Robert Wright of the Financial Times is reporting that operators of Mediterranean ports warn of overflowing storage yards in the latest threat to the supply chain. He writes: Container ports around the western Mediterranean are nearing full capacity, raising the risk of higher inventory costs and component shortages for Europe’s retailers and manufacturers in the latest challenge to the region’s supply chains. Port executives said they were dealing with overflowing storage yards and waits for vessels to berth following Houthi attacks on ships in the Red Sea, which has led to cmda surge in … [Read more...]
UK Invests in Shipping Technologies Such as AI, Robotics, and Autonomous Vessels
Bojan Lepic of Splash247.com tells his readers about the announcement of a $9.85m funding boost for The Smart Shipping Acceleration Fund in the UK. Lepic writes: UK Maritime Minister Lord Davies of Gower has announced an £8m ($9.85m) funding boost to kickstart feasibility studies for smart shipping technologies such as AI, robotics, and autonomous vessels. The Smart Shipping Acceleration Fund, launched today in Southampton could result in innovations which will boost the economy and support coastal communities. The winning projects for these funds will also require match funding, … [Read more...]
China Is Flooding the World With Cheap Goods
Jason Douglas and Dave Sebastian of The Wall Street Journal report that emerging economies are joining U.S. and Europe in shielding domestic manufacturers from a rising tide of Chinese imports. They write: To revive its economic fortunes, China is flooding the world with cheap goods, a multitrillion-dollar sequel to the China shock that hit global manufacturing more than two decades ago. This time around, the world is fighting back. The U.S. and European Union are threatening to raise trade barriers to Chinese-made electric vehicles and renewable-energy gear. Now, emerging economies … [Read more...]
Red Sea Shipping Problems Causing Boost in Airfreight
Paul Berger of The Wall Street Journal is reporting that air transport is rising at a double-digit pace as companies look to fly goods around the disrupted ocean trade corridor. Berger writes: Retailers and manufacturers are flying more goods around the shipping crisis in the Red Sea, industry experts say, helping boost international airfreight operators after a long period of sagging cargo volumes. The strategy, the latest sign of how companies are adjusting their supply chains in response to geopolitical shock waves and disruptions, comes as European importers are seeking to avoid delays … [Read more...]
U.S. Trade Deficit Widens for Third Straight Month
Greg Robb of MarketWatch reports that the U.S. trade deficit hit $68.9 billion last month, the largest since last April. He writes: The numbers: The U.S. international trade deficit widened 1.9% in February to a seasonally adjusted $68.9 billion, the Commerce Department said Thursday. It is the third straight month with a wider deficit and the largest imbalance since last April. Economists surveyed by The Wall Street Journal had predicted the deficit would widen to $67.7 billion. [...] Overall global trade remains weak given the geopolitical tensions in many regions. Read more here. … [Read more...]
After 20 Years USPS Taps New Air Cargo Partner
Esther Fung and Will Feuer of The Wall Street Journal report that the United States Postal Service has made a change after 20 years and will no longer use FedEx for moving its air cargo starting in September 2024. They write: The U.S. Postal Service has tapped United Parcel Service as its primary partner for moving cargo by air, replacing FedEx, which had provided the service for more than two decades. The new contract between UPS and USPS will begin in late September and run through at least March 2030, the Postal Service said Monday. Under the agreement, UPS will handle domestic air … [Read more...]
Baltimore Bridge Collapse Upending U.S. Supply Chains
The Dali containership stuck under Baltimore’s collapsed Francis Scott Key Bridge may remain in place for weeks, blocking shipping at one of the U.S.'s busiest ports. Here’s what that means for major industry supply chains. … [Read more...]
Super Tankers Booked for Venezuelan Oil Stuck for Months
Alex Longley, Lucia Kassai, and Alaric Nightingale of Bloomberg report how tankers booked for Venezuelan oil have now been stuck for months, racking up a payday for the vessel's owners. They write: A batch of oil tankers that were supposed to load oil from Venezuela have been idling off of the country’s coast for months, offering a headache for some of the traders that got back into the country’s oil trade when sanctions were eased — and a payday for owners of the vessels. Four supertankers, able of hauling 8 million barrels of oil between them, have been stuck near the Latin American … [Read more...]
Baltimore Bridge Collapse to Cost Billions
Noi Mahoney of Freight Waves tells his readers that the Port of Baltimore handled over $80 billion worth of cargo in 2023, major companies who have distribution facilities there include BMW, Amazon, and FedEx. Mahoney writes: The collapse of Maryland’s Francis Scott Key Bridge Tuesday after it was struck by a cargo ship continues to block access to the Port of Baltimore and could disrupt shipping flows across the U.S. The Singapore-flagged MV Dali container ship collided with the bridge around 1:35 a.m. on Tuesday. At least six people remain unaccounted for, CNN reports. With rescue and … [Read more...]
Port of Baltimore Shut Down After Bridge Collapse
Joe Ryan of Bloomberg reports that the Port of Baltimore is shut down as rescue efforts continue after Francis Scott Key Bridge collapsed when it was hit by a container ship last night. Ships will be diverted to ports in New York, New Jersey, and Virginia. He writes: East Coast ports including in New York, New Jersey and Virginia are positioned to handle additional ships if the Baltimore bridge collapse leaves terminals there inaccessible, potentially easing impacts on global trade flows. “The question is how quickly ocean freight carriers can put diversions in place, particularly for … [Read more...]
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