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A recession in Europe would hit demand for Chinese exports and could lead to a further narrowing of China’s trade balance, analysts have said. Existing concerns that Europe was on the verge of a recession were stoked on Friday by new data which shows the bloc’s manufacturing sector is struggling. The euro zone purchasing managers index (PMI) showed that manufacturing contracted in March, at a rate not seen in nearly six years. Along with the already weak performances of major European economies and uncertainties over the impact of Brexit and ...

At 6.6 percent GDP growth, the world’s once fastest growing economy witnessed its slowest annual pace since 1990 in 2018. There are a handful of reasons to explain the slowing trend of China’s growth. One such factor can be seen in the clear blue skies above Beijing, where people are now breathing arguably the cleanest air in a decade. But five years ago, the thick and toxic smog choked the Chinese capital for much of the year, especially during winter. To find out what caused the drastic change in Beijing’s ...

The majority of Americans predict a weaker U.S. economy and a burgeoning national debt by 2050, according to a study by the Pew Research Center. The researchers attribute economic fears to Americans’ broader dissatisfaction with the country as a whole right now. Over half of those surveyed, 54 percent, believe that the U.S. economy will be weaker in the next three decades, compared with 38 percent who say it will be stronger. Similarly, 63 percent of Americans say the national debt will grow, compared with 16 percent of Americans who ...

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 Mar. 26 380 HSFO – USD/MT 409.50 (-0.64) 180 HSFO – USD/MT 456.93 (-1.43) MGO – USD/MT 632.57 (+2.57) Meantime, world oil indexes demonstrated upward changes on Mar. 26 as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown. Brent for May settlement increased by $0.76 to $67.97 a barrel on the London-based ...

Refiners around the world have invested about $1 billion so far to produce low-sulfur marine fuel to meet new regulations coming into force in 2020, a BP executive said. International Maritime Organization (IMO) rules will ban ships from using fuels with a sulfur content above 0.5 percent from 2020, compared with 3.5 percent now, unless they are equipped with so-called scrubbers to clean up sulfur emissions. Since the deadline for the shift was set in 2016, shippers and refiners have scrambled to prepare for the new standards. “There’s certainly strong ...

MAN Energy Solutions is acquiring 40 percent of the shares of the electrolysis technology company H-TEC SYSTEMS. A contract confirming the partial acquisition was signed in Augsburg by Dr. Uwe Lauber, CEO of MAN Energy Solutions, and Ove Petersen and Heinrich Gärtner, executive managers of the GP JOULE Group. The contract also makes provisions for a majority or complete takeover of H-TEC SYSTEMS at a later date. The company will continue to be independently represented on the market with no change in the level of commitment to its customers. The ...

Exxon Mobil Corp expects high-sulfur fuel oil demand to fall 25 percent by 2025, as a new set of emission regulations kick in next year, a top-level official at the U.S. oil and gas company said. A new 0.5 percent sulfur content cap in shipping fuel set by the International Maritime Organisation (IMO) will come into effect in 2020. The International Energy Agency has forecast high-sulfur fuel oil demand to fall 60 percent next year, while marine gasoil demand to more than double. Exxon’s forecast comes as its refining business ...

Atlantium Marine, a part of Atlantium Technologies Ltd., announced the introduction of Purestream™, its proprietary ballast water management system (BWMS) developed to meet the IMO D-2 standard and the USCG Ballast Water Discharge Standard (BWDS). Purestream uses filtration in combination with Atlantium’s proven medium pressure ultraviolet (UV) technology to achieve unparalleled results. The Purestream system is validated to operate at minimum retention times (≤ 24-hours) following treatment of 100% of the maximum flow under difficult water conditions with UV transmittance as low as 40% UVT. Atlantium has finalized the first ...

Cosco Shipping International reported profit for the year 2018, dropped by 20 percent from the year before to HK$286.14 million. This was mainly due to the significant decrease in the share of profit of Jotun COSCO,the company said. Revenue increased by 8 percent to HK$9.52 billion, as compared to 2017. This was mainly attributable to an increase in segment revenues of coatings and marine fuel and other products The basic earnings per share were 18.67 HK cents. The board recommended a final dividend of 9 HK cents per share. Together ...

IEC Telecom is to open-up the Turkish maritime and offshore markets to even better value-added voice and data services through a new tie-up that will bring Thuraya’s highly respected VSAT+ maritime satellite service to the region. Under the arrangement with Thuraya Telecommunications Company, IEC Telecom will act as the master distributor for VSAT+ across all main maritime market segments and customers, including high-end fisheries, offshore installations and merchant fleets. In a win-win partnership for both companies and the maritime industry, IEC Telecom will offer VSAT+ across Europe, Asia-Pacific (APAC), Middle ...

A partnership between PROSTEP, the product lifecycle management (PLM) consulting and solutions company and NAPA, the leading maritime software, services and data analysis provider, has successfully completed a ship design solution development project for Meyer Turku, one of the world’s leading shipbuilders. Increasingly, shipyards function as integrators between multiple parties in the design process. To flourish in this role, they need efficient and effective software to successfully drive a project from inception to completion. To help Meyer Turku make and implement its shipbuilding decisions more effectively, NAPA and PROSTEP have ...

Corvus Energy is proud to announce that we have been chosen to supply the energy storage system (ESS) for battery-hybrid RTG cranes by CCCC Shanghai Equipment Engineering (CCCCSEE). The order is for various retrofit and newbuild deliveries by its affiliate ZPMC in Chinese ports. Corvus Energy, with primary operations in Vancouver, Canada and Bergen, Norway, has previously supplied 48 RTG cranes through CCCCSEE. This is the first order for the new Corvus Energy Asia office located in Singapore. Cost savings and environmental benefits The benefits of hybrid powered port cranes ...

Automating the Port of Los Angeles’ Pier 400 will protect business and jobs in “an increasingly challenging environment”, APM Terminals has said following a decision to postpone a construction permit to allow it to carry out modernisation work. The Los Angeles Board of Harbor Commissioners voted to postpone the construction permit after calls by union officials for APM Terminals to drop its plan for landside infrastructure to operate battery-electric powered equipment over fears jobs would be lost. Los Angeles Mayor Eric Garcetti also requested a 28-day consideration period and offered ...

China is doubling down on purchases of cheap oil that other buyers are shunning due to U.S. sanctions. The world’s biggest crude importer boosted imports from Venezuela and Iran last month from January, with the shipments costing the least since November 2017, data released on Monday by the General Administration of Customs show. Both of the OPEC producers are subject to separate U.S. sanctions that have squeezed their sales to customers across the globe. While the U.S. has granted several buyers waivers from its sanctions to continue buying Iranian oil, ...

China’s gasoline exports in February fell to a three-year low, a sharper decline than analysts had expected, latest data from General Administration of Customs showed. Exports to Singapore, the traditional top destination for China’s gasoline, sank 66.5% from 1.14 million mt in January, to just 383,000 mt last month. It was also down 38.5% year on year. The February gasoline exports were well below market expectations. Two Beijing-based analysts and two traders in Singapore had earlier said they expected exports to be around the normal level of 1 million mt ...