Turkish Steel Giant in Logistics Pact with MOL
Japanese shipping giant Mitsui O.S.K. Lines (MOL) has signed a memorandum of agreement with Turkish steel producer Tosyali Holding A.S.A joint press release said that the agreement is to begin the research toward a strategic partnership, and in this respect signed a memorandum of agreement in the presence of Dr. Hasan Murat Mercan, Turkish Ambassador to Japan, at the Turkish Embassy in Tokyo on August 30.The companies will study the possibility of a partnership in the transport of raw materials and steel products in Tosyalı's production networks in Turkey and overseas…
Stable Year for Marseille Fos Port
French cargo and cruise port Marseille Fos had a relatively stable year in 2018 with traffic of more than 81 million tonnes, up 1%.The performances included a seventh consecutive year of growth in container traffic, which rose 2% for 1.4 million teu, and a 12% increase in dry bulks at 15.2MT. Meanwhile cruise numbers leapt 15% to 1.7 million passengers.Infrastructure development and maintenance spending of €60 million featured further logistics park expansion. Alongside this, agreements were reached on major industrial implantations.
Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers
Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…
China's Steel, Iron Ore Flat Amid Trade Tensions
China's steel and iron ore prices were little changed on Tuesday as market participants turned cautious amid escalating trade tension between Washington and Beijing.On Monday, U.S. President Donald Trump decided to impose 10 percent tariffs on about $200 billion worth of Chinese imports which would be effective on Sept.24.Trump also warned of more duties on additional $267 billion of Chinese imports if Beijing takes retaliatory action."Direct impact of the trade spat on ferrous market is minor as China doesn't sell much steel products to the United States.
BIMCO: Shipping in the Line of Trade War Crossfire
BIMCO, the world’s largest international shipping association, issued a stern warning today as once again, the already long list of tariffed goods has been made even longer.Many more commodities were hit on 23 August, but September is likely to dwarf it all, as the US has proposed tariffs on goods worth USD 200 billion. According to BIMCO, The tariffed goods’ share of global trade is largely underestimating the overall negative impact of this trade war on globalisation and international shipping.BIMCO’s chief shipping analyst Peter Sand remarked…
Record Low Danube Hinders Shipping in Hungary
Water levels on the Danube dropped to record lows on three sections of the river in Hungary on Wednesday due to a recent drought, hindering passenger cruise ships and causing losses to freight shipping companies.In Budapest the Danube receded to 0.61 metres, just above the record low of 0.51 meters recorded in 2003, the National Water Authority said in a statement.Tourists and locals flocked to the bottom of the pillars of the historic Margaret bridge to capture a unique view of the Hungarian capital city from the riverbed…
Japan, South Korea Steel Exports to India Surge
India is being hit by a wave of steel from producers in Japan and South Korea, a government document showed, as mills there redirect supply after U.S. President Donald Trump slapped an import duty on the alloy earlier this year.During the first quarter of the fiscal year starting in April, India's steel imports from South Korea rose 31 percent from a year earlier, while those from Japan climbed 30 percent, according to an internal document from the Ministry of Steel that was reviewed…
Chinese Exports Accelerate Even as Trade War Escalates
China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23.In a statement on its official website late on Wednesday, China's commerce ministry criticised the U.S.
Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels
Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…
Severstal Does Not Expect Major Impact from EU's Steel Curbs
Russian steel producer Severstal does not expect the European Union's curbs on steel imports to have a substantial impact on its financial performance as its distribution mechanism is flexible, the company said on Wednesday.Severstal plans to continue supplying steel to European consumers as part of announced quotas, it added.The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.Reporting by Polina Devitt
EU to Curb Steel Imports after Trump Tariffs
The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the U.S. imposition of tariffs on incoming steel and aluminium, the EU's official journal said.The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.The measures are the third part of the EU's response to U.S. tariffs. It has also imposed tariffs on 2.8 billion euros ($3.3 billion) of U.S.
As Trade War Escalates, China's Steel Exports are Rising
The European Commission will this week unveil its proposed provisional "safeguard" measures to limit steel imports in response to the imposition of 25 percent tariffs on steel imports by the United States.The European Union fears that the U.S. tariff barrier will simply divert more steel into its marketplace. Others are equally concerned, with India also planning its own "safeguards".Such is the ripple effect of tariffs. Walls beget more walls.As the steel trade war heats up,…
EU Plans to Hit US Imports with Duties from July
The European Union expects to hit U.S. imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros ($3.3 billion) of U.S. exports in response to what is sees as illegal U.S. action. EU exports that are now subject to U.S. tariffs are worth 6.4 billion euros."The…
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.
