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The euro could weaken to levels last seen in early 2017 if China’s economic slowdown persists, according to Stephen Jen, chief executive officer of Eurizon SLJ Capital. Jen said the common currency could slump to $1.05 later this year if stress emanating from China bleeds further into Europe’s economy and prevents the European Central Bank from normalizing policy, while the U.S. “continues to outperform.” Fiscal stimulus and slowing structural reforms in China probably won’t be sufficient to spark a “V-shaped recovery” in the first half of 2019 for the Asian ...

Washington’s tariff war against its trading partners, particularly China, cost American companies and consumers US$4.4 billion a month last year, according to researchers. Economists from the New York Federal Reserve and Princeton and Columbia universities assessed the impact of the duties on prices and welfare in the United States, concluding that those who were exposed to the duties overseas “paid none of the bill”. The research paper was released as the US and China, the world’s two largest economies, are reportedly close to a trade agreement that could see most ...

The European Central Bank may have more policy options at its disposal than cheap loans for banks if the euro-area slowdown worsens. The scale of the economic weakness means the ECB will cut its growth and inflation forecasts on Thursday, and policy makers have set the scene for a debate on their response, including guidance on interest rates and support for banks. The latter is seen among the most likely steps, though a final decision may not happen at this week’s meeting. With a restart of bond purchases seemingly off-limits ...

China must be prepared for a “tough struggle” as the country faces a “grave and more complicated environment,” Premier Li Keqiang said at the opening of the annual National People’s Congress, the country’s annual parliamentary meeting. “We must be fully prepared for a tough struggle,” Li told a delegation of nearly 3,000 representatives. “The difficulties we face must not be underestimated, our confidence must not be weakened, and the energy we bring to our work must not be allowed to wane.” This year’s meeting comes amid tariff tensions with the ...

Today, Wednesday, March 06 2019, the Baltic Dry Index climbed by 1 point, reaching 664 points.

The day started with a round of buying from the steel mills as the perceived received stability galvanised the buyers.

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

London Mooring is one of the most complex and dangerous operations for ship and terminal crew. If something goes wrong, the consequences can be severe. That’s why the Oil Companies International Marine Forum produced Effective Mooring, which has just been released in its fourth edition. Written for crew on board oil tankers, barges and terminals, it gives crew a general introduction to mooring and guidance on how to stay safe during mooring operations. With the release of this fourth edition, OCIMF hopes to go even further to improving safety for ...

Ocean Safety has produced a new Deck Cradle which is specifically designed to mount the Ocean Safety Compact and ISO canister liferafts. This solid mounting solution is manufactured in a choice of galvanized or stainless steel options, so that they can be suitable for both commercially operated craft and leisure sailing and motor boats. The cradle has been designed in response to demand for a bespoke solution for mounting the very popular Ocean Safety ranges of liferafts. The new standard product replaces the custom versions which have been supplied by ...

The second in a planned series of interactive workshops to prepare countries for a wide range of potential threats and security situations has been held, in Veracruz, Mexico (26-27 February). The interactive Port Facility Security/Port Security Officer Tabletop Exercise was run by IMO in collaboration with the Organization of American States Inter American Committee Against Terrorism (OAS-CICTE), following a successful pilot in Panama 2018. Participants in Mexico took part in a simulation exercise, designed to allow port facility security officers to develop their decision making skills in different situations, ranging ...

The maritime industry regulator said it wants to attract private organizations to continue engaging in shipbuilding and repair by developing a scheme of tax incentives. In a statement Sunday, the Maritime Industry Authority (MARINA) said it will start the creation of financing schemes alongside reviewing the implementation of the Domestic Shipping Development Act of 2004, or Republic Act (RA) 9295, to ensure the industry remains appealing to the private sector. “MARINA has committed to formulate an attractive financing scheme and to review existing incentive programs for the players in the ...

Norwegian Hull Club is informing its valued clients of its capacity and readiness to offer assistance – in the run up to Mardi Gras weekend and beyond – with regard to the present “extreme river” status of the Lower Mississippi River. Unusually high water levels and strong currents are forecast to last well into April. As a result of large volumes of runoff from melting snow and rainstorms experienced in late February through early April, the Mississippi annually swells to approximately 15 feet on the Carrollton Gauge, instead of its usual ...

Mitigation of risks provides a smooth path to securing port finance for both green and brownfield developments, finds Alex Hughes When pitching a port project for finance, there is one simple rule: The focus has to be on mitigation of main risk components. So says Reinout Polders of financial expert MTBS. Mr Polders identifies three main categories of risk that he sees as the main impediments for the borrower. First, there is the market risk, which has to be mitigated as best as it can be. Second, there is the ...

A new 10-point plan to be revealed today will set out proposals aimed at boosting investment in the UK’s ports. The importance of the UK’s ports for business supply chains has been thrown into the spotlight by the potential for disruption in the event of a no-deal Brexit. The plan, developed by the UK Major Ports Group (UKMPG), includes proposals on planning law to allow ports to invest more quickly and flexibly. UKMPG said that these changes would increase “the capability of the UK to trade with the world, [which ...

Cavotec has signed an agreement with a port operator to equip two berths at a terminal with MoorMaster™ automated mooring systems. Cavotec will design, supply and commission the MoorMaster™ automated mooring systems for the two berths. Deliveries are scheduled to start in 2019, with the systems entering service in 2020. The order value amounts to approximately EUR 10.3 million, whereof a majority is expected to be recorded in 2019 and the remainder in 2020. MoorMaster™ improves safety, reduces environmental impact, and substantially increases operational efficiency by cutting mooring times and ...