Analysis
The notion of accident under the Montreal Convention according to the ECJ: the case C-532/18
By ASLA - Assocazione degli Studi Legali Associati
IMO 2020
Total considers stopping fuel oil sales for power Total considers stopping fuel oil sales for power
France’s Total is considering stopping sales of fuel oil to power markets as the energy giant seeks to reduce its carbon footprint and grow its renewable power business
Wuhan
Free-falling LNG prices wreak havoc on trade amid coronavirus fears
Record low prices for liquefied natural gas are roiling the global gas market, creating havoc as traders rush to find alternative locations for cargoes with Chinese buyers rejecting shipments amid the coronavirus epidemic
Ningo port
Zhejiang to prioritize restarts at key exporters after virus lockdown
China’s eastern province of Zhejiang, the second worst-hit by the coronavirus epidemic, will push major exporters to be the first to return to work after the extended Lunar New Year holiday
IMO 2020
Mercuria, Trafigura among firms seeking to supply marine fuel in Singapore
Trading companies Mercuria, Trafigura and United Arab Emirates-based GP Global have applied for licenses to supply marine fuel to ships in Singapore, the world’s top bunkering hub
Cargo volume
Port of New York surpasses Long Beach
During 2019, the port handled 5,231,418 loaded TEUs, surpassing the loaded imports handled by the Port of Long Beach, elevating the port to No. 2 in the nation for the first time in two decades
The agreement
Lithuania's KN secures LNG terminal concession in Brazil
Lithuania's oil and LNG terminals operator Klaipėdos Nafta has been appointed as the operator of a liquefied natural gas
The fair
Genoa and Savona point to the heart of Europe with fruit and vegetables
Botta: "At Fruit Logistica in Berlin, Liguria will speak with one voice"
IMO 2020
Credit Suisse, others back initiative to factor CO2 cuts into shipping finance
Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions
Analysis
The "shipper" in maritime transportation / FOCUS
By ASLA - Associazione degli Studi Legali Associati
IMO 2020
Saras' very low sulphur fuel oil sales top 120,000 tonnes
Since Saras launched its very low-sulphur fuel oil (VLSFO) blend in early September its sales have topped 120,000 tonnes, an executive at the Italian refiner said
IMO 2020
PetroChina tops Singapore's shrinking list of 2019 marine fuel suppliers
PetroChina’s Singapore bunkering unit moved up a notch to be the top marine fuel supplier in the world’s biggest ship refuelling hub in 2019, official data showed, as the overall number of suppliers fell for a sixth year in a row
New fuel
LNG, ENI signs a 10 year contract with Nigeria's NLNG
The deal follows a similar deal by France’s Total announced last week and a 0.5 million tonnes per year deal with commodity trader Vitol signed in December
IMO 2020
"US-China deal brings limited cheer to LNG shipping"
With 25% tariff on LNG still in play, the Phase-1 deal between the US and China is not expected to bring any significant change in the LNG trade between the two countries, writes research firm Drewry
The study
U.N.'s decarbonisation target for shipping to cost over $1 trillion
At least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050
The trade war
Port of Los Angeles exec says U.S. tariff tiffs could be 'new normal'
The executive overseeing the busiest U.S. gateway for ocean trade with China on Thursday said the “weaponization of tariffs” to advance U.S. policy interests may now be the “new normal.”
