Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
China's First Home-built Aircraft Carrier Begins Sea Trials
China’s first domestically built aircraft carrier headed out for sea trials on May 13, Chinese state media reported. The report said that the new aircraft carrier, temporarily named Type 001A, sailed out at around 7 a.m. in Dalian, in the northeast province of Liaoning. The Chinese Navy — officially the People’s Liberation Army Navy — already has one operational carrier, the Liaoning, which it bought unfinished from Ukraine after the collapse of the Soviet Union. So, the 50,000-tonne ship will become the country's second aircraft carrier…
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.
U.S.-China Trade Battle Heats Up
Dueling tariffs raise fears of long A U.S.-China trade fight resulting in duties on $34 billion worth of each other's imports was seen dragging on for a potentially prolonged period, as Washington and Beijing flexed their muscles with no sign of negotiations to ease tensions.Friday marked the start of the U.S. duties that were promptly met with retribution by China, as Beijing accused the United States of triggering the "largest-scale trade war."The escalating fight between the…
Chinese Exports Accelerate Even as Trade War Escalates
China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23.In a statement on its official website late on Wednesday, China's commerce ministry criticised the U.S.
China Will Hit Back After New US Tariffs
China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions "completely unacceptable".The foreign ministry described Washington's…
China Constructs New Terminal in Suez Canal
China Harbour Engineering Company (CHEC) began the main phase of the construction of a new terminal basin in Sokhna Port south of the Suez Canal northeast of Egypt, said he state media Xinhua.According to the report, the project was assigned to CHEC by the Sokhna branch of the Emirati corporation DP World, the main investor and container operator in the port located at the Gulf of Suez.CHEC sources said it will deliver the "Basin 2" project in fewer than 12 months ahead of the deadline.The report quoted Chen Shuang…
China's New Shenzhen Terminal Receives First LNG Cargo
China National Offshore Oil Company (CNOOC) started operating a new import facility in southern China for liquefied natural gas (LNG), state media reported on Wednesday.The terminal in the city of Shenzhen, near Hong Kong, on Wednesday received a 93,000-tonne LNG cargo from Qatar, Securities Daily reported, making it the state firm's ninth LNG terminal in operation.The new facility has four tanks each sized 160,000 cubic meters and a berth able to dock 266,000 cubic-meter tankers, with annual handling capacity of 4 million tonnes, according China Environment News.CNOOC's press office was not a
CNOOC to Expand Jiangsu Binhai LNG Project
China's CNOOC plans to expand its LNG project in eastern Jiangsu province to meet rising demand from more regions, state-media China News reported citing a project manager from CNOOC.CNOOC will lift the storage tank facility of each of the four tanks linked to the Jiangsu Binhai LNG receiving terminal to 220,000 cubic meters, up from 160,000 cubic meters, China News said.Total investment in the project rose to 17 billion yuan ($2.46 billion), up from 14.4 billion yuan, China News said.The terminal and its storage tanks will be able to serve a broader region including the provinces of Jiangsu, Anhui, Henan and Shandong, where the government is switching winter heating fuel to gas from coal.The first phase of the project, with a supply capacity of 3 million tonnes, will be completed in Septe
China Launches New Class of Naval Destroyer
China's military on Wednesday launched a new type of domestically-built destroyer, state media said, the latest addition to the country's rapidly expanding navy. The 10,000-tonne warship was launched at the Jiangnan Shipyard in Shanghai, the official Xinhua news agency said, making it the first of the People's Liberation Army Navy's "new generation" destroyers. "It is equipped with new air defence, anti-missile, anti-ship and anti-submarine weapons," Xinhua said, without giving further details. The state-run Global Times newspaper said the ship was believed to be the first Type 055 destroyer, which is considered to be a successor class to the smaller Type 052D guided missile destroyers. China is still producing the latter and commissioned one, the Xining, in January.
Thirteen Dead as Fishing boat and Tanker Collide
Thirteen Chinese fishermen died after their boat collided with a Hong Kong oil tanker in international waters off Japan, state media Xinhua reported on Friday, citing sources at China's consulate in Osaka. Three people were found alive after Thursday's collision. It was not known if there was any damage to the tanker or what caused the accident. The two vessels collided 400 km (240 miles) north of the Oki Islands in the Sea of Japan, also known as the East Sea, east of North Korea, state media reported. The identities of the victims have not yet been confirmed, Xinhua reported. The 290-tonne Chinese fishing vessel Lurong Yuanyu 378 had 16 people on board, according to the South China Morning Post.
China Unveils Huge Island Building Vessel
China has has unveiled a massive island-building vessel, which has been called “a magic island-maker” by its designer and is considered the most powerful vessel of its type in Asia, the state media reported. Named Tian Kun Hao, the ship is reported to have a deck the size of nine basketball courts and be capable of dredging up to 6,000 cubic meters an hour and digging as deep as 35 meters under the sea floor. The ship, capable of building artificial islands of the sort the country has constructed in the contested South China Sea…
China to Roll Out Smart Crude Oil Carrier
China's Dalian Shipbuilding Industry Co (DSIC) is working on China's first smart crude oil carrier - a special project named "smart ship 1.0 R&D - which will incorporate technology to help the captain operate the ship. The Chinese state media quoted Guan Yinghua, deputy chief engineer of DSIC as saying that the project was assigned by the Ministry of Industry and Information Technology. Guan said that the very large intelligent crude carrier will be the most important result of the project. She said the smart vessels represent the future.
