CITES (Convention of International Trade in Endangered Species of Wild Fauna and Flora) is a multilateral treaty regulating the trade of more than 35 000 species – about 30 thousand species of plants and 5600 species of animals. One hundred eighty-three countries have signed the Convention. CITES brings attention to a global problem that illegal …
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 …
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 …
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 …
From January 1st 2020, vessels are only allowed to use fuel with a maximum sulfur content of 0.5%. In addition, the International Maritime Organization (IMO) has settled a target of 40% emissions reduction by 2030. Hapag-Lloyd and Maersk are close to reaching the goal ahead of time. Check how Hapag-Lloyd and Maersk take on IMO’s …
The Japanese shipyard Tsuneishi Shipbuilding has gain orders for a new type of bulk carrier with a capacity of 88 thousand tonnes. Details of the ordering part, as well as the transaction itself, including the number of vessels and delivery times, have not been disclosed. Due to the coronavirus and the very difficult situation on …
Many industries have been affected by the outbreak of the COVID-19. It has disrupted the global supply chain, causing losses to many companies. What do they have to say about the situation? How does the MSC, the world’s second-largest shipping line in terms of container vessel capacity, deal with the issue? Check MSC’s comment on …
On the 18th of March 2020, the president of the United States Donald Trump announced that two U.S. Navy hospital ships would be deployed to provide more hospital beds to those in need on the West and East Coasts of the U.S. Alongside other ideas of utilizing military resources, its usefulness could be limited. Which …
Although the case fatality rate of COVID-19 in China is the highest in the world, the number of new cases in this enormous country is dropping day by day. This fact brings ease of mind for many, especially for those who do business with China, as it means, for example, fewer issues when it comes …