Chinese container rates drop as Lunar New Year cargo rush fails.
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Chinese container rates drop as Lunar New Year cargo rush fails.
The China Containerized Freight Index (CCFI), which?measures average Chinese export container rates, has seen a 50 percent drop since February 2022 and stood at 1,730 seven weeks ago. Rather than stabilising and then climbing towards CNY, it has continued to fall. Last week it hit 1,271 and has therefore dropped by a further 27 percent since mid-November, the update said.
Road logistics sector to see 11%-13% growth.
“Elevated crude oil prices due to the Russia-Ukraine conflict witnessed from Q4 FY2022 also had an impact on the margins of the sector though most organised players were able to pass on the increase in fuel cost to their customers, as reflected in the healthy operating margins of 14% in FY2022 and 12.5% in H1 FY2023 against 12.1% in FY2021. H1 FY2023 witnessed a moderation in margins over 13.5% in H1 FY2022 on account of increased vehicle hire prices and increased fuel procurement charges for some of the players,” he explained.
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Industrial & Warehousing records over 46 mn sq. ft. space of absorption in 2022: Savills India.
e-commerce market has fuelled the growth of industrial, logistics and warehousing since the last two years. The industrial & logistics sector is likely to see absorption of 40+ mn sq. ft in 2023. This demand for space could stem from emerging Tier II & III Cities, growing demand for urban warehousing and a major transformation in the Indian manufacturing sector backed by Performance Linked Incentives (PLIs) and efficient multi model connectivity plan for local and global distribution. We expect around 50+ mn sq. ft of new supply to be infused in the market during the same period.”Srinivas N, Managing Director, Industrial and Logistics, Savills India.
Commerce Minister Piyush Goyal reviewed the progress of PM Gatishakti.
Various ministries made presentations and deliberated their progress and achievements under PM Gati Shakti. The Minister was informed that 12 social sector ministries namely the ministry of housing and urban affairs, department of school education and literacy, department of higher education, ministry of women and child development, and ministry of tribal affairs, among others, were in advanced stages of data integration in the National Master Plan (NMP) Platform.