(destatis) According to first calculations of the Federal Statistical Office (Destatis), the price adjusted gross domestic product (GDP) was 1.5% higher in 2018 than in the previous year. The German economy thus grew the ninth year in a row, although growth has lost momentum. In the previous two years, the price adjusted GDP had increased by 2.2% each.
Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted.
(maritime-executive) Imports at major retail container ports in the U.S. have slowed down after a months-long rush to beat increased tariffs on goods from China, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
(hellenicshippingnews) In fewer than 12 months’ time, thousands of merchant ships are going to start burning fuel containing higher concentrations of sulfur. That’s a quirky outcome of rules that are supposed to cut emissions of the pollutant.
(hellenicshippingnews) In spite of a depressed fourth quarter in 2018, all segments of the dry bulk freight market saw earnings increase year on year. Volatility was the dominant theme for 2018, and the second, third, and fourth quarters saw mercurial freight movements led by a myriad of fundamental and sentimental shifts amid an uncertain second-half of the year.
(worldmaritimenews) COSCO-HIT Terminals (Hong Kong) Limited (CHT), Asia Container Terminals (ACT), Hongkong International Terminals (HIT) and Modern Terminals Limited (MTL) have decided to collaborate together in order to better use terminals and enhance their competitiveness.
(porttechnology) Eight provinces and regions, in the west of China, have signed a framework agreement to collaborate on the building of a new international land-sea trade corridor, according to Xinhua.
(hellenicshippingnews) The ClarkSea Index made steady progress in 2018 (+13% to $12,144/day) taking it above the average since the financial crisis. Tankers had a miserable year before being “saved” by a strong Q4, bulkers consolidated their 2017 gains and LNG finished the year on a high. Fleet growth continues to trend below 3%, with just 11% of the fleet on order, while trade growth eased and needs to be watched closely.
(gcaptain) Work began on Thursday to extend a small British port that could serve as a back-up if the UK leaves the European Union with no trade deal, providing the government some respite after days of criticism.
(hellenicshippingnews) The dry bulk market for large ships, i.e. Capesizes, is gearing up for further recovery in 2019, as demand is at healthy levels and net fleet growth remains subdued, despite a slower demolition rate in 2018.
(hellenicshippingnews) Economic activity is the main driver of maritime transport. DNV GL has developed a model to forecast future volumes of goods to be transported by sea, with a focus on crude oil, oil products, gas, bulk and containerized cargo.
(hellenicshippingnews) The future prospects of the Handy/Supramax bulker segment appear to be more than favorable as we enter 2019, perhaps even more than their larger “siblings” of the dry bulk market segment.
(maritime-executive) China has highlighted its anti-piracy efforts over the past 10 years, noting its naval fleets have escorted 3,400 foreign ships, around 51 percent of the total escorted over that time.
(maritime-executive) Kenya runs the risk of losing control of the Port of Mombasa if it should default on loans from state financial institution China Exim Bank, according to a new report from Kenya's auditor general. The terms of a $2.3 billion loan for Kenya Railways Corporation (KRC) specify that the port's assets are collateral, and they are not protected by Kenya's sovereign immunity due to a waiver in the contract.
China's National Offshore Oil Corporation (CNOOC) has signed Strategic Cooperation Agreements with nine international oil companies including Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL. The move comes as the nation celebrates 40 years since its opening-up.
China’s Ministry of Transport (MOT) has detailed its emission control area plans with a 0.5% sulphur limit effective from January 1 next year, and more pertinently 0.1% sulphur limits on ship fuel kicking in along its rivers from January 1 2020 and around the southern island of Hainan from the start of 2022.
BIMCO, the world's largest international shipping association, said Monday it has published two bunker clauses to ensure a smooth transition to the International Maritime Organization's global sulfur limit rule for marine fuels.
Hamburger Hafen und Logistik AG (HHLA) and Hyperloop Transportation Technologies (HTT) have established a joint venture aimed at developing a system that would enable transporting containers at high speed through a tube to and from the Port of Hamburg.
Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.
China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data – a deal made by an independent “teapot” refiner as larger players held off amid trade tensions.
(hellenicshippingnews) The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which are 43% lower than in the same period last season. Down from 21 million tonnes of accumulated exports by 23 November 2017 to 11.9 million tonnes by 22 November 2018. A loss of 122 Panamax (75,000 tonnes) or 183 Supramax (50,000 tonnes) loads.
(hellenicshippingnews) Rio Tinto PLC (RIO.LN) approved a US$2.6 billion iron-ore mine in the Australian Outback that will be the miner’s most high-tech operation to date and buoy future production as older pits are depleted.
(porttechnology) The Busan Port Authority has signed a Letter of Intent (LOI) with the Port of Rotterdam Authority to build a sustainable warehouse on 5 to 10 hectares of the Maasvlakte Distribution Park West.
(worldmaritimenews) In the wake of a deal on the draft withdrawal agreement between the European Union and the UK, the British Ports Association, representing the interests of over 100 port members, has warned that it could be some time before it is clear what the final arrangements will mean for ports.
Although imports at major retail container ports in the US have slowed down from their pre-holiday peak, they remain at unusually high levels as retailers continue bringing in merchandise before tariffs increase in January.
(maritime-executive) The China International Import Expo ended on Saturday, with the value of intended deals topping over $57.8 billion, according to the CIIE Bureau. Belt and Road deals made up about $4.7 billion of this.
(destatis) Germany exported goods to the value of 109.1 billion euros and imported goods to the value of 90.7 billion euros in September 2018. The Federal Statistical Office reports that German exports declined by 1.2%, while imports increased by 5.3% in September 2018 year on year.
(maritime-executive) Nine ocean carriers and terminal operators have signed an MOU to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.
