China Shipping bulletins on July 8,2019

1.The Shanghai Futures Exchange revealed that China plans to launch a bonded low-sulphur bunker fuel oil contract that will enable foreign investors to participate in trading by the end of 2019.

 

2.Six Chinese firms and Lloyd’s Register (LR) have signed an agreement to design and develop the first 220,000 cu m LNG carrier with a GTT Mark III membrane containment system.

 

3.Cosco Shipping Lines has made plans to install scrubbers on 23 containerships in its fleet to comply with upcoming 2020 IMO regulations on sulphur emissions.CSIC No.711 Institute will supply scrubber systems for five 19,000 teu ships and eight 14,000 teu ships, while Finnish company Valmet will supply scrubbers for ten 4,250 teu ships.

 

4.Siemens Gamesa announced that it signed a Memorandum of Understanding with Formosa Plastics Corporation for offshore wind in Taiwan, today, July 5. The company noted that this follows a series of earlier agreements.

 

5.On the morning of 5th July,a delegation led by Mrs. Annick De Ridder, Vice Mayor of Antwerp & President of Antwerp Port Authority visited COSCO SHIPPING headquarters. Capt. Xu Lirong, Chairman of COSCO SHIPPING met with the delegation and the two sides discussed topics around shipping and port related businesses.

 

6.Shanghai Intermediate People’s Court has sentenced Sun Bo, former general manager of China Shipbuilding Industry Corporation (CSIC), to prison for 12 years.

 

7.Spot rates for shipping containers from Asia to northern Europe in the week ending Friday declined by a further 1.9 per cent to US$688 per TEU, while the Shanghai-Mediterranean fell 2.9 per cent to $705 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

 

8.Multi-award winning maritime lawyer, Rosita Lau, a senior partner at Ince, will be spearheading a group of her colleagues on a mission to Guangzhou in a demonstration of Hong Kong’s unparalleled arbitration capabilities.

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