Marine Link
Thursday, March 28, 2024
SUBSCRIBE

World Trade Organisation News

12 Apr 2023

LNG Imports Test EU Resolve to Quit Russian Fossil Fuel

© KKF / Adobe Stock

Political pressure is building within the European Union to tackle the daunting challenge of closing a loophole in its efforts to stop using Russian fossil fuels: liquefied natural gas (LNG).In the year since Russia's February 2022 invasion of Ukraine, the EU has placed sanctions on seaborne oil and coal imports from Russia.It has drastically cut reliance on Russian pipeline gas, despite not imposing sanctions on the fuel. But at the same time, EU countries have increased their overall purchases of Russian LNG…

20 Feb 2019

UAE Eases Qatar Shipping Ban

Photo: Abu Dhabi Ports

The United Arab Emirates has eased a ban on the shipping of goods between it and Qatar enforced under a political and economic boycott of Doha, according to port circulars and an industry source.The UAE, Saudi Arabia, Egypt and Bahrain severed diplomatic, trade and transport ties with Qatar in June 2017 over allegations it supports terrorism, a charge Doha denies.An Abu Dhabi Ports circular dated Feb. 12 cancelled previous directives that banned cargoes of Qatar origin from UAE waters and ports and those of UAE origin from Qatar.It maintained a ban on vessels flying the Qatar flag…

11 Jul 2018

China Will Hit Back After New US Tariffs

© lianxun zhang / Adobe Stock

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…

06 Jul 2018

U.S.-China Trade Battle Heats Up

https://magazines.marinelink.com/nwm/MaritimeProfessional/201805/

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…

25 May 2018

U.S. Allies Facing Steel Import Quotas Could Be Worse Off

© guruXOX / Adobe Stock

U.S. government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy.Washington set tariffs of 25 percent on U.S. steel imports in March, but has since granted the European Union, Canada and Mexico temporary exemptions until June 1.It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas.South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent…

18 May 2018

Japan Reserves Right to Take Counter-Measures Against U.S. Steel Tariffs

© torsakarin/ Adobe Stock

Japan has notified the World Trade Organisation that it reserves the right to take counter-measures against U.S. tariffs on steel and aluminium imports, the foreign ministry said on Friday.Japan is the only major U.S. ally that did not receive exemptions from U.S. President Donald Trump's decision in March to set import tariffs of 25 percent on steel and 10 percent for aluminium.But it had previously refrained from following in the footsteps of China and the European Union, which responded to the U.S.

23 Mar 2018

Trump Tariffs: EU Seeks Permanent Exemption

© Leonid Eremeychuk / Adobe Stock

European Union leaders called on Friday for a temporary exemption from U.S. import duties on steel and aluminium to be made permanent, saying they reserved the right to respond in an "in a proportionate manner" to protect the bloc's interests. The 40-day exemption granted by Washington was like U.S. President Donald Trump "putting a gun to our head", Belgium's prime minister complained. The EU's trade negotiator demanded that the United States drop "artificial deadlines". Trump said on Thursday he would suspend tariffs for the EU…

22 Mar 2018

Trade Wars Clearly Bad for Global Shipping - BIMCO

© sergeevspb / Adobe Stock

On March 1, 2018, President Trump pushed through a metals tariff plan that puts 25 percent tariff on imports of steel and a 10 percent tariff on imports of aluminium. They are set to enter into force on March 23, 2018. The Trump administration seems positive towards protectionism and that picture became clear when the pro-trade U.S. President Donald Trump’s chief economic adviser Gary Cohn resigned on March 6 because of the tariffs imposed on steel and aluminium. Although the tariffs on steel and aluminium are expected to have a limited impact on most international bulk trades…

21 Dec 2017

Second-hand Ship Sales Reach 10-year High

Shipping struggles to recover from worst crisis in 30 years; market for new ships remains weak. Sales of second-hand ships reached a 10-year high on cautious optimism that one of the shipping industry's worst ever downturns is nearing an end. An increase in cargo demand has helped revive confidence this year in a sector that is starting to emerge from a 10-year slump fueled by owners splurging on thousands of new ships. "Second-hand purchases go up when optimism is thriving. 2017 has certainly been a year that has lent optimism a hand," said Peter Sand, chief analyst at shipping industry group Bimco. Some 1,630 ships worth $19 billion were sold in the year up to Dec. 15, the highest since 2007 when sales hit a record 1,894, according to shipping services firm Clarkson.