Energy
The Netherlands build their greatest offshore windfarm ever
Ørsted, the largest energy company in Denmark, has started constructing its first offshore wind farm in the Netherlands
IMO 2020
U.S. refiners grab unloved Russian fuel oil on back of new shipping rules
U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data
The International Energy Agency
Supplies of IMO compliant shipping fuels rising fast
Global supplies of marine fuel compliant with new environmental rules are increasing fast as concerns over quality remain marginal
"Risks of explosion"
U.S. states oppose Trump proposal to ship LNG by rail, citing safety risk
Attorneys general from 16 U.S. states have opposed a Trump administration proposal to ship liquefied natural gas by rail
Diplomacy
Russian tanker back in Kaliningrad region after shipping U.S. LNG to Europe
A Russian gas tanker that is used to secure energy supplies in the west Russian enclave of Kaliningrad has arrived back in the region after being leased out to transport U.S.-produced LNG to Europe
Markets
French grain sector fears export squeeze as strikes hit logistics
Strikes over pension reform in France could slow grain exports from this month by preventing enough supplies from reaching ports and by making the French crop too expensive to compete overseas
Middle East
Oman's Sultan Qaboos dies, successor vows to pursue peace
With his death, the region loses a trusted and seasoned leader, seen as the father of modern Oman, who balanced ties between two neighbours locked in a regional struggle, Saudi Arabia to the west and Iran to the north, as well as the United States
Markets
Baltic index reverses course, gains for first time in 22 sessions
The capesize index fell 89 points, or 7.7%, to 1,066 – its lowest since April 29. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, increased $239 to $9,438
Shipowners
China approves tax waiver for cleaner ship fuel exports, but may limit shipments
Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year
Finance and Shipping
Moody's upgrades long-term rating of NordLB
Moody's has today upgraded by two notches the long-term ratings of Norddeutsche Landesbank GZ, NordLB, and its rated subsidiaries. NordLB's long-term senior unsecured debt and deposit ratings were upgraded to A3 from Baa2
Gas and diplomacy
Turkey, Russia launch TurkStream pipeline carrying gas to Europe
The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow’s efforts to reduce shipments via Ukraine
Markets and shipping
China won't hike grain import quotas for U.S. trade deal
China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate stepped-up purchases of farm goods from the United States, senior agriculture official Han Jun said on Tuesday
Markets
U.S. trade deficit at three-year low as imports tumble
The U.S. central bank last month signaled interest rates could remain unchanged at least through this year, after lowering borrowing costs three times in 2019
Pro-democracy protests
Hong Kong leader vows to work closely with Beijing's new envoy
The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region reports to China's State Council or Cabinet, and is the main platform for Beijing to project its influence in the city
Trade
Turkey, hazelnut exports up over 43% in 4 months
The Black Sea Hazelnut and Products Exporters' Union reported that Turkey earned $1.09 billion from hazelnut exports during the first four months of the season, which starts in September and ends in August
Trade War
China and U.S. trade delegations to meet on January 15
The Chinese trade delegation plans to sign the first phase of its trade deal with the U.S. in Washington on Jan. 15, writes Bloomberg News quoting people familiar with the matter
IMO 2020
Qatar to supply Kuwait with 3 million tonnes of LNG a year
State-run Qatar Petroleum (QP) said on Sunday it had signed a 15-year agreement to supply Kuwait with up to 3 million tonnes of liquefied natural gas (LNG) per year.
Markets
Russia halts oil to Belarus, but transit to Europe still flowing
Russian pipeline operator Transneft said Russian oil companies have not sent any oil to Belarus since Jan. 1, the TASS news agency reported
Markets
Brent jumps $3 after U.S. kills Iran's Soleimani
U.S. strike kills Iranian General Soleimani in Iraq. Iran's supreme leader vows revenge
Towards IMO 2020
Asia Distillates-Gasoil cracks rise to highest in over seven weeks
Asian refining margins for 10 ppm gasoil climbed to their highest in over a month buoyed by expectations of firmer near-term demand as the shipping industry switches to cleaner marine fuels
Oil and gas
Allseas suspends Nord Stream 2 work ahead of U.S. defense bill
Swiss-Dutch company Allseas said it had suspended its pipe-laying activities in the Nord Stream 2 Russia-to-Germany natural gas pipeline
Banks and shipping
Capital measures implemented: NordLb saved
The NordLb has received the hoped-for capital injection. The shareholders paid 2.8 billion euros into the share capital.
Industry
Siamco automotive continues to produce diversity of brands within the plan 2020
Warda said in a statement to the delegate of SANA that (SIAMCO) continues to produce cars within the framework of cooperation between Iran and Syria and in line with the absorptive capacity of the market
Markets
Uae and Egypt agree to strengthen bilateral trade ties
Non-oil trade between the UAE and Egypt, the most populous Arab country, last year reached Dh20.1 billion
finance and politics
EU court should not intervene in Croatia/Slovenia border dispute
Brussels - An adviser at the EU Court of Justice agreed with Croatia on Wednesday that settling the border between Slovenia and Croatia was not a matter on which EU courts should rule.
finance and politics
China’s bitcoin miners scoop up greater production power
London - China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.
