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Universities in the U.S. have a long tradition of welcoming international students. But this year will be different because of the coronavirus pandemic. According to a report by the Institute of International Education, the enrollment of foreign students at U.S. higher education institutions was down by almost half this fall. Some 90 percent of campuses reported that foreign students deferred attendance. Source: CGTN

Nigeria is the latest OPEC member to urge the producer group to consider the economic implications of steep production cuts on its members ahead of the OPEC+ formal meeting next week. “On the peculiar challenges facing the country amid its large population and immense deficit in infrastructure, the president [Muhammadu Buhari] urged OPEC to consider the weight of the responsibility of the nation with 200 million poor people, with severe deficit in infrastructure when sharing oil production cuts,” a spokesman from Nigeria’s president’s office said late Nov. 26. This statement ...

The Baltic Exchange’s main sea freight index advanced on Friday, booking its biggest weekly gain since early October, on the back of higher rates across all vessel segments. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 11 points, or 0.9 %, to a more than three-week high of 1,230. The index firmed 7.1% this week. The capesize index gained 24 points, or 1.6%, to 1,533, the highest since Nov. 12. The index rose 6.8% for the week. Average daily earnings for capesizes, which ...

As long as lockdown measures apply to many parts of the world, the recovery of global demand is bound to take much longer. In turn, this will hinder the recovery of the freight rate market, which has been nosediving for the most part, since the summer months. In its latest weekly report, shipbroker Allied Shipbrokingg said that “we are slowly coming to the end of what has been one of the toughest, most volatile and unpredictable years noted in over a decade for the global market economy. Any past trends ...

Newbuilding orderbooks have dipped to historically low levels relative to existing fleets, with the dry bulk carrier sector one of the most extreme examples. “The current bulker orderbook of 56.1 Mdwt represents just 6.3% of the existing capacity, the lowest percentage in almost 30 years,” said Derek Langston, Head of Research at leading shipbrokers SSY. “At the same time, the dry bulk carrier fleet is ageing: the ratio of 15+ year old vessels to the orderbook is the highest since 2003.” While these trends are partly due to uncertainties over ...

The composite index increased 7.9% this week, and 123.8% up when compared with same period of 2019. The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,985 per 40ft container, which is $492 higher than the five-year average of $1,493 per 40ft container. Drewry’s composite World Container index increased by 7.9% to $3,059.74 per 40ft container is exceptional – as last year’s week-on-week change was only 2%. Freight rates on Shanghai to Rotterdam surged 24% – an increase of $693 and reached $3,528 per feu. Similarly, ...

Have Nordic countries laid down a roadmap for the rest of the world to follow when it comes to decarbonising shipping? New research from the International Transport Forum (ITF) believes so. Its recently published Lessons from the Nordic Region report concludes that Nordic countries are among those with the highest ambition and greatest number of maritime technology demonstrations in the world. Consequently, the Forum has showcased the pioneering efforts being made by Nordic countries to reduce the environmental impact of maritime shipping, aiming to encourage more cohesive global decarbonisation efforts. ...

Japan’s factory output probably grew for a fifth straight month in October and retail sales likely rebounded for the first time in eight months, a Reuters poll showed on Friday, offering further signs that the economy is gradually recovering from the COVID-19 pandemic. However, a recent sharp jump in coronavirus cases is clouding the outlook, and expected softness in the job market and declining housing starts indicate a weakening of household purchasing power amid the health crisis. “Although the economy is picking up, it remains way below the pre-pandemic level,” ...

The initiatives to deepen integration with mainland China that were highlighted in the annual policy address to the legislature by Hong Kong’s Chief Executive Carrie Lam on 25 November underscore the territory’s ongoing efforts to take advantage of the growth and employment opportunities made possible by the mainland’s broadening economic recovery, says Fitch Ratings. However, they will also reinforce the territory’s sensitivity to developments in China’s creditworthiness. Fitch downgraded Hong Kong’s rating to ‘AA-’, from ‘AA’, in April 2020 and revised the Outlook to Stable from Negative, following an earlier ...

Japan, South Korea and a fleet of international shipping groups have warned the European Union against its plan to add greenhouse gas emissions from the maritime sector to Europe’s carbon market. As the 27-country EU seeks to steer its economy towards “net zero” emissions by 2050, the executive European Commission wants to expand its carbon market to shipping. Currently, the policy requires power plants, factories and airlines running European flights to buy pollution permits to cover their emissions. The proposal, formally due by next summer, has already run into opposition. ...

The amount of monetary stimulus is not the only question facing the European Central Bank and it also needs to look at how it is transmitted to the economy, ECB policymaker Francois Villeroy de Galhau said on Friday. The ECB is preparing a new stimulus package to help cushion the impact of the coronavirus pandemic on the euro zone economy, which is expected to be decided next month. “In the face of prolonged uncertainty, out first objective must be keeping very favourable financing conditions as long as necessary,” Villeroy, who ...

ERMA FIRST has received an amended Type Approval from the China Classification Society (CCS) for its strong-selling FIT range of ballast water management systems and awarded Certificate under the Authority of the Government of the People’s Republic of China. The system, which uses advanced full-flow electro-chlorination technology, can now be used on Chinese flagged vessels and is the first such system to receive approval in China under IMO Resolution MEPC 300 (72). The approval is valid for the full range of models 75-3000 with the option of its three filter ...

Falling Rhine water levels leading to short loadings of barges are adding pressure to already weak ultra-low sulfur diesel and 50ppm gasoil barge markets in Northwest Europe. According to German waterways authority WSV, Rhine water levels at the key chokepoint of Kaub had fallen to 103 cm by 0400 GMT on Nov. 26 from around 117 cm on Nov. 20 and were forecast to further decline to 87 cm by Nov. 30. When the water level nears one meter at Kaub, most oil product barges can only load half of ...

Things are falling in place for Tata Steel. As both production normalises and demand continues to upswing, the steel sector is now on a better footing than before. The street expects Tata Steel Ltd to post better operating profitability in Q3. The scrip is trading close to its 52-week high with 38% gains till date in November. An improvement in its troubled European operations is also on the cards. Steel spreads could improve to record levels in Europe, thanks to lower inventory levels and rising steel prices. Tata Steel’s European ...

This week seemed to be a turning point for the end-of-the-year, winter VLCC market. At the start of this week AG/East fixtures were at WS 26.5 and WAF/East at WS 29.5