16 Aug 2017

Maersk Wants Trade Finance Role

Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels. In trade finance, banks traditionally act as an intermediary for companies importing or exporting goods, but many are being driven out of shipping.

27 Jun 2017

Maersk Bullish on India

Domestic reforms have slowed down India’s trade momentarily, thereby weakening domestic demand. However, A.P. Moller – Maersk expects Indian EXIM trade to pick up pace in the next quarter. “This dip in import growth was due to piling up of inventory in the market post demonetisation and lack of clarity around Good and Service Tax. It is noteworthy that despite the looming threat of the current geopolitical environment worldwide on global trade, India has been able to maintain its growth trajectory,” Franck Dedenis, Head of West Central Asia Trades said. Policies such as GST are taking final shape and the global economic outlook for 2017 is offering favourable prospects.

29 Jan 2017

Fisheries Subsidies in Major Non-EU Fishing Nations

A new study for the European Commission compiles data and information on fisheries subsidies within six of the world's major fishing countries: Japan, South Korea, Taiwan, China, Russia and the United States. The study finds that subsidies for catch fisheries play a significant role in China, Taiwan, Japan, the US and South Korea, while aquaculture subsidies are the highest in Russia and China. The biggest subsidies go towards research, infrastructure, fuel (China) and insurance (Japan). The European Union is pushing to ban harmful fisheries subsidies that contribute to unsustainable fishing, in line with the United Nations' Sustainable Development Goal 14, which calls on the world to conserve and sustainably use the oceans.

18 Aug 2016

DP World to Delay Jebel Ali Port Expansion

Company blames softer market conditions; plan to add 1.5 mln TEU to Terminal 3 delayed into 2017. DP World, one of the world's largest port operators, is delaying the expansion of Dubai's Jebel Ali port, its main facility, because of softer market conditions, the company said on Thursday. A plan to add 1.5 million 20-foot equivalent units (TEU) of annual capacity to Terminal 3 at Jebel Ali will be delayed into 2017, while expansion of Terminal 4 will also be slowed, DP World said without giving details. The company had announced in July 2015 that it would invest $1.6 billion in Terminal 4, which was to be completed by 2018. Jebel Ali handles shipments not only for the United Arab Emirates but for much of the region.

28 Apr 2016

French Wheat Exports Await Indonesia Approval

French wheat exports to Indonesia are on hold as traders await the approval of a food safety agreement between the two countries, something exporters say is being delayed by Indonesia in retaliation against a French palm oil tax plan. A farm ministry official from Indonesia, the world's largest producer of palm oil, said the delay was a procedural one, and denied any link to the proposed tax. France's additional tax on palm oil, due to come into force next year, is billed as an environmental levy on a product associated with deforestation and other environmental damage. The delay to exports from the European Union's largest grain exporter was on the agenda of France's Secretary of State for Trade Matthias Fekl when he travelled to Indonesia earlier this month.

04 Aug 2015

Chinese Slowdown Hitting Container Shipping

The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research. According to a new report from Drewry Shipping Consultants Ltd, the risks from a slowdown in Chinese consumption to container shipping are far smaller than for the dry bulk sector, but they are not inconsiderable and will contribute to slowing world box growth. Container-shipping lines, already concerned about demand from struggling economies in Europe and many emerging markets, can now add China to their list of problems. The analyst is now predicting a growth in Chinese container throughput of 4.9%, down from 5.8%. This shortfall accounts for around 1.85m teu, roughly 1% of world traffic in 2014.

12 Dec 2014

Russian Wheat Exporters Cut Prices

Exporters of Russian wheat have cut prices to try to speed up sales abroad before the government possibly introduces curbs to replenish its own stocks and prevent rises in the cost of bread, traders and analysts said on Friday. Russia's grain exports are running at a record high, buoyed by a large crop and a sinking rouble which after dropping 40 percent this year against the dollar has made exports more profitable than domestic sales. On Thursday, Agriculture Minister Nikolai Fyodorov told an agriculture commission in the lower house of parliament that his ministry would consider all options to restrain exports, "except an embargo", and cover domestic demand.

