Mnuchin: China Talks "So far, so good"
U.S. Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute."So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.U.S. tariffs on $200…
First U.S. Crude Cargoes Head to China Since Trade Breakthrough
Three cargoes of U.S. crude are heading to China from the U.S. Gulf Coast, trade sources said on Monday, the first departures since late September and a 90-day pause in the two countries' trade war that began last month.The vessels left Galveston, Texas, last month and are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data. The shipments mark a change since Chinese buyers largely began avoiding U.S. oil during the trade dispute that flared last summer."It looks like China has resumed purchasing U.S.
Interview: Shuichi Iwanami, Commandant, Japan Coast Guard
As the Japan Coast Guard celebrates its 70th anniversary, Maritime Reporter & Engineering News offers insights on the current status and future direction of the JCG courtesy of an interview with Shuichi Iwanami, Commandant, Japan Coast Guard.*Note: At the time this interview was conducted, Shuichi Iwanami was still Vice Commandant for Operations.Could you please tell us the history and future development of the Japan Coast Guard (JCG)?The JCG, in 2018 celebrates the 70th anniversary of its foundation. When it was founded, the Japanese waters were in an eclipse period.
Sinopec Adds LNG Tank at Tianjin Terminal
China's Sinopec Corp completed adding a third tank to store liquefied natural gas at its receiving terminal in Tianjin, marking the completion of construction of the first phase of the import facility, the state oil and gas group said on Tuesday.The terminal, in the northern port city Tianjin, near Beijing, began operations last February. It has an annual receiving capacity of 3 million tonnes and an annual supply capacity of 4 billion cubic meters (bcm).The terminal has so far this year received 22 shipments of LNG that totaled 1.46 million tonnes in volume.
China's Stricter Ship Emissions Rules a Boon for IMO 2020 Compliance
Tighter rules on shipping emissions around China's coastlines from the start of next year is a clear sign the world's No.
DP World, China Signs Agreement to Boost International Trade
An agreement to jointly construct a new ‘Traders Market’ at DP World’s flagship Jebel Ali Port and Free Zone in Dubai on a total build up area of three million square metres has been signed between the global trade enabler and the Zhejiang China Commodities City Group, providing further impetus to China’s Belt and Road Initiative.DP World will be building the ‘Traders Market’ within the Jebel Ali Free Zone Area located in Jafza South next to the Dubai Expo 2020 site.The market will include clusters of traders from all over the world, offering a wide range of products at one site.
Shippers Push to Undermine EU Ship Recycling Regulation
The EU member states’ experts on ship recycling met in Brussels to discuss the latest developments, six months ahead of the application of the 2013 Ship Recycling Regulation. With the recent decision by the Chinese government to stop the import of end-of-life ships for scrapping, the shipping industry is quick to lament that there will not be enough recycling capacity and that there will be too few options for them under the EU List of approved recycling facilities. The industry claims that the standard set by the EU must be lowered so that beaching yards can be approved.
What Can Beijing Do if China-US Trade Row Worsens?
China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war.Trump said Monday his threat was retaliation for China's decision to raise tariffs on $50 billion of U.S. goods over the weekend, a move that itself was in response to additional U.S. tariffs on Chinese…
East China LNG Terminal Records 93% Sales Increase
A liquefied natural gas (LNG) import terminal in east China operated by China National Offshore Oil Company, or CNOOC, recorded an increase of 93 percent in gas sales in the first five months of this year, the state oil company said on Monday,CNOOC's LNG sales from the Ningbo terminal in Zhejiang province hit 2 million tonnes by the end of May, nearly doubling the amount from a year ago, according to a statement posted on CNOOC's website.The gas sales are expected to head higher in the coming few months as demand for the fuel rises with hotter summer temperatures.The report did not give a brea
Silk Road Train Arrives at Antwerp Port
The first Silk Road train exclusively destined for Antwerp has arrived. The freight train, which had left the Chinese port of Tangshan on 26 April, was officially welcomed today in the port of Antwerp. This direct railway link between China and Antwerp is part of the transnational Chinese ‘Belt and Road Initiative’, with which China seeks to revive the trade routes of the old Silk Road from Asia to Europe. The train is part of the 'Belt & Road Initiative' (BRI), the ambitious development programme of Chinese President Xi Jinping.
Japan, China Agree Trade War Will Harm Global Economy
Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.
Asia-U.S. Trade to Grow 7%
About 500 people gathered at the Long Beach Convention Center for the event, which brings together a panel of shipping and trade experts to offer their perspectives on industry trends and how they affect the San Pedro Bay port complex. One of the panelists, Drewry Maritime Research Senior Quantitative Economist Mario Moreno, predicted Asia-U.S. trade will grow 6.8 percent in 2018, the fastest pace in more than half-a-dozen years. He also estimated the overall U.S. economy will expand 2.8 percent.
China Merchants to Take 21.05% Stake in Dalian Port
China Merchants Holdings (International) Company Limited, has announced that it has signed a share subscription agreement with Dalian Port (PDA) Co., under which Dalian Port will issue 1.1bn new shares to China Merchants for HK$4.3bn ($554m). Upon completion of the transaction, China Merchants will hold a 21.05% equity stake of Dalian Port, becoming the second largest shareholder. China Merchants Holdings, which will become Dalian Port's second-largest shareholder after the purchase, said the deal allows it to strengthen its ports network within China and enhance its port-service network.
Chinese, Greek Ship Owners Accounted for 40% of Global Recycling
According to Clarkson Research Services, the record pace of fleet growth over the last decade and weakening global demand outlook has left many of the major shipping segments facing severe oversupply. Demolition of older ships is one way of easing overcapacity and recycling volumes have been strong in recent years. The top ten owner countries typically account for the majority of recycling with Chinese and Greek owners leading the way. Last year a total of 860 ships of a combined 23m GT were reported sold for demolition. This is equivalent to 2% of the start year fleet.
Overcapacity Catches Box Ship Industry in Undertow
All signs point to a continuation of struggling theme for containerized-ocean-freight industry into 2016 and beyond, warns a study by AlixPartners. The containerized-ocean-freight industry suffered in 2015. Its continuing financial woes accelerated because nearly all key financial indicators declined from 2014. At the heart of the industry’s problems, a persistent global supply-and-demand imbalance is to blame. All signs point to a continuation of that theme into 2016 and beyond.
A Hundred Chinese Boats Encroach in Malaysian Waters
Malaysia has said that more than 100 Chinese fishing boats have been spotted within its Exclusive Economic Zone (EEZ) off Sarawak in the latest incident involving Chinese vessels in the disputed waters. The boats were sighted near Beting Patinggi Ali, also known as Luconia Shoals, about 100km off the coast of Miri in Sarawak. Malaysia planned to take action against them. Minister in the Prime Minister's Department Datuk Seri Shahidan Kassim said the government has instructed the Malaysian Maritime Enforcement Agency (MMEA) to deploy its assets to monitor the situation.
China's Acquisition of Piraeus Port a Booster for Greek Economy?
Greece has formally signed an agreement to sell a 67% stake in the Port of Piraeus to Chinese shipping company China Cosco Holding Co. Under the deal, COSCO, the fourth-largest container shipping firm and second-largest port operator in the world, will pay the cash-strapped country 368.5 million euros (418.8 million U.S. dollars), and also promises to invest another 350 million euros (398.9 million dollars) over the next decade in infrastructure work at the port. In five years of operation…
Container Security Devices: The Time Is Now
A look at international trade and cargo security provides a short primer on how to reduce unnecessary costs. The global market is unbelievable in size and scope, and it is expanding with global demand for goods and the growing adoption of offshore-sourcing by major U.S. and EU corporations, creating increasing demand for cargo transport in unprecedented volumes. More than 16 million maritime containers are in transit throughout the world on any given day – at sea, on rail and/or over the road.
