Maritime
China Exports Rise More Than Estimated After September Drop
BEIJING – China’s exports rebounded by more than estimated last month and the trade surplus widened to the biggest this year, helping sustain an economic recovery as leaders gather to map out a blueprint for growth.
Overseas shipments increased 5.6 percent in October from a year earlier, the General Administration of Customs said today in Beijing, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey and September’s unexpected decline of 0.3 percent. Imports rose 7.6 percent, leaving a trade surplus of $31.1 billion, the biggest this year.
Stronger global demand suggested in today’s report may bolster confidence that Premier Li Keqiang will meet this year’s 7.5 percent growth target and ease pressure on the government to spur domestic consumption and investment. President Xi Jinping, who will lead a four-day summit starting tomorrow to decide on reform measures, said growth must avoid straining resources, capital and markets, the Xinhua News Agency reported on Nov. 5.
“China’s export numbers suggest some — although not yet decisive — improvement in global demand momentum,” Louis Kuijs, chief
China economist at Royal Bank of Scotland Group Plc in Hong Kong, said in a note. Import figures reflect “healthy expansion of demand” within China, he said.
The export growth figures understate the true picture by about 2 percentage points because of inflated data from over-invoicing in the second half of 2012 and first half of 2013, Kuijs said. Regulators in May cracked down on fabricated paperwork for outbound shipments used to disguise capital inflows.
Stocks Fall
The benchmark Shanghai Composite Index fell 1.1 percent at the close, capping a weekly loss for the gauge, with technology and agriculture shares sliding.
Estimates from 44 analysts on exports ranged from a 2.2 percent decline to 8 percent expansion. Imports (CNFRIMPY) were projected to grow 7.4 percent, the same as September’s pace, and the median estimate was for a trade surplus of $24.8 billion.
Premier Li said last month that China can’t neglect the importance of exports, which support 30 million jobs directly.
“If exports drop quickly, there will be employment problems,” Li said, according to a transcript of an October speech published this week.
October’s trade surplus takes the total for this year to $200.5 billion, the biggest 10-month total since 2008 and compared with $230.7 billion for the whole of 2012.
Yuan Pressure
The increase in the surplus suggests that pressure will build for the yuan to appreciate, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. (ANZ) in Hong Kong, said in a note today.
The currency has appreciated about 2.3 percent against the dollar this year, the most among 11 major Asian currencies tracked by Bloomberg. It weakened 0.04 percent to 6.0930 per dollar today.
Premier Li’s comments about the importance of exports suggest “the Chinese authorities are concerned about declining trade competitiveness” due to the strengthening yuan and rising costs, Liu wrote.
Exports to the U.S., China’s largest market, rose 8.1 percent in October from a year earlier, today’s data showed, the biggest jump since February. Figures from the U.S. yesterday showed fewer Americans filed applications for unemployment benefits last week, the economy expanded in the third quarter at a faster pace than forecast and consumer credit rose more than projected.
Car Exports
China’s sales to the European Union, its second biggest market, jumped 12.7 percent last month, the biggest gain since February, customs data showed.
Geely Automobile Holdings Ltd. (175), the publicly traded unit of China’s largest closely held carmaker, said this week that the volume of its exports in October rose 17 percent from a year earlier.
October’s export growth wasn’t “a terribly strong number” because the three-month average still showed a relatively stable export sector, said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.
“It doesn’t really change our cautious economic outlook for next year,” including a forecast for the economy to expand less than 7 percent, Zhang said today on Bloomberg Television. That compares with the 7.4 percent median estimate for next year and 7.6 percent for 2013, according to Bloomberg News surveys of analysts last month.
General Trade
Imports for general trade, which refers to goods used in China’s own economy rather than for re-export, rose 18.5 percent in October from a year earlier, today’s data showed. That’s the biggest increase in at least 18 months.
The National Bureau of Statistics will tomorrow publish October data on inflation and industrial output and January-October fixed-asset investment. The central bank is scheduled to release money supply and lending numbers by Nov. 15.
Data earlier this month showed China’s official manufacturing Purchasing Managers’ Index (SHCOMP) rose more than estimated in October to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections.
