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☆ Peru Awards China's Jinzhao $405 Million Port Construction Contract
▼ + stars: | 2024-03-22 | by ( March | At P.M. | ) www.usnews.com time to read: +1 min

By Marco AquinoLIMA (Reuters) - The Peruvian government said on Friday it has awarded a subsidiary of Chinese firm Jinzhao a contract to build a port in the south of the Andean nation, expected to require $405 million in investments. As part of the deal, Jinzhao Peru will receive a concession to operate the port for 30 years, according to the head of state investment agency Proinversion, Jose Salardi. With the project, Jinzhao will become the second Chinese firm to build and operate a port in Peru, one of the world's top copper producers. In the north of Peru, a subsidiary of Chinese firm Cosco Shipping Ports is building a "megaport" set to kick off operations at the end of this year. Jinzhao's port, in the southern region of Ica, is near its Pampa de Pongo iron project, set to require a $2.34 billion investment in its "pre-feasibility stage."

Persons: Marco Aquino LIMA, Proinversion, Jose Salardi, Salardi, Marco Aquino, Kylie Madry, Leslie Adler Organizations: Reuters, Jinzhao, Cosco Shipping Locations: Peruvian, Jinzhao Peru, Peru, Ica, Pampa

☆ When it comes to explaining market sell-offs, look for the simplest explanation
▼ + stars: | 2023-12-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The simplest explanation for Wednesday's sell-off was that the market was dramatically overvalued and due for a pullback. Look at the Breakwave Dry Bulk Shipping ETF (BDRY). BDRY is essentially a play on global shipping, which is itself a play on the state of the global economy. There's an ETF for global shipping companies If you'd rather play global shipping companies directly, there's an ETF for that as well. The SonicShares Global Shipping ETF (BOAT) is a modified market cap weighted ETF that contains all the big global shipping companies: Kawasaki Kisen Kaisha, Mitsui, Euronav, Matson, AP Moller, Hapag-Lloyd, Maersk, COSCO Shipping, etc.

Persons: William of Ockham, overvalued, —, stupidly, overbought, Santa Claus, Matson, AP Moller, DBRY Organizations: Traders, Santa, Bulk Shipping, Global Shipping ETF, Kawasaki, Mitsui, Euronav, AP, Maersk, COSCO Locations: America, U.S, Hapag, COSCO Shipping, India

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Euro zone Q3 GDP shrinks, but employment rises
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBRUSSELS, Nov 14 (Reuters) - The euro zone economy contracted marginally quarter-on-quarter in the third quarter, a new estimate confirmed on Tuesday underlining expectations of a technical recession if the fourth quarter turns out equally weak, but employment still rose. The European Union's statistics office Eurostat confirmed its estimate from Oct 31 that gross domestic product in the 20 countries sharing the euro fell 0.1% quarter-on-quarter in the July-September period for a 0.1% year-on-year rise. European Central Bank vice president Luis de Guindos said last week the euro zone economy was likely to contract slightly or at best stagnate in the fourth quarter after business activity data for October showed further weakening of demand in the dominant services industry. But contrary to the usual trend when the economy weakens, employment in the euro zone rose 0.3% quarter-on-quarter in the same period, for a 1.4% year-on-year increase. The growth slump is caused by strong headwinds from high inflation and record high interest rates as well as the slowly tightening fiscal policy.

Persons: Fabian Bimmer, Luis de Guindos, De Guindos, Jan Strupczewski Organizations: Shipping, REUTERS, Rights, European Central Bank, ECB, Thomson Locations: Hamburg, Germany, Rights BRUSSELS, France, Spain, Belgium, Italy, Austria, Portugal, Ireland, Estonia, Lithuania

☆ Check out the giant ship critical to building the world's biggest offshore wind farm
▼ + stars: | 2023-10-16 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

As wind turbines get bigger, the vessels that install them are having to change, too. VCG | Visual China Group | Getty ImagesA project to build a facility described as "the world's largest offshore wind farm" took a big step forward this month by producing its first power. The sea in the Dogger Bank Offshore Development Zone is up to 63 meters deep, meaning the Voltaire's ability to work in deeper waters is crucial. "Off the Scottish coast, for example, expensive floating windfarms are often the only way to tap into offshore wind," he said. Søren Lassen is head of offshore wind research at Wood Mackenzie, a research and consultancy group.

