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President Trump has presided over solid economic growth and much lower unemployment than economists would have expected a few years ago, a record he proudly touted in a speech in New York Tuesday. Mr. Trump is counting on that record carrying him to re-election next year. Conversely, Democrats see hints of weakness, especially in manufacturing-intensive swing states, that could derail those plans. Yet both could be working from an outdated playbook. Polarized politics mean that voters’ views of the economy are increasingly shaped by their party preference, rather than the ...

The United States and China are getting close to a trade agreement, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive talks with Beijing about ending a 16-month trade war. Kudlow said negotiators for the world’s two largest economies were in close touch via telephone but he gave no further details on the timing of a possible deal. “We’re getting close,” he told an event at the Council on Foreign Relations in Washington. “The mood music is pretty good, and that has not always ...

Presidents of the group of major emerging economies — Brazil, Russia, India, China and South Africa (BRICS) — are meeting in Brazil’s capital this Wednesday and Thursday for their 11th annual summit. Together, BRICS nations represent about 42% of the world population, 23% of global GDP and 30% of the territory, the group’s official website says. Yet the five BRICS leaders are faced with both economic and political challenges. Their meeting will focus on stimulating investment in their countries amid a slowing world economy while patching up disagreements on issues ...

ECB Vice President Luis De Guindos said on Thursday that Europe faced only a “very low” risk of recession, but he called on all euro zone governments – not just those with fiscal surpluses – to help revive the bloc’s economy. De Guindos spoke said after data showed the region’s largest economy, Germany, narrowly avoided edging into recession in the third quarter. Europe’s growth remained “below potential”, he said, adding that the ECB needed “to pay close attention” to the situation. He said authorities needed to confront the risk of ...

Today, Friday, November 15 2019, the Baltic Dry Index decreased by 7 points, reaching 1357 points.

Passing through the gates into the Mediterranean’s busiest terminals near the Greek capital of Athens, mountains of perfectly stacked containers immediately filled the sight. With huge cranes precisely maneuvering over fully loaded super container ships, and cargo trucks shuttling back and forth through the “mountains” delivering iron boxes directly between the vessels and the China-Europe Land-Sea Express trains, it is difficult to remember what the Piraeus Port was like during the Greek debt crisis. TRUE MEANING OF “FRIENDS” Greece has come to a deep understanding of the true meaning of ...

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 3rd quarter of $13.4 million, compared with $11.8 million in the 2nd quarter of 2019 (Q3’18: $0.7 million). Net loss in the 3rd quarter of 2019 was $15.1 million, compared with a net loss of $17.4 million in the 2nd quarter of 2019 (Q3’18 net loss: $14.5 million). The average time charter equivalent rate for the fleet was $11,406 per day this quarter, compared with $11,611 per day in the previous quarter. Team’s CEO, Hans Feringa, commented “We finalized the ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated irregular changes on Nov.14: 380 HSFO – USD/MT – 337.89 (-4.26) 180 HSFO – USD/MT – 381.42(-4.97) MGO – USD/MT – 663.21(+1.88) Meantime, world oil indexes also demonstrated multidirectional changes after the Energy Information Administration reported a crude oil inventory increase for the last week. Brent for January settlement decreased by $0.09 to $62.28 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate ...

Uni-Asia Group Limited, an alternative investment company, asset manager and integrated service provider of vessels and properties, announced its financial results for the three months and nine months ended 30 September 2019 (“3Q2019” and “9M2019” respectively). Charter income decreased by 7% from US$29.4 million in 9M2018 to US$27.4 million in 9M2019. The total number of wholly-owned/majority-owned ships contributing to the Group’s charter income was 11 for 9M2019 compared to 12 for 9M2018 as a vessel was disposed in April 2018. Dry bulk market deteriorated badly in 1H2019, although in 3Q2019, ...

Maritime UK has launched its general election manifesto on behalf of the UK’s £46.1bn maritime industries comprising shipping, ports, services, engineering, science and leisure marine. The manifesto sets out the sector’s priorities for the next government across the following areas: • people • innovation • environment • competitiveness • regional growth Maritime is one of Britain’s biggest industries, adding more to the UK economy than rail and air combined. Harry Theochari, Chair of Maritime UK, said: “Clearly the most pressing national issue needing resolution is Brexit, and it remains the ...

Mitsui O.S.K. Lines, Ltd. yesterday announced that, DNVGL (headquarters: Germany) issued an Approval In Principle (AIP) to MOL and Samsung Heavy Industries, Co., Ltd. (SHI; President and CEO: Joon Ou Nam; headquarters: Seoul, South Korea) for Bow Wind-Shield designed for Ultra-Large Container Carrier on 30th October, 2019. This newly developed Bow Wind-Shield reduces the wind resistance on hull body of while ship is running, and it is expected CO2 reduction up to about 2–4% owing to optimal design for Ultra-Large Container Carrier. This is based on the technology of both ...

The technology group Wärtsilä has established its latest Expertise Centre (EC) in Singapore. Based within the company’s Acceleration Centre facilities, the EC provides various value-adding support functions, including for example, operational support and dynamic maintenance planning, for those Marine and Energy business customers having Lifecycle Solution agreements with Wärtsilä. Wärtsilä Expertise Centres currently monitor some 900 installations with more than 2000 engines around the world. The new Singapore EC complements Wärtsilä’s nine other EC units located in strategic locations around the world. Together, the centres support Lifecycle Solution agreement customers ...

C-Job Naval Architects revealed its concept design of an Autonomous Underwater Maintenance Dredger. The unique design was presented by the independent ship design and engineering company at the combined Maritime and Port Technology and Development Conference (MTEC) and international Conference on Maritime Autonomous Surface Ships (ICMASS) in Trondheim, Norway. The Autonomous Underwater Maintenance Dredger (AUMD) concept design developed by C-Job’s Research and Development department is specifically created for maintenance in port environments. The team took advantage of the opportunities and out-of-the-box solutions autonomous vessels provide such as completely submerging a ...

Residual fuel oil inventories in the Singapore fuel oil trading and storage hub fell to a six-week low in the week to Nov. 13 despite higher net imports, official data showed on Thursday. – Onshore fuel oil stocks fell by 544,000 barrels (about 86,000 tonnes), or 3%, from the previous week to 20.355 million barrels, or 3.206 million tonnes, data from Enterprise Singapore showed. – Weekly net fuel oil import volumes jumped 72% to a nine-week high of 946,000 tonnes and were well above the 2019 weekly average of 679,000 ...

Imports and exports to China will be streamlined using Global Trade Item Numbers (GTIN) thanks to a resolution by Chinese Customs. The General Administration of Customs of China (GAC) rolled out a GTIN reporting function for its single window declaration system on 1 August 2019, marking a significant step toward adopting GS1 barcodes in customs clearance. The decision comes in response to recent rapid growth in cross-border trade, both in type and volume. Improving the efficiency of supervision and customs clearance has become a significant challenge for customs agencies around ...