China will increase purchases by 2.1 percent to 145 million metric tons in 2013 compared with a 39 percent expansion this year, Barclays analysts led by Trevor Sikorski in London said in an e-mailed report today. Shipments to the country will shrink by about 24 percent in 2014, according to the bank.
A slower rate of economic growth combined with improved transportation systems in China will start curbing its need for imports by the end of 2014, Barclays said. Global trade in the fuel and steel-making raw material will increase by about 4 percent to 901 million tons next year, the slowest rate of growth since 2008, according to Barclays.
The slower expansion will hurt demand for shipping at a time when there’s already a glut of vessels, meaning freight rates won’t improve much for the next two years, according to Barclays.
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Canada will establish two new Arctic consulates in Alaska and Greenland and appoint a dedicated Arctic ambassador as part of a long-awaited strategy for a region where Russia and China are increasingly seeking to assert their influence.
The expansion of Canada’s Trans Mountain pipeline represented a $24 billion bid to help the country’s oil producers reduce their near-total reliance on the US market. That’s a bet that may pay off sooner than expected if President-elect Donald Trump follows through on his tariff threats.
The crew of Panama-flagged cargo ship MV ISA STAR have been rescued in the Red Sea after sending a distress signal, the EU's Aspides naval mission said.
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