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Our supply chains are continuously evolving ?? and every day we find ourselves at the forefront of exciting developments ?? that shape the future of trade and logistics. We aim to ultimately bring to you a collection of news pieces and articles ?? that justify the aforesaid perception of the supply chain ecosystem.
It's been over a week since we entered 2024 and things have been looking up. Metaphorically speaking, there's cold, there's wind, but there are also bouts of warm sunshine that keep us going. Amid the ongoing global disruptions, the supply chain industry is on a path of bravery and resilience, showing exemplary bouts of rebound. Here's a global round-up of how the first week went.
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Starting from January 15- which refers to the date of loading in the origin ports - and until further notice, the Freight All Kinds (FAK) rate for a 40-foot container between Asia and the West Mediterranean will rise to $6,000, doubling from the rate of $3,000 on January 1. ?Prices for shipments to the East Mediterranean, Adriatic, Black Sea, and Syria have also experienced substantial increases.
What's giving maritime shipping sleepless nights has turned into an opportunity for the air cargo sector. Bolloré Logistics reports a significant increase in airfreight demand attributed to the ongoing Red Sea conflict's impact on Suez Canal shipping. The volatile situation has led to higher rates, extended transit times, and supply chain disruptions, putting pressure on airfreight capacity.
India's emergence as a credible substitute for China is driven by encouraging indicators. Under Prime Minister Narendra Modi's leadership, the government has undertaken substantial infrastructure development initiatives and focused on enhancing the logistics sector, essential steps to establish India as a manufacturing nucleus.
Panama Canal Faces Global Trade Disruption Due to Water Crisis; Long-Term Solutions Under Evaluation
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Amid water levels six feet below normal, the Panama Canal Authority implemented stringent restrictions on vessel crossings, reminiscent of the 1989 closure during the US invasion of Panama. While a rainier November provided temporary relief, the canal still operates far below its pre-drought capacity, leading to increased costs and delays for shippers.
The Yangshan port area contributed significantly to this achievement, registering a container volume of 25 million TEU, reflecting a 4.6% year-on-year increase. This accounted for 51% of the total throughput of Shanghai Port for the year. Notably, Shanghai Port currently provides more than 320 liner services weekly, connecting to over 700 ports globally.
Nestled along the Red Sea in Northwest Saudi Arabia, Oxagon emerges as a beacon of innovation and sustainability within NEOM, ushering in a new era of advanced and clean industries. Positioned as a greenfield opportunity, Oxagon stands at the forefront of Industry 4.0, embodying the principles of circularity, and redefining the conventional industrial city landscape.
The inaugural meeting of the Inland Waterways Development Council (IWDC) in Kolkata marked a significant milestone in the revitalization of India's inland water transport. Chaired by Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, the event gathered key stakeholders, including state ministers, policymakers, and industry leaders. Organized by the Inland Waterways Authority of India (IWAI), the IWDC received participation from state ministers, senior government officials, and industry stakeholders.
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