President Trump strikes for a trade deal with EU and UK

Following the Phase 1 trade deal with China, U.S. President Donald Trump announced that will shift his attention to Europe, post-Brexit Britain and India. Namely, Trump informed that will force new tariffs, shaking up its relations with the above-mentioned major U.S. trading partners.

According to Reuters, it is likely to happen:

The European Union and Washington will still remain at odds concerning aircraft subsidies, trade barriers, and plans by European countries to impose taxes on digital...

https://safety4sea.com/president-trump-strikes-for-a-trade-deal-with-eu-and-uk/

China approves tax waiver for bunker fuel

Reuters reports that China has approved a long-awaited tax waiver on exports of cleaner ship fuel, helping refiners to boost output. Yet, Beijing may initially limit shipments with the aim to focus on growing its coastal marine fuel market.

As ships globally have switched to lower sulfur fuels, or use emissions-removing devices, to comply with new IMO rules, China’s State Council, gave the go-ahead to waive taxes on the 0.5% or very low sulfur fuel oil (VLSFO), leading the way for the final...

https://safety4sea.com/china-approves-tax-waiver-for-bunker-fuel/

Baltic Exchange reports nine-month low

As Reuters reports, the Baltic Exchange’s main sea freight index reached its lowest level in April 2019, impacted by falling rates across the capesize and panamax segments.

Accordingly, the tracks rates concerning capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 25 points, or 3.3%, to 729.

Specifically:

  • The capesize index decreased by 119 points, or 16.7%, to 593 – its lowest since April 23. The index registered its 27th straight session of losses, and also its...

https://safety4sea.com/baltic-exchange-reports-nine-month-low/

McDermott may file for bankruptcy

Bloomberg recently reported that McDermott International Inc. is preparing to file for bankruptcy as soon as next week in order to address its more than $4 billion debt load.

The company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted into equity with existing term-loan lenders getting most of the shares; unsecured creditors would receive less than 10% of the equity along with warrants.

GET THE...

https://safety4sea.com/mcdermott-may-file-for-bankruptcy/

Italy court rejects charges against German rescue captain

Italy court rejects charges against German rescue captain
The Supreme Court of Cassation in Italy confirmed that the German captain of a migrant-rescue ship, should never have been arrested. Specifically, the Master of “MV Sea Watch 3”, Carola Rackete, was arrested on29 June 2019 by Italian authorities for helping and abetting illegal immigration and for forcing her way into the port of Lampedusa.

Ms Rackete, was carrying on board 42 rescued migrants when allegedly collided with an Italian police vessel while docking, resulting to her arrest.

For her...

https://safety4sea.com/italy-court-rejects-charges-against-german-rescue-captain/

Maldives ask for funds in risk of going underwater

The Maldives are facing the danger of going underwater, unable to build critical infrastructures, as sea-walls, and have therefore asked the United Nations for financing to deal with the climate change.

Specifically, speaking to Reuters, archipelago’s former president Mohamed Nasheed highlighted the possibility of losing the entire islands unless they manage to acquire any cheap financing to tackle climate change.

However, for the time being the Maldives have struggled to find the money needed...

https://safety4sea.com/maldives-ask-for-funds-in-risk-of-going-underwater/

Why the ECB must keep its monetary pillar, Mark Sobel’s 2020 predictions, and more

Why the ECB must keep its monetary pillar, Mark Sobel’s 2020 predictions, and more

THE WEEKEND REVIEW

Latest opinion and analysis from OMFIF around the world

13-17 January 2020, Vol.11 Ed.1

Most-Read Commentary

ECB must keep its monetary pillar: The European Central Bank’s two pillars of monetary policy are set for performance appraisals, writes Chris Papadopoullos. The first, economic analysis, is popular. The second, monetary analysis, could be expelled. Yet it has become more important in...

https://www.allaboutshipping.co.uk/2020/01/18/why-the-ecb-must-keep-its-monetary-pillar-mark-sobels-2020-predictions-and-more/