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European Central Bank policymakers are concerned that economic growth in the euro zone is even weaker than feared, eroding their confidence in a long-projected recovery in the second half of the year, the accounts of their April 10 meeting showed on Thursday. With growth unexpectedly weak for months now, the ECB has raised the prospect of more support for the economy but argued that more analysis was needed to see if the rapid loss of economic momentum is persistent or temporary. But action is all but certain in June, with ...

In a factory in Kunshan, an hour’s drive from downtown Shanghai, thousands of metal frames hang from a ceiling, their paint drying as they wait to become bicycles after wheels, handlebars, chains and other final parts are added to them. This is one of seven production facilities that comprise the giant manufacturing plant of Shanghai General Sports, which produces 3 million bicycles each year, 2.4 million of which are exported to the United States. In total, 16 per cent of the bicycles America imports from China each year are from ...

U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago. “It’s happening, it’s happening fast and I think things probably are going to happen with China fast because I cannot imagine that they can be thrilled with thousands of companies leaving their shores for other places,” Trump said during remarks at the White House, providing no evidence of such an ...

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter ended March 31, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its first quarter 2019 financial results, reporting TCE Revenues of $99.0 million, $43.9 million of Adjusted EBITDA and a Net Loss of $5.3 million during a challenging and seasonally weak period of the year, which included approximately 300 off-hire days for scrubber installations. By the end ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) decreased on May 22: 380 HSFO – 417.00 (-2.21) 180 HSFO – USD/MT – 464.64(-2.00) MGO – USD/MT – 662.43(-3.14) Meantime, world oil indexes also declined on May 22 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand. Brent for July settlement decreased by $1.19 to $70.99 a barrel on ...

A new partnership for sustainable stewardship of the ocean has been agreed between The Nippon Foundation-GEBCO Seabed 2030 Project and the World Ocean Council (WOC), the global blue economy business organization, in an effort to further collaboration towards mapping the entirety of the world’s ocean floor. Under the Memorandum of Understanding (MOU), Seabed 2030 and the WOC will jointly engage with the ocean business community to promote the project’s vision and the ways in which organisations in the maritime community can collect and contribute bathymetric data to Seabed 2030. The ...

Further to our recent status update, we confirm that the MV “Yantian Express” safely arrived at Halifax on May 20, 2019. Thereafter, she berthed at the terminal during the early morning on May 21 and commenced discharging her cargo. To give you a better perspective of the reality of the operational situation facing the “Yantian Express,” please find below several key aspects involved: Given the particular complexity of the operational handling and considering the fire damage sustained by the vessel and related repairs to be undertaken, the intent is to ...

The United Arab Emirates said that the participation of several countries in an investigation into last week’s attack on oil tankers off its coast would support the “impartiality and transparency” of the findings. The Gulf Arab state has not yet blamed anyone for the acts of sabotage on four vessels including two Saudi oil tankers, but a senior UAE official has said Abu Dhabi was concerned about Iranian behaviour in the region. “The keenness of our international partners to participate in the investigation and the concerted efforts support the impartiality ...

The Chinese president, Xi Jinping, said last month that his country’s Belt and Road Initiative (BRI) to stimulate global trade and integration must be “green and sustainable”. Media coverage of the BRI has focused so far on how to ensure environmental standards on the land-based “belt”. But there has been far less discussion about the other half of this vast global project – the 21st-century “maritime silk road”, in which Chinese firms are involved in either building or operating 42 ports in 34 countries. In a world where 80% of ...

Software solutions from the technology group Wärtsilä have been selected for installation in three maritime training centres. The turnkey systems will allow training to commence immediately following the site acceptance. The systems have been ordered by the Rotterdam based STC Group, an international maritime transport and logistics education provider. The order with Wärtsilä was booked in April 2019. The Wärtsilä Navi-Trainer Professional (NTPRO) 5000 software will enable the teaching of the latest approaches to navigation, and equip trainees with the skills needed onboard modern vessels. Wärtsilä’s unique and tailored approach ...

The CMA CGM Group, a world leader in shipping and logistics, is pleased to announce a new order for 50,000 Traxens trackers. As a structuring shareholder and the first company to have invested in Traxens in 2012, CMA CGM participated in the development of the solution by testing it for several years, then launching it commercially in 2018. Thanks to the order of 50,000 trackers this year, CMA CGM is implementing its decision to deploy the Traxens solution on a large scale for the benefit of its customers. Optimised supply ...

The Panama Canal Authority has postponed its sixth planned draft restriction in the canal for 2019 after heavy rainfall eased water levels in the tributary Gatun Lake. In an advisory note to shipping firms, the PCA advised that the new maximum authorized drafts will become effective June 12, instead of May 28. The new maximum drafts will be 13.11 meters (43.0 feet) Tropical Fresh Water (TFW) for vessels transiting the Neopanamax locks and 11.73 meters (38.5 feet) TFW for vessels transiting the Panamax locks. “We will continue to monitor the ...

Navis a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, has released N4 3.7, the newest version of its flagship TOS with upgraded product features and expanded capabilities. With this upgrade, Navis continues to enhance its core TOS functionality to meet the critical needs of its manual, semi-automated and fully automated terminal customers. Navis has continuously updated its software to scale with growing business needs of its customers globally. With the ...

America’s escalating trade dispute with China has been weighing on sentiments across markets. On May 10, Washington raised tariffs on $200 billion worth of Chinese goods from 10% to 25%, while Beijing retaliated by imposing higher duties on a revised list of 5,140 U.S. goods worth $60 billion. Among others, China raised the tariff on imported liquefied natural gas (or LNG) to 25% from the prior level of 10%. The deteriorating Sino-U.S. relationship in the form of several rounds of new tariffs (or tax on imports) is feared to be ...

Black Sea wheat is set to make bigger inroads into Southeast Asian markets in the coming years as price-sensitive buyers in the region look for alternatives to Australian supplies, Vijay Iyengar, CEO of Agrocorp International, told S&P Global Platts in an interview. Countries like Indonesia, the Philippines and Vietnam will be increasingly looking for wheat from the Black Sea region, not only because of the price difference with Australian wheat, but also because of the growing acceptability of those cargoes among their domestic grains sector, he added. “I think Black ...