24 Sep 2014

Maersk to Invest Billions, Reap Savings, but No Cash for Shareholders

Photo: Maersk

Denmark's A.P. Moller-Maersk said on Wednesday it would invest billions of dollars in new ships, reap hundreds of millions in savings and announced valuable contracts for its drilling rigs. But shares of the world's largest container shipping company fell more than 3 percent, partly because it failed to announce any of the initiatives the market had anticipated for its investor day in Copenhagen. Analysts had hoped that Maersk would say it had sold a big oil asset in Angola, which would have cut future capital investments, or unveil an increase in its payments to shareholders.

26 Aug 2014

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade relations between the neighbors and pledged to fight the decision. The Mexican ministry said the government would continue to defend its rights and exhaust the legal options to protect Mexico's interests under the aegis of the North American Free Trade Agreement (NAFTA) and the World Trade Organisation. The U.S. Commerce Department said earlier it would impose duties on Mexican sugar imports as high as 17.01 percent. The preliminary step to slap duties on sugar imports from Mexico, which could still be overturned, is backed by U.S.

23 Jul 2014

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives, a growing Dutch chorus has called for the country to use its trade power to hit Russia in the wallet. Dozens of Russian firms have chosen to incorporate in the Netherlands to save money on tax, taking advantage of an extensive network of double taxation treaties. The country is also one of Russia's largest trade partners. Rotterdam, the world's fourth largest port, is a major distribution hub for fossil fuels and minerals and was the single largest destination for Russian exports in 2013…

16 Jul 2013

DREWRY: U.S. Exports Miss Target

US exports have been relatively robust in a backdrop of a moribund global economy, but slowing growth means that President Obama’s ambitious plan to double outbound trade in five years will fall short. In his first State of the Union speech in January 2010, President Barack Obama set out an ambitious goal to double exports over the next five years to support 2 million new jobs. Following an initial burst that made that target look a realistic possibility, a slowdown in 2012 means that at just past the half-way stage Obama will have to settle for considerably less than he was hoping for.

07 Mar 2013

Russia is Open for Business at NEVA 2013

NEVA 2013, which convenes in Russia’s ‘maritime capital’ St Petersburg between September 24 and 27, will offer delegates and exhibitors the opportunity to scrutinise the significant developments in the structure and operation of Russia’s maritime industries and the nation’s growing presence on the international stage. Organized by UK-based Dolphin Exhibitions at the Lenexpo exhibition complex, NEVA 2013 is expected to attract more than 870 exhibitors from over 55 countries seeking to broaden trading ties with Russia. It will also feature a wide-ranging conference and seminar programme with an array of leading Russian and foreign experts ready to debate the key issues.

14 Dec 2001

EU-China Announce Agreement in Maritime Transport

At the end of a three-day long negotiation, the EU and China delegations have reached an agreement on maritime transport, based on the principles of freedom to provide services, free access to cargoes, and cross-trades, unrestricted access to an non-discriminatory treatment in the use of ports. It also contains provisions for auxiliary services as well as wider range of commercial maritime questions. This agreement follows the strong commitments taken by the Vice-President of the European Commission Loyola de Palacio and the Chinese minister of Communication Huang Zhendong, in June 2001 in Beijing and September 2001 in Brussels. Being the first maritime agreement concluded at European level…

14 Mar 2004

EU Shipbuilding Aid Extended to 2005

European Union (EU) shipyards will continued to receive government financial aid until March 31, 2005, Reuters reported. The decision extends by one year an arrangement whereby state aid equal to six percent of a contract can be given to EU makers of container ships, chemical and product tankers and Liquefied Natural Gas carriers. The EU has taken South Korea to the World Trade Organisation (WTO), alleging the country is effectively dumping ships on the world market by subsidising its manufacturers. The EU usually has strict rules which limit aid by governments for their companies. South Korea has denied the EU's allegations of subsidies and is fighting the bloc at the WTO.