Germany’s shipowner and ship manager Schulte Group and compatriot insurance group DEVK have established Navigo Shipholding AG, a maritime asset investment platform for institutional investors. As explained, the long-term objective of Navigo is to build up a mixed portfolio of vessels, predominantly under long-term charter agreements, providing good visibility of future earnings and thereby ensuring…
The European Commission has approved the acquisition of joint control over four project companies with concessions to build or operate port terminals in West Africa by Denmark’s A.P. Møller Capital (APMC). These include GSEZ Cargo Ports, a company operating a cargo terminal and logistics business in Gabon; GSEZ Mineral Port, which operates a mineral terminal…
Current competition rules in Europe prevent the creation of giant EU companies that would be able to compete with US and Chinese rivals, Søren Skou, CEO of Danish shipping major Maersk, warned. In an interview with Danish business magazine Finans, Skou explained that EU competition rules need to be interpreted in light of the new economic and geopolitical…
India is moving away from having a passive foreign policy to the one vigorously advancing its interests, a top American diplomat said Friday, attributing the trend to New Delhi’s “broadening strategic horizons” over the past two decades. It’s clear that India’s broadening strategic horizons over the past two decades have resulted in a shift away…
The United States and China have signed a “phase one” economic and trade agreement that is expected to ease trade tensions between the largest two economies in the world. The deal was signed between the US President Donal Trump and China’s Vice President Liu He in Washington on January 15, 2020. “This agreement will begin…
The Suez Canal Authority has advised shipowners that discharging wash water from open-loop scrubbers during transit in the waterway is strictly forbidden. Based on the latest circular, the authority said that it “puts no conditions or restrictions on fuel oil or open-loop exhaust gas cleaning systems until the ratification of MARPOL Annex VI by the…
Monaco-based dry bulk shipping company Safe Bulkers has entered into sale and leaseback agreements with respect to eight vessels. As informed, the aggregate gross proceeds to the company in connection with the sale and leaseback arrangements are USD 158.3 million. Safe Bulkers intends to use the proceeds to refinance loan facilities of USD 105.2 million…
China’s Shanghai port has retained its rank as the world’s busiest container port, having handled 43.3 million twenty-foot equivalent units last year, Xinhua reports citing Shanghai Mayor Ying Yong. Shanghai has held its top-dog position for the past ten years and aims to lead the way in the future as part of China’s commitment to…
Imports fall 8.83 per cent, trade deficit shrinks to $11.25 billion India’s goods exports declined for the fifth straight month in December 2019 by 1.8 per cent (year-on-year) to $ 27.36 bn as key items such as petroleum, engineering goods and gems and jewellery continued to suffer due to low global demand. Imports were down…
Citing an analysis, he said one out of the four products being imported in India is under this category. Concerned over rise in imports in the ‘others’ category, Commerce and Industry Minister Piyush Goyal on Wednesday asked those importers to seek HSN or tariff code within 30 days from the foreign trade office, failing which…