Skip to Content

About: adminturbocargo

Recent Posts by adminturbocargo

Transport Ministry told to clear container backlog | Brazil Modal

 The Transport Ministry is doubling down to clear a congestion of shipping containers at the Labuan Port that would ultimately raise the prices of goods in the Federal Territory.

Transport Minister Anthony Loke said the backlog is double the port’s capacity to the point ships cannot dock to load and unload and are sometimes forced to return to Port Klang.

“As a result many of the shipping companies want to impose surcharge fees, which can range around RM2,500 to RM3,500 per container,” he said during the ministry’s monthly assembly today (10/08/2018).

Citing a recent news report, Loke said if the surcharges were to be implemented it could end up making Labuan the most expensive place in Malaysia.


0 0 Continue Reading →

Foreign Trade Zone Administrator – Grove City

Foreign Trade Zone Administrator – Grove City, OH. Branch ID: 593. Contact: Pay Rate/Salary: $24.00 – $26.00.


0 0 Continue Reading →

BW LPG Gives Up on Dorian LPG Merger | Brazil Modal

Image Courtesy: BW LPG

The decision comes due to “Dorian’s continued refusal to give a meaningful response to BW LPG’s outstanding proposal, engage in constructive two-way discussions, or schedule its annual meeting,”BW LPG said in a statement.

In connection with the withdrawal of its offer, BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 Annual Meeting of Shareholders.

In May this year, BW LPG proposed to combine with Dorian in an all-stock transaction, under which Dorian shareholders would have received 2.05 BW LPG shares for each Dorian share.

However, after the rejection of the initial proposal, the company increased its all-stock proposal to combine with Dorian on July 9, under which Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share.


0 0 Continue Reading →

The Government of Nicaragua seeks to relaunch the state's foreign trade company in the face of …

The Government of Nicaragua sent a bill to Parliament for "strengthening and updating" the state's foreign trade company, amid the serious economic …


0 0 Continue Reading →

Hapag-Lloyd to use MFR mechanism for IMO 2020 cost | Brazil Modal

With a stricter International Maritime Organisation emissions regulation (IMO 2020) coming into force as of 1 January 2020, the new sulphur cap for compliant fuel oil will be lowered from 3.5% to 0.5%. This new regulation will significantly improve the ecological footprint of the shipping industry, and the majority of all vessels are expected to be operated with low-sulphur fuel oil by then. Using low-sulphur fuel oil will be the key solution for the shipping industry and Hapag-Lloyd to remain compliant. Furthermore, it is the most environmentally friendly solution in the short term.

At the same time, the utilisation of the compliant low-sulphur fuel oil comes along with an increase in fuel costs, which experts estimate to initially amount up to 60 billion US dollars annually for the entire shipping industry. On the assumption that the spread between high-sulphur fuel oil (HSFO) and low-sulphur fuel oil (LSFO 0.5%) will be 250 US dollars per tonne by 2020, Hapag-Lloyd estimates its additional costs being around 1 billion US dollars in the first years. Therefore, a Marine Fuel Recovery mechanism was developed, which will be gradually implemented from 1 January 2019 and replace all existing fuel-related charges.

“We embrace the level playing field and environmental improvements resulting from a stricter regulation, but it is obvious that this is not for free and will create additional costs. This will be mainly reflected in the fuel bills for low-sulphur fuel oil, as there is no realistic alternative for the industry remaining compliant by 2020. With our MFR, we have developed a system for our customers that we think is fair, as it allows for a causal, transparent an easy-to-understand calculation of fuel costs,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.

The MFR is based on a formula that combines consumption with market prices for fuel oils

It takes into account various parameters, such as the vessel consumption per day, fuel type & price (specific for HSFO, LSFO 0.5% and LSFO 0.1%), sea and port days, and carried TEU. These parameters derive from a typical representative service in the market on a specific trade. The MFR also takes price fluctuations better into account, as it comes along with an improved coverage of upward and downward developments of market price changes for fuel oil. Overall, it aims for transparent calculation of costs.

Furthermore, Hapag-Lloyd is thoroughly analysing other technological options for the reduction of emissions that might be able to cover a small share of a fleet. This is why trials with a LNG conversion of one ship as well as Exhaust Gas Cleaning Systems (EGCS) on two others will be conducted in the year 2019.

MFR samples for standard dry containers at different fuel prices for selected trades


0 0 Continue Reading →

Internship Jobs – Delhi – IIFT-Indian Institute of Foreign Trade – 0 to 1 year experience

Programme OF 2018-19

Economics with International Trade and Economics from a recognized university.
Applicants with Ph.D. or pursuing Ph.D. in International Economics will be
given preference.

must have basic computational skills of MS office, SPS and E-Views from the
reputed academic institutions.

Rs. 30,000/- per month (consolidated)


0 0 Continue Reading →

Navios Acquisition, Navios Midstream Wrap Up Merger Deal | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license


Under the deal, Navios Acquisition will acquire all of the publicly held units of Navios Midstream in exchange for shares.

The transaction is expected to simplify the capital and organizational structure, increase trading liquidity and float of the Navios Acquisition common stock, enhance access to the capital markets, enhance the credit profile and allow cash retention to support self-funded growth.

It would also build scale through a larger asset base that is capable of generating increased profitability, create significant savings in public company costs, reduce cost of capital etc.

