Mnuchin: China Talks "So far, so good"
U.S. Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute."So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.U.S. tariffs on $200…
China’s Oil and Gas Industry to Focus on Environment Impact
China’s oil and gas industry is set to reinforce efforts to reduce environmental impacts of its projects and operationsin 2019, said a research.According to a new research from DNV GL, six in ten (61%) senior oil and gas professionals in China say their organizations are actively preparing for the transition to a lower carbon energy mix compared to 51% globally. Industry leaders’ focus on decarbonization aligns with the Chinese government’s new ‘Blue Sky’ plan to tackle air pollution…
First U.S. Crude Cargoes Head to China Since Trade Breakthrough
Three cargoes of U.S. crude are heading to China from the U.S. Gulf Coast, trade sources said on Monday, the first departures since late September and a 90-day pause in the two countries' trade war that began last month.The vessels left Galveston, Texas, last month and are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data. The shipments mark a change since Chinese buyers largely began avoiding U.S. oil during the trade dispute that flared last summer."It looks like China has resumed purchasing U.S.
Interview: Shuichi Iwanami, Commandant, Japan Coast Guard
As the Japan Coast Guard celebrates its 70th anniversary, Maritime Reporter & Engineering News offers insights on the current status and future direction of the JCG courtesy of an interview with Shuichi Iwanami, Commandant, Japan Coast Guard.*Note: At the time this interview was conducted, Shuichi Iwanami was still Vice Commandant for Operations.Could you please tell us the history and future development of the Japan Coast Guard (JCG)?The JCG, in 2018 celebrates the 70th anniversary of its foundation. When it was founded, the Japanese waters were in an eclipse period.
Sinopec Adds LNG Tank at Tianjin Terminal
China's Sinopec Corp completed adding a third tank to store liquefied natural gas at its receiving terminal in Tianjin, marking the completion of construction of the first phase of the import facility, the state oil and gas group said on Tuesday.The terminal, in the northern port city Tianjin, near Beijing, began operations last February. It has an annual receiving capacity of 3 million tonnes and an annual supply capacity of 4 billion cubic meters (bcm).The terminal has so far this year received 22 shipments of LNG that totaled 1.46 million tonnes in volume.
US Navy Ship Denied Entry into Hong Kong Port
China has denied a request for a U.S. warship to visit Hong Kong, the U.S. consulate in the Chinese city said on Tuesday, amid rising tension between Beijing and Washington over trade and a U.S. decision to sanction the Asian nation's military.The amphibious assault ship Wasp had been due to make a port call in the former British colony of Hong Kong in October, diplomatic sources said."The Chinese Government did not approve a request for a U.S. port visit to Hong Kong by the USS Wasp…
China's Stricter Ship Emissions Rules a Boon for IMO 2020 Compliance
Tighter rules on shipping emissions around China's coastlines from the start of next year is a clear sign the world's No.
EU Must Speed Up Approvals of Asian Shipbeaking Yards
The European Union should step up its assessment of Asian shipbreaking yards to allow the effective implementation of the Hong Kong Convention, said Maritime Strategies International (MSI).In its MSI Foresight, the independent research and consultancy firm noted that by December 31 2018, all vessels flying the flag of an EU member state (around 12% of the current global merchant fleet) will need to comply with the EU Ship Recycling Regulation (SRR); the rule that brought the Hong Kong Convention into EU law.From 2019 onwards…
DP World, China Signs Agreement to Boost International Trade
An agreement to jointly construct a new ‘Traders Market’ at DP World’s flagship Jebel Ali Port and Free Zone in Dubai on a total build up area of three million square metres has been signed between the global trade enabler and the Zhejiang China Commodities City Group, providing further impetus to China’s Belt and Road Initiative.DP World will be building the ‘Traders Market’ within the Jebel Ali Free Zone Area located in Jafza South next to the Dubai Expo 2020 site.The market will include clusters of traders from all over the world, offering a wide range of products at one site.
Asian Refiners Rush to Secure Feedstock as Trade War Looms
U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S. tariffs, China has threatened a 25 percent duty on imports of U.S. crude. Meanwhile, Washington's new sanctions against Tehran are due to kick in from November.
Shippers Push to Undermine EU Ship Recycling Regulation
The EU member states’ experts on ship recycling met in Brussels to discuss the latest developments, six months ahead of the application of the 2013 Ship Recycling Regulation. With the recent decision by the Chinese government to stop the import of end-of-life ships for scrapping, the shipping industry is quick to lament that there will not be enough recycling capacity and that there will be too few options for them under the EU List of approved recycling facilities. The industry claims that the standard set by the EU must be lowered so that beaching yards can be approved.
