Disruptions to Global Shipping Industry Explained
Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.WHAT HAS HAPPENED TO SHIPPING RATES?The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude…
Tillerson Applauds U.S. Trade Goals, Not Tactics
Rex Tillerson, the former U.S. secretary of state and Exxon Mobil Corp chairman who has clashed with President Donald Trump since leaving the administration, said on Wednesday he supports the president's trade objectives "but may not support the tactical moves."Speaking to a group of energy executives in Houston, Tillerson said he was concerned that pursuing bilateral trade talks around the globe could weaken Washington's network of allies, which he called "that very strong alliance…
Brazil Minimum Freight Rates Hurt Port Cargos -Association Chief
Brazil's policy of setting minimum freight rates is reducing the volume of cargo at Brazilian ports as farmers and agricultural exporters have difficulty arranging transportation at higher cost, according to the head of a Brazilian ports association.The country instituted minimum rates for freight above the previous market rate as part of a deal to end a truckers' strike over high diesel prices in May. The strike paralyzed the country's roadways, preventing agriculture exports…
DP World to Build Logistics Hub in Mali
DP World is set to build and operate a logistics hub in Mali under a 20-year concession agreement signed with the West African country's government, the Dubai state-owned company said on Wednesday.Construction of the first phase of the 1,000 hectare (10 square kilometers) hub, to be known as the Mali Logistics Hub, will start next year and take 18 months to complete with an estimated initial investment of $50 million, DP World said in a statement."The Mali Logistics Hub will dramatically improve the cost and time of trade for Mali," said Mali's minister of equipment and transport, Moulaye Ahme
Mexico President-elect Wants to Remain in NAFTA
The landslide winner of Mexico's presidential election, Andres Manuel Lopez Obrador, said on Monday that he will aim to keep Mexico in the NAFTA trade pact and seek a frank dialogue and friendly ties with the United States. The first leftist president elected in Mexico's modern history said in his first post-election interview after Sunday's vote that he will also stick with the pick for finance minister he named during the campaign. Reporting by Mexico City newsroom
Iran Shipping Lines Head Sees Business Rebound by Mid-17
Container shipper Islamic Republic of Iran Shipping Lines (IRISL) Chairman Mohammad Saeidi expects the firm to have recuperated by the middle of next year the business lost while Iran was subject to international sanctions. "Step by step the problems have been resolved, removing many restrictions and limitations," since the sanctions were lifted, he told Reuters in an interview at a shipping conference in Copenhagen. He added that he hoped to see remaining limitations on dollar transactions removed after the U.S.
The Logistics of Regulating the Supply Chain
FMC Commissioner William P. Doyle defines the mission, machinations and many triumphs of the Federal Maritime Commission. It would not be a stretch to say that the Federal Maritime Commission (FMC) is perhaps the least understood, possibly the most obscure, and at the very same time, one of the most important federal agencies on the commercial waterfront today. The independent federal agency is responsible for regulating the U.S. international ocean transportation system for the benefit of U.S. exporters, importers, and the U.S. consumer.
Indonesia Woos Jokowi Netherlands for Investment in Maritime
Indonesian President Joko “Jokowi” Widodo has invited the Netherlands to invest in Indonesian infrastructure projects, particularly those that support Jokowi’s maritime sector development program, reports the Jakarta Post. In the maritime sector, the president lauded the Dutch government for its interest to help Indonesia achieve its maritime axis vision. The vision was realized by developing maritime clusters including fisheries, ship development, infrastructure and marine resources.
US Pulls Sri Lanka out of China Maritime Net
US has begun to wean Sri Lanka away from China’s maritime security net by incorporating Sri Lanka into their Indo-Pacific region maritime security program, says the Times of India. The US State Department said last Tuesday that United States will collaborate with Sri Lanka to act against the attempts of claiming land or maritime regions through intimidation or use of force. This would respond to the intimidation caused by China towards the controversial islands on the South China Sea.