(worldmaritimenews) Out of 1,966 vessels scheduled for delivery in 2018, only 1,100 have hit the water so far this year, resulting in 44 pct of the 2018 orderbook outstanding, data from VesselsValue shows.
(worldmaritimenews) ExxonMobil has started operations of a new unit at its Antwerp refinery in Belgium to convert heavy, higher-sulfur residual oils into high-value transportation fuels such as marine gasoil and diesel.
(maritime-executive) Sailors’ Society’s Crisis Response Network (CRN) provided support to its 100th case this week, with piracy, death at sea and abandonment accounting for almost two-thirds of those supported.
(gCaptain) President Donald Trump’s administration is considering using West Coast military facilities to export coal and natural gas to Asia, according to an Associated Press report on Monday, citing U.S. Department of Interior Secretary Ryan Zinke.
(maritime-executive) China remained the trading nation best connected to others by sea in 2018, according to UNCTAD’s latest Liner Shipping Connectivity Index (LSCI), released alongside the Review of Maritime Transport 2018.
(splash247) Had 30 refineries around the world spent $1bn each years ahead of the global sulphur cap the issue would have been dealt with at source, rather than risking the potential $200bn bill shipping might have to pay in the run up to - and enforcement of - the IMO’s crackdown on bunker fuels.
(porttechnology) The US Coast Guard (USCG) has set conditions X-Ray for ports in Georgia and South Carolina in preparation for Hurricane Michael, which is expected to make landfall by Wednesday afternoon US time.
(gCaptain) The bellwether Shanghai Container Freight Index (SCFI) did not publish on Monday, due to the national holiday in China, but current sentiment suggests that ocean carriers will find their rates under pressure following the Golden Week break.
(MarEx) Seaborne trade expanded by four percent in 2017, the fastest growth in five years, according to its Review of Maritime Transport 2018. Volumes across all segments are set to grow in 2018, with containerized and dry bulk commodities expected to record the fastest growth at the expense of tanker volumes.
(transportweekly) International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by 1.3% in 2017. This compares with the 1.1% average fall in costs recorded for 2016. For the third successive year, all categories of expenditure in 2017 were down on those for the previous 12-month period, most notably for insurance costs and stores.
(worldmaritimenews) Demand revisions suggest that demand from Asia to the Middle East and South Asia is in a steep decline, according to a report from shipping consultancy Drewry. Alliance 2020 hat sich eine Gruppe von Reedereien zusammengetan, um die Entwicklung von Abgasreinigungssystemen zu unterstützen.
(Marex) U.S. President Donald Trump signed into law a three-part package called a “minibus” at a signing ceremony in Las Vegas on Friday. The $147 billion act covers dredging activities in harbors and channels, infrastructure projects and beach and coastal restoration.
(splash247) The port of Savannah on the US east coast has outlined a plan to nearly double box volumes in the next 10 years. The fastest growing port in the US last year has reaped huge benefits from the widening of the Panama Canal, with latest figures showing 40% of boxes now coming to the Georgian destination originate from China.
(bloomberg) New Tariffs a More 'Significant Blow' to China Than U.S., Crumpton's Blanchette Says - The Trump administration will impose a 10 percent tariff on about $200 billion in Chinese goods next week and more than double the rate in 2019, deepening what’s shaping up to be a prolonged trade war between the world’s two biggest economies.
(gcaptain) A perfect storm of radical capacity cuts by carriers and US president Donald Trump’s threat to hike tariffs on Chinese goods could see many more containerships laid-up, according to Alphaliner.
(maritime-executive) The British Ports Association (BPA) has welcomed new Government proposals to help ensure maritime vessels and vehicles are able to travel to and from the E.U. post Brexit, following the publication of more of the U.K. Government’s advice on contingency planning for a “no deal” Brexit outcome.
(hellenicshippingnews) The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. While IMO and stakeholders are working hard to deal with this unprecedented global fuel specification change, discussions have moved on to just how soon we should phase out the use of fossil fuels altogether.
(splash247) Dry bulk newbuild orders have leapt 60% year-on-year with ultramaxes leading the charge. According to data from brokers Intermodal, in the first eight months ultramax orders have more than tripled with capesize/VLOC orders, up 41%, in second place. The only sector to have recorded a slowdown over 2017 figures has been the handysize segment.
(worldmaritimenews) Peter Döhle Schiffahrts-KG, a German provider of maritime services, has signed an agreement with Erma First, a Greek manufacturer of Ballast Water Treatment Systems (BWTS) for the installation of BWTS onboard its vessels at this year’s SMM trade fair.
(bloomberg) U.S. factory production rebounded in June by the most in four months as the industry regained its footing after a fire-related disruption at an auto parts supplier, Federal Reserve data showed Tuesday.
(hellenicshippingnews) When judged by global volume, demand growth alone – 3.8% for the first six months – is not that bad. It’s just that the nominal fleet grew by 3.9% during the same period, and the active fleet even more. The trend points towards lower demand growth this year, as global volume demand has fallen since April.
(worldmaritimenews) The time of the “wait and see” approach to the 2020 sulphur cap is over as owners and operators have realized that the implementation date would not be delayed. According to Clarksons, 2018 has seen enthusiasm for scrubbers grow and now over 25 percent of the orderbook by tonnage is confirmed to feature scrubbers. Nevertheless, the figure is still under 3 pct of the fleet.
(maritime-executive) More than 90 percent of crude oil volumes flowing through the South China Sea in 2016 transited the Strait of Malacca, the shortest sea route between suppliers in Africa and the Persian Gulf and markets in Asia, making it one of the world’s primary oil transit chokepoints, reports the EIA.