shipping trade

WTO: Merchandise trade numbers weak in 2020

The World Trade Organization published its goods trade analysis for December 2019, and the results indicate that “trade volume growth may continue to weaken into early 2020,” even without taking the COVID-19 (coronavirus) epidemic into account.

Specifically, the WTO statistics presented that the volume of world merchandise trade was declined by 0.2% in the third quarter of 2019, in comparison to the previous year. Yet, although the year-on-year growth figures for the fourth quarter may pick up...

https://safety4sea.com/wto-merchandise-trade-numbers-weak-in-2020/

US struggles to produce China’s energy products

According to Bloomberg, major oil players in the US warned Trump administration that the region will struggle to produce the oil, gas and other energy product that China has agreed to buy under their phase one trade deal.

In fact, the phase one was inked by President Donald Trump back on 15 January and calls China to invest an additional $52.4 billion in liquefied natural gas, crude oil, refined products and coal over the two following years.

To achieve that, China would have to import 1 million...

https://safety4sea.com/us-struggles-to-produce-chinas-energy-products/

Coronavirus impacts trade market

Following the coronavirus outbreak, with several shipping companies skipping Chinese ports and many Chinese factories shutdown, trade market is passing a period of disruption. According to Bloomberg, physical supply chains are affected due to the above-mentioned situation.

The coronavirus has a negative impact upon exports coming from China to the U.S. and Europe. In fact, handbags, TVs and plastic toys exports have been escalated during February.

With the Chinese market playing a major role in...

https://safety4sea.com/coronavirus-impacts-trade-market/

Venezuela to require port payments in US-sanctioned Petro currency

The Venezuelan Maritime Authority has required port payments to be in its own digital Petro Currency, which is sanctioned by the US. In light of these developments, the Standard P&I Club recommended owners and operators to consider carefully trade to Venezuela.

The Petro is a cryptocurrency launched in early 2018 by Maduro’s government in Venezuela, considered to have been created, in part, as a means to circumvent existing US sanctions, the Club advised.

In March 2018, through Executive Order...

https://safety4sea.com/venezuela-to-require-port-payments-in-us-sanctioned-petro-currency/

Port of Oakland imports, exports volume increase

Port of Oakland containerized import volume increased 7.3% last month over January 2019 totals. Exports also grew, lifting hopes for recovery from a US-China trade war. However, the Port is concerned about the potential implications due to the coronavirus.

Port of Oakland’s year-over-year import volume increase in January came after three straight months of decline. Namely, exports grew 3.3% in January, up for the fourth straight month. According to the Port, consumer demand drove cargo volume...

https://safety4sea.com/port-of-oakland-imports-exports-volume-increase/

Coronavirus to impact U.S. retail imports during February

With the coronavirus spread causing shutdowns on several factories in China, the National Retail Federation (NFR) and the Hackett Associates issued their “Global Port Tracker” report, informing that imports at U.S. retail container ports are expected to experience a drop during February.

In fact, February has been reported as a slow month for imports during the years, since is the Lunar New Year period for China, but due to the coronavirus and its spread, shipping market experiences an unusual...

https://safety4sea.com/coronavirus-to-impact-u-s-retail-imports-during-february/

UK celebrates one year of Maritime 2050

UK’s Maritime Minister, Nusrat Ghani, delivered a speech in the Houses of Parliament, celebrating Maritime 2050. As she said, the UK is ‘ahead of the game’, but to keep it that way she presented a route map in Maritime 2050.

Maritime 2050 seeks to enhance UK’s strength on maritime innovation focusing mostly on autonomy and low-carbon technologies. For many of these technologies there is a time-limited golden opportunity to be an early adopter, particularly on low-carbon.

GET THE SAFETY4SEA IN...

https://safety4sea.com/uk-celebrates-one-year-of-maritime-2050/

UK Ports urge for clarity regarding UK trade policy

Responding to UK Prime Minister’s speech in Greenwich, the British Ports Association (BPA) has called on the Government to clarify the mixed messages on trade and set out a positive and detailed vision for the UK’s trade and industrial policy.

Talking about a future trading relationship with the EU, the Prime Minister said:

We have made our choice: We want a comprehensive free trade agreement, similar to Canada’s

According to BPA, Canada’s trading relationship with the EU is a free-trade agreement

https://safety4sea.com/uk-ports-urge-for-clarity-regarding-uk-trade-policy/

Port of Rotterdam prepared for Brexit’s consequences

Following UK’s exit from the European Union on 31 January 2020, Port of Rotterdam expressed its concerns about its trade relationship with the UK. Depending on the terms agreed, the free trade will bring new formalities, tariffs, quality regulations and environmental standards.

As Port of Rotterdam informed, there will be no major changes until 31 December 2020 at the earliest, since 31st of January notes the beginning of a transition period.

In fact, during this transition period of Brexit, the...

https://safety4sea.com/port-of-rotterdam-prepared-for-brexits-consequences/

EU to maintain its trade relationship with the UK

Despite the fact that Brexit came into affect several days ago, EU shipping aims to maintain its trade relationship with the UK. Namely, ECSA insists that it will be more beneficial for both EU and UK, to remain an integrated and seamless shipping centre.

Following several Brexit discussions, the EU-UK supply and logistics chains came into the spotlight. Although, maintaining the fluidity of their trade relationship, is a top priority.

Specifically, shipping companies are joining their forces to...

https://safety4sea.com/eu-to-maintain-its-trade-relationship-with-the-uk/

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