Stocks Nearing Record Highs on Trade Hopes
World shares made another push for an all-time high on Wednesday after U.S. President Donald Trump said Washington and Beijing were in the final throes of inking an initial trade deal.European trading was restrained, with MSCI's all-country world index now within 0.4%, or 2 points, of its record high from January 2018.London, Frankfurt, Paris and Wall Street futures all rose, and though Shanghai had struggled after Chinese industrial company profits shrank, Australia had set its…
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would…
Oakland Port Container Volume Up 3.1% YTD
The Port of Oakland is a major container ship facility located in Oakland, California, in the San Francisco Bay, said that its loaded container volume from January through September increased 3.1 percent compared to the same period in 2018.The Port said that despite a dip last month, loaded exports are outpacing last year’s numbers.Loaded imports are up 3.5 percent and loaded exports are up 2.7 percent compared to the same January-September period in 2018.The Port attributed this…
Oil Prices: Chinese Data Eases Concerns
Oil prices rose today (Monday, September 30) after China’s factories unexpectedly increased production over the past month, easing concerns about demand amid the ongoing trade war with the U.S. Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT and U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel.The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for September increase for the second month in a row as Chinese factories increased production and new orders rose ahead of market expectations…
West Coast Ports Urge Trump to Address Trade War
The six largest West Coast ports — Port of Long Beach, Port of Los Angeles, Port of Oakland, Port of Portland, Port of Seattle and Port of Tacoma — sent a letter to President Donald Trump to pursue fair and mutually beneficial trade agreements.The letter highlighted their concerns that the long-term impacts of the escalating trade conflict between China and the United States will create irredeemable economic harm to employers, workers, residents and international partnerships…
BIMCO: Fleet Growth, Ship Size Up
Global growth in container volumes has picked up slightly in the second quarter of the year, with growth in the first seven months reaching 1.2%, compared to the just 0.8% in the first quarter.Global growth in container volumes has picked up slightly in the second quarter of the year, with growth in the first seven months reaching 1.2%, compared to the just 0.8% in the first quarter. Despite this rise, the growth figure remains substantially below what the industry has been used to…
Trade Fears Drag Stocks, Yuan at 10-Year Low
NEW YORK, Aug 5 (Reuters) - Stock markets around the world fell hard on Monday on fears that China's willingness to let the yuan slide in response to the latest U.S. tariff threat could further aggravate trade-related tensions between the world's two largest economies.China on Monday let the yuan tumble beyond the 7-per-dollar level for the first time in more than a decade, in a sign Beijing might be willing to tolerate further currency weakness after U.S. President Donald Trump vowed last week to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept.
Freight Volumes Impacted by World Economy
Freight volumes in the United States and around the world are falling, signalling tougher times for manufacturers amid escalating trade tensions and heightened uncertainty.Freight volumes in the United States were up by just 0.8% in the three months from March to May compared with the same period a year earlier, according to the Bureau of Transportation Statistics.Volumes fell year-on-year in May, for the first time in more than two and half years, according to the agency's transportation services index.Freight is growing at the slowest rate since the mid-cycle slowdown of 2015/16…
Vitol Builds Refinery for New Ship's Fuel
Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships, a senior company official said on Monday.The project consists of a crude distillation unit that can process 30,000 barrels per day of crude and is located on the same site as Vitol's oil storage terminal at Tanjung Bin in the southern Malaysian state of Johor, Vitol Asia's President and Chief Executive Officer…
Port of Oakland: More Cargo on Bigger Ships
Bigger ships are challenging the Port of Oakland with never-seen-before container volumes. The Port said today that vessels on average load and unload the equivalent of 1,767 20-foot boxes each time they visit here. It’s the highest container move count in Port history, up 9 percent from 2018 and 50 percent over 2009.The Port said higher move counts result from shipping lines consolidating more cargo on bigger ships. It added that bigger loads test the Port’s cargo-handling capacity…
