China Petroleum & Chemical Corp., the world's top oil refiner, will process about 1 million metric tons a month less than previously projected for the period June to August. This comes alongside OPEC's weakened resolve to maintain output costs.
Cosco Shipping Group plans to launch a large financing fund for targeted investments in shipping. The fund will be split into a yuan fund and a dollar fund and will focus on, among other things, struggling companies.
Chinese plans for a brand new megacity spells good news for bulk carriers which transport iron ore, aluminum, and copper. In a new analysis, Wood Mackenzie projects a surge in demand for metals for construction.
Dry bulk carriers should not pin their hopes on the current boom in China's economy. Stimuli from fiscal policy were the drivers of increased demand and now it seems the country's government will try and slow down the housing market, two analysts tell ShippingWatch.
Clarksons Platou expects more stable rates and gradually growing confidence in the dry bulk market. The firm thus says 'buy' to dry bulk shares rather than viewing the shares as candidates for selling.
China's political leadership is guiding the country's economy onto a new, slower track. The goal is for domestic consumption to play a bigger part in the economy, whereas growth was previously based on export and investment.
Several container carriers have received penalties in China for failing to provide correct information about their freight rates to the Chinese ministry of transports. The carriers fined include CMA CGM and Hamburg Süd. But the size of the fine is fairly modest.
A new port in Angola in West Africa is financed by a major Chinese loan and being built by a Chinese company. The first phase is expected done in late 2017 and will feature a repair yard and a free trade zone.
Together with three other shipyards, Titan Petrochemicals has entered into a new joint venture in Shanghai. The company will serve as a leading service company for the Asian vessel industry, is the ambition.
An engine factory will strengthen and upscale Wärtsilä's position as supplier of engines for the Chinese shipbuilding industry. In spite of the yards being under pressure, the supplier eyes a big market for, in particular, vessels for Chinese companies, says James Han, managing director of Wärtsilä China, to ShippingWatch.
China plans to invest close to USD 300 billion in motor and waterways in 2017, informs the country's Ministry of Transport. China stocks soared as investors bet on state-backed builders after the government's announcement.
Overseas shipments dropped by 10 percent in September, significantly below expectations. China is kept alive by a housing bubble and massive state-funded stimuli, according to the head of financial markets research at Rabobank in Hong Kong.
After a minor setback in 2015, global steel demand is expected to grow in 2016 and 2017, according to new numbers from the World Steel Association. This is positive for dry bulk carriers, but the steel market still faces challenges from weak global investing.
According to the Wall Street Journal, China's two largest state-owned shipping groups are planning to merge 11 shipbuilding yards, involving around 25,000 employees, during a period in which the order intake is hovering at record lows.
Chinese ports have less work and are suffering from factors including a large reduction in container exports out of China. The ports should not get their hopes up for a return to the good old days, reports Financial Times.