Ministry Of Commerce News

China's Ministry of Commerce said it was closely tracking developments in the Red Sea in response to the escalating situation there and the country would provide support and assistance to foreign trade enterprises."It is hoped that all parties concerned will restore and ensure the security of shipping lanes in the Red Sea waters," a spokesperson for the ministry said in a statement late Thursday.The ministry said it hopes all parties jointly safeguard the smooth flow of global production and supply chains and the normal order of international trade.(Reuters - Reporting by Bernard Orr and Shang

Chinese utilities and traders have stepped up purchases of Australian coal in February, encouraged by signs of further policy relaxation after trade partially resumed last month following a two-year hiatus.In early January, Beijing gave permission to four government-backed firms, comprising steel giant Baowu Group and three state utilities, to ship in Australian coal, the first sign of an easing of the unofficial import ban in place since late 2020. The ban was imposed after relations…

China more than halved the volume of export quotas for refined fuel, predominantly gasoline, diesel and aviation fuel, under the first allotment for 2022, while raising the allowances for low-sulphur fuel oil by 30%, industry sources said on Tuesday.The deep cuts to refined fuel, largely expected by the market, was in line with the Chinese government's recent policy to curb excessive domestic refinery production amid a broad plan to reduce carbon emissions, the sources said.Quotas for refined fuel exports totalled 13 million tonnes under the batch…

China has issued new export quotas for the export of low-sulphur fuel oil (LSFO) used to power ships and for other refined fuels such as gasoline and diesel for the rest of 2021, according to a trading source and document reviewed by Reuters on Thursday.Under the new quotas, 1 million tonnes of LSFO can be exported while 1.579 million tonnes of refined fuels can be shipped, according to the source and the document issued by the Ministry of Commerce.The new issue brings this year’s total permits for refined fuel exports to about 38.6 million tonnes…

China is set to release its first-ever quotas to export very low sulphur fuel oil (VLSFO) with total volumes of 10 million tonnes for this year, six industry officials with knowledge of the matter said on Tuesday.The quotas, which came in the wake of Beijing’s policy in January to offer tax sweeteners to boost local production of the fuel, paves the way for Chinese refiners to almost fully cover the demand from its coastal bonded marine fuel market of 12-14 million tonnes annually.The quotas will be issued to four state-run firms - Sinopec Group, CNPC, China National Offshore Oil Company (CNOO

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…

India's largest port developer Adani Ports and Special Economic Zone (APSEZ) has agreed to pick up 97% stake in Marine Infrastructure Developer (MIDPL) from Larsen & Toubro at an enterprise value of Rs 1,950 crore ($284 million). According to a press release from the company, Kattupalli Port is one of the most modern ports in India emerging as Chennai’s New Gateway for EXIM trade in Chennai/Bangalore region and provides a whole new dimension of services with speed and sophistication. Amongst the many advantages of Kattupalli port is its unique location – it is located 30 kilometers towards north of Chennai and has connectivity with  hinterland of North Tamilnadu, Chennai,  Bangalore region and South Andhra Pradesh – locations which are highly industrialized.

China's commerce ministry said on Friday that it may impose additional tariffs on up to $3 billion of U.S. imports in response to U.S. tariffs on Chinese steel and aluminum products. The ministry said it was considering implementing measures in two stages: first, a 15 percent tariff on 120 products including steel pipes, dried fruit and wine, and later, a 25 percent tariff on pork and recycled aluminum. Below is a list of 128 U.S. 83  22043000  Grape juice other than that of heading item No.

The Ministry of Commerce (MOFCOM) in China approved Danish shipping giant Maersk Line’s proposed acquisition of Hamburg Süd, reported Reuters. Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros ($4.3 billion) to buy German rival Hamburg Sud. However, China has put in place restrictions on Hamburg Süd and Maersk Line’s use of vessel-sharing agreements (VSA). The ministry, in a statement, said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal. The company will withdraw some ships from certain routes such as the Far East-western coast of South America, it added.

China has issued a second batch of oil import quotas that will allow independent refiners and some state companies to import a total of 91.73 million tonnes of crude (1.83 million barrels per day) in 2017, a document obtained by Reuters showed on Monday. The Ministry of Commerce approved a second batch of quotas of 22.92 million tonnes and added three companies to the list of recipients, that is mostly comprised of independent refiners, the document said. Company officials at five independent refiners told Reuters that they have received a second batch of crude import quotas.

The world’s largest shipping alliance 2M partners - Maersk Line and Mediterranean Shipping Co  (MSC) -  have been quick to offer shippers an alternate service on the transpacific trade in the wake of Hanjin Shipping’s collapse. The Partners are all set to  fill the gaps created by Korean owner’s receivership. However, there is controversy over legal force of the contract in which Hyundai Merchant Marine Co. (HMM) signed to join 2M, reports Business Korea. It has been found that HMM signed a memorandum of understanding (MOU) with Maersk Line and MSC in July to join the 2M alliance, not a typical contract that other companies sign to join an alliance. So, the MOU has less legal binding force than the contract.

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately. The companies say customers will interact with each company as they always have and once the integration is complete, FedEx says they will benefit from an expanded global offering. FedEx chairman and CEO Frederick Smith said the deal combines the world’s largest air express network and an “unparalleled” European road network. “This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners,” said Smith.

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China, the French group said. CMA CGM received on Wednesday confirmation of the deal's approval by the anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM), it said in a statement. "With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest," it said. The European Commission gave its approval to the deal at the end of April.