Bulk Shipping: Economics 101
Supply and Demand in the bulk transport sectors will define the course line ahead. Less ships and more cargo will be the key.The drybulk sector – where iron ore, coal, grain and other raw materials dominate – is still wrestling with a decade-long hangover that began with the financial collapse of 2008. A recovery ensued in 2010 and 2011, but, following the time honored trade pattern, the brighter outlook brought about an avalanche of new build orders and another drop in rates ensued.
EU Ambassadors Visit Peru’s Largest Multipurpose Terminal
APM Terminals Callao hosted an EU delegation of ambassadors representing 12 EU member states. Led by the EU Ambassador in Peru, Diego Mellado, the visit was of special interest as annual trade between the EU and Peru is more than $10 billion, 60% of which are exports from Peru to the EU. The trade agreement between the EU and Peru celebrated its fifth anniversary this year- and this month, the Lima Chamber of Commerce and Peru Eurocámaras signed an agreement to centralize EU efforts to promote economic development and investment.
US Fines Shipping Company $1 Mln for Pollution Crimes
A Japanese shipping company will have to pay $1 million after being convicted and sentenced for obstruction of justice and falsification of an Oil Record Book to cover-up intentional pollution from bulk carrier M/V Atlantic Oasis.The company Nitta Kisen Kaisha Ltd., owner and operater of the Atlantic Oasis, admitted that its engineers failed to document the illegal discharge of oily wastes from the vessel’s fuel and lubrication oil purifier systems, as well as discharges of oily bilge waste from the bilge holding tank and from the vessel’s bilges when delivering steel products to Wilmington…
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…
Krishnapatnam Port Container Throughput Rises
Krishnapatnam Port Company Limited (KPCL), the largest deepwater port on the east coast of India, announced that it has handled 45 Million Metric Ton (MMT) of cargo in 2017-18 (FY18) thus, achieving a 25 percent growth over 36.10 MMT handled in the previous fiscal. The company witnessed a record 88 percent rise in the number of containers it handled at 4,81,408 TEUs vis-à-vis 2,55,439 TEUs during the last fiscal. Total bulk cargo handled by the port stood at 37 MMT. Coal, Iron ore and Granite dominated the cargo portfolio handled at Krishnapatnam Port.
Fednav (Belgium) N.V. Celebrates its 50th Anniversary
Shortly after the inauguration of the Saint Lawrence Seaway in 1959, and the growth of grain exports that followed, bulk shipper Fednav realized that incoming steel products offered ideal repositioning from Belgium, and thus was launched regular service FALLine. Steel is also transported from Germany, the U.K. and other countries, but Antwerp remained the epicenter of the activity. Located in the Scheldt estuary, Antwerp is the breakbulk port of choice due to its central position, its connections to the Rhine and its experienced stevedores.
Star Bulk Rolls Out Logistics Venture
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers.
BIMCO: Poor Freight Rates Despite Strong Demand Growth from China
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing short of extraordinary. But, putting it into perspective, compared to the devastating freight rate levels over the same period, it highlights that something is very wrong in the dry bulk market. The market is nowhere near balanced. BIMCO’s data on seaborne iron ore imports into China, shows a growth of 9.6% for H1-2016 as compared to H1-2015. With seaborne coal volumes shipped into China during H1-2016 being on par with H2-2015…
Star Bulk to Repay Debt Principal
Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.
Intermarine UK Opens New Facility
Maritime engineering company Intermarine UK has unveiled growth plans after investing a six-figure sum in a new 2,400sqm fabrication and welding facility at Portland Port in Dorset, U.K. creating up to 60 new jobs for local people in the next two years. The move sees Intermarine UK sign a 20-year lease and move its U.K. head office from Bridgend to Portland Port, a former naval base and the world’s second largest manmade harbor. Inter Marine Group President Slawomir Kalicki said the Polish owned company will start operations from March offering ship repair services at Portland.
US LNG Firms Lament Bad Timing of Tariffs, China Trade Spat
The Trump administration's planned steel tariffs and a potential trade battle with China could hurt U.S. liquefied natural gas companies just as a new wave of developments in the fast-growing market is gaining steam, company executives say. China is the fastest growing major buyer of LNG, making it an important customer for U.S. producers. It is also a significant exporter of the steel components used in LNG plant construction. With an LNG shortage looming as early as 2022, a rush of offtake deals with China and other buyers had been looking likely…
Grain and Project Cargo Dominate St. Lawrence Seaway Traffic in October
“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “Last month, shipments of aluminum, steel, generators, crane components, iron ore and containerized goods moved in the system. Thanks to a robust U.S and Canadian grain crop, agricultural products including corn, soy beans, wheat and sugar beet pellets made up the majority of the…