markets
Korea’s auto exports tipped to decline for 7th year
Seoul - South Korea’s auto exports are tipped to suffer a slump for the seventh consecutive year in 2019 in terms of volume due to lower demand in emerging markets
markets
CME to launch LNG freight futures as demand risks rises
London - Exchange operator CME Group said on Tuesday it would be the first futures exchange to launch trading of three liquefied natural gas (LNG) freight futures contracts on Dec. 23
markets
Fuel market calm ahead of IMO changeover
London - Fears about a shortage of diesel and other middle distillates stemming from new marine pollution regulations have receded, with distillate premiums falling to some of the lowest levels for two years
finance and politics
Terrorism: police shoot dead knife man on London Bridge
London - British police shoot dead knife man. Police say this was a terrorist incident.
markets
GE brings in shipper Maersk’s CFO as finance chief
Boston - General Electric on Monday named finance head at shipper AP Moller-Maersk as its new chief financial officer in the latest top-level change aimed at turning around the U.S. industrial conglomerate
markets
More space needed at sea, European wind industry says
Copenaghen - The European offshore wind industry needs an area equivalent to the size of Ireland to install enough turbines to reach carbon neutrality by 2050
markets
Saipem-Subsea 7 would be “the 4th largest company in their domain”
A merger between Saipem and Subsea 7 “would create a truly global oilfield service giant with over $12.4 billion in revenue,” said Audun Martinsen, head of oilfield service research at Rystad Energy
oil and energy
Saudi Arabia approves listing of Aramco
Riyadh - Saudi regulators on Sunday approved state energy giant Aramco’s request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world’s largest. The announcement paves the way for a domestic stock listing of Aramco
finance and politics
Italy’s Salvini triumphs in Umbria as govt alliance slumps
Rome - Rightist bloc storms to 20-point win over govt parties. Salvini’s League confirmed as most popular party.
finance and politics
Street clashes spur Catalan leader to call for Madrid talks
Barcelona - Catalonia’s pro-independence regional chief Quim Torra called for talks with Spain’s central government on Saturday to try to end a wave of violence sparked by the jailing of separatist leaders.
finance and politics
EU deadlocked over Albania membership
Brussels - Bitterly divided EU leaders failed Friday to reach agreement on allowing Albania and North Macedonia to start talks to join the bloc, dealing a fresh blow to their membership hopes. Summit talks ended without a decision despite seven hours of backroom haggling
finance and politics
For Russian business, big dreams in Africa / FOCUS
Moscow - From diamonds and arms to nuclear power and oil, Russia has major business ambitions in Africa, even if it is coming late to the party. Western countries like France and the United States are deeply entrenched in African economies and in recent years China has emerged
finance and politics
Lebanese government faces calls to resign
Beirut - The Lebanese government faced calls to resign Thursday after thousands of furious demonstrators took to the streets across the country to protest dire economic conditions. Public anger has simmered since parliament passed an austerity budget in July to help trim a ballooning deficit
commodities
“Made in Italy loses 20% in US market as result of tariffs”
Coldiretti reports. The benefit from the situation is for the lobby linked to the US dairy industry (CCFN) which has explicitly asked with a letter to impose taxes on imports of European cheeses to favor the fake Made in Italy industry and force the Union European to open the borders to the fake Italian food made in US
markets
U.S. shipping sanctions deal European refiners an unexpected boost
London - U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said
finance and politics
S.Africa’s Ramaphosa says nation working to attract private investment
London - South Africa is working to restore its institutions and secure private investment in order to grow the economy, President Cyril Ramaphosa told the Financial Times Africa Summit in London on Monday.
finance and politics
Trump’s hailing of $50bln in Chinese farm purchases seen as ‘meaningless’
Beijing - China’s record for U.S. agri imports was $25.8 bln in 2012. Rules on hormones, drugs a hurdle for more meat imports.
regulation
Trump takes victory lap on China trade deal / FOCUS
Washington - Engulfed in an impeachment inquiry and other political turmoil, US President Donald Trump on Friday trumpeted the success of his hard-line stance with China, claiming to have scored a major win in the grinding trade war between the economic powers
oil and energy
Libyan oil firm unable to pay salaries at eastern unit with parallel board
Cairo - Libyan state oil firm NOC said on Tuesday it had been unable to pay salaries in September at a fuel distribution unit in the east where authorities have set up a parallel board.
