1.Freight rates of VLCCs have surged to a high of $300,000 a day in a market boosted by a quick succession of unrelated incidents, as the different events have reinforced each other to lead to the spike.
2.Sinochem Energy Co Ltd, the energy business arm of China's state-owned Sinochem Group, will operationalize the second phase of its Quanzhou refinery base in eastern China's Fujian province in 2020.
3.Xiamen Shipbuilding Industry (XSI) has listed two newbuild PSVs on Fujian Assets and Equity Exchange for resale via auction as part of its efforts to accelerate the clearout of its PSV inventory.
4.Haikou Maritime Court successfully settled a dispute over a loan contract worth up to 275 million yuan between the French banking giant BNP PARIBAS and Brightoil Gem, a Hong Kong-based shipping company.
5.China posted a 2.5% growth in identified coal reserves by the end of last year compared with a year earlier, state media Xinhua News Agency reported.
6.China's first research and testing base for unmanned surface vessels will be put into operation by the end of this year, becoming a public technology service platform for marine equipment.
7.China's foreign trade volume rose 2.8 percent year on year in the first nine months of 2019 to 22.91 trillion yuan (about 3.24 trillion U.S. dollars).
8.Spot rates for shipping containers from Asia to northern Europe in the week ending Friday fell a further two per cent to US$581 per TEU.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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