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Since the Belt and Road Initiative (BRI) was launched in 2013, it has provided an important framework for UK-China cooperation in a number of areas, such as transportation, infrastructure, financial and professional services, said Mark Hedley, regional director for Greater London at the China-Britain Business Council (CBBC). Britain is the first Western country to issue RMB sovereign bonds and the first major Western country to apply for full membership of the China-initiated Asian Infrastructure Investment Bank (AIIB). In early 2018, British Prime Minister Theresa May highlighted the importance of the ...

The dollar dropped on Friday, giving up some of its overnight gains and on track for a second consecutive weekly dip thanks to renewed downward pressure on government bond yields. Sterling bounced on Friday after suffering its biggest daily drop overnight so far this year in the London trading session after Prime Minister Theresa May bought a bit more time to resolve when and how Britain exits from the European Union. Despite the rise, currency derivative markets signalled a growing caution the outlook for the British currency with one-month risk ...

The European Central Bank has launched a rare attack on EU governments for failing to give it ultimate oversight of clearing houses processing trillions of euros worth of securities. Dominated by the London Stock Exchange, the clearing of financial contracts denominated in euros has become a political battleground since Britain voted to leave the European Union in 2016, with the bloc’s authorities vying to gain oversight of this key market on both sides of the Channel. Under a provisional deal struck this month, EU governments and lawmakers gave the Paris-based ...

Port stocks of iron ore are unlikely to grow next week as arrivals across major Chinese ports

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Euronav NV reported its final financial results for the full year to 31 December 2018. Paddy Rodgers, CEO of Euronav said: “For most of the year Euronav faced one of the most difficult and challenging freight markets the tanker industry has experienced in recent times. A combination of reduced cargo supply from self-imposed OPEC production cuts and excess supply of large tankers provided sustained downward pressure on freight rates until the final quarter of the year. The difficult trading environment had the benefit of driving a rebalancing between vessel supply ...

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. 20 380 HSFO – USD/MT 419.50 (+1.07) 180 HSFO – USD/MT 467.50 (+1.21) MGO – USD/MT 637.93 (-0.14) Meantime, world oil indexes demonstrated upward changes on Mar. 20 after a draw of U.S. crude oil inventories. Brent for May settlement increased by $0.89 to $68.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May delivery rose by ...

Japanese refiners by October-November will be able to supply bunker fuel that complies with International Maritime Organization regulations that take effect from January, Petroleum Association of Japan President Takashi Tsukioka said. “We will need to be ready to supply [IMO-compliant bunker fuel] by October-November at the latest in order to supply from January,” Tsukioka said at a press conference in Tokyo. “We will surely be ready,” he added. The IMO will cap global sulfur content in marine fuels at 0.5% from January 1 next year, down from 3.5% currently. This ...

Yesterday, NYK entered into a 9 billion yen syndicated loan agreement in which the proceeds will be used solely for the purpose of funding environment-friendly projects. This is Japan’s first syndicated loan to be certified by Japan Credit Rating Agency Ltd. (JCR) with its highest ranking of “Green 1,” thus demonstrating the loan to be aligned with the core components of the Green Loan Principles. 1. Background NYK’s medium-term management plan includes the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management strategy by establishing new medium- ...

A senior U.S. official says Washington is monitoring ships involved in clandestine transfers of Iranian oil and will hold anyone involved in such transfers responsible for violating U.S. sanctions against Iran. “We are closely tracking ship-to-ship transfers of [Iranian] oil to evade our oil sanctions,” said Deputy Assistant Secretary of State for Counter Threat Finance and Sanctions David Peyman in an exclusive interview with VOA Persian recently at the State Department. “And we’re working closely with foreign governments to ensure they are monitoring ship-to-ship transfers off their coasts.” One of ...

The technology group Wärtsilä has been awarded the contract to design a state-of-the-art multipurpose transport vessel that will operate in Antarctic waters. Wärtsilä will also provide the vessel with a comprehensive package of integrated propulsion and hybrid solutions to ensure highly efficient and environmentally sustainable operations. The ship has been ordered by Norway-based Aker BioMarine and will be constructed in China, at CIMC Raffles. The ship design order with Wärtsilä was booked in December 2018, while the order for the integrated solutions package was booked in March 2019. The 168 ...

Windward, a world leader in maritime risk analytics, today announced the launch of its new Insurance Suite, designed to help marine insurers optimize risk selection, improve productivity and – ultimately – deliver better results. Included in the launch is a new product called “Evaluate”, which accelerates the underwriting process with decision-ready data, deep insights and visually-stunning analytics for any fleet. Evaluate is available now via any internet-connected device, and includes a month’s trial. Nick Maddalena, Windward Head of Insurance Business, said: “Technology isn’t a silver bullet. That’s why we’ve spent ...

The number of container imports into the ports of Los Angeles and Long Beach on the US West Coast in February fell year on year as volumes eased following a strong pre-Christmas period and a relatively early Lunar New Year. The end of 2018 saw some significant front-loading of imports, as importers tried to beat the tariffs due to come into effect at the turn of the year on US and Chinese goods, widening the trade deficit seen in 2018. As a result, stocks in the US built up and ...

The Sudanese government will make 2.13 billion euros ($2.44 billion) over a 20 year period from a deal with Philippine port operator International Container Terminal Services Inc (ICTSI) to expand port capacity, a government official said. The deal aims to more than triple capacity at Port Sudan’s South Port Container Terminal, Ali Ahmed Abdelrahim, head of a technical committee in charge of contracting the project, told reporters on Wednesday. The 20-year contract will see ICTSI operate, manage and develop the port, the company said last month, with the handover expected ...

Oil products stockpiles at the Port of Fujairah rose 11% over the past week to 23.931 million barrels by Monday, the highest level in 20 months, according to data obtained by S&P Global Platts on Wednesday. The gain was led by heavy residue inventories posting a 17% week-on-week increase to reach 10.120 million barrels, a seven-month high, according to the data provided by Fujairah Oil Industry Zone to Platts. The total of 23.931 million barrels is the highest since July 2017. Heavy residue products are heavy fuels used for marine ...