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Japans’s three largest maritime shipping companies are defying a slowdown in global trade, and are expected to report higher earnings due to a reduction in unprofitable routes and a temporarily lowering of capacity before stricter environmental regulations kick in next year. Nippon Yusen, is expected to post a pretax profit of around 6 billion yen ($55.2 million) in the April-June quarter, while Kawasaki Kisen Kaisha appears to have earned between 2 billion and 4 billion yen in profit. This would be the first recovery to black ink by both for ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on July 29: 380 HSFO – USD/MT – 417.93(+2.23) 180 HSFO – USD/MT – 453.14(+1.59) MGO – USD/MT – 656.27(-0.80) Meantime, world oil indexes turned into slight upward trend on Jul.29: prospects of the first U.S. interest rate cut in a decade supported oil indexes. Brent for September settlement increased by $0.25 to $63.71 a barrel on the London-based ICE Futures Europe exchange. ...

Britain rejected the idea that it could release a Iranian tanker in exchange for a British-flagged vessel seized by the Islamic Republic in the Gulf. Tensions have spiked between Iran and Britain since after Iranian commandos seized a British-flagged tanker earlier this month. That came after British forces captured an Iranian oil tanker near Gibraltar, accused of violating sanctions on Syria. “There is no quid pro quo,” Foreign Secretary Dominic Raab told BBC radio. “This is not about some kind of barter. This is about the international law and the ...

After all of the incidents in the Strait of Hormuz in recent months, Saudi Arabia is understandably nervous about its dependence on using the chokepoint to ship its oil to vital overseas markets. But its plan to pump more of its crude all the way across the country and export it through the Red Sea instead may not bring it as much security as it hopes. Two separate attacks on oil tankers in May and June just outside Hormuz – a narrow neck of water that links the Persian Gulf ...

FONASBA’s Quality Standard (FQS), the only quality mark designed by, and specifically for, ship agents and ship brokers, reached another milestone this month when the number of companies approved to the Standard exceeded 500. In recent months, its coverage amongst FONASBA member countries has expanded steadily, with 35 now covered following the recent accreditation of the National Association of Maritime Agencies, FONASBA’s member association in Russia, and Lion Shipping of Romania, an Associate member. Coverage is expected to expand further in the coming months as a number of other associations ...

The Lord Chancellor last week announced a change in the discount rate following a review under the Civil Liability Act 2018. As of 5 August 2019, the discount rate will increase from -0.75% to -0.25%. The discount rate is a figure used to help calculate lump sum compensation payments for high value personal injury claims. It reflects the fact that a Claimant will invest a lump sum payment and receive a return on such investment. The Club published an article in 2018 which focused on the ongoing saga of the ...

Kwon Oh-kap, chief executive of the newly established South Korean shipbuilding company (Korea Shipbuilding & Offshore Engineering,KSOE, said recently that he needs to be prepared for the transformation of the thinking mode of the Korean shipbuilding industry. KSOE is a secondary holding company established by Modern heavy Industry to merge Daewoo Shipbuilding. On June 3, KSOE applied for registration in the Ulsan District Court and appointed Vice Chairman of Hyundai heavy Industry, Yu Wujia, as its new chief executive officer. This is the first step in Hyundai’s acquisition of Daewoo ...

Suria Capital Holdings Bhd, whose majority shareholder is the Sabah government, is in talks to sell a stake in its wholly-owned subsidiary Sabah Ports Sdn Bhd, sources say. Two separate sources confirm that Suria Cap is in negotiations with DP World PLC, a global port terminal operator based in Dubai. In an email response to queries from The Edge, Suria Cap would only say, “We do have enquiries from a couple of foreign interests looking for possible investment opportunities in Suria group.” DP World’s answer to questions from The Edge ...

China imported a total 4.53 million mt of LNG in June, up 14.9% from 3.94 million mt a year ago and up 2.2% month on month, as the world’s second largest LNG importer continues to see the effects of recent economic policies aimed at moving households and industries from coal to gas. Over January-June, China imported a total 28.37 million mt of LNG, up 19.3% year on year, the latest data from the General Administration of Customs showed. China imported 2.39 million mt of LNG from Australia in June, up ...

Millions of tonnes of American soybeans have been shipped out to China, the latest progress in the purchase of U.S. agricultural products by Chinese enterprises after a June meeting of the two heads of state in Osaka, official sources said. Meanwhile, the U.S. administration has announced the exemption of additional tariffs imposed on 110 items of Chinese industrial products and expressed its willingness to prompt the U.S. businesses to continue providing supplies for related Chinese enterprises. These have shown the two sides’ readiness to implement the consensus reached by the ...

India’s oil imports from Venezuela surged to about 475,200 barrels per day (bpd) in June, more than double the previous month and highest in 21 months, data from shipping and industry sources showed. Washington imposed sanctions on Venezuela’s state oil company PDVSA in January to put pressure on socialist President Nicolas Maduro. These sanctions have driven away many customers of Venezuelan oil, leaving supplies for some refiners. Private refiners Reliance Industries and Nayara Energy, part owned by Russian oil major Rosneft, are the only Indian buyers of Venezuelan oil. These ...

Chinese steelmakers have seen their margins eroded due in large part to seaborne iron ore prices rising by around 70% since the start of the year. But margins for domestic hot-rolled coil sales were already under pressure before Vale’s iron ore tailings dam incident on January 25, and the cyclone that hit Australia’s Pilbara region in March, caused iron ore prices to start their climb. In January, S&P Global Platts 62% Fe iron ore benchmark averaged $76/mt CFR China; domestic Chinese HRC prices averaged $542/mt, and HRC margins were only ...

European coal prices faced further losses this week amid a lingering glut of supply, although the market could garner some support from related energy markets and technical signals, participants said. The API 2 front-month contract traded last down USD 0.20 on Ice Futures to USD 59.50/t, while the front year was flat at USD 68.50/t. The front month has shed 3% over the past week, with pressure coming from oversupply as well as seasonally weak demand and softer freight rates. Last Monday, the Baltic Dry Index, a gauge for global ...

China’s steel output cut policy for this coming winter period will be similar to the one implemented last year, with more autonomy given to provincial governments and higher performing mills exempt from the production restrictions. This could mean a continuation of strong steel production and more pressure on steel prices. China orders parts of its industrial sector to curb activity in a bid to lower pollution during the winter months. Mills that meet ultra-low emissions standards across the entire steelmaking process – from raw materials to finished steel – will ...

Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel consumption in the world’s biggest oil user. Brent crude rose 56 cents to $64.27 a barrel by 0906 GMT. It is set for a monthly fall of more than 3%, however, due to lingering worries about oil demand. U.S. crude was up 44 cents at $57.31 a barrel, but also set for a monthly decrease of around 1.8%. ...