The economic crisis

Turkey's tumbling lira tests Erdogan's rate resolve / ANALYSIS

Istanbul - Turkish central bank head Murat Uysal has stuck to the rate-cutting script since President Tayyip Erdogan hired him to lift Turkey out of a recession and currency crisis. A year later with the COVID-19 pandemic now crushing the lira, some traders and analysts say they think Uysal will instead hike rates to head off a deeper crisis

After Beirut blast

Macron promises angry Beirut crowds aid won't go to "corrupt hands"

Beirut - French President Emmanuel Macron promised angry Lebanese crowds in shattered Beirut that aid to rebuild the city would not go to „corrupt hands“ and he urged the political authorities to carry out reforms or risk plunging Lebanon deeper into crisis.Macron was speaking during the first visit by a foreign leader to the Lebanese capital since the biggest blast in its history tore through the city

The Economy minister says

After blast, Lebanon has less than a month's grain reserves

Beirut - Lebanon's main grain silo at Beirut port was destroyed in a blast, leaving the nation with less than a month's reserves of the grain but still with enough flour to avoid a crisis, the economy minister said on Wednesday

World Trade

Shipping's share of global carbon emissions increases

Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, a study released on Tuesday showed, amid growing pressure on the industry to bring levels down

International relations

Greece and Tunisia sign shipping deal

Greece and Tunisia will sign an agreement on maritime transport. The agreement will be signed on the occasion of the visit to the African nation by the Foreign Minister of Athens, Nikos Dendias

Covid

Chesapeake files for bankruptcy

Chesapeake Energy, the emblem of the American revolution for shale, is facing bankruptcy following the collapse of oil and gas prices linked to coronavirus

In Denmark and abroad

DFDS to cut 650 jobs

The Danish group DFDS, which operates freight and passenger transport services with a fleet of ferries and logistics services, announced its intention to cut 650 jobs due to the impact on the activities of the Covid-19 pandemic

Slow recovery

LNG-Asian pricese steady despite cargo cancellations

Asian spot liquefied natural gas prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics

CO2 emissions

Shipping 2030 climate goals "too weak"

The international shipping and aviation sectors’ 2030 climate targets are too weak and their emissions are on course to reach dangerous levels despite the impact of the COVID-19 pandemic

Persian Gulf

Six square-km oil slick near Bushehr

Teheran - Iranian teams have cleaned up an oil slick near field in the northern region of the Gulf that had extended over a six-square-km (2.3 square mile) area, an Iranian maritime official said on Saturday

Budgets

Azerbaijan lowers its economic outlook

Baku - Azerbaijan has lowered its economic outlook, projecting its oil-driven economy will shrink by 5% this year from an earlier forecast of 3.8%, the finance ministry said on Saturday. Its updated budget will be discussed next week. The ministry also lowered its 2020 oil price forecast, which it uses to calculate its budget

Latest data

Austrian economy shrank 10.7% in the second quarter

Vienna - The Austrian economy shrank 10.7% in the second quarter, marking its biggest contraction since the data series began after World War Two, as the coronavirus pandemic hit both domestic and foreign demand

Eni's marketing unit shines in challenging quarter

Shell, Total avoided expected loss due to trading

London - The trading units of European oil and gas majors have shielded their second-quarter results from the full force of the corona-induced collapse in demand for fuel, but big writedowns showed the scale of the challenge ahead, results showed on Thursday. France's Total and Anglo-Dutch Royal Dutch Shell scraped out small profits against expectations of losses

In the first half

Hutchison Port volumes impacted by global trade decline on COVID-19

Hong Kong - Hutchison Port Holdings Trust (HPHT) has seen its overall container throughput decline and profit fall in the first half due to the severe slowdown in global trade amid the coronavirus (COVID-19) pandemic. From January to June 2020, throughout of HPH Trust ports overall was recorded at 10.28m teu, down 8% year-on-year

Worth of 20 million dollars

380 kg of Cocaine found in container at London Gateway Port

London - British officials have seized about £15.2m ($19.4m) worth of cocaine hidden in the floor of a refrigerated container at the London Gateway port in Essex. Border Force officers found 380 kg of the drug in a container carrying bananas from Costa Rica to Germany, after an X-ray revealed an anomaly in the insulation cavity

The COVID-19 emergency

Greece exempts seafarers from entry restriction

Athens - Greece has exempted seafarers from COVID-19-related travel restrictions, meeting its pledge to the IMO to facilitate crew change. GAC Greece said that the Greek government has allowed seafarers entry into its country together with citizens of the following countries

The operation

Polaris with Shipping of Another Rotor Set from UAE to Spain

Dubai - Polaris Shipping Agencies have shipped out a second rotor set from Khalifa Port in Abu Dhabi to Escombreras Port in Spain. The OOC cargo had shipping dimensions of 12.20 x 4.05 x 3.85m and a unit weight of 95mt. The scope of work handled by Polaris included pre-carriage from the supplier, all origin export requirements and sourcing of a suitable vessel on liner terms hook/hook

After the restrictions

Maersk to stop taking waste to China

Denmark’s A.P. Moller-Maersk, the world’s top container shipping firm, said on Wednesday it would stop accepting solid waste shipments bound for China and Hong Kong from Septembe