CMA CGM S.A. (CMA CGM), a global leader in container shipping, announces that it has received today confirmation that its pending acquisition of Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03), has been cleared by the Anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM). With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest. For more information about the proposed transaction, please visit the dedicated website www.ccn-web.com.

China's Ministry of Commerce has approved the merger of China Ocean Shipping (Group) and China Shipping (Group) so that the combined company can begin full operations. The company sources said, the newly merged entity will officially be launched and commence operations in Shanghai on February 18. Meanwhile, the shareholders of the Hong Kong-listed listed entities of China Ocean Shipping (Group) and China Shipping (Group) have approved the joint asset restructuring of the two shipping conglomerates. Three Hong Kong listed entities (China Cosco Holdings, Cosco Pacific and China Shipping Container Lines) received over 99% of the votes approving the reorganisation. Xu Lirong, current chairman of CSG, will lead the new China Cosco Shipping Corporation.

Promoting ease of doing business has been at the core of the efforts of the Ministry during the year. Focus has beenonsimplifying procedures by removing irritants that make it cumbersome to carry on business smoothly. Obsolete Rules under the Merchant Shipping Act, 1958 weeded out: The Ministry of Shipping has decided to rescind 13 Rules under the Merchant Shipping Act, 1958 (as amended), having found them to be obsolete and unnecessary. Out of the 13 Rules, 6 has been rescinded and 7 have been pre-published before rescindments. Ship Repair Units no longer required to register with DG Shipping: The Ministry simplified the procedure and eliminated the requirement of registration of Ship Repair Units (SRUs) with Directorate General (Shipping).

China lost an appeal at the World Trade Organization in a case brought by the United States, the European Union and Japan to challenge China's restrictions on exports of rare earths, according to a WTO Appellate Body ruling published on Thursday. "... China has not demonstrated that the export quotas that China applies to various forms of rare earths, tungsten and molybdenum by virtue of the series of measures at issue are justified ... " the document's conclusion said. China produces more than 90 percent of the world's rare earths, which are key elements in defence industry components and modern technology from iPhones and disk drives to wind turbines. It imposed strict export quotas in 2010, saying it was trying to curtail pollution and preserve resources.

Maersk Line and Mediterranean Shipping Co (MSC), the world's two largest container shippers, won approval from U.S. maritime regulators for a planned vessel sharing pact, bringing it a step closer after a bid for a larger alliance failed. The so-called 2M alliance would see the two carriers pool 185 ships on European, transatlantic and transpacific services, which Maersk Line says would save it $350 million a year. The proposal follows the rejection in June of a larger planned venture involving Maersk, MSC and France's CMA CGM by China's Ministry of Commerce on competition grounds.

Top container shipping companies A.P. Moller-Maersk and MSC Mediterranean Shipping Co cleared the last regulatory hurdle to launch a vessel-sharing pact, but companies that use their services voiced concerns, particularly in China. The tie-up won U.S. approval on Wednesday after four out of five commissioners at the Federal Maritime Commission (FMC) voted not to seek further information from the two shippers about the impact of the alliance on exporters and ports, one of the commissioners told Reuters. Maersk said the approval had been the last it needed from regulators around the world, including in China and the European Union, and that the alliance would begin operations in January.

Container Freight Station Association of India (CFSAI) has set up a full-fledged Secretariat and moved to its new office at “Anchorage Building” in Dronagiri  Node on 26th August 2015. Mr. Sanjeev Behari, IRS,  Chief Commissioner of Customs, Nhava Sheva was the Chief Guest on this occasion who formally inaugurated the office. The distinguished Board members of CFSAI includes the President Shri. Adarsh Hegde and Vice President Shri. V Padmanabhan and Capt. Nishit Joshi welcomed Mr. Sanjeev Behari and Mr. Rakesh Goel, IRS, Addl Commisoner (Exports) and all members of CFSAI. At the function,  Mr. Sanjeev Behari  addressed the CFSAI members in the  newly opened office and mentioned that JNPT’s growth in the last two years was marginal as compared to the other ports such as Mundra…

Seven of Chinese state departments are investigating four local shipping companies over allegations that they have levied arbitrary and excessive charges for port services following complaints from foreign trade firms, reports Reuters. The National Development and Reform Commission had so far found that some shipping companies “have too many items on document charges and unreasonable telex release charges,” the notice said. The companies are Ningbo Dagang Pilotage, a subsidiary of Ningbo Port Group, Nantong Youbang Port Services, Taizhou Dingan Ocean Shipping Services, and Dandong Dehai Ship Services, which operate at the ports of Ningbo, Nantong, Taizhou and Dandong, respectively.

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations. “Consolidated PAT for Q2FY16 increased by 16 per cent to Rs. 667 crores as against Rs. 574 crores in Q2 FY15,” APSEZ spokesman said. It had reported net profit of Rs. 573.52 crore for the second quarter, July-September, of the 2014-15 fiscal. Consolidated cargo across all ports handled by the company was 76 MMT in H1FY16, an increase of 10%, over corresponding period last year. Adani ports at Mundra handled 57 MMT cargo in H1FY16 thereby continuing its leadership as the largest commercial port in India.

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port, China's trade ministry said on Thursday. The Greek government last year had shortlisted China's Cosco Group as a potential buyer of a 67 percent stake in Piraeus Port Authority. But Greece stopped the sale this week, saying it would be put on hold as newly elected Prime Minister Alexis Tsipras halted privatisation plans agreed under Greece's bailout deal. "We are paying a great deal of attention," Shen Danyang, the spokesman for China's Ministry of Commerce, said when asked about the suspended deal.