Under the terms of the transaction, public unitholders of Navios Midstream may exchange each Navios Midstream common unit for either 6.292 newly issued shares of Navios Acquisition common stock or 1.0 share of a newly issued series of convertible participating preferred stock of Navios Acquisition.

Each share of preferred stock will be convertible by its holder into 5.1 shares of Navios Acquisition common stock at any time beginning six months after closing of the transaction, the company informed.

The transaction is expected to close around December 2018.

Furthermore, Navios Acquisition said that its Board of Directors approved a 1-for-15 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split is subject to stockholder approval, which Navios Acquisition intends to seek at a special meeting of its stockholders scheduled to be held in November 2018. The reverse stock split is expected to be effected before the closing of the transaction.


0 0 Continue Reading →

Qatar’s foreign trade grows 16% despite blockade: Sheikh Ahmed

Satyendra Pathak
Minister of Finance HE Ali Shareef al Emadi on Monday revealed that Qatar achieved budget surplus in the first nine months of 2018 for the first time in two years.
Given moderate oil prices and lower expenditure, Emadi said, he expected the 2019 budget to have a surplus.
Participating in a panel discussion on ‘Qatar’s Sustainable Economic Growth in Cooperation with its Trade Partners’ at the International Products Exhibition and Conference in Doha, Emadi said Qatar’s economy is robust despite the ongoing economic blockade.
Emadi said that spending in general, especially in the health, education and infrastructure projects will see an increase in the next year’s budget.”The budget of Qatar, which began on the first of January 2018, set the price of a barrel of oil at $45, while prices have now exceeded the level of $80 a barrel,” he said.
Emadi said that growth in Qatar is largely driven by 4 percent growth in the non-hydrocarbon sector.
The contribution of privet sector to Qatar’s economy has exceeded official expectations, he said adding that it is expected to continue.
The finance minister pointed out that Qatar is working on the development of legislation to stimulate investment, and has signed trade exchange agreements with more than 100 countries, and other agreements to prevent double taxation with more than 70 countries.
He said that aim of IPEC was to support the Qatari private sector and increase trade exchange among the 11 participating countries.
During his participation in a panel entitled”Qatar’s Sustainable Economic Growth in Cooperation with its Trade Partners” at the International Products Exhibition and Conference 2018
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani, who also participated in the discussion, said the very first edition of IPEC has attracted a wide audience from a number of states, which reflects the strength of Qatar’s friendly relations with participating countries and the important role that this international economic gathering plays in the region.
Participating countries represent a market of 400 million people with significant purchasing power, he said adding these countries have traded goods and services worth over $1 trillion with the rest of the world.’
Participating countries have exported goods worth over $430 billion, while total imports amounted to $540 billion, he said noting that the total trade volume between Qatar and these countries is estimated at $5.5 billion.
He said that Qatar and participating countries are bound by agreements concluded within the framework of the GCC and the Arab League within the framework of the Greater Arab Free Trade Area.
Touching on key economic indicators, he said Qatar’s foreign trade has shown remarkable growth of 16 percent in the post-blockade period of 2017 while total exports increased by 18 percent resulting in a surplus of 49 percent in the trade balance.
He added that the non-oil sector’s contribution to Qatar’s GDP also reached 52 percent in 2017.
Qatar is an active partner in global trade and a key regional and global economic player, he said adding the state is seeking to promote sustainable development that will benefit both Qatar and its partners on the economic level.
“Qatar is also home to an investment and business-friendly environment, which allows foreign investors up to 100 percent ownership in numerous projects and permits non-Qataris to engage in trade activities,” he said.
Participating in the discussion, Turkish Deputy Minister of Trade Gonca Yilmaz Batur said the trade exchange between Ankara and Doha is expected to reach about QR2 billion by the end of this year, up from about $1.5 billion in the first eight months of 2018.
Praising the strategic ties between the two countries, Batur said Qatar’s announcement to invest $15 billion in Turkish economy was a vital support.
Tajikistan Minister of Economic Development and Trade Nematullo Khikmatullozoda said Qatar should take advantage of investment opportunities in the areas of agriculture and mines in Tajikistan.
Tunisian Commerce Minister Omar Bahi highlighted the significant rise in trade volume between Tunisia and Qatar in the recent past.


0 0 Continue Reading →

ONE, South Africa 24 hour Advance Manifest Rule | Brazil Modal


ONE must receive complete and correct Shipping Instructions (SI) before the advised SI Cut-off date and time to successfully complete its submissions to SARS. If, due to late SI receipt, ONE judges that submissions cannot be completed on-time (latest 24 hours prior loading at each loading port) cargo will not be loaded. You can contact your local customer service representative for the exact SI cut-off. In order to avoid cargo not being loaded on vessels destined to South Africa, you should take the necessary action to ensure timely SI submission.

SARS has also revised the grace period where penalties will not be levied against filing parties till 31 October 2018.

If you have any questions, please contact your local ONE office.

Source: ONE


0 0 Continue Reading →

After Golden Week, China's Stock Market Faces Serious Threats From Washington

The scary thing about Pence's comments, which came shortly after Bloomberg … They are pretty firmly in the camp that China loses the trade war.


0 0 Continue Reading →


Recent Comments by adminturbocargo

    No comments by adminturbocargo