What Can Beijing Do if China-US Trade Row Worsens?
China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war.Trump said Monday his threat was retaliation for China's decision to raise tariffs on $50 billion of U.S. goods over the weekend, a move that itself was in response to additional U.S. tariffs on Chinese…
Beijing's South China Sea Building Boom Grows
At first glance from above it looks like any clean and neatly planned small town, complete with sports grounds, neat roads and large civic buildings. But the town is on Subi reef in the Spratlys archipelago of the hotly contested South China Sea and, regional security experts believe, could soon be home to China's first troops based in the maritime heart of Southeast Asia. Private sector data analysis reviewed by Reuters shows Subi, some 1,200 km (750 miles) from China's coast, is now home to nearly 400 individual buildings – far more than other Chinese islands.
Japan, China Agree Trade War Will Harm Global Economy
Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.
Philippines Eyes Exploration Deal with China in S.China Sea
The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty. "We're trying to see if we can achieve an agreement…
Trump to Unveil China Tariff List
The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world's two largest economies. The list of $50 billion to $60 billion worth of annual imports is expected to target "largely high-technology" products and it may be more than two months before tariffs take effect, administration officials have said. The U.S. Trade Representative's office needs to unveil the list of products by Friday under President Donald Trump's China tariff proclamation signed on March 22. The tariffs are aimed at forcing changes to Chinese government policies that USTR says results in the "uneconomic" transfer of U.S. intellectual property to Chinese companies.
Asia-U.S. Trade to Grow 7%
About 500 people gathered at the Long Beach Convention Center for the event, which brings together a panel of shipping and trade experts to offer their perspectives on industry trends and how they affect the San Pedro Bay port complex. One of the panelists, Drewry Maritime Research Senior Quantitative Economist Mario Moreno, predicted Asia-U.S. trade will grow 6.8 percent in 2018, the fastest pace in more than half-a-dozen years. He also estimated the overall U.S. economy will expand 2.8 percent.
Oil from Sunken Tanker Sanchi Reached Japan's Shores
Oil that reached islands in southern Japan earlier this month is highly likely to have come from the sunken Iranian tanker Sanchi, the Japan Coast Guard said on Thursday. Samples of oily matter that washed up on Feb. 8 on the shores of the Okinoerabu and Yoron islands in the Amami chain were found to be linked to the Sanchi's sinking, the Coast Guard said. The Sanchi sank on Jan. 14 after colliding with a freighter on Jan. 6 in the world's worst oil tanker disaster in decades.
Oil From Sunken Iranian Tanker May Have Reached Japan
Clumps of oil have washed up on the shores of southern Japan and there are fears they may be leaking from an Iranian crude tanker than sank in the world's worst such disaster in decades, the Japanese Coast Guard said on Friday. Black clumps have reached the shores of the island of Amami-Oshima, a coast guard official told Reuters by phone. Authorities are checking to see if it is from the Sanchi (IMO:9356608) tanker that sank in the East China Sea last month, after being alerted to its presence by the public.
Fujian Mawei Shipbuilding Bags Ocean Tankers Order for Six Vessels
Ocean Tankers, the provider oil tanker shipping and chartering services to oil companies and trading houses, has ordered six handy-sized tankers to be built at the Chinese shipbuilding facility Fujian Mawei Shipbuilding, said a report in Reuters. The report said that the Singapore based tanker company has placed the order for an undisclosed sum as the company renews and expands its fleet and ships are expected to be delivered by 2020. The order is for 23,500-deadweight tonne (dwt) tankers that can carry crude, clean or dirty oil products, to be delivered in stages by the end of the decade.
Iranian Tanker Produces 2 Slicks in East China Sea
An Iranian oil tanker that sank in the East China Sea has left two oil slicks covering a combined 109 square km (42 square miles), the Chinese government said, as maritime police scoured for damage and prepared to explore the wreck. Satellite imaging showed a slick of 69 square km (26.6 square miles) and a second 40 square km (15.4 square miles) slick, which is less thick and not as concentrated, the State Oceanic Administration (SOA) said in a statement late on Tuesday. The large tanker Sanchi (IMO:9356608) sank in the worst oil ship disaster in decades on Sunday…
China Oil Spill Compensation Claims Face Iran Payment Snags
The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…
Rescuers Resume Search for Sanchi Survivors
Rescue boats resumed their search in choppy waters of the East China Sea on Thursday for any survivors from the stricken Iranian oil tanker that collided with a freight ship and burst into flames at the weekend, the Chinese government said. The ship remains at risk of exploding and sinking due to spilled oil as the fire raged for a fifth day, the Ministry of Transportation said in a statement on Thursday. Rescue crews were forced to retreat on Wednesday after a blast on the tanker.