China Shipping bulletins on Apr 29,2019

1.Cosco Shipping Holdings posted stronger results for the first quarter, riding on higher freight rates and acquisition of OOIL.The company realized a net profit attributable to equity holders of the company of RMB687 million, surged 280% from RMB181 million in the same period of last year. 

 

2.ICBC Leasing (ICBCL) has revealed the ceiling rate on a set of long-term kamsarmax charters with US grain trader Bunge, and at $15,000 per day it is better than the market thinks.

 

3.The Hong Kong Seaport Alliance has been set in motion this month with an aim of maximising operational efficiencies in Hong Kong’s Kwai Tsing port, even though the new alliance has not received regulatory clearance from the Competition Commission of Hong Kong.

 

4.CSCL Mercury, a Chinese container ship with a capacity of 14,000 TEU (twenty-foot equivalent unit), on Saturday became the first visitor to the CSP Abu Dhabi Terminal of Khalifa Port in the United Arab Emirates (UAE).

 

5.SOYBEX CFR China price fell to its lowest level this year at $362.57/mt Wednesday down $4.04/mt day on day, tracking falling CBOT Soybeans futures amid oversupply.This is the lowest price ever recorded since S&P Global Platts started assessing SOYBEX CFR China prices on September 3, 2018.

 

6.TCC Group of Hong Kong is believed to have sold its oldest capesize bulker for demolition. Its move comes at a time shipowners are showing an appetite for scrapping bulkers at a relatively young age given a weak market this year.

 

7.China aims to make the Belt and Road initiative sustainable and prevent debt risks, its finance minister said on Thursday, seeking to allay criticism that the infrastructure plan to boost trade and investment creates a heavy burden for some nations.

 

8.China’s imports of Iranian crude oil fell by 25 percent from a year earlier, customs data showed on Thursday, while imports from rival producer Saudi Arabia surged from a year ago making it the country’s top supplier for a second month.

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