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Any terms that allow the United States to unilaterally check China’s implementation of a trade deal and allow the Trump administration to impose tariffs on Chinese products if it deems the provisions of the agreement are not being met are seen in Beijing as one-sided and showing a lack of respect, according to Chinese researchers. The escalating conflict over which side is responsible for the collapse of the talks aimed at ending the protracted trade war has highlighted the issue of enforcement and brought each side’s fundamentally different positions into ...

China is ready to work with Russia to foster stronger synergy of the Belt and Road Initiative (BRI) and the Eurasian Economic Union (EAEU), Chinese President Xi Jinping told Russian media on Tuesday. Xi made the remarks in an interview with TASS Russian News Agency and Rossiyskaya Gazeta newspaper on the eve of his state visit to Russia where he will also attend the St. Petersburg International Economic Forum. China will work with Russia to foster stronger synergy between the two initiatives in the spirit of mutual support, advance negotiations ...

U.S. Treasury Secretary Steven Mnuchin is scheduled to meet with People’s Bank of China Governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan, marking the first face-to-face discussion between key U.S. and Chinese trade negotiators in nearly a month. A Treasury spokesman confirmed the meeting along with nine other bilaterals for Mnuchin on the sidelines of the Group of 20 gathering in Fukuoka. Talks aimed at ending a festering trade war between the world’s two largest economies broke down in early May, and no face-to-face ...

The European Union took the first step toward disciplining Italy over its failure to rein in debt, intensifying a dispute with Rome and paving the way for an initial penalty of as much as 3.5 billion euros ($4 billion). In a report published Wednesday, the European Commission said Italy hasn’t made sufficient progress in reducing its mountain of debt in line with the bloc’s fiscal rules, and that a disciplinary process is “warranted.” The step marks an escalation of the country’s budget tussle that roiled markets at the end of ...

The European Commission warned France and Belgium on Wednesday over their public finances but stop short of saying that disciplinary proceedings against the two were justified. The partial rebuke came as the EU executive declared that a procedure against Italy for its growing debt was warranted, paving the way for a long legal battle with Rome’s eurosceptic government. France, the second largest economy in the euro zone, posted a debt of 98.4% of its output last year, well above the EU’s recommended ceiling of 60% of gross domestic product (GDP). ...

IMO Secretary-General Kitack Lim delivered a strong reminder about the vital importance of balanced and sustainable development to delegates at the Ocean Leadership conference at the Nor-Shipping 2019 conference in Oslo yesterday (4 June). In a keynote address, Mr Lim spoke of the Sustainable Development Goals as a unifying factor breathing life into global efforts to improve the lives of people everywhere. He confirmed IMO’s strong commitment to the 2030 Sustainability Agenda and reminded delegates that IMO’s environment regulations were driving many of the technology innovations being showcased at the ...

Kongsberg Maritime has unveiled a new series of tunnel thrusters designed to meet demand from the merchant marine sector for a system that is less complex to install, easier to maintain, and more cost-effective to operate than existing thrusters of comparable size. Drawing on more than 40 years of tunnel thruster experience and the results of a development project led by a Kongsberg Maritime team at the company’s propulsion facility in Ulsteinvik, Norway, the new Tunnel Thruster Commercial (TTC) is particularly suitable for cruise ships, ferries, ro-ro vessels and containerships. ...

The “Dubai Maritime Virtual Cluster” platform, under the umbrella of the Dubai Maritime City Authority (DMCA), has drawn strong interest from visitors to Nor-Shipping 2019, which is currently underway in Oslo and Lillestrøm. The number of attendees seeking information about DMCA’s Smart Knowledge and Research platform demonstrates the attraction of developing an integrated portfolio of maritime services for foreign direct investors Dubai – one of the best maritime capitals in the world. The “Dubai Maritime Virtual Cluster” is a platform of great importance for adapting innovation and technological advances to ...

NYK-operated Takamatsu Maru, a very large crude oil carrier (VLCC) has been awarded the Meteorological Agency’s Director-General Award for the contribution the ship has made to meteorological business development by observing marine weather conditions and transmitting observation results over an extended period of time. On June 3, a ceremony was held in Tokyo, and Kazumasa Okazaki, corporate officer of NYK, received a letter of appreciation from the director-general. Every year, Japan’s minister of Land, Infrastructure and Transport (MLIT), together with the director-general of the Japan Meteorological Agency, commend vessels that ...

SevenCs and TELKO have announced a cooperation agreement relating to the use of the Nautilus SDK Kernel in the development of TELKO’s new TECDIS units and cooperation regarding the distribution of electronic navigational data between the two companies. SevenCs’ Nautilus Kernel is the world’s leading software development kit (SDK) for ECDIS applications. It is S-100 compliant and allows for the loading and display of multiple maritime and military chart formats, fulfilling the IMO, IHO and IEC requirements for type-approved bridge equipment. The Nautilus ECDIS Kernel also provides fast and easy ...

Intellian, the global leader of mobile satellite communication antenna systems is delighted to announce the unveiling of the v100NX, the all-new 1m Ku- to Ka-band convertible maritime VSAT terminal. Intellian’s latest NX series antenna is designed to simplify and streamline the entire VSAT lifecycle, enabling access to multiple global satellite communication services, providing the crucial connectivity required to leverage new efficiency and welfare enhancing digital applications. The Intellian v100NX is a cutting-edge 1m dual-band convertible antenna, future-proof through its GEO (Geostationary Earth Orbit), MEO (Medium Earth Orbit) and LEO (Low ...

Watson Farley & Williams (“WFW”) advised long-standing client Teekay Corporation (“Teekay”) on its offering of US$250m 9.25% senior secured notes due November 2022 and Teekay’s cash tender offer to purchase any and all of its outstanding $497.7m of 8.5% senior notes due 2020. WFW advised on the New York, Marshall Islands and English law aspects of the transactions, including relating to certain collateral security granted on the notes. Teekay is a leading provider of international crude oil and gas marine transportation services and also provides offshore production and logistics. Teekay ...

Yildirim Group has said it is looking ahead to ‘new opportunities” and anticipates singing a deal to develop a container terminal in Gulfport, Mississippi, US. Speaking after its subsidiary Yilport Holding lost out on the Long Beach Container Terminal concession when Orient Overseas (International) Limited (OOIL) decided to award it to Australia’s Macquarie Group last month, the company’s director of government affairs and corporate relations, Kemal Ekin Aysel, said the concession decision was a “disappointment” but it wouldn’t be commenting further. “We will not comment further on the LBCT deal, ...

Russia’s Rosneft will ship an additional 875,000 tonnes of oil from ports this month following the contamination of the Druzhba pipeline, Russian oil pipeline monopoly Transneft said. Source: Reuters (Reporting by Olesya Astakhova, Maria Tsvetkova and Vladimir Soldatkin; Editing by Dale Hudson)

Middle Eastern sour crude traders expressed surprise Tuesday at the sharp hikes in crude oil official selling prices for Abu Dhabi National Oil Co.’s May-loading cargoes, adding that the increase will likely strip away value for Abu Dhabi grades set to trade later this month. ADNOC, in a notice released on Sunday, June 2, raised the May crude oil OSPs for its four mainstay grades by 78-98 cents/b month on month when priced as a differential against Platts Dubai crude assessments. The company’s newest light, sour grade Umm Lulu crude, ...