US Imposes New Iran Sanctions
The United States on Thursday slapped fresh sanctions on Iran’s financial sector, targeting 18 banks in an effort to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the U.S. election.The move freezes any U.S. assets of those blacklisted and generally bars Americans from dealing with them, while extending secondary sanctions to those who do business with them. This means foreign banks risk losing access to the U.S. market and financial…
Iranian Ship Reaches Venezuela with Cargo of Food
An Iranian ship was approaching the Venezuelan port of La Guaira on Sunday with a cargo of food that will supply the South American nation’s first Iranian supermarket, according to Refinitiv Eikon and Iran’s embassy in Venezuela.Iran supplied 1.5 million barrels of fuel to Venezuela last month amid a collapse of refinery operations and tightening sanctions by the United States that has made it more difficult for Venezuela to obtain fuel on international markets.The Iranian-flagged general cargo ship Golsan, owned by Mosakhar Darya Shipping Co, departed on May 15 from Bandar Abbas.
US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers…
Khasab Port Suspends Shipping to and from Iran
Oman's Khasab port is suspending the import and export of goods to and from Iran from February 26 because of new coronavirus outbreak, its operator Marafi said on Twitter on Tuesday.(Reporting by Nayera Abdallah, writing by Aziz El Yaakoubi; Editing by Alex Richardson)
Nigeria Imposes Cargo Vessel Restrictions to Curb Coronavirus Spread
Nigeria will only allow cargo vessels that have been at sea for more than two weeks to dock in its ports to prevent the spread of coronavirus, President Muhammadu Buhari said on Thursday.Health experts fear a widespread outbreak in Africa's most populous country of 200 million people which could overwhelm its creaking healthcare system.Nigeria has closed its land borders and international airports in the last week to curb the spread of the virus.Buhari said on Twitter he had issued a directive that "only cargo vessels that have been at sea for more than 14 days be allowed to dock in our ports…
Trump Says Cruise Lines Suspend Departures for 30 Days
U.S. President Donald Trump on Friday said that major cruise lines would suspend cruises for 30 days, following a series of industry announcements that came after repeated transmission of coronavirus among passengers at sea.“At my request, effective midnight tonight, Carnival, Royal Caribbean, Norwegian, and MSC have all agreed to suspend outbound cruises for thirty days,” Trump said on Twitter.“It is a great and important industry – it will be kept that way!” he added.Royal Caribbean Cruises Ltd said earlier on Friday it was suspending its cruises in the United States for 30 days…
Panama: Canal Operating normally; no ships detained
Panama's Canal Authority said on Wednesday that the canal was operating normally and without delays, adding that no ships had been detained in the trade waterway.The entity posted the statement on Twitter in response to a tweet from Venezuela's Vice President Delcy Rodriguez, who said a ship carrying 25,000 tonnes of soy had been detained in the canal.Reporting by Daina Beth Solomon
Beijing: U.S.-China Trade Talks 'constructive'
U.S. and Chinese negotiators wrapped up a brief round of trade talks on Wednesday that Beijing described as "constructive", including discussion of further purchases of American farm goods and an agreement to reconvene in September.The first face-to-face trade talks since a ceasefire was agreed last month amounted to a working dinner on Tuesday at Shanghai's historic Fairmont Peace Hotel and a half-day meeting on Wednesday, before U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin flew out."Both sides…
Trump warns China Against Trade Talk Delays
U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.The world's two largest economies imposed fresh tariffs on each other on Sunday, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession. U.S. and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.U.S.
Florida Braces for a Hit as Dorian Strengthens
Florida's governor on Friday urged residents in the state to stock up on at least a week's worth of food, water and medicine and to prepare to lose power and cellphone service for days after Hurricane Dorian makes landfall early next week.The slow march and rising intensity of the storm, which is moving in a northwestern direction to the Bahamas, has alarmed forecasters who worry parts of Florida will be walloped by strong winds, a storm surge and heavy rain for an extended period."I think there’s a pretty high degree of certainty that this is going to be a major hurricane…
Hurricane Dorian Builds, Aims for Bahamas, Florida
Hurricane Dorian took aim at the Bahamas and the Florida coast on Thursday, spurred on by warm Atlantic waters as it threatens to strengthen into a dangerous Category 3 storm.Dorian earlier sideswiped the Caribbean without doing major damage but is expected to strengthen and slam the Bahamas and the southeastern United States with rain, strong winds and life-threatening surf over the next few days, the Miami-based National Hurricane Center said in an advisory.U.S. President Donald Trump urged Floridians to heed official warnings.
