The volume of US ocean cargo imports arranged by Deutsche Post’s DHL Group, United Parcel Service Inc, FedEx Corp and other freight forwarders decreased significantly in February. This could be an indicator of warning on global trade, which is a key factor for the world economy. In total, US imports from China experienced a fall of 9.9% in February, driving the majority of the monthly reduction for freight forwarders.
Italy joined China’s ‘Belt and Road’ initiative on March 23, and became the first major Western power to support this initiative, in an attempt to help revive the Italian economy which faces troubles. The agreement was signed during a trip of the Chinese President Xi Jinping to Italy. Leveraging this occasion, Italian companies signed agreements with Chine firms, amounting a total of 2.5 billion euros ($2.8 billion).
International container rates finish in March with small but important increase in European import and export activity, along with increased Far East imports and a continuous development in US exports. Xeneta’s latest XSI® Public Indices report builds on the positive rates development recorded which effectively halted a decline underway since August 2018.
Michael Lee, Utah Senator, established the Open America’s Water Act of 2019, a bill that cancels the Jones Act and will allow all qualified vessels to take part in domestic trade between American ports. He commented that the restrictions in domestic trade have a crucial impact on American consumers and producers.
It’s the first time that the US Army Corps of Engineers have purposefully budgeted funds to build a new lock at Sault Ste. Marie, Michigan. The funding was announced in the agency’s Fiscal Year 2020 budget which was published on March 12.
Concerning its FY2020 budget, the US Navy proposed to include a $10 billion top line increase, in comparison to the proposed reduction in projected fleet size. The Navy intends to prioritize more up-to-date vessels, retiring the carrier USS Truman two decades early and skipping the planned service life extension for the Ticonderoga-class cruisers.
According to EIA, the US will lead the global oil supply development in the five years following, due to its shale industry strength, while also triggering a fast transformation of global oil markets. By the end of the forecast, US oil exports will pass Russia and close in on Saudi Arabia, providing a greater diversity of supply.
Due to the previous week’s blackout, Venezuelan PDVSA is unable to resume crude exports at its primary Jose port. Power varied in most of the country because of the blackout, and had President Nicolas Maduro support that it was a US-backed act of sabotage on the country’s principal hydroelectric dam.
Following last month’s news of 304,000 US jobs created in January, the Transportation Institute announced a 30% increase in domestic maritime job creation. According to the association, this was enabled by the Jones Act, thanks to which ‘the industry now employs nearly 650,000 Americans across all 50 states’.
In its 2019 Global Container Shipping Outlook, AlixPartners say that the trade between the US and China, the tariffs imposed because of that, and Brexit will disrupt the container shipping industry throughout the course of 2019. As for the industry as a whole, it could be looking at as much as $10 billion in additional exposure, according to 2018 prices.
Amendments related to the IBC Code23/08/2019
Key requirements from the BCH Code amendments23/08/2019
- Loss Prevention
Lessons learned from fire due to faulty mobile phone charger23/08/2019
Pointe-Noire terminal in Sept-Îles to improve its infrastructure23/08/2019
Port of Vancouver to strengthen resilience to climate change23/08/2019
Port of Hamilton's capacity to increase23/08/2019
Canada fines vessel for breaching speed restriction in Gulf of St. Lawrence23/08/2019
Watch: Vopak Terminal Botlek well underway23/08/2019
JAXPORT records its best ever July for container volumes23/08/2019
Two new dual-fueled tankers using methanol join the Methanol Institute23/08/2019