China’s Crisis Not Impacting Tanker Market
In its latest weekly report, London-based shipbroker Gibson noted on China that “certainly, Chinese manufacturers have lost their appetite for commodities which has impacted heavily on demand for coal, iron ore and copper with an obvious impact on the dry cargo market. China has taken advantage of the low crude oil prices to fill both their strategic reserve as well as commercial inventories. Crude oil imports to China hit a record 7.6 million b/d in July and are anticipated to remain at elevated levels into second-half of 2015 despite the slowdown in economic growth. The People’s Republic is continuing to build vast storage caverns to house the expanded strategic petroleum reserve (SPR) which will continue to support crude imports and thus VLCC trade.
Cosco CSCL Merger Talks Continue
The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media. According to JoC, the Chinese executives of the carriers have been tight lipped on the discussions, but it is widely believed that the lines are thrashing out ways to merge the container and bulk shipping divisions. Reports say that the Beijing government would like preliminary merger plan within three months, beginning from August. The merger is in line with China's current strategy of consolidation of state-owned enterprises (SOE).
Chinese Billionaire Backs Nicaragua Canal Plan
Wang Jing, the enigmatic businessman behind Nicaragua's $50 billion Interoceanic Grand Canal, shrugs off scepticism about how a little-known entrepreneur can be driving a huge transcontinental project, insisting he's not an agent of the Beijing government. "I know you don't believe me," said Wang, who reckons that he's forked-out about $100 million in canal preparation work, and is burning as much as $10 million a month on the project. Wang grabbed global headlines last June when he sealed a controversial no-bid 50-year renewable concession from Nicaragua's Sandinista government to develop the $50 billion canal to rival Panama's, and related facilities. Nicaragua preparation is on schedule, Wang said.
China's "Ordinary" Billionaire Behind Nicaragua Canal Plan
Wang Jing, the enigmatic businessman behind Nicaragua's $50 billion Interoceanic Grand Canal, shrugs off scepticism about how a little-known entrepreneur can be driving a huge transcontinental project, insisting he's not an agent of the Beijing government. "I know you don't believe me," said Wang, who reckons that he's forked-out about $100 million in canal preparation work, and is burning as much as $10 million a month on the project. "You believe there are people from the Chinese government in the background providing support. High-ranking Chinese officials including President Xi Jinping, Premier Li Keqiang and former leaders Jiang Zemin and Wen Jiabao have all visited the state-connected wireless communication technologies company Wang took control of four years ago.
China's Second Largest Box-ship Operators to Diversify
Container ship operators China Shipping Group Co, seek to invest in other areas Bloomberg reports China's second-largest container line, is looking for acquisitions in areas including shipbuilding and port operations as the industry struggles with overcapacity and slowing economic growth, said Group Chairman Li Shaode at a Beijing government meeting.
