Latest news with #China-bound
NZ Herald
23-07-2025
- General
- NZ Herald
Tauranga: Poor welding blamed for cargo ship Achilles Bulker's rudder breaking
Two Port of Tauranga pilots - one qualified and one trainee - were aboard. With the ship's master, they agreed the trainee would have 'the conn', or conduct of the ship, for the outbound sailing, with support from the qualified pilot. It was the trainee's first time taking charge since joining the pilot training programme about five months earlier. By 3.17pm, the China-bound ship had begun its voyage with the assistance of two tugs. At 3.28pm, shortly after clearing the Tauranga Harbour entrance, the ship's heading began to swing off course. The bridge team was taking corrective action to return the ship to the centre line in the shipping channel when a loud bang was heard throughout the ship, and the ship shuddered about 3.49pm. The location of the incident. Map / Land Information New Zealand Toitū te Whenua The qualified pilot took over the conn and continued trying to get the ship back on course. A second, louder bang was heard a minute after the first. As the ship continued out of the channel into shallow waters, the qualified pilot took steps to slow it, including ordering the crew to drop both anchors. By 3.56pm the ship had 'effectively stopped' outside the channel. It 'narrowly' avoided grounding, the report said, with only about '1m under-keel clearance'. 'It is virtually certain that the swift and well-co-ordinated actions of the pilots and ship's crew prevented the ship running aground.' Escort tugs towed the ship further offshore where the vessel could be anchored. Achilles Bulker's track. Map / Transport Accident Investigation Commission It stayed there, about 6.5km off the coast surrounded by a 50m exclusion zone, for several days until it was brought back to the port to await a tow for repairs overseas, according to reporting at the time. The investigation report said it was not immediately apparent to the crew during the incident that the rudder had broken off. That was revealed by a diver's survey the next day, along with fractures to other parts of the rudder system. After an extensive search led by the Port of Tauranga, the rudder was recovered from the channel on July 26. The pintle was missing from the detached rudder when it was retrieved. Image / Transport Accident Investigation Commission An inspection found the pintle was missing from the bottom of the rudder. The pintle is a metal pin the rudder pivots around. The pintle was 942mm tall and weighed 428kg. The rudder weighed 14,231kg (14.2 tonnes). The investigation found that, during dry dock maintenance in China in 2021, the pintle assembly had been removed and reinstalled for the first time in the 20-year-old ship's history. Wreckage examination and testing found inconsistent welding penetration and thickness securing the pintle, with the welds having 'significant porosity'. Rudder system side view. Graphic / Transport Accident Investigation Commission 'Those welds were susceptible to cracking from normal vibrations as they were generally poor quality with limited weld penetration.' It meant components securing the pintle in place failed and the pintle was lost before the ship lost its rudder. Other components of the rudder system were exposed to excessive forces, ultimately leading to the loss of the rudder and loss of control of the ship. 'It is virtually certain that the way the rudder pintle assembly was reinstalled did not ensure that the pintle would remain in place during normal shipboard operations.' The commission said ships with a similar pintle arrangement to the Achilles Bulker were at 'far greater risk', putting seafarers and the environment in 'significant danger'. Since the investigation, the commission has identified the safety issue relating to the quality assurance and oversight used during the pintle reinstallation and made recommendations to address it. Maritime New Zealand agreed to work with an international marine accident forum to investigate building an evidential base for action to improve quality assurance systems related to dry dock work, which would include installation, major repairs and maintenance of ship systems.
