Global Logistics - Weekly Recap
Uresh Perera MSc(US), FICS(UK)
Devoted to God & Family | Passionate Rugby & Cricket Fan | Experienced Shipping & Global Logistics Executive | Container & Dry Cargo | Ship Chartering & Carrier Management | Project Logistics | Procurement | Supply Chain
If container freight rates continue in this fashion, there won't be much to write about them. At least the dry bulk market is more volatile, and things are shifting back and forth between the two directions. Several weeks ago, container freight rates appeared to show a glimmer of hope, but that has been squashed, and the trend is now heading back in the direction towards the south.?
This week, Drewry's composite World Container Index decreased by 2% to $1,685.32 per 40ft container. Rotterdam - New York freight rates fell by 10%, or $465, to $3,969 per feu. It was only a matter of time before this lane corrected as anticipated. In the coming weeks, Drewry expects spot rates to remain stable on E-W routes other than the transatlantic.
On Friday, Baltic Dry experienced its worst weekly decline in more than four months due to declining rates across vessels. There was a decrease of 43 points, or 3.5%, in the overall index on Friday, falling to 1,172 points. As a result, the index declined by 15.3% last week. The index has now declined by 25% over the last four weeks.
The following are a few key points from recent research notes :?
The following are some important points on the news front:
Box lines’ GRI attempt fails thrice. Hopes of a rebound in freight levels continue to wane as mainline operators fail to implement general rate increases (GRIs) for 1 June, marking their third straight unsuccessful attempt following two flops this month.
Box lines look to slash their bloated equipment pools. Super slow-steaming is taking some of the pressure off ocean carriers as they absorb newbuild ULCVs into existing service loops, but their equipment surpluses are proving to be more of a challenge.
Further draft restrictions for drought-hit Panama Canal. Draft restrictions are being put in place this week along the Panama Canal as drought once again plagues one of the world’s most important maritime arteries.?
Tonnages slide again after recovery from early May dip. Global air cargo tonnages dropped again in the third week of May, after having recovered from the dip at the beginning of the month due to the 1 May public holidays, while rates have remained more or less stable throughout the month, according to the latest weekly figures from WorldACD Market Data.
How digitalisation in the airfreight industry is changing global trade forever. The future of the airfreight industry is digital, but what does this means for customers and partners? The airfreight industry has been a critical component of global trade since it first began in 1910.
EU finally proposes driving and rest time rules apt for coach tourism. Mobility Package 1 negotiations resulted in a last-minute deal among legislators that focused mainly on goods transport. This left coach tourism drivers with driving and rest time rules not suited to their work. IRU welcomes the European Commission’s proposal, which is a step in the right direction that will benefit coach tourism drivers, passengers and operators.
领英推荐
UTLC ERA sees further drop of volumes on New Silk Road via Russia. Cargo volumes transported on the New Silk Road via Russia continue to drop. In April, 18,498 TEUs were recorded on rail between Europe and China, a decrease of almost 34 per cent compared to April last year. Although the impact of the war was already visible in April 2022, 27,934 TEUs were still being transported via the Russian route. In March of this year, the volume was 21,034 TEUs.
Retailers Near Restocking as Inventory Paring Winds Down. Big retailers are signaling they are nearly done paring back their excess inventories and are preparing to fill their shelves with new merchandise this fall, potentially brightening prospects for freight carriers looking for revived restocking to drive a shipping rebound.
Adnoc Unit Gets $125 Billion in Orders for $769 Million IPO. Adnoc Logistics & Services drew orders worth $125 billion for its $769 million initial public offering in Abu Dhabi, as investors flocked to the share sale amid a dearth in deals in other regions.
Report reveals contribution of commercial real estate sector to the UK economy. A report published by the British Property Federation (BPF) has identified an annual economic output of £137.5 billion generated by the UK commercial real estate market. This is equivalent to over 7% of the UK’s total gross value added (GVA).
Schneider Electric heads 2023 Gartner Supply Chain Top 25. Schneider Electric lands top spot for the first time in the most recent Gartner Supply Chain Top 25 for 2023. It is followed by Cisco Systems and Colgate-Palmolive, in second and third, respectively.?
An effective solution to this issue would be for foreign firms to establish local units and ensure that they pay the correct prices when procuring, rather than simply paying low prices: Tea plantations supplying firms including Tesco, Unilever and Marks & Spencer are abusing workers’ human rights, it has been claimed. Non-profit organisation, the Business & Human Rights Resource Centre (BHRRC), has claimed workers on tea plantations across India, Sri Lanka, Bangladesh, Kenya and Uganda are receiving unfair wages, and suffering from “inhumane” living standards and inadequate health and safety conditions.
U.S.-Led Pacific Trade Talks Close to Reaching Supply Chains Pact. Fourteen countries in U.S.-led Indo-Pacific trade talks are nearing an agreement on supply chain coordination and may announce a deal soon, according to people familiar with the discussions.
The Elusive AI Based Supply Chain Control Tower Platform. Looking at how a supply chain control tower responds to disruption is a useful illustration of why “practical digital” deployed with a comprehensive operating model is so critical, to make control towers work, additionally, organizations must teach themselves to think differently and potentially evolve how critical decisions are made across their businesses.
Investors reward start-ups that have a strong sustainability vision. Over the past 12 months, more than two-thirds of investors (71%) asked for more details about the sustainability performance of start-ups they invest in. Personal values and their own company’s environmental, sustainability and governance (ESG) commitments played a role in this.
I have not been a fan of the IPL or any franchise T-20 cricket. However, I enjoy watching newcomers to the game and young players, particularly since my own son plays the game I enjoy. What a talented group of players India has produced. Yashasvi Jaiswal, Tilak Varma, and the hero himself Shubman Gill.?There were many others, including the Sri Lankan duo Maheesh Theekshana and Matheesha Pathirana. A few G&Ts and the final would have made a great Sunday afternoon, but the weather in India had other plans. May the best team win. I like both teams.
Assistant Vice President, Wealth Management Associate
1 年Thanks for posting