Spot Rate Slump Threatens to Sink Carrier Profits
Container spot freight rates on the main east-west deepsea trades witnessed more declines this week, as a combination of weak demand and excess supply of slot capacity prevailed.
MANILA, July 2 (Reuters) – The Philippines told China it will be “relentless” in protecting its interests and upholding its sovereignty, sovereign rights, and jurisdiction in the South China Sea, its foreign ministry said on Tuesday.
But both countries recognized the need to “restore trust, rebuild confidence, and create conditions conducive to productive dialog and interaction,” the Philippine foreign ministry said in a statement following the ninth meeting of the China-Philippines Bilateral Consultation Mechanism on the South China Sea in Manila.
Philippine foreign affairs undersecretary Theresa Lazaro and Chinese vice-foreign minister Chen Xiaodong “had frank and constructive discussions” on the South China Sea, the Department of Foreign Affairs (DFA) said, without elaborating.
“There was substantial progress on developing measures to manage the situation at sea, but significant differences remain. Both sides agreed to continue discussions to find a mutually acceptable resolution to the issues,” DFA said.
Beijing claims sovereignty over almost the entire South China Sea, including parts of the exclusive economic zones of Brunei, Indonesia, Malaysia, the Philippines and Vietnam. The Permanent Court of Arbitration in 2016 said China’s claims had no legal basis.
But China, whose actions in the South China Sea have been the subject of hundreds of diplomatic protests filed by the Philippines, has maintained that it does not accept any claim or action based on the ruling.
China and the Philippines have recently accused each other of raising tensions in disputed shoals and reefs in the South China Sea, including an incident last month that seriously injured a Filipino navy sailor.
Manila has sought for wider international support on its maritime claims, seeking closer ties with countries to advocate for a rules-based order that recognizes international law.
(Reporting by Mikhail Flores and Karen LemaEditing by Ed Davies)
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