Hong Kong’s crucial shipping trade is hoping China’s overseas infrastructure plan and closer business ties with Iran will enable the city to tackle the downturn in the seaborne sector and tougher competition, officials said.
The global container sector, which transports everything from bananas to iPhones, as well as the dry bulk shipping market hauling commodities including iron ore and coal, is struggling with a glut of ships, a faltering global economy and weaker consumer demand – pressuring freight companies as well as ports that handle the volumes.
As Russia detained eight commercial ships under Turkish flags in the Black Sea since the jet crisis had erupted between the two countries, Turkey has detained 27 Russian vessels in a retaliatory move, Russian Dozhd TV channel reported with reference to Turkish daily newspaper Habertürk.
According to unconfirmed information from the Turkish sources, the port inspectors deliberately disabled the equipment on board of one of the detained cargo vessels, MAHMUT SAKA, to create an objective reason for the detention. Continue reading