finance and politics
Cyprus, Greece, Egypt call on Turkey to end ‘provocative’ actions
Cairo - Cyprus, Greece and Egypt called on Turkey on Tuesday to “end its provocative actions” in the Eastern Mediterranean Sea, including exploring for oil in Cyprus’ territorial waters, which they called “a breach of international law”.
insurance
Brazil president suggests mystery oil slicks may have criminal root
Brasilia - Brazil President Jair Bolsonaro said on Tuesday that mysterious oil slicks polluting northeastern beaches were likely to have criminal origins, without explaining further.
finance and politics
Spain plans loans, tariff breaks to gird tourism sector after Thomas Cook collapse
Madrid - Spain is preparing a plan worth 300 million euros ($328 million) to shore up the economies of its sun-drenched tourist spots after the collapse of British travel group Thomas Cook, acting Tourism Minister Reyes Maroto said on Thursday.
regulation
U.S. duties on French wine are bad news for all, exporters say
Paris - The U.S. decision to impose tariffs on French wines will penalise American consumers who will see a sharp rise in prices while severely hurting French producers on their largest export market, exporters said on Thursday.
regulation
In blow to U.S., EU pledges quick move on tax for polluting firms
Brussels - The European Commission will quickly start work on a tax on foreign polluting firms, the nominee for the EU’s economic and tax commissioner said on Thursday, a move that could hit U.S. companies and deepen a trade war with Washington.
markets
BP CEO draws up plan to step down
London - BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth
finance and politics
Who loses and who gains from the demise of Thomas Cook?
London - The world’s oldest travel firm Thomas Cook collapsed on Monday, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
markets
Subsea market on the rise in the oilfield sector
Oslo - Subsea equipment and SURF– subsea, umbilicals, risers, and flowlines – are the best-performing segments, with growth rates exceeding 10%
finance and politics
Travel group Thomas Cook battles for survival ahead of Monday deadline
London - Bosses meeting creditors, lenders to agree its future. Company could go into administration early Monday.
markets
Hyundai Heavy fined in the U.S.
Seoul - Hyundai Heavy has agreed to pay a 47 million dollars fine to the U.S. authorities for selling engines that violated environmental rules in the country
markets
Blackstone, “Next wave of U.S. LNG export to be tougher”
Houston - The next wave of U.S. LNG export projects will be “tougher” to bring online, as companies with existing facilities take advantage of lower costs to expand capacity in coming years, said the chief executive of Blackstone Group
markets
Qatar Petroleum and Shell in LNG venture
Dubai - Qatar Petroleum and Shell agreed to establish a partnership to accelerate the development of liquified natural gas (LNG) fuelling infrastructure around the world
markets
China’s logistic expands at lower pace
Beijing - China’s logistics business continued to expand in August, but the expansion rate was lower than the previous month
oil and energy
Oil drops sharply as Saudi output seen returning soon after attacks
London - Prices rose sharply in previous session. Threat of military response hangs over market.
markets
Senvon and Siemens Gamesa sign exclusivity deal
Hamburg - German wind turbine manufacturer Senvion has announced that it has entered into and exclusivity agreement with Siemens Gamesa
commodities
SGM celebrates 10 years of change
Genoa - From wholesale food market to a centre for advanced logistics services: 10 years after its move from the city centre to the area of Bolzaneto, the fruit and vegetable market of Genoa, managed by SGM (Società Gestione Mercato), opens its doors to the public. The opening will be on Saturday, 14 September Genoa
markets
Gazprom studies consequences of EU court Opal ruling
Moscow - Russian natural gas producer Gazprom’s export arm Gazprom Export said it was studying the legal and commercial consequences of a court ruling which reinstated curbs on gas flows via the Opal pipeline
finance and politics
China exempts some U.S. goods from retaliatory tariffs as fresh talks loom
Beijing - China announced its first batch of tariff exemptions for 16 types of U.S. products, days ahead of a planned meeting between trade negotiators from the two countries to try and de-escalate their bruising tariff row.
oil and energy
Aramco pursues IPO with local listing plan as lines up banks
Dubai - The kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco.
