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A shipment of soya beans worth more than $20m (£15.5m) has been bobbing aimlessly in the Pacific Ocean for a month, a casualty of the escalating trade war between China and the US. Lingering uncertainty over the cargo’s fate offered a timely reminder of the fallout from a dispute that intensified on Wednesday, as the US president, Donald Trump, unveiled a second round of tariffs on $16bn of Chinese goods, prompting Beijing to respond in kind. The Peak Pegasus, a 229 metre bulk carrier weighing 43,000 tonnes, has become the ...

ZIM is pleased to inform that following the announcement of the new Strategic Partnership Agreement with the 2M alliance, details of the new improved Asia – U.S. East Coast – Asia network are now available. Nissim Yochai, ZIM EVP Trans Pacific Trade, said: ”The new alignment will enable ZIM customers to enjoy the best of both worlds: ZIM’s highly reputed personalized service, along with the best-in-market infrastructure and product.” The new upgraded network includes 5 services under the ZIM+2M cooperation, as detailed below: ZIM Container Service Pacific (ZCP) – Excellent ...

It cannot meet the new operational requirements of the shipyard’s development. Keppel Corporation terminated an agreement to manage and provide technical services to Baku Shipyard. Baku Shipyard LLC is a joint venture by Keppel Offshore & Marine (KOM), State Oil Company of Azerbaijan Republic (SOCAR), and Azerbaijan Investment Company (AIC) that was formed in 2013 to develop a shipbuilding and shiprepair facility in Baku, Azerbaijan. As part of the development, Baku Shipyard signed agreements (MSA and TSA) with KOM subsidiaries Caspian Offshore and KSM Management for the JV company’s management ...

The Port of Vancouver USA welcomed the M/V Orca Ace, commanded by Capt. Yury Golovatyuk of Russia, on her maiden voyage Aug. 8. Capt. Golovatyuk and his 22-member crew were welcomed to Vancouver by representatives from Ports America, Norton Lilly International, Subaru of America, Auto Warehouse Corporation and the Port of Vancouver USA. The Orca Ace, a “Next-Generation Car Carrier” cargo ship for autos and roll on/roll off cargoes, was built in Japan. She is 656 feet long with a deadweight capacity of 15,495 metric tons. Her specially designed hull ...

The rapid increase in the cost of hauling containers from the Apapa Port to warehouses within Lagos is giving importers sleepless nights as the cargo delivery charge is now N700, 000 per container, which is over 483 percent increase against the N120, 000 charged for a 40-foot container and 80, 000 charged for 20-foot container few months ago. Mr. Jude Okeke, an importer and also the leader of the Association of Progressive Traders (ATP), Trade Fair Complex, posited that this situation will keep on affecting the prices of goods in ...

Port of Salalah recorded significant growth in volumes at its container terminal and general cargo terminal during the first half of 2018. The port’s container terminal handled 1.76mn TEUs (twenty-foot equivalent units) during the first six months of 2018, which is a ten per cent increase against the same period of last year. Its general cargo terminal handled 7.59mn tons of cargo during the first half of this year, an increase of 12 per cent compared to the same period of 2017. However, there has been a significant drop in ...

Exxon Mobil Corp. is courting refiners with rare long-term U.S. crude export deals, according to people familiar with the matter, as the company expands its trading scope. The oil giant has approached several refiners to discuss contracts for exports of light, sweet crude from the prolific Permian Basin starting as early as this year, said the people, who asked not to be identified because the discussions are private. The talks are in early stages, with volumes, timing and price still to be determined. Long-term contracts — which involve the sale ...

A decline in PNG LNG exports to Japan was noted for the five months after the Feb 26 earthquake, which was 50 per cent lower in comparison to the same period last year. Embassy of Japan acting deputy chief of mission Shinichi Maruo said that was expected to eventually increase to last year’s levels because of the fast production restart. “Japan is importing half of the total LNG produced in PNG, which in 2017, amounted to 4.2 million tonnes, worth about K6.1 billion – making PNG the seventh largest supplier ...

U.S. wheat futures fell around 0.5 percent on Friday, though fears that adverse weather in major global exporters was set to drive the grain to its fourth consecutive weekly gain. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade up 1 percent for the week, the fourth straight weekly gain. * The most active soybean futures little changed for the week after three straight weekly gains. * The most active corn futures down more than 0.5 percent for the week, the first weekly loss in a ...

The outlook for the mining sector has become more clouded in recent months due to trade tensions between the US and China, Fitch Ratings says. Prices for several commodities, including copper, nickel and zinc, fell sharply in July due to investor concerns about global growth. Trade tensions show no sign of easing and are likely to be the key influence on prices and the main industry factor to monitor over the remainder of the year. Otherwise, underlying industry fundamentals in most mining sub-sectors remain generally positive. A majority of ratings ...

Analysts at Strategie Grains made another steep cut to their estimate for this year’s European Union soft wheat harvest, citing parched conditions in northern Europe that have led to “catastrophic” yields in Germany and Scandinavia. In a report published on Thursday, the French-based firm projected EU soft wheat production at 127.7 million tonnes, compared with 132.4 million estimated a month ago and just under the 130 million it forecast in a late-July update. The latest crop estimate put production down 10 percent compared with last year’s volume. Drought and heatwaves ...

The global market for long steel is “in equilibrium” with the outlook for future development dependent on the region, the International Rebar Producers & Exporters association said. The international business environment and economic growth rates were currently strong, with US domestic mills benefiting from a robust economy and policies by the Trump administration, Irepas said. The long steel sector was further supported by China’s strong domestic steel consumption and upcoming winter production cuts in the country. “There is a certain degree of uncertainty as regards the market situation, which may ...

Oil prices steadied on Friday as concerns that a global trade dispute will slow economic growth and demand for fuel were balanced by U.S. sanctions against Iran that look set to tighten supply. Benchmark Brent crude oil was up 20 cents at $72.27 a barrel by 1120 GMT. U.S. light crude was 10 cents higher at $66.91 a barrel. “Sentiment is sandwiched between fears that a U.S.-China trade dispute will hurt oil demand and looming Iranian supply shortages,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates. Escalating trade ...

It is earnings season, and oil producers are not all putting out good earnings reports, despite a rise in the price of West Texas Intermediate (WTI) from $40 per barrel just two years ago to $70 per barrel today. You would think that companies that barely survived two years ago would now be flush with earnings, but for some companies, the opposite is true, as financial contracts from a year or so ago are now coming back to bite. Hedging allows producers to minimize price risk by locking in the ...

Iraqi crude oil production hit its highest in 13 months in July of 4.46 million b/d, the country’s State Oil Marketing Organization said. OPEC’s second largest producer has consistently reported total production of 4.36 million b/d since September last year. Both figures include output from the semi-autonomous Kurdistan Regional Government. Under the OPEC cut deal, which began January 1, 2017, and has now been extended through to the end of 2018, Iraq was given a ceiling of 4.351 million b/d. Along with its non-OPEC allies, the group agreed June 23 ...