Shipping bulletins on August 30,2018

1.Italian giant shipbuilder Fincantieri and China State Shipbuilding Corporation (CSSC) have signed a Memorandum of Understanding extending their already existing cooperation to all segments of merchant shipbuilding.

 

2.Over 30% of global crude oil trade moves through South China Sea and more than 90% of these crude oil volumes transited the Strait of Malacca,the shortest sea route between suppliers in Africa and the Persian Gulf and markets in Asia,making it one of the world’s primary oil transit chokepoints.

 

3.China,the world’s second-largest importer of liquefied natural gas(LNG),is continuing to boost imports of the chilled fuel as it is pursuing its strategy for cleaner air. 

 

4.China's crude oil futures settled higher on Tuesday.The main contract for December delivery was up 0.12 percent to 512.0 yuan per barrel,data from the Shanghai International Energy Exchange (INE) showed. 

 

5.Shipbuilding giants Fincantieri and China State Shipbuilding Corporation (CSSC) have agreed to extend an existing cooperation spanning all fields of commercial shipbuilding.

 

6.The Global Maritime Forum’s Annual Summit 2018,to be held in Hong Kong,has lined up a host of some of the top industry leaders,policymakers,experts and NGO’s with the secretary-general of the IMO,Kitack Lim topping the bill.This inaugural event will be held at the Kai Tak Cruise Terminal on October 3-4,2018.

 

7.Hong Kong’s Financial Secretary,Paul Chan confirmed Tuesday what many have anticipated when he announced a group of tax incentives to promote marine insurance,reinsurance and specialty insurance.

 

8.Oil prices rebounded on Wednesday as official data showed a larger-than-expected decrease in U.S.crude stockpiles.