BusinessNews

Court Approves Harvey Gulf's Restructuring Plan

By MarEx 2018-05-23 14:13:00

On Wednesday, a federal court in Houston confirmed OSV operator Harvey Gulf's prepackaged bankruptcy plan. The approval follows 77 days after Harvey Gulf’s prepackaged filing, a faster turnaround than all previous Chapter 11 proceedings for vessel operators over the last...

China to Import More Oil and Gas from the U.S.

By MarEx 2018-05-22 21:03:32

China’s natural gas imports, which currently account for more than 30 percent of domestic consumption, will continue to rise and boost trade with the U.S., according to energy consulting company ICIS China. Gas is increasing in demand as the Chinese...

Trade War Averted

By MarEx 2018-05-19 18:37:35

China and the U.S. issued a joint statement on Saturday vowing not to launch a trade war against each other. Chinese President Xi Jinping's special envoy Liu He arrived in Washington on Tuesday at the invitation of the U.S. government,...

NRF Testifies on Tariffs: “Economy Will Suffer”

By MarEx 2018-05-16 19:57:46

The National Retail Federation told the Office of the U.S. Trade Representative during a hearing on May 16 that proposed tariffs on Chinese goods would destroy U.S. jobs, disrupt supply chains and increase prices for U.S. consumers during the upcoming...

Crew a Gray Area for Insurance Claims

By MarEx 2018-05-16 19:36:10

Who are the crew?” and “what are wages?” are just some of the areas of marine claims “shaded in gray,” says Willum Richards, chairman of the Association of Average Adjusters, those who apportion liability for loss after marine casualties. He...

Egypt and Kuwait Plan Belt and Road Initiatives

By MarEx 2018-05-13 19:25:54

The Afro-Asian Economic Council (AAEC), founded in 2017, has launched a project to link Egypt, Kuwait and other North African countries to China's Belt and Road Initiative. Head of the AAEC Tareq bin Eid Al Obeid said last week that...

U.S. Retail Imports Growing Despite Threat of Tariffs

By MarEx 2018-05-09 20:49:33

Imports at U.S. major retail container ports are expected to grow steadily throughout the summer despite the prospect of heavy tariffs on goods from China, according to the monthly Global Port Tracker report released this week by the National Retail...

Certificate of Origin Blockchain Platform Launched

By MarEx 2018-05-08 19:44:50

The world’s first blockchain-based platform for electronic certificates of origin (eCOs) was unveiled in Singapore on Tuesday. The platform is the result of a partnership between the Singapore International Chamber of Commerce (SICC) and Singapore-based vCargo Cloud. As the first...

Belt and Road Imports Grow Faster Than Exports

By MarEx 2018-05-07 20:15:18

China’s imports from Belt and Road countries increased faster than exports in 2017 for the first time, according to China's State Information Center. The value of China’s imports from Belt and Road countries stood at $666 billion in 2017, an...

Wärtsilä Finalizes Purchase of Transas

By MarEx 2018-05-04 13:53:00

The technology group Wärtsilä has finalized its acquisition of navigation software and training firm Transas. The purchase, which was announced in March 2018, has a transaction value of $250 million. Transas offers integrated bridge systems, digital products, electronic charts, ECDIS systems,...