Persons: De Nul Group's, GE Vernova's, Voltaire —, De, —, Jan De Nul Group's Voltaire, Voltaire, Jan De Nul, Jan De Nul's Rutger Standaert, Standaert, Søren Lassen, Wood Mackenzie, Lassen, David L, Ryan, Wood Mackenzie's Lassen Organizations: Visual China, Getty, Dogger Bank Wind, GE, Dogger Bank, Dogger Bank Offshore Development, COSCO Shipping Shipyard, CNBC, Boston Globe, GE Offshore, Blades, U.S Locations: China, North, Golden, Dogger, U.S

☆ China reports double-digit plunge in July exports and imports, missing expectations
▼ + stars: | 2023-08-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A container ship from China-owned Cosco Shipping sits in the Port of Oakland in California on Aug. 7, 2023. BEIJING — China said Tuesday that exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in U.S. dollar terms. A Reuters poll predicted a 12.5% decline in exports in July from a year ago, in U.S. dollar terms. Imports were expected to have dropped by 5% during that time, according to the poll. A slowdown in U.S. and other major economies' growth has dragged down Chinese exports this year.

Organizations: Cosco Shipping, Reuters, European, CNBC Locations: China, Port of Oakland, California, BEIJING — China, U.S, Caixin

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ West Coast port labor issues continue as some Los Angeles-bound rail shipments get paused
▼ + stars: | 2023-06-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Aerial view of containers and cargo ships at the Port of Los Angeles on Jan. 19, 2022 in San Pedro, California. Union Pacific is no longer accepting exports or empty containers at its Denver rail terminal destined for the Port of Los Angeles, a proactive move that reflects the supply chain issues that have arisen due to ongoing West Coast port labor issues. That is critical for food and agriculture shipments, where products can spoil — the U.S. agriculture industry uses the West Coast predominantly for its goods. The Port of Los Angeles is the nation's busiest port, processing $440 billion in cargo value per year. Berkshire Hathaway subsidiary BNSF and Union Pacific are the railroads servicing the West Coast ports.

Persons: Paul Brashier Organizations: Port, San Pedro , California ., San Pedro , California . Union Pacific, CNBC, Ocean, CMA, Pacific, Union Pacific, Berkshire Hathaway, BNSF, ITS Logistics, Pacific Maritime Association, Oakland, Truckers, Marine Services, Maersk Locations: Port of Los Angeles, San Pedro , California, San Pedro , California . Union, Denver, West Coast, Los Angeles, East Coast, Long, U.S, Seattle, OOCL, COSCO Shipping, Sealand, Evergreen

☆ West Coast port labor issues persist from Los Angeles to Seattle, with supply chain frustration mounting
▼ + stars: | 2023-06-05 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

A container ship is shown at the Port of Los Angeles in Los Angeles, California, November 22, 2021. Another Los Angeles Port terminal, Pacific Container Terminal (owned by SSA) announced Monday morning to truckers they would be closing the dayside shift on Tuesday. watch nowThe Port of Los Angeles, the nation's busiest port, processes $440 billion in cargo value per year. That market share has declined with more trade moving to the East Coast over the past year, at least partially due to labor issues on the West Coast that had supply chain managers worried about reliability of service. Recently, as the labor negotiations on the West Coast were said to have made progress, more trade started coming back.

