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By the end of September, the European Central Bank will either cut its deposit rate or ease its forward guidance further by pledging to keep interest rates lower for longer, according to a majority of economists in a Reuters poll. ECB President Mario Draghi in a speech last Tuesday called for “additional stimulus” in the absence of any improvement in weak growth and tepid inflation, which has languished below the central bank’s target of close to 2% since 2013. That brings the ECB in line with many of its major ...

At a time that U.S. stock markets are partying like there is no tomorrow, global bond markets, together with actions by the world’s major central banks, are telling a very different story. They seem to be warning that Europe could soon be experiencing major crises in the United Kingdom and Italy that could precipitate a global economic recession. Stock-market investors would do well to pay heed to those warnings. A clear sign that global bond markets are highly concerned about the European economic outlook is that a record US$5 trillion, ...

Boris Johnson, the front-runner to be Britain’s next prime minister, has raised the prospect of a shock for the world’s fifth-biggest economy by pledging to leave the European Union on Oct. 31 without a transition deal if necessary. Johnson’s rival, foreign minister Jeremy Hunt, says he too would be prepared to lead Britain into a no-deal Brexit, but would be more flexible about the departure date. Here is an outline of the potential economic impact for Britain of leaving the EU without the cushion of a transition. UK ECONOMY The ...

Over the decades, China’s dynamic economic development has amazed the world. Yet its naturally growing role in global affairs has aroused a narrative of doubt and fear in the West. Such rhetoric, which comes in such different academic terms as “the Thucydides Trap” and “the offensive realism,” is trying to warn or argue that an increasingly stronger China is very likely to collide with the United States for global hegemony. In the words of U.S. scholar John Mearsheimer, it is “the tragedy of great power politics.” To be frank, the ...

Leaders from the world’s wealthiest countries will land in the Japanese city of Osaka for the annual G20 summit over the upcoming weekend eager to overhaul a creaky global economy further dimmed by uncertainty. Many pin their hopes on the G20 – a mechanism that helped tide the world over two financial crises – to prevent the world’s two biggest economic titans from plunging headlong into a Cold War. However, whether the mechanism can continue wielding its influence in the midst of riven economic governance remains in doubt. Before pinpointing ...

The Executive Board of the International Monetary Fund (IMF) on Monday warned of growing medium-term risks to the U.S. economy, noting that an “abrupt reversal” of the recent supportive financial market conditions or a deepening of ongoing trade disputes represent material risks to the U.S. economy. “The financial system appears healthy but vulnerabilities in leveraged corporates and, potentially, in the nonbank system are elevated by historical standards,” the IMF’s executive board said in a statement after concluding its annual Article IV consultation to review the U.S. economy. The executive board ...

Gold, Switzerland’s franc, Japan’s yen, top-rated government bonds, and even bitcoin — investors have dashed for havens and alternative assets this week as anxiety grows about trade wars, U.S.-Iran tensions and negative interest rates. Although world stocks and bonds remain near record highs thanks to promises of ever more central bank largesse, the sudden dash for these financial bunkers shows all is not as calm as a cursory reading of headline indexes suggests. Fears of a global trade war have been simmering for over a year but the latest standoff ...

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 June. 25 380 HSFO – USD/MT 405.70 (+1.06) 180 HSFO – USD/MT 445.57 (+1.75) MGO – USD/MT 649.73 (-4.46) Meantime, world oil indexes also demonstrated irregular changes on June. 26 Brent for August settlement increased by $0.19 to $65.05 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery decreased by $0.07 to $57.83 a barrel on the ...

Q88 LLC announced the completion of a project with DNV GL’s Navigator Port solution. The integration allows mutual customers to publish vessel certificates captured from Navigator Port into the Q88 and Q88Dry platforms. This information is linked to Q88’s database of 1,400 industry and charterers questionnaires. “Automating the exchange of information between Navigator Port and Q88 and Q88Dry will significantly reduce time spent manually completing certificates and questionnaires,” said Fritz Heidenreich, Founder and President of Q88 LLC. “We are very excited to help our clients streamline their vetting and commercial ...

US furniture company RC Willey Home Furnishings is so concerned that new global clean air rules will cause transport disruption that it brought forward the shipment of arm chairs and sofas from China by two months. The tougher regulations, set by the United Nations shipping agency, the International Maritime Organization (IMO), come into force on Jan 1. Costs will rise for ships towards the end of this year and there will be a knock on effect for trucks and other transporters that move goods around the world. For shipping companies ...

IMO is committed to ensuring the implementation of all its treaties. By carefully matching the needs of recipient countries with resources available from donors, the Organization’s technical cooperation programme is the essential component in helping all governments to fulfil their responsibilities. With a strong focus on capacity building and training, the technical cooperation programme makes a strong and continuing contribution to sustainable development. IMO’s Technical Cooperation Committee (TC 69) is meeting (25-27 June) to review activities carried out in 2018 and approve the Integrated Technical Cooperation Programme for 2020-2021. The ...

Dismantling ships is widely thought of as one of the most dangerous professions in the world, both for workers and the environment, with high levels of fatalities, injuries and work-related illnesses stemming mainly from hazardous materials on board. Policy makers and regulators have come together to address this pressing issue and in 2009 the Hong Kong Convention for Safe and Environmentally Sound Recycling of Ships (HKC) came into being. The HKC considers most of the ship scrapping methods today to be unacceptable and sees recycling as the most environmentally friendly ...

All major international shipping companies are maintaining port calls to Iran despite unilateral US sanctions, head of Iran’s Ports and Maritime Organization Mohammad Rastad says. “Sanctions cannot deprive Iran of maritime trade,” he said during a ceremony in Tehran on Tuesday to mark World Hydrography Day, explaining that Iran’s maritime capacities trump the sanctions. According to Rastad, Iranian ports handled more than 135 million tonnes of goods in the last Persian year which ended in March, during which a total of 265 million tonnes of maritime trade took place. The ...

The ReCAAP ISC received report of one incident of armed robbery against ships occurred on 16 Jun 19 in Teluk Ramunia waters, off Pengerang, Malaysia. The location of the incident is shown in map below, and description tabulated in attachment. SITUATION OF ABDUCTION OF CREW IN THE SULU-CELEBES SEAS – UPDATE ON THE ABDUCTION OF 10 CREW FROM TWO FISHING BOATS ON 18 JUN 19 On 18 Jun 19, the ReCAAP ISC issued a Warning on the abduction of 10 crew from two fishing boats off Semporna, Sabah, Malaysia. Upon ...

In recent years, the shipbuilding industry in China has grown rapidly, making inroads with its rival in Japan. Now, the two countries are seeking to cooperate with each other. Companies from both sides are looking at establishing more joint ventures. A new shipbuilding joint venture in eastern China’s Jiangsu Province is an example. The cooperation between China’s largest private shipbuilder Yangzijiang Shipbuilding and Japan’s industrial giants Mitsui E&S and Mitsui & Co. will soon commence operations on the outskirts Taicang in Suzhou, Jiangsu Province. The goal is to achieve maximum ...