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…
Asian Shares, Oil Fall as US-China Trade Spat Escalates
Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.
CNOOC Developing New Deep Sea Gas Block in South China Sea
China's offshore oil and gas producer CNOOC has started developing a new gas field in the South China Sea, the official Xinhua News Agency reported on Tuesday.The Lingshui 17-2 gas field is the first deep sea gas block fully operated by a Chinese company, Xinhua said citing CNOOC officials.The deep sea project, which was discovered in 2014, is 150 km (94 miles) south of China's southern Hainan island, with an average operational depth of 1,500 metres, according to a Reuters report from that year.CNOOC is ready to start building a subsea level platform used for drilling, Xinhua said.(Reporting by Meng Meng and Aizhu Chen; Editing by Tom Hogue)
China, Vietnam Agree to Manage South China Sea Spat
China and Vietnam pledged to manage maritime differences over the South China Sea and safeguard peace and stability. Communist Party chiefs of China and Vietnam agreed in Beijing on Thursday that two countries should expand cooperation in various fields including maritime exploration and put ties on the right track. According to the communique issued on Saturday, China and Vietnam had “a candid exchange of views” on maritime issues, Xinhua news agency reported. Both sides agreed…
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 Navy Ship Makes Maiden Visit to Venezuela
A Chinese naval ship has traveled to Venezuela for the first time, following a visit by President Nicolas Maduro to Beijing this month, where he had been looking to gain China's support for the Latin American nation's struggling economy.The naval medical ship, known as the "Peace Ark", arrived on Saturday at the Venezuelan port of La Guaira for an eight-day period of "friendly visits" to the country, the official Xinhua news agency said on Sunday.Maduro, whose leftist government is under fire in Venezuela as the economy struggles with a fifth year of recession and hyperinflation…
China Busts Gangs Smuggling Scrap Steel
Customs in China's southeastern Fujian province broke up five gangs smuggling scrap steel in a late-night operation on Monday, the official Xinhua news agency reported.A total of 28 criminal suspects were held in Xiamen, Quanzhou and other cities in the coordinated operation, in which 3,237 tonnes of scrap steel was seized.The gangs had been buying the scrap in China, the world's biggest steel producer, since 2017 and sending it to Southeast Asian countries, Xinhua said.Amount of scrap smuggled was put at around 50,000 tonnes, worth some 78 million yuan ($12.2 million), as gangs sought to cash
Boat with 28 Chinese tourists missing off Malaysia
A boat carrying 31 people, including 28 Chinese tourists, is missing off the coast of Borneo, Malaysian maritime authorities said on Sunday. The boat left Kota Kinabalu, the capital of Malaysia's eastern Sabah state, at about 9 a.m. (0100 GMT) on Saturday bound for the popular tourist spot of Mengalum island, officials said. It was reported missing at about 9.50 p.m. after failing to arrive at the island and a search operation was launched soon after, Sabah and Labuan Malaysian Maritime Enforcement Agency (MMEA) deputy director Rahim Ramli said. Bad weather was hampering the search effort, which covers an area of about 400 nautical square miles. "We are looking at strong winds and choppy waters," he said.
Chinese Shipbuilder Mulls Deep-Sea Exploration
China Shipbuilding Industry Corp (CSIC) is developing a manned submersible vehicle, which would be able to dive into Challenger Deep, the deepest point on Earth estimated to be around 10,900m below the surface, Xinhua news agency reported. CSIC is almost done building a new cost-efficient manned submersible that could reach the majority of seabeds in the world. The development of deep-sea manned submersibles for rough seas would be one of CSIC's priorities in 2017. The vessel, now under final assembly and testing phase, will be equipped with five observation windows and three seats.
China Sells Ships Online
Chinese Maritime Court has sold five vessels of bankrupt Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, through online auctions on Taobao.com for a a total price of $22.81m. The auctioned ships include 2011-built 57,000-dwt supramax bulker Zhe Hai 167, 2009-built 33,400-dwt handysize bulker Zhe Hai 162, 2009-built 23,500-dwt handysize bulker Zhe Hai 156 , a tugboat and an oil barge. Singapore-based company Varada One's vessel was auctioned off on online shopping platform Taobao for $11.7, Xinhua news agency reported. The VLCC Varada Blessing is 1993-built, 300,000 dwt tanker.
Chine Cruise Ship's New Destination: Disputed South China Sea
China has commissioned a new cruise ship to take tourists to islands claimed by Vietnam in the disputed South China Sea, reinforcing its claim over the area, reports Reuters. The ship called Changle Gongzhu, or Changle Princess, sailed from Sanya with 308 passengers on board. Its first voyage will last four days and three nights, said an official with Hainan Strait Shipping, owner of the vessel. The Paracel Islands, in the South China Sea where Beijing is locked in maritime disputes with Vietnam, the Philippines, Malaysia, Brunei and Taiwan, is also claimed by Vietnam.
