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
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
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
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
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
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
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.
Maritime vessels are under significant threat of cyber-attack because many are carrying outdated software and were not designed with cyber security in mind, according to new research. But operators could easily mitigate against such dangers by updating security systems
In an interview with Patrik Berglund, the Xeneta CEO says that the introduction of the "commodity" status for the container would benefit both shippers and carriers. Q- In today’s world of Amazon, Alibaba and E-commerce
DP World Yarimca has been officially opened for business by the President of the Republic of Turkey, Recep Tayyip Erdoğan in the presence of senior government officials and executives of DP World. President Erdoğan joined the opening yesterday by teleconference in the presence of the Minister
The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa this is even more the case due to less developed land infrastructure.
China risks "terrible" damage to its reputation if it ignores an impending international court ruling on the South China Sea, the United States said on Thursday, while urging Southeast Asian countries to rally behind the court decision.
French wheat exports to Indonesia are on hold as traders await the approval of a food safety agreement between the two countries, something exporters say is being delayed by Indonesia in retaliation against a French palm oil tax plan.
A top U.S. official on Thursday said China's land reclamation and militarisation in the disputed South China Sea was raising tensions and serious questions about its intention. On a visit to Vietnam, U.S. Deputy Secretary of State Antony Blinken said Washington would continue to play a
China expressed anger on Wednesday after a senior British official said a ruling expected within a few months in an international arbitration case the Philippines has brought against China's South China Sea claims must be binding. Hugo Swire
Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market. The global shipping sector is under pressure from governments to reduce
China has agreed to scrap export subsidies on a range of products from metals to agriculture and textiles, the United States said on Thursday, in a step by Beijing to reduce trade frictions with Washington. China is to end a program known as its "demonstration bases-common service
Singapore and London, 6 April 2016: Singapore Telecommunications Limited (Singtel) and Inmarsat (LSE:ISAT.L) have entered into a strategic partnership to enhance maritime cyber security using Trustwave’s Unified Threat Management (UTM) solution.
Global distillate markets remain heavily oversupplied but the glut will not clear unless the world economy avoids recession and there is a renewed acceleration in freight demand. Recent data have been mixed. The consumer side of the U.S. economy appears to be strong but the industrial side is
Germany's shipping lenders are preparing for sustained pain as weakening trade and an over-supply of ships show no signs of easing, industry officials said. Europe's biggest economy was one of the world's main centres of global ship finance before the 2008 credit crisis and the five most
Rising average temperatures are melting ice; the call goes out for heavy fuel oil to be regulated in Arctic. The Arctic is thawing even faster than lawmakers can formulate new rules to prevent the environmental threat of heavy fuel oil pollution from ships plying an increasingly popular trade
DP World’s British container terminals are to offer container weighing services for UK exporters to determine the Verified Gross Mass (VGM) of each container ahead of new legislation coming into effect from the July 1, 2016.