Shanghai Port Sets New World Record
The annual handling capacity of Shanghai Port surpassed 40 million TEUs (twenty-foot equivalent units), breaking an existing world record, the Chinese state media reported. Xinhua quoted the Shanghai International Port Group saying that Shanghai Port started container transportation in 1978 with a handling capacity of 7,951 TEUs that year. As one of China's largest ports, its throughput exceeded 30 million TEUs in 2011. In December 2017, Shanghai Yangshan Deep Water Port, the world's biggest automated container terminal, started trial operations.
Salvage, Rescue Crews Battle Oil Tanker Fire
Body of crew member found on board; casualty might be worst tanker oil spill since 1991 and concerns grow that tanker may explode, sink. Rescue crews wrestled to bring a blaze on an Iranian oil tanker off China's east coast under control on Monday as fire raged for a second day following a collision with a grain ship, while the body of one of the 32 missing crew members was found on aboard. Concerns were growing that the tanker, which hit a freight ship on Saturday night in the East China Sea and burst into flames…
Tanker Continues to Burn in East China Sea
Strong winds, high waves and toxic gases are hindering dozens of rescue boats struggling to locate missing sailors from a stricken oil tanker in the East China Sea and to extinguish a fire that has burned for the past three days on the ship. The poor conditions, with rain and waves as high as 3 metres (10 feet), frustrated efforts to tame the fire and search for the 31 remaining tanker crew members, China's Ministry of Transport said in a statement on Tuesday. The flames were forcing the South Korean Coast Guard's search and rescue team to stay as far as 3 miles (4.8 km) away from the tanker…
Stricken Iranian Oil Tanker Keeps Exploding
The stricken Iranian oil tanker Sanchi keeps exploding, hampering efforts to extinguish the fire and rescue survivors, state media Xinhua said on Friday, citing the Ministry of Transport, as the blaze raged and worries grew the ship may break up and sink. The week-long rescue effort following the tanker's collision with a freight ship on Saturday night has been roiled by poor weather, including 3-metre (10 feet) high waves and strong winds, and toxic fumes from the burning oil. Dozens of the rescue boats were forced to retreat from dousing the tanker with foam on Wednesday due to an explosion.
Burning Tanker Drifts into Japan's Economic Zone
A stricken Iranian oil tanker continued exploding on Friday, hampering rescue efforts, Chinese state media reported, as Japan's Coast Guard said the ship drifted away from the Chinese coast and into Japan's exclusive economic zone (EEZ). The ship, which has been ablaze for almost a week since it collided with another vessel on Saturday night in the East China Sea, was about 286 km (178 miles) northwest of Sokkozaki on the island of Amami Oshima as of 0700 GMT on Friday, the Japan Coast Guard said in a statement.
China Rolls-out World's Second-Largest Ore Carrier
The second-largest ore carrier in the world was officially named Yuanhehai and delivered to China Ore Shipping, affiliated with China Cosco Shipping Corporation, in Shanghai, the state media reported. The 400,000-dwt mega ship, which is 362 meters long, 65 meters wide and 30.4 meters high, was delivered almost a year after the deal was made in 2016, China News Service reported. The Yuanhehai is the second-generation very large ore carrier (VLOC) designed by Shanghai Waigaoqiao Shipbuilding Company. The delivery was the first ship of the second-generation VLOC.
Lebanon Rejects U.S. Proposal on Disputed Waters with Israel
Parliament Speaker Nabih Berri told a U.S. envoy on Friday that Lebanon rejects current proposals over the disputed marine borders with Israel, state media said. U.S. diplomats have been mediating between Lebanon and Israel over tensions including an Israeli border wall and Lebanon's decision to begin exploring for offshore energy near a disputed patch of water, officials said. Acting Assistant U.S. Secretary of State David Satterfield also met Foreign Minister Gebran Bassil and Prime Minister Saad al-Hariri on Friday. "What is proposed is unacceptable," Lebanon's NNA cited Berri as saying in a meeting with Satterfield. This was an apparent reference to a maritime demarcation line proposed by U.S. diplomat Frederic Hof in 2012.
Huge Ore Carrier Delivered to Vale
Shandong-based Qingdao Beihai Shipbuilding Heavy Industry Co, a subsidiary of Wuchang Shipbuilding Industry Group Co, delivered a very large ore carrier (VLOC) to Brazilian miner Vale SA, said Chinese state media. China Daily said that the ship, named Ore Tianjin, has 400,000 metric tons' carrying capacity and is the first VLOC the group has made for Industrial and Commercial Bank of China Leasing. Aiming to reduce the shipping cost by increasing capacity and enhance the operator's global competitive edge…
Bulk Carrier Crashes into a Mansion in the Bosphorus Strait
A massive bulk carrier has crashed into an historic mansion on the shores of Istanbul's Bosphorus Strait after its steering equipment became locked, Al Jazeera reported quoting Turkish state media. The Maltese-flagged Vitaspirit, a 225-meter (740 foot) vessel en route from Russia to Saudi Arabia has been moored in the Marmara Sea for investigation, with the owners of the mansion demanding proper prosecution against those in charge of maritime traffic. Anadolu Agency said that there were no immediate reports of casualties…
China's First Home-built Carrier to Start Sea Trials
China first domestically developed aircraft carrier looks set to begin sea trials after pictures appeared on the Chinese internet on Monday of it leaving its dock in the northeastern port of Dalian. The still-unnamed carrier was launched this time last year but since then has been undergoing fitting of weapons and other systems and has not yet entered service. Chinese President Xi Jinping is overseeing an ambitious military modernisation scheme, including stealth jets and anti-satellite missiles, as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, an island it considers its own. Online Chinese news portals…