The coronavirus pandemic and the oil price war, fuelled by Saudi Arabia and Russia, brought oil prices down to record low levels. This must-have affected the condition of oil trading and storage companies. Hin Leong Trading, a huge Singaporean oil trading and storage company has announced its collapse. 800 million USD of losses to Hin …
Read moreHin Leong Trading – An oil trading company goes bankrupt
Zhi Fei – Flying Wisdom – is the name of the first autonomous containership being constructed in China. The construction was launched with a steel cutting ceremony held in mid-May at the Qingdao Shipyard. First Chinese autonomous containership under construction Autonomous container ships (MASS) are seaborne vessels that transport cargo with little or no human …
Read moreFirst Chinese autonomous containership under construction
On the 8th of May, an air freighter carrying over nine metric tons of medical supplies took off from Shijiazhuang Zhengding International Airport in Shijiazhuang, the capital of Hebei province. The following day it arrived at Frankfurt Airport in Germany. Thus, a regular air freight service has commenced between the province and European countries. Check …
The pandemic and restrictions implemented to minimize the number of cases prompt the pursuit of remote solutions. Drones are ideal machines for remote delivery of goods. A Singaporean startup has introduced a commercial autonomous delivery service via drone. The drone flies BVLOS – Beyond Visual Line of Sight, which enables the drone to cover far …
Recently, we have written about lowered rates in Chinese shipyards on ships, as the shipbuilders struggle to stay in business. This time, the Dutch shipyards are going through hard times. Two private shipyard groups from the Netherlands have suffered the biggest losses for many years – Damen and Royal IHC. Damen Damen Shipyard Group owns …
The Belt & Road Initiative (BRI) is considered the most extensive infrastructure and investment project in history. The Chinese initiative of the New Silk Road involves the construction of new and development of existing transport routes from China to Europe and other continents. Therefore, in the past few years, China-Europe connectivity has raised significantly, as …
International trade requires filling out many, sometimes quite complicated paperwork. Various documents are required for customs clearance alone. The commercial invoice is one of them. An importer must ensure that the sender issues this type of invoice. Customs cannot clear imported goods without the commercial invoice. Commercial Invoice (CI) A commercial invoice, CI for short, …
The highly competitive transport market keeps developing rapidly, putting forward more and more interesting options. Shipping goods from the Far East is usually associated with the sea or air freight. However, a new attractive alternative appeared in the last decade, which is fast rail freight. It is now possible to transport goods by train to …
The aircraft industry suffers a huge blow due to COVID-19 and pandemic-related restrictions. Currently, it has to recover from the effects of a ninety-five percent drop in air traffic. Boeing has announced that it formed a new group to help to restore the company’s production and supply chain operations to a pre-pandemic level. Boeing amid …
Customs bond is an agreement relating to a specific transaction between an importer and a customs office. Under U. S. customs regulations, customs bond is a requirement for export to the U.S. A customs bond is a financial guarantee between the guaranteeing company that submits the declaration, the importer, and Customs Border Protection (CBP). The …