Yahoo
16-07-2025
- Business
- Yahoo
Popular AI stock tanks after surprise tariff hit
Popular AI stock tanks after surprise tariff hit originally appeared on TheStreet. AI's future continues to impress, but its supply chain has hit a wall. Tariffs, trade probes, and export bans have been racking up quickly, hitting chipmakers hard. With levies on semiconductors and the potential for even more regulatory shocks, the cost of competing in AI has gone up immensely. 💵💰💰💵 Suddenly, what looked like a straight line to growth now feels more like a minefield. One high-flying AI stock in particular just took a monumental hit, and it never saw it coming. Tariffs are turning up the heat on AI chipmakers The U.S.-China tariff battle has evolved from being purely a political chess match. Recent months have shown that it has become a critical supply chain migraine for the world's largest AI players. Under Section 232 and 301 trade rules, Washington slapped 25% tariffs on chips and semiconductor tools. Beijing responded with 34% duties on U.S. chip exports, resulting rising costs, splintered supply chains, and growing anxiety across the AI ripple effects are already painful. Nvidia had to gulp down a $4.5 billion writedown on its China-bound H20 chips following an April export ban (the situation's flipped on its head now). That's far from being chump change, even for the hottest AI plays on the planet. AMD is in a similar boat, filing for export licenses just to get its MI308 processors back into Chinese data centers. Then there's the equipment side for investors to deal with. U.S. giants like Applied Materials and Lam Research are looking at north of $1 billion in annual hits from 25% tariffs on their chipmaking tools. More AI Stock News: Elon Musk's xAI is already shockingly massive Bank of America drops shocking call on Super Micro stock Cathie Wood drops bold message on Apple, Tesla stock That pressure doesn't just eat into profits; it threatens to effectively slow R&D at a time when next-gen AI hardware is highly in demand. Tariff jitters tank AI stock, despite solid Q2 ASML ( () ) may have delivered a solid quarter, but it fell short of stopping the bleeding after CEO Christophe Fouquet threw cold water on 2026 expectations. ASML quietly became one of the go‑to names for investors looking for pure‑play AI exposure. Its powerful ultraviolet (EUV) lithography machines power the entire semiconductor value chain, etching complex patterns needed in developing advanced AI chips. That said, shares in the Dutch semiconductor giant dropped nearly 9% after management pulled back on its growth forecast. They cited 'increasing uncertainty driven by macro-economic and geopolitical developments.' Fouquet didn't name-drop, but all signs point to President Donald Trump's threatened 30% tariffs on EU imports, and the tension among Washington, Brussels, and a major shift in tone from last November, when ASML called 2026 a massive growth year. Now? 'We cannot confirm it at this stage,' Fouquet said. Q2 results, though, were mostly strong, with ASML posting €7.7 billion in net sales vs. €7.52 billion expected. More impressively, it delivered €2.29 billion in profit vs. €2.04 billion guidance. Nevertheless, the outlook for Q3 fell behind expectations, with a sales forecast between €7.4 billion and €7.9 billion, short of the €8.3 billion Street consensus. To make things even worse, the company reduced its 2025 full-year net sales outlook, targeting 15% growth instead of an earlier €30 billion to €35 billion range. So the broader concern now is tariffs. ASML's U.S. customers, including Intel and TSMC, are exposed to policy shifts, and any move from the White House could throw another wrench into the AI supply chain. With trade talks ongoing, investors will be watching every headline. But for now, ASML's guidance retreat has rattled even the AI stock tanks after surprise tariff hit first appeared on TheStreet on Jul 16, 2025 This story was originally reported by TheStreet on Jul 16, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
14-07-2025
- Business
- The Star
China's exporters rush to beat Trump's next big tariff deadline
BEIJING: China's exports regained momentum in June as firms rushed out orders to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming deadline next month, with shipments to Southeast Asian transit hubs particularly strong. Businesses on both sides of the Pacific are waiting to see whether the world's two largest economies can agree on a more durable deal or if global supply chains will again be upended by the reimposition of duties exceeding 100%. Chinese producers, facing weak demand at home and harsher conditions in the United States, where they sell more than $400 billion worth of goods annually, are also hedging their bets and racing to grab market share in economies closer to home. Customs data on Monday showed outbound shipments from China rose 5.8% year-on-year in June, beating a forecast 5.0% increase in a Reuters poll and May's 4.8% growth. "There are some signs that frontloading demand is beginning to wane gradually," said Chim Lee, senior analyst at the Economist Intelligence Unit. "While frontloading ahead of the August tariff pause deadline is likely to continue, freight rates for China-bound shipments to the U.S. have started to decline." "Trade diversion and rerouting appear to be continuing, which will attract the attention of policymakers in the U.S. and other markets," he added. Imports rebounded 1.1%, following a 3.4% decline in May. Economists had predicted a 1.3% rise. The upbeat set of data helped lift market sentiment with the blue-chip CSI300 up 0.2% at the midday trading break, while the Shanghai Composite Index gained 0.4%, nearing its highest level since October. Analysts and exporters are watching to see whether a deal agreed in June between U.S. and Chinese negotiators will hold, after an earlier agreement reached in May was strained by a series of export controls that disrupted global supply chains for key industries. Exports to the U.S. grew 32.4% month-on-month, with June the first full month of Chinese goods benefitting from reduced U.S. tariffs, although year-on-year growth remained negative. Meanwhile, outbound shipments to the 10-member Association of Southeast Asian Nations jumped 16.8%. China's June trade surplus came in at $114.7 billion, up from $103.22 billion in May. China's rare earths exports rose 32% in June from the month before, the customs data showed, in a sign that agreements struck last month to free up the flow of the metals were possibly bearing fruit. But Chinese negotiators will struggle to talk the U.S. into bringing tariffs down to levels that enable producers to turn a profit, analysts say, warning additional duties that exceed 35% will wipe out margins. "Tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices," said Zichun Huang, China economist at Capital Economics. "We therefore expect export growth to slow over the coming quarters, weighing on economic growth," she added. GLOBAL TRADE WAR Beijing faces an August 12 deadline to reach a durable deal with the White House. In the meantime, Trump continues to broaden his global trade offensive with new tariffs on other partners. Analysts warn those measures could indirectly hurt Beijing by pressuring third countries used heavily for transshipments of Chinese goods. Trump recently unveiled a 40% tariff on U.S.-bound transshipments through Vietnam, a move that could undermine Chinese manufacturers looking to reroute shipments and avoid higher duties. The U.S. president has also threatened a 10% charge on imports from BRICS countries, in which China is a founding member, raising further risks for Beijing. Backing its fellow BRICS member, China's soybean imports in June hit a same-month record high, buoyed by a surge in purchases from top supplier Brazil to 9.73 million tons, which Trump has slapped with 50% tariffs. Imports of U.S. soybeans, meanwhile, were just 724,000 tons. China's crude oil imports rebounded last month and reached the highest daily rate since August 2023, after refineries from Saudi Arabia and Iran increased operations. Iron ore imports climbed 8% from May. - Reuters
Gulf Today
14-07-2025
- Business
- Gulf Today
China's trade surplus grew to $114.7 billion last month
China's exports regained momentum in June as firms rushed out orders to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming deadline next month, with shipments to Southeast Asian transit hubs particularly strong. Businesses on both sides of the Pacific are waiting to see whether the world's two largest economies can agree on a more durable deal or if global supply chains will again be upended by the reimposition of duties exceeding 100%. Chinese producers, facing weak demand at home and harsher conditions in the United States, where they sell more than $400 billion worth of goods annually, are also hedging their bets and racing to grab market share in economies closer to home. Customs data on Monday showed outbound shipments from China rose 5.8% year-on-year in June, beating a forecast 5.0% increase in a Reuters poll and May's 4.8% growth. 'There are some signs that frontloading demand is beginning to wane gradually,' said Chim Lee, senior analyst at the Economist Intelligence Unit. 'While frontloading ahead of the August tariff pause deadline is likely to continue, freight rates for China-bound shipments to the US have started to decline.' 'Trade diversion and rerouting appear to be continuing, which will attract the attention of policymakers in the US and other markets,' he added. Imports rebounded 1.1%, following a 3.4% decline in May. Economists had predicted a 1.3% rise. The upbeat set of data helped lift market sentiment with the blue-chip CSI300 up 0.2% at the midday trading break, while the Shanghai Composite Index gained 0.4%, nearing its highest level since October. Analysts and exporters are watching to see whether a deal agreed in June between US and Chinese negotiators will hold, after an earlier agreement reached in May was strained by a series of export controls that disrupted global supply chains for key industries. Exports to the US grew 32.4% month-on-month, with June the first full month of Chinese goods benefitting from reduced US tariffs, although year-on-year growth remained negative. Meanwhile, outbound shipments to the 10-member Association of Southeast Asian Nations jumped 16.8%. China's June trade surplus came in at $114.7 billion, up from $103.22 billion in May. China's rare earths exports rose 32% in June from the month before, the customs data showed, in a sign that agreements struck last month to free up the flow of the metals were possibly bearing fruit. But Chinese negotiators will struggle to talk the US into bringing tariffs down to levels that enable producers to turn a profit, analysts say, warning additional duties that exceed 35% will wipe out margins. 'Tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices,' said Zichun Huang, China economist at Capital Economics. 'We therefore expect export growth to slow over the coming quarters, weighing on economic growth,' she added. Beijing faces an August 12 deadline to reach a durable deal with the White House. In the meantime, Trump continues to broaden his global trade offensive with new tariffs on other partners. Analysts warn those measures could indirectly hurt Beijing by pressuring third countries used heavily for transshipments of Chinese goods. Trump recently unveiled a 40% tariff on US-bound transshipments through Vietnam, a move that could undermine Chinese manufacturers looking to reroute shipments and avoid higher duties. The US president has also threatened a 10% charge on imports from BRICS countries, in which China is a founding member, raising further risks for Beijing. Backing its fellow BRICS member, China's soybean imports in June hit a same-month record high, buoyed by a surge in purchases from top supplier Brazil to 9.73 million tonnes, which Trump has slapped with 50% tariffs. Imports of US soybeans, meanwhile, were just 724,000 tonnes. China's crude oil imports rebounded last month and reached the highest daily rate since August 2023, after refineries from Saudi Arabia and Iran increased operations. Iron ore imports climbed 8% from May. Meanwhile Chinese banks extended 2.24 trillion yuan ($312 billion) in new loans in June, more than triple May's total, and beating analysts' forecasts, helped by stimulus measures and a trade truce with the United States. Analysts polled by Reuters had predicted new yuan loans would reach 1.8 trillion yuan in June after 620 billion yuan in May. In the event, it also surpassed last June's 2.13 trillion yuan. Reuters
New York Post
14-07-2025
- Business
- New York Post
China's exporters rush to beat Trump's next big tariff deadline
China's exports regained momentum in June as firms rushed to place orders to capitalize on a fragile tariff truce between Beijing and Washington ahead of a looming deadline next month, with shipments to Southeast Asian transit hubs particularly strong. Businesses on both sides of the Pacific are waiting to see whether the world's two largest economies can agree on a more durable deal or if global supply chains will again be upended by the reimposition of duties exceeding 100%. Chinese producers, facing weak demand at home and harsher conditions in the United States, where they sell more than $400 billion worth of goods annually, are also hedging their bets and racing to grab market share in economies closer to home. 4 A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. AFP via Getty Images Customs data on Monday showed outbound shipments from China rose 5.8% year-on-year in June, beating a forecast 5.0% increase in a Reuters poll and May's 4.8% growth. 'There are some signs that frontloading demand is beginning to wane gradually,' said Chim Lee, senior analyst at the Economist Intelligence Unit. 'While frontloading ahead of the August tariff pause deadline is likely to continue, freight rates for China-bound shipments to the US have started to decline.' 'Trade diversion and rerouting appear to be continuing, which will attract the attention of policymakers in the US and other markets,' he added. Imports rebounded 1.1%, following a 3.4% decline in May. Economists had predicted a 1.3% rise. The upbeat set of data helped lift market sentiment with the blue-chip CSI300 up 0.2% at the midday trading break, while the Shanghai Composite Index gained 0.4%, nearing its highest level since October. Analysts and exporters are watching to see whether a deal agreed in June between US and Chinese negotiators will hold, after an earlier agreement reached in May was strained by a series of export controls that disrupted global supply chains for key industries. 4 President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, on June 29, 2019. REUTERS Exports to the US grew 32.4% month-on-month, with June the first full month of Chinese goods benefiting from reduced US tariffs, although year-on-year growth remained negative. Meanwhile, outbound shipments to the 10-member Association of Southeast Asian Nations jumped 16.8%. China's June trade surplus came in at $114.7 billion, up from $103.22 billion in May. China's rare earths exports rose 32% in June from the month before, the customs data showed, in a sign that agreements struck last month to free up the flow of the metals were possibly bearing fruit. 4 President Trump arrives at the White House on July 13, 2025. But Chinese negotiators will struggle to talk the US into bringing tariffs down to levels that enable producers to turn a profit, analysts say, warning additional duties that exceed 35% will wipe out margins. 'Tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices,' said Zichun Huang, China economist at Capital Economics. 'We therefore expect export growth to slow over the coming quarters, weighing on economic growth,' she added. GLOBAL TRADE WAR Beijing faces an August 12 deadline to reach a durable deal with the White House. 4 An employee works on a production line of tubular products for export at a factory in Lianyungang, in eastern China's Jiangsu province on July 8, 2025. AFP via Getty Images In the meantime, Trump continues to broaden his global trade offensive with new tariffs on other partners. Analysts warn those measures could indirectly hurt Beijing by pressuring third countries used heavily for transshipments of Chinese goods. Trump recently unveiled a 40% tariff on US-bound transshipments through Vietnam, a move that could undermine Chinese manufacturers looking to reroute shipments and avoid higher duties. The US president has also threatened a 10% charge on imports from BRICS countries, in which China is a founding member, raising further risks for Beijing. Backing its fellow BRICS member, China's soybean imports in June hit a same-month record high, buoyed by a surge in purchases from top supplier Brazil to 9.73 million tons, which Trump has slapped with 50% tariffs. Imports of U.S. soybeans, meanwhile, were just 724,000 tons. China's crude oil imports rebounded last month and reached the highest daily rate since August 2023, after refineries from Saudi Arabia and Iran increased operations. Iron ore imports climbed 8% from May.