China Launches First Home-built Aircraft Carrier
China launched its first domestically built aircraft carrier on Wednesday amid rising tension over North Korea and worries about Beijing's assertiveness in the South China Sea. State media has quoted military experts as saying the carrier, China's second and built in the northeastern port of Dalian, is not expected to enter service until 2020, once it has been kitted out and armed. Foreign military analysts and Chinese media have for months published satellite images, photographs and news stories about the second carrier's development. China confirmed its existence in late 2015.
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according…
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.
China Admiral: 'Freedom of Navigation Patrols' could end 'in disaster'
Freedom of navigation patrols carried out by foreign navies in the South China Sea could end "in disaster", a senior Chinese admiral has said, a warning to the United States after last week's ruling against Beijing's claims in the area. China has refused to recognise the ruling by an arbitration court in The Hague that invalidated its vast territorial claims in the South China Sea and did not take part in the proceedings brought by the Philippines. It has reacted angrily to calls by Western countries and Japan for the decision to be adhered to. China has repeatedly blamed the United States for stirring up trouble in the South China Sea, a strategic waterway through which more than $5 trillion of trade moves annually.
China, Philippines to Draft Protocol to Avoid Maritime 'Miscalculations'
China and the Philippines will negotiate a military protocol to avoid maritime “miscalculations”, Manila’s defence minister said on Wednesday, following a brief standoff near a Philippine-occupied island in a disputed part of the South China Sea. Delfin Lorenzana said the Philippines tried to put up makeshift structures on a sand bar about 4 km (2.5 miles) off Thitu island in the Spratly archipelago in August, but China objected and sent ships to the area. President Rodrigo Duterte sought to defuse tensions by ordering troops to pull out. Construction was stopped. “We intend to sit down with China to draft and agree on a protocol to resolve immediately any incident,” he said, adding he hoped talks could start this year.
Ten Crew Missing as Cargo Ship Sinks off Shanghai
Ten crew members were missing after a cargo vessel collided with another vessel in Wusongkou anchorage at Shanghai, China’s state-owned Xinhua News Agency reported, citing the Shanghai Maritime Search and Rescue Centre. Three people had been rescued, and the search for missing crew members was continuing, Xinhua said. (Reporting by Ruby Lian and Ryan Woo; Editing by Simon Cameron-Moore)
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.
Choke Points are Flash Points
The world is closely watching several contentious flash points that have potential to ignite. The behavior and rhetoric of China and Russia regarding vital shipping lanes in international waters have been alarming. Disputed sovereignty claims and efforts to enforce them have the maritime world on edge. China’s nine-dash line claims about owning the entire East and South China Sea have created a dilemma for themselves and the other nations in the region. The Philippines v. China case with the Permanent Court of Arbitration in The Hague commenced on Jan.
Naptha Tanker Explodes at Southern China Port
An oil tanker carrying 3,400 tonnes of naphtha exploded during discharge at a southern Chinese port on Thursday and one person on board was missing, official Xinhua news agency reported. The rescue team said explosions occurred in the engine room as the tanker was discharging at Dongfang port in China's southernmost island province of Hainan. Reporting by Chen Aizhu
Cosco Rolls Out Largest Semi-Submersible Ship
Breakbulk carrier COSCO Shipping has rebranded as COSCO Shipping Special Transport and launched its largest semi-submersible vessel to date, the Xin Guang Hua, reports Xinhua News Agency. Xin Guang Hua, capable of carrying 100,000 tonnes of cargo, is 255 meters long and 68 meters wide. Guangzhou Shipyard International Company, the builder, delivered the ship to Cosco Shipping Specialized Carriers Co. Ltd, a member of China Ocean Shipping Group, in the southern city of Guangzhou.
China's Ying Kou Port Group chairman sentenced to 14 years for bribery
The chairman of China's Ying Kou Port Group was sentenced to 14 years in prison for accepting around 26.8 million yuan ($3.86 million) in bribes, said the official Xinhua news agency on Saturday. President Xi Jinping has waged a widespread campaign to wipe out systemic corruption since he came to power in late 2012. Since 2002 Gao Baoyu, who was also the party secretary of Ying Kou, abused his position by accepting bribes for appointments, the agency said. The verdict, handed down by a court in the northern city of Anshan, was not appealed. Ying Kou and Gao could not be immediately reached for comment. On Friday, China's state prosecutor formally accused former deputy head of China's Taiwan Affairs Office Gong Qinggai with bribery and abuse of power, setting the stage for his trial.
China coal province to Cut pollution by 20 pct by 2020
One of China's top coal-producing provinces has vowed to slash its level of fine particle pollution by one-fifth by 2020, the official Xinhua news agency reported on Saturday, citing the provincial government. China has adopted various measures from policing barbeques to halting industrial production in efforts to ease the yearly winter haze that hit the country earlier this month leaving cities veiled in foul-smelling smog. China's northern Shanxi province aims to increase the proportion of days per year with good air quality to 75.4 percent, the agency said. The move comes after concentrations of PM2.5, fine particulate matter, in a major northern Chinese city exceeded a World Health Organisation guideline by 100 times in December.