– BLOOMBERG
Maritime
IMO Category C Election: Oyetola Inaugurates Inter-Ministerial Committee
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for a comprehensive action in Nigeria’s bid to be elected into Category C of the International Maritime Organisation (IMO) Council, as he inaugurated an Inter-Ministerial Committee to promote the campaign.
Speaking at the inauguration held at the Boardroom of the Federal Ministry of Marine and Blue Economy (FMMBE) in Abuja on Tuesday, Oyetola said the campaign must be all-inclusive, taking into consideration diplomatic and operational strategies in soliciting votes to yield good dividends.
He explained that, having lost out three times between 2011 and 2019 after its successful stints in 1975, 2001, and 2005, Nigeria is due to return to the Council to cement its relevance as a strategic Maritime domain and a strong voice in West Africa.
On his part, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said, “The need for Nigeria’s return to Council is imperative given our strategic location and significance as a hub of Maritime activities and as a voice for the sub-region on the IMO Council, where crucial decisions regarding international maritime shipping and trade are made.”
ALSO READ: Tinubu Endorses Six IMO Instruments Of Accession
He added that membership in the Council comes with such benefits as “technical assistance, manpower and institutional development, as well as political influence in the maritime sector of the global economy.”
The inter-ministerial committee for Nigeria’s election to the IMO Executive Council at the 34th Regular Session in 2025 comprises high-level officials led by the Permanent Secretary of the FMMBE, Olufemi Oloruntola.
The committee is tasked with identifying activities and actions that will promote Nigeria’s standing in the IMO community by articulating and showcasing the country’s maritime achievements.
Members of the committee include the Director of Maritime Security and Safety from the FMMBE and the Director-General of the NIMASA, who will serve as alternate chairpersons.
Other members are; the Directors of Legal Services and Maritime Services from the FMMBE, the Director of International Organisations Division at the Ministry of Foreign Affairs, the Managing Director of the Nigerian Ports Authority (NPA), the Executive Secretary of the Nigerian Shippers Council (NSC), the Managing Director of the Nigerian Inland Waterways Authority, and the Rector of the Maritime Academy of Nigeria (MAN), Oron.
Others include the former Director-General of NIMASA, Dr. Ade Dosunmu (stakeholder); the representative of the Office of the Honourable Minister of the FMMBE, Dr. Charles Akinola; and the Assistant Director, Maritime Pollution Control at the FMMBE, Mr. Paschal Ogah, who will serve as Secretary to the Committee.
Meanwhile, the Direvtor-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has officially presented the six IMO instruments assented to by the President of the Federal Republic of Nigeria, Bola Tinubu, GCFR, to the Minister of Marine and Blue Economy.
He thanked the Minister for facilitating the signing of the IMO Conventions, noting that, ‘these six conventions have been pending within the Ministry and government for the last 6 to 8 years. With the efforts of the Honourable Minister, they have now been assented to by Mr. President and will be delivered and showcased with the IMO.’
Maritime
Tinubu Endorses Six IMO Instruments Of Accession
Nigeria’s President, Bola Ahmed Tinubu has signed the instruments of accession for six Conventions of the International Maritime Organization (IMO).
This action paves the way for Nigeria to officially deposit these instruments of accession at the IMO headquarters, which serves as the repository for such conventions. This move is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.
It was gathered that the six instruments signed by President Tinubu are the Instrument of Accession of the Protocol of 2005 to the 1988 Protocol for the Suppression of Unlawful Acts against the Safety of Fixed Platforms on the Continental Shelf, the Instrument of Accession of the International Convention of Standards of Training, Certification, and Watch-keeping for Fishing Vessel Personnel 1995; and the Instrument of Accession of the Protocol Relating to Intervention on the High Seas in cases of Pollution by Substances other than Oil, 1973 as Amended (INTERVENTION PROTOCOL).
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Others are the Instrument of Accession to the Protocol of 1996 to Amend the Convention on Limitation of Liability for Maritime Claims (LLMC) 1976; the Instrument of Accession to the Protocol to the 1974 Athens Convention Relating to the Carriage of Passengers and Their Luggage by Sea, 2002; and the Instrument of Accession to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009.
Presenting the instruments to the Hon Minister of Marine and Blue Economy, Dr. Dayo Mobereola, the Director-General of NIMASA, expressed his gratitude to the Minister for facilitating the signing of the IMO conventions by the President after several years of being pending in the Ministry.