Persons: Mike Blake, Paul Brashier, Brashier, ILWU Organizations: Port, Oakland, Logistics, CNBC, Marine Services, CMA, Maersk, Evergreen, ITS Logistics, Warehouse Union, Fenix Marine, Los Angeles Port, Container, SSA, Pacific Maritime Association Locations: Port of Los Angeles, Los Angeles , California, West, Los Angeles, Seattle, OOCL, COSCO Shipping, Sealand, West Coast, Port, East Coast, China, of Los Angeles, East, Long, Oakland

☆ China, U.S. spar at WTO meeting over disputes
▼ + stars: | 2023-01-27 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

China's ambassador to the WTO Li Chenggang spoke at a meeting on trade disputes shortly after the United States lodged an appeal against a series of WTO rulings involving China, Turkey, Norway and Switzerland which found that U.S. metal tariffs breached global rules. Washington, which has long criticized the WTO dispute system for overreach and is leading discussions on reforming it, has criticized both rulings. The United States said it regretted the metal tariffs dispute with China was even on the agenda at the meeting and accused Beijing of imposing "illegal unilateral retaliatory measures" on U.S. exports. "A WTO that serves to shield China's non-market policies and practices is not in anyone's interest," said Deputy United States Trade Representative Maria Pagan, according to a copy of her speech. In an interview with Reuters on Thursday, Pagan played down the significance of more vocal criticism of Washington by China at WTO meetings.

☆ China's navy is showing off a huge new ship designed to carry other warships around
▼ + stars: | 2023-01-09 | by ( Liu Zhen | South China Morning Post | ) www.businessinsider.com time to read: +4 min

Yinmahu is a semi-submersible heavy-lift ship that could ferry equipment and damaged ships. Chinese state TV recently showed the ship doing various maneuvres but didn't reveal its specifications. Footage showed the Yinmahu's departure, submerging, ship loading, lifting and transporting. The Chinese navy's first heavy-lift vessel, the Donghaidao (hull number 868) is known to have entered service in 2015. The semi-submersible heavy-lift ship can carry vessels over 100,000 tonnes.

☆ Meet the harbor pilots who make $434,000 a year, face high fatality rates, and are responsible for guiding hulking cargo ships into ports
▼ + stars: | 2022-12-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Harbor pilots are the highest paid city employees, but face a one in 20 chance of dying on the job. Harbor pilots are some of the highest-paid municipal employees and represent a crucial part of a shipment's journey. "I've been chased up the ladder by the boat," Craig Flinn, another harbor pilot, tells Mims. A harbor pilot's job is complete once the ship is safely tucked away in its berth. Ultimately, harbor pilots represent a little known, but crucial part of the supply-chain.

☆ 'Never been so cheap': Fund manager explains why he loves shipping stocks right now
▼ + stars: | 2022-12-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

There are a host of reasons to consider investing in shipping companies, according to Pure Value Metrics' Richard-Mark Dodds, who said many of the stocks had attractive entry points. It's in contrast to the bumper year of 2007, Dodds said, when ship owners mistakenly expanded their shipping fleets instead. Buy-rated shipping stocks CNBC Pro screened for stocks in the shipping sector that could offer opportunities to investors. Shipping fleet 'becoming more valuable' Meanwhile, Dodds pointed toward another trend that could boost earnings: a reluctance by shipping owners to buy new vessels over environmental concerns. "The [existing] shipping fleet is becoming more valuable as time goes by because fewer ships are being built."

French container line CMA CGM sees the ownership of cargo terminals at U.S. ports as the next step in its bid to extend its shipping business into greater inland logistics. “Port terminals are an essential piece of the supply-chain efficiency, being at the crossroads of sea and land operations,” said Christine Cabau Woehrel, CMA CGM Group’s executive vice president of operations and assets. CMA CGM earned $17.9 billion in net profits in 2021 and its earnings in the first three quarters of this year reached more than $20.4 billion. The purchases come as CMA CGM is spending billions to buy logistics operations and more recently launch an airfreight service. China’s Cosco Shipping Ports has expanded its terminal operations around the world in concert with expansion by state-owned Cosco Shipping Lines.