finance and politics
Hong Kong police fire tear gas as clashes erupt after thousands appeal to Trump
Hong Kong - Violence breaks out in now familiar pattern.Thousands of protesters call on U.S. to help.
finance and politics
Hong Kong police fire tear gas after fending off airport protest
Hong Kong - Tear gas fired again in densely populated Mong Kok. Only passengers allowed to board trains, buses to airport.
finance and politics
French minister hopes for closer ties with new Italy government
Cernobbio - With the arrival of a new government in Rome, France and Italy have a unique chance to strengthen their ties through joint projects and closer cooperation on European matters, French Finance Minister Bruno Le Maire said on Saturday.
finance and politics
Greek PM set to outline tax cuts, structural reforms
Athens - Greece’s prime minister is expected on Saturday to detail tax cuts for companies strained by years of austerity, while also promising pro-business reforms aimed at convincing lenders to ease the nation’s fiscal target from 2021.
oil and energy
Saras starts bunkering in two Italian ports
Cagliari - Italian refiner Saras is introducing bunkering services at the Italian ports of Sarroch and Cagliari. Starting from September 1, bunkering operations would take place at specific dedicated areas of the ports with the refiner offering a complete range of marine fuels
markets
Platts to start LNG bunker fuel assessments
Singapore - Price reporting agency S&P Global Platts plans to launch its first assessments for prices of LNG bunker fuel ahead of new IMO 2020 rules
markets
Spread between seaborne, port iron ore prices widens on shipment surge
Beijing - The spread between seaborne iron ore heading to China and iron ore at China’s ports has widened to the highest in at least two years
markets
Trump heaps another 5% tariff on Chinese goods
Washington / Beijing - U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies
markets
Britain and South Korea sign post-Brexit treaty
Seoul - South Korea signed a free trade agreement with Britain on Thursday, a step to help maintain the continuity of their trade and economic ties even after London’s departure from the European Union
regulation
ColReg, liability for collision between ships and autonomous navigation / ANALYSIS
By ASLA - Associazione degli Studi Legali Associati
commodities
U.S. whiskey exporters struggle after year of EU tariffs
Bristol - Foreign governments subject to U.S. President Donald Trump’s trade tariffs have targeted American distilleries and their bourbon and rye whiskeys for retaliation.
regulation
Hong Kong protesters throng streets in heat and heavy rain
Hong Kong - Hundreds of thousands of anti-government protesters joined a mass rally in Hong Kong on Sunday, filling major thoroughfares in heavy rain in the eleventh week of what have been often violent demonstrations in the Asian financial hub.
finance and politics
Alibaba and the $15 bln question: Amid Hong Kong’s protests, when to list?
Hong Kong - HK listing likely to raise $10 bln-$15 bln-sources . Company considering several different timetables-sources.
regulation
France urges Hong Kong authorities to renew dialogue with protesters
Paris - French Foreign Minister Jean-Yves Le Drian called on Hong Kong authorities on Wednesday to renew talks with protesters to find a peaceful solution to the current crisis.
finance and politics
U.S. to delay China tariffs on some products, including laptops, cell phones
Washington - The Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month, the Office of the U.S. Trade Representative said on Tuesday.
finance and politics
Portugal’s fuel drivers strike, government calls in police
Lisbon - Fuel tanker drivers start indefinite strike. Tourist destination Algarve among areas worst hit .
finance and politics
Portugal’s fuel-tanker drivers vote to go ahead with strike
Lisbon - The crisis declaration allows the government to ensure full supplies to ports, hospitals, airports and other priority users.
finance and politics
Japan’s Mount Asama erupts, weather agency issues warning
Tokyo - The Japan Meteorological Agency said Mount Asama in central Japan erupted late on Wednesday and issued a warning not to approach the volcano.
finance and politics
Italian Senate backs train link with France, widening coalition rift
Rome - Long-delayed rail link involves Alpine tunnel. League issues threaten to collapse govt.
finance and politics
Trump warns China not to wait for 2020 U.S. election to make trade deal
Washington - U.S. President Donald Trump on Tuesday warned China against waiting out his first term to finalize any trade deal, saying if he wins re-election in the November 2020 U.S. presidential contest, the outcome could be no agreement or a worse one.