A green fuel supply chain, courtesy of Cosco Shipping and Fortescue: China’s Cosco Shipping Corporation and Australian green energy firm Fortescue have signed an MoU to jointly build a green fuel supply chain to help reduce pollution in the shipping industry, Reuters reports, citing a statement by the Chinese firm. The agreement explores the construction and deployment of green ammonia-fuelled vessels, either owned by Cosco or jointly owned by both firms, to transport iron ore and other minerals with a focus on the China-Australia iron ore green shipping corridor.

Fortescue has bigger plans: Fortescue has been exploring similar partnerships with executives in China, and the company conducted the first ever trial using ammonia as shipping fuel in Singapore earlier this year.

Vietnam’s export shipments increased 19.1% m-o-m in July, and imports increased 24.7%, both rising at their fastest monthly pace since January, Bloomberg reports, citing Vietnam’s General Statistics Office. The growth in exports was supported by a recovery in global demand for goods. However, the positive outlook for global trade still remains overshadowed by lurking geopolitical risks, including ongoing conflict in the Middle East and Europe as well as the forecasted delay in the easing of US interest rates.

Vietnam + GCC look to expand trade ties: Saudi Arabia and Vietnam announced back in December that they are looking to increase the volume of trade, expand their trade products, and support trade initiatives. The UAE and Vietnam also discussed boosting private-sector partnership to increase trade and investment flows in Dubai, and are finalizing the terms of a comprehensive economic partnership agreement.

Asia’s LNG imports are on the rise, with the region slated to receive 24.85 mn metric tons in July, Reuters reports, citing data from Kpler. Europe’s imports, on the other hand, dropped to 6.65 mn tons in July, their lowest level since September 2021. Asia’s higher prices have caused a shift in global LNG flows, as cargos for delivery to North Asia are being evaluated at USD 12 per mn mmBtu in the week running to 26 July. The standard Dutch contract closed at EUR 32.6 per megawatt hour on 26 July, which translates to USD 10.30 per mmBtu, representing a 14.2% discount compared to the Asian spot price.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • FedEx connects Asia’s SMEs to European and US markets: FedEx is expanding its International Connect Plus services from Asia Pacific markets to destinations in Europe and the US, where it will offer international, day-definite, e-commerce shipping. (Statement)
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