News on China.
Among the three major European container lines covered by credit rating agency Moody's, Maersk is hit the hardest by the coronavirus. But CMA CGM and Hapag-Lloyd are also impacted by the outbreak, Moody's states.
Several shipping lines have reopened offices in China, which have been closed due to the coronavirus outbreak. Others are working toward a return to normal operations. The death count of the virus has gone down for the first time, and China hopes to see the end of the outbreak in April.
A number of top refinery executives in China expect domestic oil consumption to drop by 25 percent in February resulting from the coronavirus outbreak, writes Financial Times.
Ships set to have scrubbers installed could suffer further delays due to the Coronavirus outbreak in China, writes Reuters. It might also benefit others.
The world's second-largest economy grew by just 6.1 percent in 2019. This growth falls in line with expectations.
Chinese CMB Financial Leasing experienced a boom in its activities with, above all, western shipowners in 2019, and the company closes a record year, General Manager Ling Zhou tells ShippingWatch. Customers include MSC and CMA CGM.
According to Reuters, China has removed a special tax on ship fuel with low sulfur content. This is, for now, done to ensure the supply of low-sulfur fuel oil to Chinese ports.
The Chinese deputy prime minister will travel to Washington, DC, next week to sign a trade agreement, report several media.
Chinese Merchants Port looks set to get access to the most interesting ports in CMA CGM's portfolio with the recent agreement signed by the two companies. According to Alphaliner, this leaves the French company with the ports that are not particularly attractive.
US President Donald Trump gave his approval for an initial trade deal with China, say people with knowledge of the matter. The deal entails China buying more US agricultural goods and halts the introduction of new US tariffs slated for Dec. 15.
A trade agreement between China and the US is allegedly moving closer, and the soybean trade is key to these negotiations. New numbers show that China has increased its import from the US significantly.
The US and China are negotiating a postponement of new tariffs that were set to come into force on Sunday, officials from both countries tell Dow Jones.
China Shipbuilding Group is now a reality, as the country has formally established the yard group, which according to state-owned media is the world's largest, reports Reuters. South Korean yards have also filed an application with the EU for approval of large-scale merger.
China Merchants Energy Shipping plans to order four new VLCCs, report several media. The ships are expected to cost USD 85 million each.
The two countries have agreed to roll back their tit-for-tat tariffs in phases, says a spokesman for China's Ministry of Commerce.
Only two out of more than 200 participants represent China at this year's Global Maritime Forum, where the most prominent agenda is measures for the industry to reduce its emissions. That is "far too few", according to Klaveness CEO, and the conference acknowledges the issue.
The merger between Chinese shipbuilders CSIC and CSSC has been approved, giving them an estimated total market share corresponding to one fifth of the market.
The Chinese government has promised soybean importers tariff exemptions if they purchase 10 million tons of soybeans from the US.
Within the coming three months, a quarter of the global supertanker fleet will be sailing for China, reports Bloomberg. Analysts say this is tied to factors including the recent attack in Saudi Arabia.
The US government has warned Cosco-owned Dalian Tankers "very heavily" against turning off the AIS systems on its ships. Dalian Tankers denies having turned off the transponders.
Donald Trump says the first day of the latest round of negotiations between the US and China went "very well". The high-level talks are expected to resume on Friday in Washington, DC.
After a period with soaring VLCC day rates from upward pressure on the tanker market due to uncertainty about US sanctions on Cosco subsidiary Dalian Tankers, oil traders are again booking Chinese vessels. Sources say these new charters are not going to push rates down anytime soon, though.
According to Foreign Minister Wang Yi, China is willing to purchase more goods from the US.
Donald Trump used his speech at the UN Assembly in New York to repeat complaints about China and its trade practices shortly before negotiators from the two countries are set to meet in Washington.
China has just purchased its second large quantity of soybeans from the US, the largest volume since June.
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