PIL Enhances Transpacific Services
The Singapore-based family-owned shipping company Pacific International Lines (PIL) announced that PIL will be enhancing our Transpacific service by offering direct services from Vietnam to the U.S West Coast, with effect from end April 2019.America China Service 5 (AC5) will be adding Haiphong as first port of call with effect from 30th April 2019.Full rotation of America China Service 5 (AC5): Haiphong - Nansha - Hong Kong - Yantian - Long Beach - Oakland - Yantian - HaiphongPIL also launched a new string…
U.S.-China Trade Talks Go to the Wire
World shares tumbled for a fourth day running on Thursday after a warning from U.S. President Donald Trump that a long-worked-on trade deal with China was in serious danger.Chinese Vice Premier Liu He was heading to Washington for two days of talks, but Trump's insistence that China "broke the deal" and Beijing's response that it would retaliate against a planned U.S. tariff increase raised the stakes.Europe's main stock markets and Wall Street futures sank 0.5 to 1.3 percent after a torrid day for Asia saw more than 1.8 percent taken off China and more than 3 percent off South Korea…
Oakland Adds Vietnam Shipping Service
The Port of Oakland will add new direct service to Vietnam by late April. Pacific International Lines (PIL) will launch direct Vietnam links using vessels that can carry up to 11,900 20-foot containers. PIL’s new service is called AC5 and is in partnership with Cosco and Wan Hai.New Vietnam-US West Coast service:•Haiphong, Vietnam loop – Haiphong, Nansha, Hong Kong, Yantian, Long Beach, Oakland, Yantian, Haiphong (AC5)In 2018, Vietnam was the Port of Oakland’s third largest import market and fifth largest export market.
Drewry: After the sugar rush
Following the tariff-induced cargo rush of late-2018, container shipments from Asia to West Coast North America dived in Q1, denting carriers’ hopes of securing higher annual contracts.Things can change very quickly in the Transpacific container market. In our previous analysis of the Asia-West Coast North America trade at the end of last year, the market was booming with eastbound spot freight rates at a six-year peak. However, now that the sugar rush caused by the threatened tariffs on Chinese goods has passed…
Keel Laid for Foss Tier IV Tugboat
Foss Maritime announced the keel laying of the first of its new class of ASD 90 tugboat, to be built at Nichols Brothers Boat Builders in Freeland, Washington.Nicole Engle, one of the principals of Foss’ parent company, Saltchuk, made the first ceremonial weld of her initials into the keel, assisted by journeyman welder Justina Mackie.Speaking after the ceremony, John Parrott, President and CEO of Foss Maritime, said "The new tugs are designed to upgrade our fleet and improve the company’s ability to provide timely harbor and port services to a variety of customers.
Brent Hits 2019 High on U.S.-China trade Hopes
U.S. crude stocks rise to 454.5 mln barrels as crude exports from U.S. hit record 3.6 mln bpd.Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday's close.Further gains were tempered by U.S. crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country.By 1125 GMT, U.S.
Ecochlor Wins BWMS Contract with ATC
Alaskan Tanker Company (ATC) will retrofit the Ecochlor ballast water management system (BWMS) on board their fleet including three VLCC crude oil tankers and an option for one additional vessel. Each of these vessels are U.S. flag tankers with Zone 1 and Zone 0 hazardous areas.The Ecochlor BWMS is approved for installation in both US Flag and International vessels in hazardous areas rated Zone 1 or Zone 0 through their U.S. Coast Guard Type Approval certification. The installations will start in the fall of 2019 and run through 2021 at the Sembawang Shipyard…
BIMCO: US Box Imports Break Records Despite Uncertainty Ahead
Container imports on both the US East Coast (USEC) and West Coast (USWC) had a strong year in 2018, growing 3.7% and 8% respectively in the first 11 months of the year compared to the same period in 2017.Record high levels of inbound laden containers were experienced on both coasts in October with the USWC at 1.09 million TEU and the USEC at 0.91 million TEU according to BIMCO’s own data.The first two months of 2018 saw the USWC coast’s laden imports increase 11.7% from the start of 2017, with the accumulated growth rate then stabilising to around 4% for the rest of the year.
