Ministry Of Commerce News

13 Feb 2019

Mnuchin: China Talks "So far, so good"

© windy Li/AdobeStock

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…

01 Jul 2018

Adani Ports Acquires Kattupalli Port

Kattupalli Port. Photo: Adani Group

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.

23 Mar 2018

China Considering New Tariffs on 128 US Products

© Amarinj / Adobe Stock

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.

08 Nov 2017

China OKs Maersk Hamburg Süd Deal

Image: Maersk Line, Hamburg SĂĽd Deal

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.

19 Jun 2017

China Grants 22.92 Mln T of Oil Import Quotas

© victor217 / Adobe Stock

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.

08 Sep 2016

Controversy on Hyundai Joining 2M Alliance

Photo: Hyundai Merchant Marine Co.

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…

21 Jun 2016

FedEx Completes Takeover of TNT Express

Photo: TNT Express

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.

25 May 2016

CMA CGM Proceeds with NOL Takeover after China Okay

File Image: A CMA CGM boxship alongside during cargo operations (credit: Marad)

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)…

25 May 2016

China Okays CMA CGM's Acquisition of NOL

Courtesy NOL

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.

04 Feb 2016

New China Cosco Shipping Commencing Ops

Pic: China Cosco Holdings

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.

31 Dec 2015

Indian Ministry of Shipping to Promote Ease of Biz

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.

03 Nov 2015

Adani Ports profit up 16%

Adani & SEZ

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.

25 Sep 2015

China Probes Shipping Lines

Image: Ningbo Port Group

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…

28 Aug 2015

CFSAI Shifts to New Office in New Mumbai

Mr. Sanjeev Behari, Chief Commissioner (Customs) JNPT cutting the ribbon

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.

29 Jan 2015

China Watching Greece After Port Sale Shelved

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.

09 Oct 2014

Maersk and MSC Ship-Sharing Pact Gets U.S. Clearance

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.

09 Oct 2014

Maersk, MSC Win U.S. OK to Launch Shipping Pact

Richard Lidinsky Jr, Federal Maritime Commission commissioner (Source: FMC)

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.

07 Aug 2014

China Fails to Overturn WTO Rare Earths Ruling

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.

21 Jul 2014

Containership Consortia Set for Further Expansion: Analyst

Vessels Sailing from Asia to Europe also carry cargo for many other destinations: Map DMR

The formation of 2M is only the conclusion of the latest round of mega-alliance negotiations. Ocean carriers are clearly not yet done with mega-alliance expansion following China’s rejection of P3. Maersk and MSC’s subsequent 2M agreement is only the latest. Evergreen and the CKYH alliance are still talking to the US’ Federal Maritime Commission (FMC) about extending the scope of their operating agreement between Asia and Europe to include the US, and CMA CGM has yet to clarify who its new partners will be.

17 Jul 2014

P3 Network Not to be Implemented in China

Vincent Clerc, Chief Trade and Marketing Officer, Maersk Line.

The Chinese Ministry of Commerce (MOFCOM) yesterday announced that they have not approved the P3 Network (P3). P3 was a long-term operational vessel sharing agreement proposed by MSC, CMA CGM, and Maersk Line. The MOFCOM’s decision follows a review under China's merger control rules. The P3 partners take note of and respect MOFCOM’s decision. Subsequently, the partners have agreed to stop the preparatory work on the P3 Network and the P3 Network as initially planned will not come into existence. “In Maersk Line we have worked hard to address the Chinese questions and concerns.

07 Jul 2014

Obama Trade Law Survives Chinese WTO Appeal

U.S. President Barack Obama (White House photo)

China failed to overturn a U.S. law targeting unfair trade subsidies on Monday, when the World Trade Organization's Appellate Body said it did not have enough information to uphold China's appeal against an earlier WTO ruling. China had claimed that the U.S. "Public Law 112-99", also known as the GTX legislation, which was signed by President Barack Obama in March 2012, broke world trade rules, but a WTO dispute panel ruled against it in March. The Appellate Body disagreed with…

06 Jul 2014

Ravi Capoor, Jt. Commerce Secretary Meets FFFAI

Sailesh Bhatia – Vice 	  							Chairman felicitating Ravi Capoor

Federation of Freight Forwarders’ Associations in India (FFFAI) convened conference and a meeting at FFFAI – Mumbai office of its members with Mr. Ravi Capoor, Joint Secretary, Ministry of Commerce to brief members on International North South Transport Corridor (INSTC). FFFAI is doing a dry run study of the bottlenecks on the INSTC route. Mr. Ravi Capoor in his briefing said that there are 4 emerging markets in the world, namely ASEAN, LATIN, AFRICAN and CIS countries. Indian companies are trading with ASEAN…

02 Jul 2014

China M&A Rulings Create Hot Competition for Antitrust Lawyers

China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition. Today, its Ministry of Commerce is the biggest wildcard for dealmakers trying to get a major cross-border deal past anti-trust regulators. The ministry's decision last month to reject Danish shipping group A.P. Moller-Maersk's planned alliance with Swiss and French rivals came as a "big surprise" to Maersk Chief Executive Nils Smedegaard Anderson, whose team had been in close contact with the regulator until days earlier.

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