Cichen Shen of Lloyds list is reporting that China is proposing a multi-billion dollar port project, including up to 50m teu of container capacity. The project is envisaged as a strategic move to strengthen trade in Southern China and drive integration through one of the country’s largest economic powerhouses. She writes: BEIJING is considering a proposal to construct a massive integrated super port across islands south of Hong Kong, consolidating regional port resources to challenge Singapore’s shipping hub status. The infrastructure project, potentially costing over $20bn, is also … [Read more...]
Israel and Hamas Conflict Spilling into World’s Oceans
Costas Paris of The Wall Street Journal tells his readers that an Iran-backed group took Galaxy Leader’s 25 crew members hostage in the Red Sea over the weekend. He writes: Iran-backed Yemeni rebels said they hijacked an Israeli-linked cargo ship with 25 crew members in the Red Sea over the weekend, heightening tensions in the Gaza conflict. The Houthis, a rebel group that controls Yemen’s north, said on X, formerly Twitter, that they are taking the vessel to the Yemeni coast and would continue to target vessels linked to Israel because of its attacks on Gaza. Middle East brokers … [Read more...]
Container Liners Seeking Substantially Higher Rates
Mike Wackett of The Loadstar writes that several container liners are expecting to record a fourth-quarter loss and there's confidence that the new Asia-North Europe contract rates would close above current spot levels. He continues: MSC has joined rivals CMA CGM and Hapag-Lloyd in announcing a substantial FAK (freight all kinds) general rate increase (GRI) from Asia to North Europe for 1 December. It remains to be seen whether MSC’s 2M Alliance partner, Maersk, will throw its weight behind the FAK hikes with its own increase. The Geneva-headquartered carrier advised customers it would … [Read more...]
U.S. Probing 100 Vessels in Suspected Russian Oil Sanction Violations
Timothy Gardner of Reuters writes that a source with knowledge of the new notices said some of the vessels now under investigation were involved in lifting Russian oil from the Pacific port of Kozmino, while others had loaded at the port of Primorsk on the Gulf of Finland. He continues: The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents. The notices, sent by the Office of Foreign Assets Control to ship management … [Read more...]
China Flooding International Markets with Unfair Prices
Stella Yifan Xie and Tom Fairless of The Wall Street Journal report that China is flooding international markets with unfairly low prices as they are facing an economic slowdown at home. They write: Some Chinese factories, saddled with overcapacity in a struggling economy, are trying to export their way out of trouble and stoking new trade tensions in the process. Makers of electric vehicles, solar panels and other products are cutting prices and trying harder to muscle into overseas markets as they face weakened demand at home, upsetting competitors who see threats to their bottom … [Read more...]
Fresh Sign of Economic Trouble for China
Jason Douglas of The Wall Street Journal reports that the October decline suggests weak demand globally, increasing pressure on Beijing to increase stimulus. He writes: China’s exports fell for the sixth straight month, adding to pressure on Beijing to boost spending at home as a big rise in global interest rates and wars in Ukraine and the Middle East weigh on the world economy. The figures add to signs the Chinese economy is still facing difficulties despite a recent pickup in growth. Though officials have expanded stimulus in recent weeks, reflected in a rise in imports, economists say … [Read more...]
Mexico Benefiting from U.S.-China Tensions
Jeffry Bartash of Market Watch reports that businesses are seeking cheaper suppliers closer to the U.S. and Mexico is quickly becoming the biggest hotspot in global trade. He writes: Clothes, iPhones and TVs made in China have long made the Asian giant the biggest supplier of foreign-made goods to American consumers. No longer. A steady increase in imports from Mexico during the past decade have made the southern border the biggest hotspot in global trade. Mexico has doubled its imports to the U.S. since 2010, and this year, it’s on track to surpass China as the nation’s biggest … [Read more...]
Possible 2024 Strike at U.S. East, Gulf Coast Ports
Peter Tirschwell of the S&P Journal of Commerce reports that the International Longshoremen’s Association has pledged not to extend its contract past the expiration at the end of September 2024, raising the risk of a strike in October if the union doesn’t reach a deal with employers at East and Gulf Coast ports. Tirschwell writes: The president of the union representing dockworkers on the US East and Gulf coasts on Saturday told his members to be prepared for a strike next year, raising the possibility of what would be the first major labor disruption on the coasts since … [Read more...]
China Reopens Its Ports; Australia Says No Thanks
Rhiannon Hoyle of The Wall Street Journal reports that the experience of steelmaking coal exporters and some other industries targeted by China suggests the trade relationship has suffered lasting damage. She writes: When China reopened its ports to Australian steelmaking coal in January, it soon ran up against a legacy of its two-year standoff with one of its biggest trading partners: The ships mostly weren’t coming back. Australian coal exporters had to cultivate new markets on the fly after being locked out of China when its leaders reacted angrily to former Australian Prime Minister … [Read more...]
Are Geopolitical Battles Making China More Self Sufficient?
Raffaele Huang and Asa Fitch of The Wall Street Journal tell its readers about how geopolitical battles are causing headaches for tech giant’s supply chains. They write: New U.S. export controls may compel artificial-intelligence giant Nvidia (NVDA) to cancel billions of dollars in next-year orders for its advanced chips to China, a move that could deprive Chinese tech companies of crucial AI resources. The Santa Clara, Calif.-based company had already finished delivering orders of its advanced AI chips to China for this year, according to people familiar with the matter, and was pushing … [Read more...]
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