CITES Convention

CITES

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 …

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Hin Leong Trading – An oil trading company goes bankrupt

Hin Leong Trading

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 …

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Game-changing drones in use at ports

drones

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 …

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Boeing amid and post-pandemic operations

boeing

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 …

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What is a customs bond?

Customs bond

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 …

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Hapag-Lloyd and Maersk take on IMO’s regulations

imo's

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 …

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MSC’s comment on the COVID-19 situation

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 …

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U.S. Navy hospital ships amid COVID-19 pandemic

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 …

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Chinese ports coming back to normal

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 …

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