Captain Wei Jiafu, President and CEO of China Ocean Shipping Company (COSCO), recently endorsed the potential Panama Canal expansion, citing that a more modern, Canal will benefit the global economy and world trade. Nearly five percent of total world trade transits the Panama Canal. Of this trade, 88 percent flows between the United States and Asia. In a speech given in Panama last month, Captain Wei stated that with the rapid development of China’s economy, the Panama Canal becomes more important as a vital link for China to import and export goods to and from the East Coast of the United States, the Caribbean and the East Coast of South America. “I fully support this expansion plan. I believe that the expansion of the Canal will enable more ships to utilize the Panama Canal. It will not only strengthen Panama financially by bringing considerable revenues, promote development of Panama’s maritime industry, and ensure Panama’s position as the regional maritime center, but it will also benefit the growth of regional and world trade,” said Captain Wei.
The British government will press the U.S. to agree to a liberalization of shipping services at the next round of world trade negotiations, according to a government minister. "The Government will press the U.S. strongly to come on board with a meaningful liberalizing offer," junior trade and industry minister Patricia Hewitt said. However, she conceded that negotiations on maritime transport services could be difficult when the World Trade Organization meets in Seattle in December
Steel salvaged from the World Trade Center is headed to the Ingalls Shipyard in Mississippi. The steel was removed Friday from the Fresh Kills landfill on Staten Island, N.Y. and will be used in the USS New York. The structural steel, weighing about 20 to 30 tons, will be melted down and used to configure the leading edge of the ship’s bow according to a Northrop Grumman spokesman. The USS New York will be the fifth of the 12 amphibious assault ships in the San Antonio class and is
December 31, 2009, marked a decade of management of the Panama Canal by Panama. This vital trade artery has long stood as one of the world’s most recognized and respected engineering marvels and a crucial link in the global supply chain. Building on this, the decade of Panamanian stewardship and leadership has been evidenced by change, achievement and growth. By nearly every measure, the Canal’s role in world trade and value to global commerce has increased significantly in the
HSBC reminds UAE forum of growing importance of MENA (Middle East, North Africa) & China trading corridors Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said HSBC at its Middle East and North Africa (MENA) and China Forum recently held in the UAE. Emphasising the growth of China as a trading powerhouse
A U.S. House subcommittee voted on Wednesday to advance a bill that would eliminate the need for government approval of U.S. liquefied natural gas exports to countries that belong to the World Trade Organization. The legislation, which will be considered by the full House energy committee, would essentially end the Energy Department's review of LNG export applications. (Reporting by Ayesha Rascoe; Editing by Jeffrey
ABS confirms that all employees of its New York Executive Office, located on the 91st floor of One World Trade Center, evacuated safely from the building. The office normally staffs 22 people. At the time of tragedy 16 employees were either in the office or in transit to the office. All 16 employees are accounted for. Physical injuries were limited to minor cuts and abrasions. "It is miraculous given the point of impact of the aircraft was immediately above the ABS offices
The presentation of an Export Achievement Certificate to Small and Medium-Sized Firms was awarded to WESMAR in late May of 2002 by the United States Department of Commerce, International Trade Division. Commerce Deputy Secretary Samuel Bodman highlighted World Trade Week by presenting three Washington companies with the U.S. Department of Commerce's Export Achievement Award. The award recognizes business clients of the Department's Commercial Service that have used their services to make
Braemar Adjusting has underlined its commitment to the Middle Eastern onshore and offshore Energy Insurance Market by opening a dedicated loss adjusting operation, based in Dubai. With effect from 1 April 2013, Chris Eades, Regional Director for the Middle East, and Senior Adjuster Sam Foster, will start working from the Dubai World Trade Center Building offices of sister company Braemar Salvage Association, before moving into their own Braemar Adjusting offices later in the year.
The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research. According to a new report from Drewry Shipping Consultants Ltd, the risks from a slowdown in Chinese consumption to container shipping are far smaller than for the dry bulk sector, but they are not inconsiderable and will contribute to slowing world box growth. Container-shipping lines
China accused the United States on Monday of seeking maritime hegemony in the name of freedom of navigation after a U.S. Navy destroyer sailed within 12 nautical miles of a disputed island in the South China Sea. China claims most of the South China Sea
On February 3, United Nations (UN) Secretary-General Ban Ki-moon visited the headquarters of the International Maritime Organization (IMO), the United Nations specialized agency with responsibility for ship safety, maritime security and prevention of pollution from ships.
For good or for bad, shipping market analysts have looked at trade growth ‘multipliers’ for many years, says Clarksons Research. In 2015 global seaborne trade is estimated to have grown by 2.1%, in a year when the world economy grew by 3.1%
Shipping impacts the world in many positive ways by enabling trade around the world, But despite all the positive impacts, you also have negative impacts, especially environmental impacts, CNBC quoted as Mads Stensen, global sustainability manager at Maersk saying.
Press release - The global shipping industry, represented at the United Nations Conference in Paris by the International Chamber of Shipping (ICS), fully supports a global deal on climate change. The shipping industry is committed to ambitious CO2 emissions reduction across the entire
Nantong COSCO KHI Ship Engineering Co. (NACKS) and Lloyd’s Register have together developed a new 28K dual-fuelled multi-purpose vessel (MPV) design The design is an evolution of NACK’s established 28K MPV design; the new design is fitted with a 500m3 Type ‘C’ LNG
The Maersk Group welcomes the final Paris agreement among some 195 countries, covering more than 90% of global greenhouse gas emissions. The Group is however disappointed that the outcome does not regulate the environmental impact of shipping.
Global marine terminal operator DP World has agreed to a set of 11 principles designed to help tackle the US$ 19 billion illegal wildlife trade. In a groundbreaking meeting in London last week, members of the United for Wildlife International Taskforce on the Transportation of Illegal
The Indian Register of Shipping (IRClass), a ship classification society, has issued a ringing endorsement of the COP21 agreement at the United Nations Climate Conference in Paris. Arun Sharma, CMD, IRClass represented the voice of the Indian Shipping fraternity at the recently concluded
The North American spat pitting Canada and Mexico against the United States over meat labels has sown confusion among producers and shippers in all three countries, with a trade war potentially just weeks away. The World Trade Organization on Monday authorized Canada and Mexico
Freight rates on world's busiest route down 20.6 pct; forward contracts indicate continued weak 2016 market. Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 20.6 percent this week and there is nothing to indicate that shippers can expect
ZIM Integrated Shipping Services has announced the expansion of its refrigerated container fleet in order to answer the demand for its innovative ZIMonitor service. Launched in early 2015, ZIMonitor allows customers to track, monitor and remotely control sensitive
European shipowners welcome the European Parliament’s INTA Committee recommendations to the European Commission on the ongoing negotiations of the Trade in Services Agreement between some of the world’s leading economies.
The Indian government’s has been going all out to put the growth of the Indian maritime Industry on a fast track by opening up a host of opportunities, offering goodies and putting in place new facilities. Setting the tone for his keynote address at the 9th Biennial International Conference
China's foreign ministry said on Saturday a U.S. warship that sailed near an artificial island claimed by Beijing and several other nations has violated Chinese law by entering its territorial waters. China claims most of the South China Sea