Manning costs have grown moderately over the last 12 months, checked by easing officer supply shortage, and are forecast to rise at a similar pace over the next five years, said global shipping consultancy Drewry in a new report.
The global container port throughput index for March 2019 bounced back to a level of 130.2 points, after experiencing more than 17 points decline in February, Drewry said in its latest Container Port Throughput assessment. This decline was mainly due to the effects of the Chinese New Year holiday period.
In February 2019, the global container port throughput index declined to 114 points, after reaching 131 points in January, according to Drewry’s latest assessment for April 2019. This was mainly due to the Chinese New Year celebrated in February 2019 which dampened activity levels.
The composite index decreased 0.3% this week, but increased by 12.8% when compared with same period of 2018. The Index, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia is down 0.3% to $1,330.29 per 40ft container, as of 18 April.
China decided to restrict its coal imports in 2019 in less than 2018’s levels. Drewry supports that this decision will dent demand for Panamaxes, but an ongoing tussle with Australia could be the silver lining. The Chinese government aims to curb the coal imports by 3-4% in 2019. This could result to a decline of approximately 10 million tonnes.
Drewry published a report according to which the new American tariffs on cars and car parts could have a negative impact on some of the largest US ports. President Donald Trump threatened to impose tariffs on 25% of the cars imported. Drewry supports that in the possibility that President Trump implements the tariffs, American auto imports from overseas markets could fall by nearly 15% by 2021.
The level of satisfaction regarding container carriers among exporters, importers, and freight forwarders reduces marginally, according to the third annual shipper satisfaction survey of Drewry and the European Shippers’ Council. 249 shippers and forwarders who participated in the survey rated the service of container shipping lines with a score of 3.1 on average on a scale of 1 to 5.
Short sea container services between the UK and EU could provide alternative capacity to alleviate possible congestion at the Port of Dover post-Brexit, according to a study by global shipping consultancy Drewry. These latest findings follow an earlier study by Drewry.
According to Drewry, IMO’s 2020 may result to a major carrier bankruptcy. In its recently published Container Insight Weekly, Drewry suggested that financially vulnerable carriers could be pushed into mergers and acquisitions by the extra costs associated with the new low-sulphur fuel regulation.
The Port of Dover has the resilience to cope with moderate disruption arising from Brexit and there is latent short sea capacity to absorb significant overflow at the port in the event of capacity constraints, according to an independent study by global shipping consultancy Drewry.
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