US, China Reach ‘Phase One’ Trade Deal

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…

Suez Canal Authority Bans Scrubber Wash Water Discharge

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…

Export Import Course

Safe Bulkers Agrees Sale And Leaseback For Eight Ships

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…

Shanghai Remains World’s Top Container Port

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…

TORM Nets USD 496 Mn For Debt Refinancing

Danish tanker shipping company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure. The company said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance…