ATHENS, April 28 (Xinhua) -- Greece and China on Thursday officially inaugurated the China-Greece Cultural Exchanges and Cultural Industry Cooperation Year in Athens, in an effort to enhance bilateral relations.

The inauguration was attended by Liu Qibao, head of the Publicity Department of the Central Committee of the Communist Party of China (CPC), Greek Deputy Prime Minister Yiannis Dragasakis and representatives from the field of culture and media of both countries.

"Today with the official opening of the year of cultural cooperation, the two ancient civilizations are meeting in the present. The past is a seed for the future and cultural heritage a source of inspiration," Greek Culture Minister Lydia Koniordou said in her speech.

She warmly welcomed the opening of two exhibitions of Chinese art. One is dedicated to the rich cultural heritage of the city of Hangzhou in Zhejiang Province and will run for three weeks, while the other which closes on Sunday features the 2022 Winter Olympic Games to be held in Beijing and Zhangjiakou, and the links between China and Greece, the birthplace of the Olympics.

The Greek minister emphasized how much Greece and China have in common despite the distance separating them and the mutual determination to have various cultural exchanges during this year and in the future.

"This is one more significant step in the strategic collaboration between the two countries," said Koniordou.

Greek and Chinese officials underlined the willingness of both sides to further strengthen their cultural ties, as the two countries have begun to deepen their strategic partnership in all sectors.

During the opening, two memoranda of understanding were signed on film co-production and translation and the publishing of classic and modern Greek and Chinese literary works.

Chinese Ambassador to Greece Zou Xiaoli told Xinhua that cultural exchanges are an integral part of Sino-Greek relations and play an important role in strengthening the relationship between China and Europe, as well as promoting dialogues between civilizations and mutual learning so as to advance world peace and development.

"The 2008 Olympic Games were a great example of our cooperation. In 2022, the 24th Winter Olympic Games will take place in Beijing. We believe that the Olympic ideals which originate from ancient Greece will shine brightly once again in Beijing," said Zhang Fuhai, director of China Foreign Language Publishing Administration.

Thursday's celebration included a traditional Chinese tea ceremony, a performance by Chinese music artists, and a concert by artists of the Athens State Orchestra and soloists of the Greek National Opera.

source:XINXUA

Supramax Index Weekly

Support – 8,950, 7,717, 7,555
Resistance – 9,770, 10,198, 10,350

The Supramax index continues to make higher highs and higher lows, whilst remaining above both the 34 period EMA and 50 period MA; this is keeping the trend in a bullish environment.

There is a resistance zone between US$ 9,770 and US$ 10,198, an area we are now at. Market sellers should now be on alert for any rejection candlesticks (I.E. long tails) or strong bearish weekly candles, as this would confirm that resistance levels are being respected in the near term. A failure to make a new high would have bearish implications in the near term.

A close above the top of the resistance zone creates a new high and signals bullish continuation. From a technical perspective it is best to wait for a pullback to confirm resistance has become support, rather than walking into a false breakout.

The stochastic is overbought, but in a trending environment.

Supramax Q3 17 Daily
Support – 8,795, 8,470, 7,800
Resistance- 9,222, 9,512, 9,932

The Q3 futures have closed below the previous low of US$ 9,215 and neutralised the bullish trend.

In theory support should become resistance, in reality it is more of a resistance zone between US$ 9,222 and US$ 9,512. Any failure here would be considered as bearish as the market would be creating lower highs, signalling the Q3 futures are entering into a corrective phase.

For market buyers US$ 8,481 is the key support to focus on as the stochastic is currently oversold. Any rejection off the support level would suggest an upward move, however to become a bullish continuation and not just an upward swing they would need to see higher consecutive lows.

Supramax Cal 18 Daily
Support – 8,915, 8,600, 8,168
Resistance – 9,144, 9,345, 9,598

The Cal 18 futures in theory have close below the most recent support at US$ 8,915. Technically this support is still in play as the close below the support was marginal.

The Stochastic that monitors the market momentum is now in oversold territory as we enter the current support levels. Technical sellers should wait for price confirmation in the form of further market lows that preferably confirm that the previous support is now acting as a resistance level.

A close back above the support would signal to short term traders that there is potential for an upward swing, as support will have been deemed to have held and the stochastic at this point should be heading upwards.

The technical would suggest the Cal 18 futures could be entering into a corrective phase due to the lower lows. A lower high than the previous market high would confirm this.

Supramax Q2 V Cal 18 Daily
Support – (-210), (-464), (-665)
Resistance– 91, 210, 376

The Q2 v Cal 18 spread, like the Cal 18 futures are testing current resistance levels. If the resistance level holds then the spread will have created lower highs and this will be considered as bearish, or at least corrective in the near term.

The stochastic is oversold but remains in bearish territory and should not yet be considered as bullish.

Market buyers should hold off from buying into the resistance level at US$ 91 at this point, and look for the spread to either close above the resistance, and confirm that is now acting as a support (this would also put the stochastic back above 30). Or look for a rejection of the US$ – 210 level before entering.

Source: FIS

In March 2016, Commodity Countdown assessed the dry bulk market at rock bottom, as average bulker earnings hit record lows.

In the thirteen months since, improved demand trends and slow fleet growth have driven a firm rise in average bulker earnings. However, while the bulker earnings environment has clearly improved in recent months, how do current levels compare historically?

Hitting Rock Bottom

By 1H 2016, the build-up of oversupply over a number of years had exerted significant pressure on bulker market conditions. Average bulkcarrier earnings fell to a record low of $3,636/day in February 2016, 73\% below average bulkcarrier earnings in 1990-2016 and below typical operating cost levels. While market conditions improved tentatively in the months following February 2016, earnings in January to June 2016 still only averaged a historically depressed $4,807/day.

A Notable Climb

Bulkcarrier earnings then went on to record a distinct rise in 2H 2016 and early 2017. This was partly driven by Chinese seaborne dry bulk imports, which rose 6\% y-o-y in 2H 2016 towards a record 1.6 billion tonnes in the full year, reflecting the country’s recovering steel output and the impact of Beijing’s domestic mining policies. On the supply side, strong demolition in 1H 2016 and continued delivery deferrals helped to stem the pace of bulker fleet growth to a sixteen year low of 2.2\% in the full year. Overall, the improving fundamentals in the bulker sector were sufficient to see average earnings rise to $11,133/day in March 2017.

Overshadowed By Past Peaks

So, how does this compare to average bulkcarrier earnings in recent years? A quick glance at the graph might suggest that earnings in the sector remain relatively subdued compared to recent heights, even when excluding the boom years of 2004-08 when earnings reached a historical high of $65,173/day in May 2008. Indeed, bulkcarrier earnings in March 2017 were still 36\% below the ‘minipeak’ of $17,314/day recorded in October 2013.

Standing Up To The Average

However, there is also a more positive context. Bulkcarrier earnings have risen notably, and with the market gaining momentum in recent months, average earnings in March reached a two year high. More tellingly, since having hit rock bottom, bulkcarrier earnings in March 2017 were already 75\% of the way back towards the long term historical average of $13,576/day set between 1990 and 2016. Moreover, average bulker earnings in March actually exceeded the $10,765/day average for the post financial downturn period of 2010 to 2016.

So, bulker earnings have picked up since hitting rock bottom in February 2016, in line with improved fundamentals. Although bulker earnings remain far from robust and below recent peaks, they have recently returned to levels closer to longer term historical averages. Overall, while the recent improvement in the bulkcarrier market will no doubt have been welcomed by many owners, there are still a variety of contexts in which market performance can be viewed.
Source: Clarkson Research Services Limited

ATHENS, April 24 (Xinhua) -- In China's National Center for the Performing Arts, "Dream Boat," a large piece of wooden artwork from Greece, attracts many visitors. Created by Greek artist Vangelis Rinas, the artwork was carved with a prose poem in braille praising the friendship between China and Greece in both languages.

Born on the Greek island of Samos, Rinas had a dream of the faraway land and a strong China complex. When his work of great symbolic significance was first exhibited in the National Art Museum of China in Beijing in 2010, it caused a sensation among viewers. In May 2013, the artist gave "Boat in Dream" to China as a gift.

China and Greece, two cradles of civilization, were connected by the Silk Road for centuries. And now the China-proposed Belt and Road Initiative is providing new opportunities for the two countries to get closer.

U.S. historians including Sarah Pomeroy thought that as early as in the fifth century B.C., Chinese silk was transported to Greece by the Scythians, a large group of Iranian Eurasian nomads inhabiting the central Eurasian steppes from the eighth century B.C. to the third century B.C., hundreds of years earlier than the Han Dynasty in China when the Silk Road was officially opened.

Once a powerful empire, the ancient Greece expanded its sphere to the Black Sea and gained access to China's silk and other resources like gold, furs and leather.

According to Chinese classics, Greek had links with China through the Silk Road as early as 2,000 years ago, with the help of Arabs.

The theory has been verified archaeologically. The Dunhuang frescoes and Buddha statues showed that the Greek culture was most likely to spread to China during Alexander the Great's eastward conquest and in the time of Hellenization, said Fan Jinshi, head of Dunhuang Academy of China.

The two ancient nations have produced cultural giants like Socrates and Confucius, who bore striking resemblances in their spiritual cores.

The ever deepening friendship and cooperation between China and Greece have withstood tests. Greece has sent ships to aid the evacuation of the Chinese citizens stranded in Algeria and Libya when the security situation there deteriorated, while China continued to invest in Greece when the country was hit by sovereign debt crisis.

During a meeting in Beijing in July 2016, Chinese President Xi Jinping told Greek Prime Minister Alexis Tsipras: "China hopes to work with Greece to build the (Piraeus) port into the biggest transshipment port of containers in the Mediterranean, the bridgehead of land-ocean transportation, and a support for Belt and Road Initiative cooperation."

Tsipras said Greece will work with China to cement bilateral cooperation on the basis of the Piraeus port project, which is not only beneficial to the two peoples, but also has positive impacts on the region.

According to Zou Xiaoli, Chinese ambassador to Greece, the port is more than an economic program; rather, it serves as a magnificent bridge linking the two peoples.

Currently, over a dozen Chinese enterprises have invested in Greece, contributing to the development of bilateral economic and trade exchanges in such areas as maritime transportation, aviation, telecommunications, energy and finance.

Exchanges between China and Greece is also booming. The two nations have worked together to hold forums on maritime cooperation and city management, build a Chinese culture center in Athens, and increase the amount of exchange students.

The two governments have agreed that enhancing bilateral cultural exchanges and cultural industry cooperation carries significance for enhancing understanding between China and Europe, and securing world peace and stability.

The hope is high that with joint efforts, the Silk Road linking the two nations for over 2,000 years will see a brighter future.

source:XINHUA

Frontline Ltd. yesterday demanded that the Board of DHT halt all efforts to enforce, give effect to or permit, the poison pill arrangements and allow shareholders of DHT the opportunity to consider and vote on Frontline’s April 25 proposed business combination.

DHT’s Board has not agreed to halt the restrictions imposed by the poison pill or to commence negotiations with Frontline on its proposed offer.

Accordingly, Frontline has today filed a complaint in the Marshall Islands (where DHT is incorporated) to immediately enjoin portions of the unfair transaction documents into which DHT has entered that would permit BW Group to establish 45\% ownership of DHT (even as other shareholders cannot exceed 10\%). Frontline has also sought an injunction as to the poison pill and other related anti-takeover defenses DHT has erected. (Frontline today dismissed a related action it brought in New York, where the court previously held it did not have jurisdiction over DHT or BW Group.)

We continue to urge the Board of DHT to negotiate in good faith with Frontline over its proposed offer, and not to contravene their duties to DHT’s shareholders. In doing so, we are exercising our rights as shareholders in DHT. We will continue to explore all courses of action available to us in order to ensure that all shareholders of DHT receive equitable treatment.

Source: Frontline

Bernhard Schulte Shipmanagement is committed to full transparency and operating with zero tolerance to bribery and corruption.

The Company actively participates in tangible efforts to combat corruption across the maritime industry, with a specific focus on the significant reduction of facilitation payments.

To support this commitment BSM has joined the Maritime Anti-Corruption Network (MACN), a global business network that works for a maritime industry free of all types of corruption comprised of vessel owning and other companies active across the industry.

MACN's primary objective is to provide a network in which anti-corruption practitioners can create awareness of industry challenges, discuss these and jointly develop practical solutions focused on implementing MACN's Anti-Corruption Principles. MACN also collaborates with other key stakeholders, including governments and international organisations, to identify and address the root causes of corruption.

Through membership of MACN, BSM gains a platform for exchanging our experience and the ways in which we tackle corruption with other key industry participants, which will further enhance our anti-corruption initiatives across all of our businesses.

For further information visit the MACN Website.

BUDAPEST, April 25 (Xinhua) -- China and Hungary have agreed to deepen cooperation within the Belt and Road Initiative and 16+1 framework.

 

BUDAPEST, April 25 (Xinhua) -- China and Hungary have agreed to deepen cooperation within the Belt and Road Initiative and 16+1 framework.

China-Hungary relations are at their best after years of all-round development, Liu Qibao told Hungarian Prime Minister Viktor Orban on Monday.

Liu, head of the Publicity Department of the Central Committee of the Communist Party of China (CPC), said China attaches great importance to Sino-Hungarian relations.

He noted that China is willing to work with Hungary to improve cooperation in economy and trade, cultural and people-to-people exchanges and other areas within the Belt and Road Initiative and 16+1 framework.

The Belt and Road Initiative, proposed by Chinese President Xi Jinping, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road and maritime trading routes, bringing mutually beneficial economic outcomes for every nation it reaches.

The 16+1 framework is a cooperation platform created in April 2012 by China and 16 Central and Eastern European (CEE) countries including Hungary.

During the meeting, Liu introduced the new ideas and new strategies of national governance put forward by the CPC Central Committee with Xi as the core since the 18th CPC National Congress.

He said the CPC is willing to deepen communication with Hungary's ruling Fidesz Party on ideas of state and party governance in order to promote the further development of Sino-Hungarian relations.

Orban, who is also head of the Fidesz Party, said the Hungarian government and his party attach great importance to relations with China.

He said Hungary will remain open and actively participate in the Belt and Road Initiative and the 16+1 framework, constantly enriching the content of Sino-Hungarian ties.

Orban said he was looking forward to his trip to Beijing in May for an international forum on the Belt and Road Initiative and for a visit to China.

At the invitation of the Fidesz Party, Liu paid a three-day visit to Hungary. During the visit, Liualso attended a ceremony for the launch of the Hungarian-language edition of the book "Xi Jinping: The Governance of China."

Liu also attended a ceremony for the launch of the China-CEE Institute and opened the Chinese Film Festival in Budapest. 

 

Hungarian edition of book "Xi Jinping: The Governance of China" launched

BUDAPEST, April 24 (Xinhua) -- The Hungarian language edition of the book "Xi Jinping: The Governance of China" was released here Monday at the National Bank of Hungary (MNB), receiving warm applause from the Central and Eastern European country.

Liu Qibao, head of the Publicity Department of the Communist Party of China (CPC) Central Committee, and Marta Matrai, deputy speaker of the Hungarian Parliament, attended the book-releasing ceremony.

Liu introduced the rich connotation of the book from the perspective of party governance, state governance and global governance.

He pointed out that since the 18th CPC National Congress, the CPC Central Committee with General Secretary Xi Jinping as the core, put forward a series of new ideas and new strategies based on China's contemporary national conditions and development practice, which profoundly answered the major theoretical and practical questions in party and state governance in the new era.

Liu said that President Xi's book is the main embodiment of the series of new theories, ideas and strategies. The publication of the Hungarian version of the book will open a new window for the Hungarian people to observe and perceive China, he added.

It will also help them to better know and understand China's ideas and road of development as well as China's domestic and foreign policies, said Liu.

"China is the biggest, most important power in Asia, but it looks at the global problems with a responsible attitude," said Marta Matrai. "Many people try to find the secret of the Chinese miracle, and this book might help them get the answer," she added.

"The book of the Chinese president is a smart and wise one, which bears the messages of a 5,000 year-old culture," the governor of the Hungarian central bank Gyorgy Matolcsy said.

"One of the most important messages of this book is that behind every important economic result, there is a well functioning and steady state," Matolcsy noted, stressing that the "renewal of the China dream was a condition for a global renewal."

The book contains 79 chapters of speeches, talks, interviews, notes and letters that Xi made or wrote between November 2012 and June 2014.

The Hungarian version is the 19th foreign language into which the book has been translated. The book has been distributed in over 6.2 million copies worldwide. 

source:XINHUA

CASABLANCA, Morocco, April 20 (Xinhua) -- Morocco's leading TV channel 2M started on Thursday airing a Chinese series dubbed into Arabic.

Liu Qibao (L), head of the Publicity Department of the Communist Party of China (CPC) Central Committee and Mohammed Ghazali, secretary general of Morocco's Ministry of Communication and Culture co-chair the launch ceremony of Chinese TV series "A Happy Life" in Morocco on April 20, 2017. [Photo: China Plus/Yan Xu]

 RABAT, April 22 (Xinhua) -- China and Morocco agreed to boost their strategic partnership during the three-day visit by Chinese publicity chief Liu Qibao to Rabat. 
   

Liu, head of the Publicity Department of the Communist Party of China (CPC) Central Committee, has been in the African country since April 20 with a Chinese delegation at the invitation of the Moroccan government. During the stay he met with Prime Minister Saadeddine El Othmani and the speaker of the House of Advisors Hakim Benchamach, among others. 

   The decision of Chinese President Xi Jinping and Moroccan King Mohammed VI to establish strategic partnership between the two countries last year has opened a new chapter in bilateral relations, he noted. A strategic partnership is a more elevated relationship between China and another country.   

   The CPC is ready to maintain friendly relations with Moroccan political parties and carry out discussions on national governance and party building, he said. 

   Liu also hoped to see the two nations increase people-to-people exchanges, and expand their cooperation in areas like culture, broadcasting, news, education and tourism. 

   The Moroccan side, for its part, said the king's visit to China last year has lead to a new stage in bilateral relations. 

   Moroccan officials said China's transformation under the CPC has been remarkable, and the strategic partnership can be enhanced through closer ties in politics, trade, and people-to-people ties.   
   During the visit, Liu also witnessed the signing of an agreement allowing the broadcast of a Chinese television series as well as movies on the leading Moroccan TV channel 2M, the launching of a Chinese series dubbed in Arabic, and the opening of a visual exhibition at the National Library showcasing both the cultures of China and Morocco.  Enditem

Exhibition in Rabat showcases Chinese, Moroccan cultures   

   RABAT, April 21 (Xinhua) -- A picture exhibition opened Friday in the National Library of Morocco in the capital Rabat to showcase cultures of China and Morocco.   

   The opening ceremony was chaired by Liu Qibao, head of the Publicity Department of the Communist Party of China (CPC) Central Committee, Andre Azoulay, adviser to King Mohammed VI of Morocco, Mohamed Laaraj, the Minister of Culture and Communication and Sun Shuzhong, Chinese ambassador to Morocco. 

   Held under the theme "Beautiful China, Beautiful Morocco" until April 28, the exhibition invites audience to taste various facets of the beauty of the two countries through hundreds of pictures depicting nature, monuments, people and traditions.  

   Speaking at the event, the Moroccan minister said that this exhibition is a part of the long-standing cultural exchange between the two countries, adding that this exchange has witnessed a significant increase in the last few years. 

   He stressed that the various bilateral agreements signed recently have created more opportunities for further promoting mutual understanding.  Enditem

 

Morocco's leading TV channel airs Chinese series 

   CASABLANCA, Morocco, April 20 (Xinhua) -- Morocco's leading TV channel 2M started on Thursday airing a Chinese series dubbed into Arabic. 

   The launching ceremony of the series "A Happy Life" was chaired by Liu Qibao, head of the Publicity Department of the Communist Party of China (CPC) Central Committee and Mohammed Ghazali, the secretary general of Morocco's Ministry of Communication and Culture.

   On this occasion, the Director General of China Radio International (CRI) Wang Gengnian and the Director General of 2M Salim el-Sheikh inked an agreement on broadcasting Chinese series and movies on the Moroccan channel. 

   Wang said the agreement comes to reinforce the cooperation between Chinese and Moroccan media, noting that this cooperation has been ongoing at the Forum on China-Africa Cooperation and through the exchange of visits between media officials in the two countries. 

   He stressed that CRI has established a strong and long-standing cooperation with various African media, adding that these media have aired throughout the years numerous Chinese series and movies in their local languages and were warmly welcomed. 

   He vowed to set with Moroccan media another successful example in the historical cultural exchange between the two countries. 

   On his part, el-Sheikh said the agreement builds another bridge between the cultures of the two countries, adding that through these series and movies the Moroccan public will get to know more about Chinese drama. 

   He said that he hopes to boost relations between the Moroccan and Chinese media.  Enditem 

source:XINHUA

American Hellenic Hull presented latest details of its growth to shipping interests and officials at a first event in Cyprus. The company delivered its first-ever market presentation in Cyprus on April 6, 2017, to better introduce itself to the Cypriot shipping community and provide an update on its growth to date.

The company’s market presentation session and cocktail reception attracted about 170 attendees including Cyprus public officials, shipowners, maritime sector executives, bankers and brokers.

In a welcome address Cyprus’ Minister of Transportation, Communications and Works, Marios Demetriades, highlighted American Hellenic Hull’s fast-expanding global presence as an important example of the growth opportunities available to the Cypriot shipping cluster.

Vince Solarino, Chairman of the American Hellenic Hull Insurance Company and President of the managers of the American P&I Club, briefed the audience on the 100-year history of the American Club. He also explained the reasons for the company’s move to invest in Cyprus.

American Hellenic Hull’s CEO Ilias Tsakiris reported on the company’s progress in its first eight months of operations. The audience was told that the company has already insured 1,524 vessels from 10 countries spread across three different continents, and is working with about 100 brokers. Mr Tsakiris said that American Hellenic Hull is currently in the process of obtaining a rating from an international rating agency. He also explained the importance and benefits of positioning Cyprus globally as a shipping centre, an effort to which American Hellenic Hull is contributing.

To close the event, guests enjoyed a pleasant cocktail reception that provided an opportunity for further networking and receiving feedback from attendees, who were overwhelmingly positive in their response to the company’s presentation.

http://hma.com.cy

Ecochlor, Inc. is pleased to announce that it has signed an agreement with Minerva Marine, Inc. (Minerva) for the potential supply of BWT Systems for up to 30 vessels under its management for installations in accordance to the IMO and USCG implementation plan. The Ecochlor technology was selected for retrofit in Minerva’s managed bulkers and tankers varying in size from MRs to VLCCs.

Minerva continually strives to meet and exceed all environmental standards with the IMO and US Coast Guard. Their commitment to “operate in a professional manner that promotes safe, healthy and environmentally friendly practices”1 sets a standard to management companies globally.

Minerva Representatives, Stavros Daniolos, Technical manager and Vayia Hatziyianni, Project team leader, commented: “Our company is committed to compliance with both USCG and IMO ballast water treatment regulations and we anticipate Ecochlor will receive USCG Type Approval.”

“Minerva has a due diligence plan in place for BWT installation and compliance. As innovators in the treatment of ballast water they were able to secure pricing and availability before the industry rush. The Ecochlor BWTS, known for its efficacy in all water types, low power and flexible installations, were key conditions in their decision,” said Tom Perlich, Founder and President of Ecochlor.

About Minerva Marine

Minerva Marine Inc., a private and independent company, was established since 1996. Minerva quickly grew from a tanker manager of six vessels to the committed Aframax operational leader that it is today. Minerva has further expanded its operations to include, from MRs to VLCCs (Chemical Product and crude oil carriers) in the tanker segment, and Capesize in the bulker segment. Today, Minerva has established business with all major oil companies, while it has grown into a valued ice partner for most of the Baltic charterers. The company continues to engage in new business partnerships, having the customers’ ever-changing needs always at the forefront. Go to http://www.minervamarine.com for more information.

About Ecochlor

Ecochlor, Inc. provides shipowners with cost effective, environmentally safe ballast water treatment solutions that comply with all enacted and proposed standards and regulations. The Ecochlor® BWTS uses a two-step process to treat ballast water – filtration followed by disinfection with the well-known biocide, chlorine dioxide. The system’s effectiveness is not impaired by variations in salinity, temperature, turbidity, organics, and vibration, which can impact other treatment options. Furthermore, the small size, low power, and low maintenance characteristics of the Ecochlor system make it ideally suited for installation on mid-sized vessels up to the largest ships in the world.

 www.ecochlor.com