☆ China shipyards feast on record LNG tanker orders as South Korea builders are full up
▼ + stars: | 2022-12-12 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

Chinese shipyards this year won 45 LNG tanker orders worth an estimated $9.8 billion, about five times their 2021 order values, according to shipping data provider Clarksons Research. By late November, Chinese yards had grown their LNG order books to 66 from 21, giving them 21% of global orders worth around $60 billion. Still, Chinese yards received 19 foreign orders for LNG tankers this year and that number is likely to grow. "Chinese yards have become more attractive because of the South Korean backlog, as well as rising costs," said ICIS analyst Songer. Chinese yards' relationship with GTT also helps, he said.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

The visit — the first by a G7 leader to China in roughly three years — comes as Germany slides towards recession. A spokesperson for Hamburger Hafen und Logistik (HHLA), the company operating the port terminal, told CNN Business on Thursday that it was still negotiating the deal with Cosco. “The restrictions are suffocating economic growth and heavily impact China’s attractiveness as a destination for foreign direct investment,” he told CNN Business. The ministry did not respond to a request for comment from CNN Business. He predicted that “the large majority will stay committed to the Chinese market and is expecting to expand their business.”Companies appear to be toeing that line.

☆ U.S. cautioned Germany against a Chinese controlling stake in Hamburg port
▼ + stars: | 2022-11-02 | by ( Humeyra Pamuk | Lewis Jackson | ) www.reuters.com time to read: +3 min

[1/2] Cargo ship 'Cosco Shipping Gemini' of Chinese shipping company 'Cosco' is loaded at the container terminal 'Tollerort' in the port in Hamburg, Germany, October 25, 2022. REUTERS/Fabian BimmerMUNSTER, Germany, Nov 2 (Reuters) - The United States cautioned Germany against allowing China to obtain a controlling stake in a Hamburg port terminal, a senior U.S. State Department official said on Wednesday, in a deal that has been seen as a gauge of how far Germany is willing to toughen its stance on its top trading partner. By pushing the stake under 25%, the deal no longer officially requires Cabinet approval, which would have been hard to muster from the Greens and liberal-run ministries. The document points to "considerable risks that arise when elements of the European transport infrastructure are influenced and controlled by China - while China itself does not allow Germany to participate in Chinese ports." Reporting by Humeyra Pamuk in Munster, Germany; writing by Daphne Psaledakis in Washington; Editing by Jonathan Oatis and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. 'strongly suggested' there be no controlling interest by China in Hamburg port terminal
▼ + stars: | 2022-11-02 | by ( Humeyra Pamuk | ) www.reuters.com time to read: +3 min

[1/2] Cargo ship 'Cosco Shipping Gemini' of Chinese shipping company 'Cosco' is loaded at the container terminal 'Tollerort' in the port in Hamburg, Germany, October 25, 2022. REUTERS/Fabian BimmerMUNSTER, Germany, Nov 2 (Reuters) - The United States “strongly suggested” that there be no controlling interest by China in a Hamburg port terminal, a senior U.S. State Department official said, adding that the final deal was adjusted in the end with a smaller share for Beijing. “The embassy was very clear that we strongly suggested that there’d be no controlling interest by China, and as you see when they adjusted the deal, there isn’t," a second senior State Department official said. The document points to "considerable risks that arise when elements of the European transport infrastructure are influenced and controlled by China - while China itself does not allow Germany to participate in Chinese ports." Reporting by Humeyra Pamuk in Munster, Germany Writing by Daphne Psaledakis in Washington; Editing by Jonathan Oatis and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ COSCO Shipping says to buy $2.7 bln port assets from parent, in $2.9 bln ship building deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers. The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) (600018.SS) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port (601228.SS) for 778.7 million yuan. COSCO Shipping Holdings (601919.SS) also said it had entered into shipping contracts with China COSCO Shipping's Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion. Its unit Orient Overseas (International) Ltd (0316.HK) has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion. read more($1 = 7.2499 Chinese yuan renminbi)Reporting by Donny Kwok; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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