China Ramps up US Oil Purchases Ahead of Trade Deal Review
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.China had emerged as a top U.S.
China to Grant Tariff Exemptions on 696 US Goods
China will grant exemptions on retaliatory duties imposed against 696 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United States.Tuesday's announcement comes after the Phase 1 trade deal between the two countries took effect on Feb. 14 and is the third round of tariff exemptions China has offered on U.S. goods.China has committed to boosting its purchases of goods and services from the United States by $200 billion over two years as part of the agreement…
Orsted Raises $660m Green Finance
Denmark-based energy giant successfully issued green hybrid capital securities for €600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by Ørsted A/S in green renewable energy projects will be allocated to the new issue corresponding to the amount issued in accordance with Ørsted’s Green Finance Framework, which has received a second opinion with a Dark Green shading from Cicero.Ørsted A/S is rated Baa1…
Tech Makes Gothenburg Port Smarter
The Gothenburg Port Authority recently launched a data system designed to coordinate and monitor work at the Port of Gothenburg Energy Port, the largest open access energy terminal in Sweden, handling more than 20 million tonnes of energy products annually."The ultimate outcome of the digital solutions is more rapid and more efficient handling of goods - quicker, safer, and less administration," claimed the port authority in a press release.“We operate in a high-intensity environment where safety is our first priority.
Tramp Shippers Challenged by IMO 2020
Shipping companies running itinerant merchant vessels known as tramps are concerned about sourcing fuel to comply with one of the biggest ever shake-ups of the industry next year, the head of the International Chamber of Shipping (ICS) said.The International Maritime Organization (IMO) has banned the use of fuel with a sulphur content exceeding 0.5% from the beginning of January 2020, down from a maximum of 3.5% now, unless it is to power a ship equipped with a "scrubber" to clean the pollutant from exhaust emissions."We believe the (fuel) supplies will inevitably be patchy outside the main bu
Naval Architecture and Marine Engineering Tops for Jobs
The results of a recent survey conducted by financial services company Bankrate, LLC show that naval architecture and marine engineering take the top spot as the most valuable college degrees in which to major.A total of 162 degrees were covered in the company’s research. Drama and theater arts, on the other hand, were shown to be the least valuable degrees in terms of earning power after graduation. The survey revealed that the overall median income for those trained to build, design and maintain maritime vessels was $90,000 and that less than 2 percent of degree holders were unemployed.
Gothenburg Port Intros New Bunkering App
The Gothenburg Port Authority launched a digital solution designed to make bunkering at the Energy Port easier and more efficient.The new ‘Bunkering App’ is one of the first in the world to offer this range of functionality, said a press release from the largest port in the Nordic countries.The Port of Gothenburg Energy Port is the largest open access energy port in the Nordic region, handling over 2,500 calls and more than 23 million tonnes of energy products each year. The Energy Port is also one of the world's larger bunkering hubs.
CN to Invest $345mln in British Columbia
Canadian National Railway (CN) said it plans to invest approximately $345 million across British Columbia in 2019 to expand and strengthen the Company’s rail network throughout the province.“Following a record capital program in 2018, CN has been able to take on more traffic from different commodity sectors based on contracts with our customers. This year, CN is planning to invest even more than last year to continue boosting capacity and network resiliency and to meet growing traffic on our corridors across B.C.,” said Doug Ryhorchuk, Vice-President of CN’s Western Region.The B.C.
CN Invests $245mln in Expansion
Canadian National Railway (CN) said it plans to invest more than $245 million in Saskatchewan in 2019 to expand and strengthen the company’s rail network across the province.“Following a record capital program in 2018, CN brought on 25% more qualified train conductors in Western Canada and added over 10% more active high horse power locomotives to its network. This year, CN is investing $35M more than last year to bring greater capacity to CN’s mainline to benefit all commodities…
Port of Gothenburg Freight Volumes up 17% in 2018
Container volumes at the Swedish port of Gothenburg were 753000 teu in 2018, a 17% rise on the previous year, the port authority said."Volumes for 2018 reveal an upturn for containers of 110,000 TEUs, a rise of 17 per cent on 2017. The number of containers transported by rail during 2018 increased by 13 per cent," said a press release from Gothenburg Port Authority.Energy products, intra-European ro-ro units and new cars all fell by one per cent, albeit in relation to the high comparative figures for these three segments in 2017…
US DOT Announces Major Infrastructure Funding Grants
U.S. Transportation Secretary Elaine L. Chao Announces $1.5 Billion in BUILD Transportation Grants to Revitalize Infrastructure Nationwide. Some of the 91 projects include port grants, as well. WASHINGTON – U.S. Transportation Secretary Elaine L. Chao today announced $1.5 billion in discretionary grant funding to 91 projects in 49 states and the District of Columbia. The grants are made through the Better Utilizing Investments to Leverage Development (BUILD) Transportation Grants program and support road, rail, transit, and port infrastructure projects across the country.
