Newsletter – October 5, 2023
OCEAN FREIGHT UPDATES
Rate hike hopes, but liners face one of the ‘worst slack seasons ever’
Following Hapag-Lloyd’s announcement on Monday of a huge hike in its Asia-Europe FAK rates, CMA CGM has advised its customers of similar increases coming in on 1 November.
From Asia to North European ports CMA CGM’s FAK rates will increase to $1,000 per 20ft and $1,800 per 40ft, including high-cubes and reefers. Read more here (login required).
‘Dark’ ships are faking their locations to move oil around the world — and it’s likely worth billions of dollars
Ships are faking their locations to engage in illicit activity — and rising numbers appear to be doing so to trade goods that are likely to be worth billions of dollars.
So-called “dark vessels” shipping Russian oil in a suspected evasion of the G7′s $60 a barrel price cap, tankers going under-the-radar in Venezuelan waters, and cargo ships allegedly smuggling grain from Ukraine are being uncovered by satellite technology that can identify when vessels report a false location. Read more here
GROUND AND RAIL FREIGHT UDPATES
Shock for shippers as boxed railfreight attracts peak season surcharge for first time
Indian exporters and importers face a major escalation in logistics costs after it was announced that from 1 October the traditional “busy season surcharge” would now include containerised railfreight.
Traditionally, container railfreight has been exempt from October-to-June peak season surcharges, industry sources told The Loadstar, and the sudden and unprecedented introduction of the new tariff was a shock to the sector. Read more here (login required).
US, Mexican trade officials ask Texas governor to end truck inspections
Trade officials on both sides of the U.S.-Mexico border want Texas Gov. Greg Abbott to end state-run cargo truck inspections that are creating wait times of over five hours in El Paso and Eagle Pass.
Trade across the U.S.-Mexican border has slowed over the past two weeks as U.S. authorities have shifted customs personnel to immigration duty and shut down some crossing lanes at ports of entry amid an increase in migrants. Read more here
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Prepare for ‘stalling and divergent’ global growth in 2024, UN trade arm warns
Prepare for “stalling and divergent” global growth next year, according to a new forecast issued by the United Nations.
Global economic growth will rise slightly, from 2.4% in 2023 to 2.5% in 2024, according to the UN’s Trade and Development Report, but the world economy is in a precarious position, Richard Kozul-Wright, UNCTAD, Director, Division on Globalization and Development Strategies Division, tells CNBC. Read more here
Fiata looks to supply chain digitalisation, despite ‘the elephant in the room’
‘Political unrest and Covid-19 have highlighted the need for every world corridor to be available and efficient’, said Fiata president elect Turgut Ereskin this week.
At the 2023 Fiata World Congress, Mr Erkeskin addressed the congress’s plan to improve the multimodal corridor. He told delegates: “Fiata is looking to work with multimodal corridor management systems, such as the newly established India-Middle East- Europe corridor, and welcomes creative ideas on corridor development”. Read more here (login required).