Iran building oil pipeline to terminal outside Gulf
Iran is building a $1.8 billion oil pipeline to its port of Jask outside the mouth of the Gulf, the country's oil minister said, as part of plans to protect its exports against potential problems in the region and to boost shipments of Caspian oil.Iran has been planning since at least 2012 to set up the terminal on the Gulf of Oman, just outside the Strait of Hormuz.Tehran has threatened to block the vital Gulf oil shipping route during its standoff with the United States, after Washington last year withdrew from Iran's 2015 nuclear deal with world powers and reimposed sanctions…
Houthis Release South Korean, Saudi vessels
Yemen's Iran-aligned Houthi movement released three vessels and 16 people it had seized, South Korea's Foreign Ministry and a Houthi military source in Yemen said on Wednesday.The seizure on Sunday was the latest incident at sea around Yemen, where Saudi Arabia is leading a Western-backed coalition of Arab states against the Houthis, who control the capital and most population centres and have been accused of attacking shipping.Of the vessels freed on Tuesday, two were South Korean and one was Saudi Arabia-flagged…
Five Common Mistakes in Maritime Contracts
“An ounce of prevention is worth a pound of cure.” – Henry de Bracton, DeLegibus, ~1240Often clients or prospective clients come to me with a commercial contract issue perched on the precipice of full-blown litigation or arbitration. When I ask to see the contract, often times I see errors in drafting that either (1) give rise to the problem before me or (2) could create a bigger problem for the client in the future.The risk of drafting error is higher for Europeans looking to contract with American companies.
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
China, U.S. Discuss Road Map for Continuing Trade Talks
China and the United States discussed a road map for the next stage of their trade talks on Tuesday during a telephone call between Vice Premier Liu He, U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.U.S. President Donald Trump and Chinese President Xi Jinping agreed at a Dec. 1 meeting in Argentina to a truce that delayed a planned Jan. 1 U.S. increase of tariffs to 25 percent from 10 percent on $200 billion worth of Chinese goods.Lighthizer said on Sunday that unless U.S.-China trade talks wrapped up successfully by March 1…
Ethiopia: Reopening Roads to Red Sea Ports a Priority
Landlocked Ethiopia wants to make the re-opening of two roads connecting it to two of Eritrea's Red Sea ports a priority in the two nations' reconciliation process, a government spokesman said on Wednesday.In a move that ended a 20-year military stand-off, the Horn of African neighbors agreed on Monday to open embassies, develop ports and resume flights.The historic reconciliation could transform politics and security in the volatile Horn region, which lies along one of the world's busiest shipping routes.Ethiopian government spokesman Ahmed Shide said on Wednesday that the reopening of two cr
Peak Pegasus Finally Unloads US Soybeans in China
A vessel carrying U.S. soybeans was unloading its cargo worth at least $23 million at the Chinese port of Dalian on Monday, becoming one of the first shipments to incur hefty new import duties as the trade row deepens between Beijing and Washington.The docking of the vessel after five weeks anchored off China's coast ended long-running speculation over the fate of the cargo, which had captured public attention.China's state grains stockpiler Sinograin confirmed in a fax to Reuters it will pay the additional 25 percent import tariff on its 70,000 tonne cargo of the oilseed.
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…
CONTAINER PORTS: Boxed in or Busting Out?
Benchmarking the Nation’s top container ports in 2018 and looking ahead to what comes next.The nation’s major ports finished 2018 and began 2019 setting monthly and yearly container volume records, but agitated trade activity in the White House raised questions about what corrections would be permanent and which would not.President Donald Trump said on Febuary 24 he is delaying the scheduled March 1 increase in the tariffs on $200 billion in Chinese imports. The president said on Twitter he wants to give negotiators more time to reach a comprehensive trade deal with Beijing.
China Jan Soybean Imports from U.S. Double vs Dec
China's imports of U.S. soybeans nearly doubled in January from the previous month as cargoes booked after a Sino-U.S. trade truce arrived in the world's top oilseed importer, according to Chinese customs data published late on Monday.China brought in 135,814 tonnes of U.S. soybeans in January, up 95 percent from 69,298 tonnes in December. But the figure was still down 99.7 percent from 5.82 million tonnes a year earlier as Beijing's hefty tariffs on American shipments curbed purchases.China typically buys from the United States in the last quarter and first couple of months of the year…
PDVSA Insists it's Still Working with BSM
Venezuela's state-run oil company PDVSA said on Thursday it has not halted business with maritime firm Bernhard Schulte Shipmanagement (BSM), even after the German firm said it would remove the crews that have been operating 10 of 15 PDVSA vessels over unpaid fees and return the tankers.On Tuesday, PDVSA's maritime arm PDV Marina declared an emergency due to lack of staff to immediately receive the 10 vessels BSM proposed to return to Venezuelan ports due to unpaid bills of at…
Shahid Ali Appointed as CEO Maldives Ports
Shahid Ali has been appointed as the new Chief Executive Office of Maldives Ports Limited.Maldives Ports Limited annouced the appointment through a twitter message which read: "On behalf of all the staff and management of Maldives Ports Ltd, we would like to send a hearty congratulations to our newly appointed CEO, Shahid Ali"Shahid previously held the position of Managing Director at State Trading Organization.The Port was established in September 1986 under a Presidential decree as…
Fifteen Reported Dead in Migrant Boat off Libya
Fifteen migrants have died in a boat off the Libyan coast after spending 12 days at sea without food or water, an Egyptian survivor said on Tuesday.Only 10 migrants from the capsized boat survived, all of whom were suffering from severe dehydration, Othman Belbeisi, head of the U.N. migration agency IOM in Libya, said on Twitter.The owner of a beach chalet found the migrants washing up on the shore near the city of Misrata and called authorities, who brought them to the Red Crescent relief service and hospitals, residents said."We were 25 migrants on a boat ...
China Blames U.S. for "largest-scale trade war"
China says forced to respond to U.S. tariffs. The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict. Hours before Washington's deadline for the tariffs to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.