1.Classification society, Bureau Veritias (BV) has been approved by the China Maritime Safety Administration to operate in international ship registration inspection and classification services in Chinese free trade zones.
2.An average 5% interest rate differential between Chinese leasing and institutional investors in the west is proving irresistible with finance institutions from Beijing and Shanghai gaining an ever growing share of the global ship finance scene.Chinese lessors are well on track for their goals of 6+% growth this year, based on their mid-year results.
3.China National Petroleum Corp has pledged to come up with more than 100 million metric tons of equivalent equity production of oil and gas from abroad by 2020, especially in markets in Central Asia, Russia, the Middle East and Africa.
4.Bankrupt Chinese shipyard Zhejiang Ouhua Shipbuilding has failed to sell its assets in the online auction.
5.Tokyo Gas Engineering Solutions (TGES) has been awarded a deal by Taiwan’s CPC Corporation (CPC) to conduct the front end engineering design (FEED) for an expansion project of its LNG receiving terminal at Yung An.
6.Although newbuilding orders in the first half of 2019 decreased significantly, with increasing BDI recently, shipping media in China began to turn from pessimism to optimism dramatically. It seems that the market has stepped into the "right track" of recovery after a setback caused by accident and FFA speculation. However, the secondhand and newbuilding price do not deliver such optimistic message.
7.The Singapore Shipping Association (SSA)—the industry voice of Singapore’s maritime community—today organized its inaugural Tech and Demo Day, during which it announced the formation of a new Digital Transformation Committee.
8.China's crude oil futures settled higher on Wednesday. The most active contract for September 2019 delivery increased 1.27 percent to 446.4 yuan per barrel, data from the Shanghai International Energy Exchange showed.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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