U.S.-U.K. Minerals Agreement may boost U.K. exports, S&P Says
S&P Global Market Intelligence has released a report that looks at a new deal signed by the U.S. and the U.K., titled “Critical relationship: Supply chain implications of U.S.-U.K. Atlantic Declaration.”
The declaration includes provisions to negotiate a Critical Minerals Agreement. S&P Global Market Intelligence says that, if ratified, the declaration could give U.K. exporters of cobalt, graphite, lithium, manganese and nickel eligibility under the U.S. Inflation Reduction Act (IRA) funding for electric vehicle components.
Supply Chain Brain
Canada port union issues 72-hour strike notice
June 28 (Reuters) - The International Longshore and Warehouse Union Canada (ILWU) on Wednesday said it has issued a 72-hour strike notice to the British Columbia Maritime Employers Association (BCMEA), as it looks to renew an industry-wide collective agreement which expired in March.
Longshore workers are prepared to walk off the job at 8 am Pacific Time on July 1, according to the ILWU. Both parties are scheduled to continue bargaining on Thursday.
Reuters
Wind, slow steaming, and fuels could half ships' GHG emissions by 2030
Shipping has the technical potential with the tools available today to cut its greenhouse gas emissions anywhere between a quarter to a half by 2030 according to a new independent report conducted by the respected consultancy CE Delft for four leading environmental groups. They argue that this can be achieved without significant financial costs providing the confirmation needed for the IMO’s Marine Environment Protection Committee (MEPC) to act decisively at its upcoming meeting.
IMO member states are due to convene for a session in July 2023 that will adopt the revisions to the IMO’s declared strategy for greenhouse gas emissions. Since 2018, the IMO position has been that shipping will reduce emissions by 50 by 2050 relative to 2008.
The Maritime Executive
A shipping emissions showdown stands in the way of one of the biggest climate deals of the decade
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Delegates of the International Maritime Organization are meeting in London this week for preliminary talks on how to implement a new greenhouse gas strategy.
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The talks are designed to help build consensus ahead of a crucial session of the IMO’s Marine Environment Protection Committee next week.
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John Maggs, president of the Clean Shipping Coalition, said that if the IMO could agree to a deal that was close to the science-based targets for 2030, “you would quite genuinely have a climate agreement not just of the year but probably the decade.”
CNBC
New railroad agreement would link Mexico, Texas and the Southeast U.S.
Railroad companies Canadian Pacific Kansas City (CPKC), CSX and Genesee & Wyoming Inc. (G&W) announced June 28 that the three sides had reached an agreement that will create a new direct CPKC-CSX railroad interchange connection in Alabama.
As part of the proposed transactions, CPKC and CSX would each acquire or operate portions of Meridian & Bigbee Railroad (MNBR), a railway running through Alabama and Mississippi that is owned by G&W, establishing a new freight passageway that connects Texas, Mexico and the southeastern United States.
Under the agreement, CPKC would acquire and operate a segment of railway that runs from Meridian, Mississippi to Myrtlewood, Alabama while CSX would be given operational control of rail lines being leased by MNBR that are east of Myrtlewood. As a result, a direct CPKC-CSX interchange would be created in Alabama. In exchange, Genesee & Wyoming would take control of select Canadian properties owned by CPKC. Simultaneously, MNBR would be given the right to continue to provide local services to existing customers on former MNBR-owned rail lines.
Supply Chain Brain
PSA Venice, North Adriatic Sea Port Authority extend concession by 25 years
PSA Venice has agreed with the North Adriatic Sea Port Authority (AdSP) the extension of the existing concession by 25 years.
The new contract will begin on 1 October 2024 and will last until 1 October 2049, while the original 25-year concession dates from 1997.
The global port and terminal operator PSA said it will invest around US$86 million in the Italian container terminal, of which over US$60 million will be used for the acquisition of new equipment, revamping existing cranes, and investments in new quay cranes.
Container News
Japan reinstates South Korea as a preferred trading partner
Japan decided to restore South Korea to its list of preferred trading partners, the latest step toward bolstering relations that will help them strengthen cooperation with the US.
The restored status will take effect on July 21, Japanese trade minister Yasutoshi Nishimura said Tuesday. The return to Japan’s so-called white list of trading partners will smooth out export procedures to South Korea and comes about three months after Seoul made a similar move.
AJOT
Hong Kong exports fall as global demand slump weighs on economy
Hong Kong’s exports fell in May for a 13th consecutive month as weak demand for goods from China and the world continue to pose challenges for the financial hub’s economic outlook.
Overseas shipments dropped 15.6% from a year earlier, the Census and Statistics Department said Tuesday. That was worse than a median estimate for an 11.1% decrease in a Bloomberg survey of economists.
Imports fell 16.7% from a year ago, exceeding the median estimate of a 10.2% decline in a Bloomberg survey. The trade deficit was HK$26.4 billion ($3.4 billion).
AJOT