BIMCO: Global Shipping Scouts for Future Growth
Reflections 2019 – Market Analysis Section By Peter Sand, Chief Shipping Analyst.This article contains extracts from BIMCO’s Reflections 2019, which will be available in full on 2 January 2019 on www.bimco.org and will be sent out to all BIMCO members alongside their free member copy of BIMCO’s Holiday Calendar 2019.Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we should look towards emerging and developing countries.
Maersk Broker Buys Stake in NAODAN Chartering
Maersk Broker Bulk Chartering has bought a stake in a US-based dry bulk broker NAODAN Chartering and become a major shareholder.The dry cargo brokerage of NAODAN Chartering will continue to focus on the well-established and successful business out of the West Coast of the USA, West Coast Canada and Alaska, and the trading activities will continue to be carried out under the name of NAODAN Chartering, said a press note from the provider of shipbroking services worldwide."Maersk Broker Bulk Chartering are very pleased to welcome Mr.
The Tipping Point: U.S. Exports more Oil than it Imports
The United States last week exported more crude oil and fuel than it imported for the first time on record, underscoring the nation's growing influence as a supplier of oil to the world.Exports of crude surged in the week to Nov. 30 to more than 3.2 million barrels per day, the U.S. Energy Information Administration said on Thursday.When adding in all imports and exports of crude and refined products, for the week the U.S. exported a net 211,000 bpd – the first time that has happened, according to U.S.
Port of Vancouver USA Approves Budget
The Port of Vancouver USA Board of Commissioners unanimously approved the port’s tax levy and 2019 budget during its regularly scheduled board meeting.The U.S. West Coast port's commission voted to hold the port levy steady for the seventh year in a row, meaning annual taxes on a $350,000 home – the median price in Clark County – will be approximately $85 in 2019.At $58.4 million, the port’s 2019 budget is $10.1 million less than its 2018 budget. The decrease is primarily due…
Port of Oakland Cargo Volume Up Despite Tariff Battle
A U.S.-China tit-for-tat over tariffs hasn’t dampened cargo volume growth at the Port of Oakland. In fact, the Port is on track for its third straight year of record container volume in 2018, stated the Port authorities.But can it last? That’s the question supply chain experts pondered this week at the quarterly meeting of the Port’s Efficiency Task Force. Forty trade and transportation executives ranging from longshore labor representatives to cargo owners gathered to discuss trade dynamics.
Port of Oakland Cargo Volume Up in Trade War, But Can It Last?
A U.S.-China tit-for-tat over tariffs hasn’t dampened cargo volume growth at the Port of Oakland. In fact, the Port is on track for its third straight year of record container volume in 2018.But can it last? That’s the question supply chain experts pondered this week at the quarterly meeting of the Port’s Efficiency Task Force. Forty trade and transportation executives ranging from longshore labor representatives to cargo owners gathered to discuss trade dynamics. Their consensus: cargo volume is spiking right now but could drop by January.“We’re peaking,” said a major U.S.
Matson Launches New U.S. Flag Marshall Islands Service
Matson has launched its new direct U.S. flag service between Honolulu and the Republic of the Marshall Islands ("RMI"), reducing cargo transit times to the RMI from the U.S. mainland by as many as eight days. The new service will call at three ports in the RMI - Kwajalein, Ebeye and Majuro every 17 days. Matson purchased a 700-TEU, U.S.-flagged containership to operate the new service. Christened Kamokuiki, or 'small island or vessel' in the Hawaiian language, the vessel is well suited to serving island communities with two 45 ton cranes onboard…
Foreship Eyes US West Coast Cruise Business
Naval architecture, design and marine engineering specialist Foreship has transferred a senior member of its management team in Finland to head its Seattle operation, in a move aiming to expand West Coast activities and provide a new focus for its U.S. cruise ship customer base.Marcus Höglund, Foreship Senior Vice President Engineering Services, will take up a position as Head of Operations North America, Foreship LLC with effect from October 8 to lead a team including existing staff in Seattle and in the company’s Fort Lauderdale, Fla.