China Launches New 98,000-ton Heavy-lift Mega Ship
The Guang Hua Kou, one of the world's largest heavy lift semi-submersible ships, was launched last month at Guangdong Shipyard International. At 98,000 tons, it's one of the largest vessels of its size, anywhere in the world. Though the ship is formally built for COSCO Heavy Transport, a state-owned civilian firm, it will likely be made available for the People’s Liberation Army Navy (PLAN) for peace and wartime operations, reports Popular Science. A shipping line owned by the Chinese government, Cosco Heavy Transport specializes in handling heavy cargo.
CERCG Looking to Ship LNG from Australia's West to East
State-owned China Energy Reserve and Chemicals Group (CERCG) on Monday said it is investigating whether to ship liquefied natural gas (LNG) from Western Australia to the gas-hungry east coast market. The Chinese integrated energy firm, which runs oil and gas projects, processing plants and gas distribution, said in a press release to Reuters that subsidiary CERCG Australia is studying the viability of transporting LNG by road, rail and ship. CERCG Australia's business manager Kevin Gao said the company would use LNG container tanks which can maintain liquefaction for 110 days.
Fujian Mawei Shipbuilding Bags Ocean Tankers Order for Six Vessels
Ocean Tankers, the provider oil tanker shipping and chartering services to oil companies and trading houses, has ordered six handy-sized tankers to be built at the Chinese shipbuilding facility Fujian Mawei Shipbuilding, said a report in Reuters. The report said that the Singapore based tanker company has placed the order for an undisclosed sum as the company renews and expands its fleet and ships are expected to be delivered by 2020. The order is for 23,500-deadweight tonne (dwt) tankers that can carry crude, clean or dirty oil products, to be delivered in stages by the end of the decade.
Chinese to Train in Antwerp Port
APEC-Antwerp/Flanders Port Training Center has signed a MoU with Profession Qualification Authority of the Ministry of Transport of China. The MoU aims at the establishment and further improvement of the management system for dangerous goods in the ports and along the waterways in China. This MoU will eventually generate a number of tailor-made training at APEC-Antwerp/Flanders Port Training Center in Antwerp. Profession Qualification Authority of the Ministry of Transport of China is responsible for all the professional entrance into the regulated transport markets in China.
Cosco, China Shipping Mega Merger Deal May Get Green Signal Soon
The merger deal of China’s two shipping gianst China Ocean Shipping Co., or Cosco, and China Shipping Group that could create the world’s fourth largest container operator is expected to get approval by Chinese government by January, reports WSJ. The companies have been working out a deal for months, centered on combining the two companies’ container-shipping units. They are also looking into merging tanker, dry-bulk and port operations, the people said. The tie-up is part of…
Chinese Authorities Raid Container-Shipping Firms
China's National Development and Reform Commission (NDRC) is visiting several major container shipping lines’ offices in Shanghai and throughout the country as part of its surcharges investigation. According to local media reports, NDRC investigators have been combing through emails and files at many liner carrier offices since Friday. In September 2015, the Chinese government said that lines had been charging too much for things like bills of lading custody fees, port fees and document fees. In response, the shipping lines announced that they would cut several of these surcharges.
Shipping Consolidation in Asian Shores
The global shipping industry consolidation appears to be picking up, with much of the activity centering on Asia, reports Nikkei. The overcapacity and weaker global trade have fueled talk of a shakeout in the industry. CMA CGM is in “exclusive” talks with Neptune Orient Lines’ (NOL) largest shareholder, Temask, for the purchase of its APL container liner business. Over in China, the top two state-owned operators are in the final stages of merger talks. NOL announced that CMA CGM had been granted exclusive negotiating rights, through Dec.
Funding, Collaboration key to 'One Belt One Road'
Global trade enabler DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem spoke at the Asian Logistics & Maritime Conference in Hong Kong this week, highlighting the potential of One Belt One Road (OBOR) to be the world’s largest project for global and regional trade collaboration over the next few decades. Reflecting on DP World’s global network with over 77 marine and inland terminals in 40 countries, Mr. DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said: “We believe in China’s One Belt One Road initiative and see huge potential in it…