While it is impossible to predict exactly what will happen with tariffs, trade policy, export controls and trade sanctions, the International Trade and Supply Chain legal team at Husch Blackwell anticipates some combination of the following developments will take place in 2020. Tariffs and Trade Policy While negotiations continue between China and the United States, we do not anticipate a rapid resolution to the ongoing trade war. Similar to the phased institution of the Section 301 tariffs, we anticipate that any de-escalation and/or removal of these tariffs will be implemented ...

The European Central Bank’s first meeting of the year is set to bring the formal launch of a strategy review, most likely including a rethink of an inflation goal the bank has failed to meet since 2013. The scope and scale of the review is likely to be discussed and is a key focus for markets given the far-reaching implications for monetary policy. A slightly brighter tone to data means the ECB’s assessment of the economic outlook will also be scrutinized on Thursday. Here are five key questions on the ...

A majority of people around the world believe capitalism in its current form is doing more harm than good, a survey found ahead of this week’s Davos meeting of business and political leaders. This year was the first time the “Edelman Trust Barometer”, which for two decades has polled tens of thousands of people on their trust in core institutions, sought to understand how capitalism itself was viewed. The study’s authors said that earlier surveys showing a rising sense of inequality prompted them to ask whether citizens were now starting ...

The Baltic Exchange’s main sea freight index fell to its lowest level since April last year on Monday, dragged by falling rates across the capesize and panamax segments. The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 25 points, or 3.3%, to 729. The capesize index dropped 119 points, or 16.7%, to 593 – its lowest since April 23. The index registered its 27th straight session of losses, and also its largest daily percentage loss since early April. Average daily earnings for ...

Shipping needs to make a radical shift to zero carbon energy sources in the coming three decades to reduce the sectors total greenhouse gas emissions by at least 50% of 2008 levels by 2050 – a target set by the International Maritime Organization, a UN agency responsible for regulating shipping. This transition requires significant infrastructure investments in new fuel production, supply chains, and a new or retrofitted fleet. A new study by UMAS and the Energy Transitions Commission for the Getting to Zero Coalition spells out the scale of the ...

Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global demand for coal until 2024, according to a recent report released by the International Energy Agency. The IEA said, however, that China will be the biggest decider of coal’s future after 2024, as it accounts for half of global consumption. In India, the report said that wind power generation capacity is expected to double between 2018 and 2024, while solar power generation is seen to surge fourfold over the same period. ...

With 2019 having posted the slowest growth figure in a decade for the global economy according to Thursday’s report by the UN and with both

A vessel carrying about 1 million barrels of crude from Guyana set sail on Monday for the United States, according to vessel tracking service TankerTrackers.com, marking the tiny South American nation’s long-awaited debut as a world oil exporter. The first cargo of Liza crude departed from the floating platform Liza Destiny off Guyana, operated by U.S. oil firm Exxon Mobil. Partners Hess Corp and China’s CNOOC also participate in the project, which has found over 6 billion barrels of recoverable oil and gas. Exxon on Monday declined to offer additional ...

Bureau Veritas Marine & Offshore (BV) is seeing a rapid growth in the number of ships applying for its ‘Cyber Managed’ notation. The notation was co-developed by BV and external marine security experts as part of joint technical working groups organized by BV. It ensures compliance with the main existing cybersecurity standards (IMO MSC-Fal 1-Circ3, NIST, BIMCO etc.) and will enable shipowners to meet the requirements of IMO’s guidance to administrations that maritime cybersecurity risk should be reflected in ship security practice under the ISM Code by January 1, 2021. ...

China’s coal imports are likely to show an impressive bounce in January after customs delays crimped December clearances, but questions remain as to the outlook for 2020 as a whole. December imports were just 2.27 million tonnes, according to customs data released on Jan. 14, taking the full year figure to 299.7 million tonnes, up 6.3% from 2018. It’s clear that most cargoes that arrived in December weren’t cleared by customs, most likely as part of efforts to limit growth in annual coal imports. Without setting a formal target, the ...

Danelec Marine announced an investment by Northern European growth equity investor Verdane to accelerate the Danish company’s growth in the global marine electronics and services sector. Under the agreement, which was signed December 31, 2019, Verdane assumes a majority shareholder position in the privately held corporation. Danelec’s existing shareholders will continue to own shares in the company, and the management team, including CEO Hans Ottosen and COO Casper Jensen, will continue in their positions. Danelec is headquartered in Denmark and has branch offices in China and Singapore, plus a worldwide ...

With the latest rules, the IMO 2020 sulphur cap, having come into force on 1 January 2020, and a raft of decarbonisation measures expected in the near future, owners need to know what regulations apply where. Other regional regulations, such as discussions about a new Mediterranean emissions control area (ECA), have started the process for an all Mediterranean agreement to match those in the Baltic and the USA, and it is these regional rules that make the regulatory map complex for vessel operators. In addition to the international and regional ...

The challenges facing the shipping industry this year will be remarkably similar to those of 2019, with the U.S.-China trade war, Brexit and IMO 2020 continuing to have major impacts, according to Klaus Lysdal, vice president of operations at online forwarder iContainers. “We will have to see what ends up happening with Brexit and how that affects European trades,” he said. “The industry will also continue to adapt to the development of the tariff war. At least the industry as a whole is used to changing climates and usually adapts ...

After decades of steering clear of specific climate commitments, the international maritime industry — responsible for 3 percent (and growing) of annual global greenhouse gas emissions — is navigating a course to halve its footprint by 2050. Not since Italian explorer Christopher Columbus set course for the New World in 1492 has the global shipping fleet faced such an uncharted challenge. The voyage embarked in mid-2018 when the International Maritime Organization (IMO), the United Nations agency that sets policies and standards worldwide, embraced its inaugural decarbonization strategy. This course falls ...

The port of Hong Kong, once the world’s busiest, could get a boost after the phase one trade deal between the U.S. and China is signed, according to the managing director of Modern Terminals. The ambiguity brought on by the trade dispute between China and the U.S. in the last two years has created a lot of uncertainty for businesses, particularly for the port business, said Peter Levesque of Modern Terminals — the second largest container terminal operator in Hong Kong. He added that he hopes both sides can get ...