agriculture products or machinery and manufactured goods…
Rickmers Sells Entire Containership Fleet to Navios
Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime though a wholly owned subsidiary, Navios Partners Containers Inc. Three of the container vessels are 3,450 TEU, and 11 are 4,250 TEU, combining for a total 57,100 TEU. The average age is 9.5 years.
US Officials Demand 'More Fair' China Trade Links
U.S.-China economic talks appeared off to a contentious start on Wednesday as senior Trump administration officials demanded a "more fair" China trade relationship while both sides canceled news conferences previously planned to discuss outcomes. U.S. Commerce Secretary Wilbur Ross in opening remarks to the annual summer dialogue between Washington and Beijing criticized China's $347 billion trade surplus with the United States. "We must create more balance in our trade by increasing exports of made-in-America goods to China," Ross said at the Treasury Department.
Kerry to Press ASEAN meeting for talks on SCS Disputes
U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing tension over the South China Sea following an international court ruling that denies China's claims in the sea. Kerry travels to Laos' capital Vientiane on Monday for meetings of foreign ministers from the 10-member Association of South East Asia Nations where tensions between China and several ASEAN members, in particular the Philippines and Vietnam, over the South China Sea is expected to dominate talks.
Japan Slams China Over Maritime Issues
Japan has accused China of being assertive over maritime issues, taking actions that effectively amount to a "fait accompli", reports Strait Times. In its 484-page annual defence white paper on Tuesday (Aug 2), the defence ministry said the aggressive actions by China could "cause unintended consequences", referring to past incidents including one where a China naval frigate entered Japan's contiguous zone this year, near a crop of islets in the East China Sea that has been claimed by both countries.
Hoping to Extend Maritime Reach, China Lavishes Aid to Pakistan
China is lavishing vast amounts of aid on a small Pakistani fishing town to win over locals and build a commercial deep-water port that the United States and India suspect may also one day serve the Chinese navy. Beijing has built a school, sent doctors and pledged about $500 million in grants for an airport, hospital, college and badly-needed water infrastructure for Gwadar, a dusty town whose harbor juts out into the Arabian Sea, overlooking some of the world’s busiest oil and gas shipping lanes.
China's Imports from N.Korea Plummet in December
China's imports from North Korea plunged in December to their lowest level in dollar terms since at least the start of 2014, with trade curbed by U.N. sanctions aimed at persuading Pyongyang to abandon its ballistic missile and nuclear weapons programs. Imports from North Korea slumped 81.6 percent year-on-year to $54.34 million, Chinese customs spokesman Huang Songping said in a briefing in Beijing on Friday. That's the smallest monthly value since at least January 2014. The administration of U.S.
China Unveils 'Polar Silk Road' Arctic Vision
China on Friday outlined its ambitions to extend President Xi Jinping's signature Belt and Road Initiative to the Arctic by developing shipping lanes opened up by global warming. Releasing its first official Arctic policy white paper, China said it would encourage enterprises to build infrastructure and conduct commercial trial voyages, paving the way for Arctic shipping routes that would form a "Polar Silk Road". "China hopes to work with all parties to build a 'Polar Silk Road' through developing the Arctic shipping routes," the paper, issued by the State Council Information Office, said.
China Reveals “Polar Silk Road” in Arctic
China unveiled its ambitions to develop a "Polar Silk Road" through the Arctic, joining a multinational race to exploit opportunities in the resource-rich region, as the shipping lanes opened up by global warming. China said it would encourage enterprises to build infrastructure and conduct commercial trial voyages, paving the way for Arctic shipping routes, in its first official Arctic policy white paper. "China hopes to work with all parties to build a 'Polar Silk Road' through developing the Arctic shipping routes," the paper, issued by the State Council Information Office, said.
Carnival Signs MOA for First New Cruise Ships Built in China
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the joint venture, financing and other key terms. As part of the new MOA, Carnival Corporation’s cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China’s largest shipbuilder…
Japan Navy Chief Urges Resumption of China Port Visits
The head of Japan's navy on Monday repeated criticisms of China's pursuit of territorial claims in Asia but called for a resumption of port and personnel visits suspended for several years amid rising tensions between the two Asian powers. Admiral Tomohisa Takei said exchange visits by senior naval personnel and warships were effective in improving relationships between armed forces. "They should be resumed as soon as possible," he told a Washington think tank. While criticizing China's for its actions in the East China Sea…
THE Alliance Sets Out Service Plans
The members of THE Alliance announced the details of the plan for their product starting from April 2017. THE Alliance plans to deploy a fleet of more than 240 modern ships in the Asia /Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea. The start of THE Alliance as the most integrated liner shipping consortia is scheduled for April 2017 (subject to completion of all relevant regulatory requirements). “The product of THE…
China Hammers US Goods with Tariffs
China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world's biggest economies in response to U.S. duties on imports of aluminium and steel. The tariffs, to take effect on Monday, were announced late on Sunday by China's finance ministry and matched a list of possible tariffs on up to $3 billion in U.S. goods published by China on March 23. Soon after the announcement, an editorial…
U.S., China Stumble into the Thucydides Trap: Kemp
The United States and China have fired the opening shots in a trade war that may be hard to stop. Washington has published a target list of 1,300 items imported from China worth an estimated $50 billion that would be hit with an extra tariff of 25 percent (“Notice of determination”, USTR, April 3). Beijing has responded with a target list of 106 items imported from the United States worth a similar amount that would be hit by the same ad valorem tariff (“China retaliates for U.S. tariffs”, Reuters, April 4).
China'a April Exports Stronger than Expected
China's exports rebounded more strongly than expected in April after a surprise drop the previous month, suggesting global demand remains relatively resilient and providing a cushion to the economy amid a heated trade dispute with the United States.Imports in April also grew more robustly than anticipated, signalling China's domestic demand is holding up well, good news for policymakers looking to soften the blow from any trade shocks.China's April exports rose 12.9 percent from a year earlier…