Gothenburg Port Container Traffic Up by 20%
Freight volumes passing through the Port of Gothenburg during the year to date are as follows. Container traffic is up 20% compared with the preceding year, and energy product flows remain consistently strong.A press release from the deep-water port in the Scandinavian region said that new car figures rose by 4% but now appear to be levelling off, albeit at a high level.During the first nine months of the year, container traffic increased by 20% and rail traffic by 7%, said Sweden-based Port of Gothenburg.Energy products totalled 17.7 million tonnes…
US Downplays Impact on LNG Exports from China Trade Spat
Growing demand from other countries for U.S. liquefied natural gas (LNG) means that the United States is not concerned about a decline in exports to China amid the trade dispute between the countries, a U.S. government official said on Monday.U.S. Department of Energy Deputy Secretary Dan Brouillette downplayed China's lower imports of American LNG and other energy products following the imposition of tariffs on imports by both sides."I am not quite sure if it is going to have any impacts at least in the near term," he told reporters in Tokyo at a media briefing held by the U.S.
US Energy Exports to China Plummet
It's probably not the kind of success U.S. President Donald Trump had in mind, but his trade dispute with China has effectively killed off the burgeoning energy trade between the world's two biggest economies.China's imports of U.S. crude oil, liquefied natural gas (LNG) and coal have slowed to a trickle amid the escalating tit-for-tat tariff war.Perhaps the irony of the collapse in China's energy imports from the United States was that this was the area most likely to deliver…
Port of Gothenburg Container Volumes up by 19% H1 2018
During the first six months of this year, container volumes at the Port of Gothenburg rose by 19 per cent, from 318,000 to 378,000 TEUs.The number of cars and intra-European ro-ro units shipped increased by ten and four per cent respectively, whilst the energy segment fell by three per cent. The figures are taken from the Port of Gothenburg’s recently published mid-year volume report.The vast majority of Swedish foreign trade takes place by sea. In the case of trade with countries outside Europe…
Unipec Suspends US Oil Imports as Trade Spat Intensifies
China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S. crude until at least October.Unipec and Sinopec, Asia's largest refiner and biggest buyer of U.S.
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
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.
China 'Welcomes' High-Quality U.S. Products
China welcomes high-quality and competitive products made by the United States to enter its market, the commerce ministry said on Wednesday. Both China and the United States will seriously implement a deal reached in Washington, including the purchase of farm and and energy products, the ministry said in a statement. China said on Tuesday it would cut import tariffs for automobiles and car parts in the effort to further open up its markets. Reporting by Beijing Monitoring Desk
U.S., China Closer on Trade Pact
The United States and China agreed to take measures to reduce the U.S. trade deficit in goods by having China purchase more American goods - particularly agriculture and energy products, according to a joint statement the two nations released on Saturday. "There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China," the joint statement reads. "To meet the growing consumption needs of the Chinese people and the need for high-quality economic development…
Canada to Roll Out First Propane Export Terminal
Royal Vopak and AltaGas have entered into a joint venture and will invest together in the development of the Ridley Island Propane Export Terminal (RIPET). RIPET is expected to be the first propane export facility off the west coast of Canada. The project is to be designed to ship 1.2 million tonnes of propane per annum, with approximately 96,000 cubic meters of storage capacity. The facility is expected to be commissioned in Q1 2019. Vopak will take a 30 percent interest in RIPET.
Economic Indicators Pointing Up -BIMCO
The recent months’ uptick in global indicators, which implies a strengthening in the global economy, is not sufficient for the patient to be discharged yet. The state of the global economy is still uncertain, despite stronger growth dynamics in advanced economies, and not least in China. When the IMF updated its outlook for advanced economies for 2017 and 2018 in January, it was the first time since 2007 that an IMF January update lifted expectations for the present and coming years.
Goal Zero: An Up-close Look at Shell's Safety Culture
Earlier this year at the SUNY Maritime Towing Forum, we met up with Jerry Crooks, CSHM, Marine Technical Advisor, Shell Trading (U.S.) Company. Crooks provided insights on the training culture, systems and philosophy that drives Shell Trading (U.S.) Company to instill excellence in safety. How did you find yourself with a career in the maritime industry? During my Coast Guard career I had the privilege of participating in the Merchant Marine Industry Training Program, spending several months with Shell in Houston, Texas. My Shell mentor was a Captain in the U.S.
“Land grab at sea” Threatens World Trade, Peace
Land grab at sea – the aggressive territorial expansion of nations like Russia and China into the ocean – presents one of the greatest threats to world trade and peace in the 21st century, an audience has heard at the Britain and the Sea conference. The conference, organized by the Maritime Foundation in cooperation with Plymouth University, was held as part of London International Shipping Week 2015. A stark warning issued by Rear Admiral Chris Parry heard that the freedom of the sea risks being snatched from Britain by more aggressive and enterprising countries.
Congressional Leaders Visit Port of Houston
The Port of Houston Authority hosted Congressional leaders on port matters for a facilitated visit and tour of the Port of Houston, Friday, June 5. Congresswoman Janice Hahn, Congressman Ted Poe and Congressman Brian Babin visited the Port of Houston and learned more about the national impact of the Port of Houston overall and in particular its safety and security measures. The visit was arranged upon the invitation of Congressman Poe, who along with Congresswoman Hahn co-chair the PORTS Caucus, which represents more than 100 ports across the nation.
Energy Growth Fuels Transactions
North America’s energy revolution is starting to have a profound impact on the maritime and offshore sectors. North America is undergoing a gradual revolution in energy production, and the transformation has begun to have a profound impact on the maritime and offshore sectors. Despite a few volatile years and mixed performance of public companies in the offshore service and drilling markets, the outlook for energy services seems to be positive according to most analysts. Recovery…