In his words, “These six instruments have been lying within the Ministry for the last 6 to 8 years, and thanks to the efforts of the Honorable Minister, they have now been assented to by the President. This is a landmark achievement for Nigeria, as the IMO will soon update our records to recognize these instruments.
On his part, the Honorable Minister reassured stakeholders of the President’s commitment to developing the Nigerian maritime industry in line with global best practices.
By signing these instruments of accession, the President has reaffirmed this administration’s determination to take its rightful position among the comity of maritime nations. This development will undoubtedly further reassure member states and stakeholders of Nigeria’s resolve and determination to be a leading member of the decision-making body of the IMO.
The deposit of these six instruments of ratification will be carried out by the supervising Ministry, and NIMASA.
Maritime
Helicopter Crash: NIMASA Volunteers Information With IMO
Following the recovery of the Flight Data Recorder FDR and Cockpit Voice Recorder CVR otherwise called the black box, of the Helicopter that crashed into the Atlantic Ocean near Bonny Finima, Port Harcourt, the Nigerian Maritime Administration and Safety Agency (NIMASA) will share details of her findings therefrom with the International Maritime Organization (IMO).
Biztellers reports that the black box was recovered last weekend through an inter-Agency collaboration involving NIMASA, the Nigerian Navy (NN), the Nigerian Safety Investigation Bureau (NSIB), the NNPC Ltd, HydroDive in addition to other local and international search and rescue partners.
On the incident, the Director General of NIMASA, Dr Dayo Mobereola, commended all organs of government for the swift, and well-coordinated inter-agency partnership for the search and recovery operations.
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He revealed that NIMASA will share information on the incident with the IMO.
In his words, “In line with international maritime safety standards, NIMASA will report the findings about the helicopter crash into the Atlantic Ocean to the International Maritime Organization IMO via the Global Integrated Shipping Information System GISIS.
“By sharing the findings of the offshore Port Harcourt helicopter crash with the IMO, we at NIMASA demonstrate Nigeria’s commitment to transparency, accountability, and cooperation within the global maritime community”.
The GISIS is an online platform developed by the IMO to support the timely and accurate reporting of incidents, accidents, and other essential maritime data. This platform enables member states to share information crucial to improving safety protocols, updating best practices, and fostering international cooperation.
According to Mobereola, “NIMASA is committed to working closely with all relevant Agencies to determine the cause of the incident and to take all necessary steps to prevent future occurrences. As we mourn those lost, NIMASA reaffirms its dedication to the safety of Nigeria’s maritime domain and the continued strengthening of inter-agency collaboration.
On October 24th 2024, the Agency had received distress signals at the Regional Maritime Rescue Coordination Center (MRCC) and the C4i center of the Deep Blue project and shared same with the Nigerian Navy who immediately deployed the NIMASA’s specialized search and rescue assets to the crash site to locate the downed aircraft and conduct recovery efforts under challenging conditions.
The helicopter crashed in the Atlantic Ocean near Bonny Finima, at a distance of 1.4km from the starboard side of the Floating Producing Storage Offloading FPSO, NUIM ANTAN Producing Ltd owned by the Nigerian National Petroleum Corporation (NNPC Limited).
The NIMASA working closely with the NN, the NSIB, the NNPC Ltd, HydroDive and other local and international search and rescue partners recovered the Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) from the Sikorsky SK76 helicopter, registration 5N BQG.
It was gathered that with the recovery of the black box, over 80 percent of the helicopter wreck had been recovered. Other items recovered include rotor, three blades, engine, gearbox, windows, cockpit overhead panels, the Electronic Locator, Transmitter (ELT) and the tail. All the recovered wreck is on a dump barge.
Meanwhile, the DG NIMASA has extended the Agency’s heartfelt condolences to the Nigerian National Petroleum Corporation NNPC Limited, the families of the victims, and all those affected by the tragic helicopter crash.
He stated, “Our deepest sympathies are with the NNPC, the families, and loved ones of those affected by this unfortunate incident. Safety is a paramount commitment for us at NIMASA, and we remain resolute in our partnership with the Nigerian Navy and other stakeholders to ensure effective, rapid response in emergencies.”