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China’s Commerce Ministry said on Friday that it will draft a list of foreign companies, organisations and individuals that it deems “unreliable” for harming Chinese companies, state-run China National Radio reported. The move, which does not single out any countries or companies, comes amid U.S.-China tensions that have sharply escalated since Washington put Huawei on a blacklist that effectively bans U.S. firms from doing business with the Chinese telecoms equipment giant. The “unreliable entities list” will apply to those who flout market rules and the spirit of contracts, block supplies ...

Portugal has become the first ever euro zone country to issue bonds denominated in the Chinese yuan. Known as “Panda” bonds, that’s yuan-denominated debt issued by a foreign sovereign issuer, the sale will take place Wednesday and Thursday. The southern European country announced last week its intention to sell 2 billion yuan ($289 million) worth of bonds with a maturity of three years. These Panda bonds will not be the first in the European Union, with Poland issuing government bonds on the Chinese market in 2016 and Hungary in 2018. ...

Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. Christian Hantel is exactly the kind of investor European companies are wooing as they adjust to a world of diminished monetary largesse. Based in Zurich, he channels cash from outside the eurozone, the kind that corporate borrowers from the 19-member bloc on the potential precipice of another decade of economic stagnation need as the European Central Bank retreats. The money manager at Vontobel Asset Management is at the vanguard of a wave of ...

China has been signalling that it may restrict the export of rare earth minerals to the United States as the trade conflict between the two countries escalates. It is by far the largest producer of these raw materials, vital for many American industries including high-growth sectors such as electric car and wind turbine production. Last year, the US Geological Survey designated these minerals critical to the economy and national defence. “China is seriously considering restricting rare earth exports to the US,” tweeted the editor of Chinese state-run Global Times this ...

The composite index decreased 1.5% this week likewise, 6.9% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1485 per 40ft container, which is $21 higher than the five-year average of $1464 per 40ft container. Drewry’s composite World Container Index (WCI) decreased 1.5% or $19 to reach $1290.80 per 40ft container. Freight rates from Shanghai-New York declined by $154 and stood at $2502 per feu. Rates on Shanghai-Los Angeles plummeted $73 to reach $1262 per 40ft box. ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight downward trend on May 30: 380 HSFO – 418.55(-3.34) 180 HSFO – USD/MT – 457.08(-3.10) MGO – USD/MT – 679.38-3.63) Meantime, world oil indexes dropped on May 30 on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war. Brent for July settlement stayed declined by $2.58 to $66.87 a barrel on the London-based ICE ...

Teekay Offshore Partners L.P. announced that the Conflicts Committee (the Conflicts Committee) of the Board of Directors of Teekay Offshore GP LLC has formally appointed Potter Anderson & Corroon LLP and Evercore Group L.L.C. as their independent legal counsel and financial advisor respectively. These appointed advisors will support the Conflicts Committee in its evaluation of the previously received unsolicited non-binding proposal from Brookfield Business Partners L.P. and certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), to acquire all of the issued and outstanding publicly held common units ...

Fitch Ratings has upgraded Russia-based PAO Sovcomflot’s (SCF) Long-Term Issuer Default Rating (IDR) to ‘BB+’ with Stable Outlook from ‘BB’/’Positive’. Fitch has also upgraded SCF Capital Designated Activity Company’s senior unsecured notes, which are guaranteed by SCF, to ‘BB+’. The upgrade reflects SCF’s improved business profile due to an expansion in industrial business, which contributed about 57% in total time charter equivalent (TCE) revenue in 2018, up from 34% in 2016. The upgrade is also supported by our expectation of funds from operations (FFO) adjusted net leverage moderation to about ...

Owners and operators of shipping fleets can now better control their dry docking costs with an ingenious new digital tool developed by AkzoNobel. Known as DryDoQ Insights, it closely predicts the condition of a vessel’s underwater hull without the need for visual inspection. Using data analytics, it has a unique capacity to build a complete picture of the corrosion and fouling on the surface – helping to improve maintenance planning and increase efficiency. The technology has been launched as a minimal viable product to one of the world’s largest fleet ...

Inmarsat, the world leader in global mobile satellite communications, announces that Airbus Defence & Space (Airbus) has been selected as its satellite manufacturing partner as part of a ground-breaking development of its Global Xpress (GX) network that sustains Fleet Xpress maritime broadband connectivity. The partnership will provide a step-change in GX’s capabilities, capacity and agility for the benefit of existing and future Inmarsat customers, partners and investors. The new geostationary satellites will provide the platform for a transformational upgrade in Fleet Xpress, whose combination of Ka-band plus continuous L-band back-up ...

VSAT+, the ground-breaking maritime satellite service from Thuraya, will be unveiled in Europe at this year’s Nor-Shipping conference and exhibition event in Oslo, three months after its commercial launch at the annual Thuraya partner conference in Dubai. With digitalization now a major driver of change in the maritime sector, Thuraya VSAT+ is the ideal satellite service to help fleet operators increase operational efficiency, gain market advantage and meet growing demand for monitoring and compliance. Thuraya VSAT+ seamlessly integrates the high-bandwidth speeds of Ku-Band and reliability of L-Band with affordable global ...

North P&I Club has confirmed a 3% increase in free reserves to US$463m, a 99% Member retention rate for the third year in a row, and a 2.45% investment return that has contributed to an overall surplus of US$12.6m in the year ending 20 February 2019. In what has been a landmark year for North, total entered P&I tonnage exceeded 200 million GT for the first time at the conclusion of the renewal, along with FD&D reaching a record 150 million GT. Over the last 12 months, owned and chartered ...

Hyundai Group, the business conglomerate of South Korea, is continuing with its seemingly relentless blockchain move with one of its most lucrative business arms using the blockchain technology. Hyundai Heavy Industries operates shipbuilding as well as factory assembly activities. The firm will be using a blockchain platform called HiPRO, created by Hyundai’s own blockchain division for managing purchases, smart factory incentives, factories and supply chain management for shipbuilding materials. The firm is the world’s well-known and the biggest shipbuilder which recently posted a $2.4 million net profit for the first ...

New hybrid equipment which will help DP World Southampton cut its emissions and reduce its carbon footprint, began operations this week. The 12 new hybrid straddle carriers (pictured) use 20% less fuel than standard machines and are the most efficient on the market. This investment by DP World is part of the global trade enabler’s role in making supply chains more sustainable. DP World Southampton has already placed an order for another 12 hybrid machines which will be delivered by the end of 2019. This will mean that more than ...

A lockout of longshore workers at Canada’s biggest port, the Port of Vancouver, ended in a deal on Thursday after a few hours, averting a potentially massive shipping disruption, the workers’ union and employers association said. The lockout was immediately lifted and the union also withdrew its strike notice, according to separate statements by the BC Maritime Employers Association and the International Longshore and Warehouse Union Canada. Details of a tentative agreement on a new contract, reached with the help of federal mediation, were not released. At issue was the ...