The ports of Long Beach and Los Angeles on April 1, 2022, will begin collecting certain fees per twenty-foot equivalent unit on loaded import and export cargo containers hauled by drayage trucks as they enter or leave container terminals. The ports have set an industry-leading goal to achieve zero-emissions drayage trucking by 2035. The Clean […]
Read MoreThe global seaborne commodities trading map continues to be redrawn at a blistering pace in the wake of the Russian invasion of Ukraine two weeks ago. Yesterday, the United States announced a ban on Russian oil and other energy imports. “We’re banning all imports of Russian oil and gas and energy,” President Joe Biden said […]
Read MoreThe spectre of blank sailings may be about to return to haunt shippers and forwarders on the Asia-Europe trades, as carrier begin to cancel departures in an effort to restore schedule reliability. Japanese carrier ONE this morning told customers THE Alliance would cancel three sailings on the FE2 and FE3 service departing Asia at the […]
Read MoreVessel capacity and service have been prioritized above price. Retailers and Importers have signed long-term contracts at significantly higher levels in Trans-Pacific Eastbound trades than in previous years, Xeneta reported. Rates have continued to climb the past two months even as contract negotiations continue. “Trans-Pacific contracts are catching up with spot market rates,” Alan Murphy, […]
Read MoreThe southern China air freight market has changed “dramatically” as Covid rages in Hong Kong, severely impacting the local trucking market to and from the mainland. Forwarders estimate there is a 70% cut in truck capacity, further diminishing Hong Kong’s air export market. “Cross-border trucking has been impacted a lot, mainly due to truckers being […]
Read MoreWestern nations, including the United States, the United Kingdom and European Union along with Japan, Australia, Switzerland, New Zealand and Canada have imposed what they describe as “strong” and “severe” sanctions on Russia, following Moscow’s invasion of Ukraine. The new restrictions – which focus on additional individuals being added to watchlists, expanded export controls (especially […]
Read MoreWe are witnessing the remaking of the world order in front of our eyes — and this will impact global supply chains in unforeseen ways. We are about to experience the most dramatic and unpredictable supply chain map we’ve experienced since World War II. If the Russia-Ukraine conflict’s international ramifications keep spreading, we face a […]
Read MoreIn response to recent events in Ukraine, and in light of sanctions imposed against Russia and Belarus, Munich Re Syndicate Underwriters have taken the position that coverage for any shipment by U.S. and Canadian based client(s) to and/or from these countries is strictly prohibited. Further, coverage for the importation of any goods originating in Russia, […]
Read MoreRussian import bookings declined 40% over the past week and will obviously fall further after growing ~64% in 2021 from the previous year, resulting in a 75% increase in goods by value, according to the Census Bureau. This put the imported goods value at its highest level since 2012. This direct economic hit will more than […]
Read MoreThe U.S. economy is in the throes of a virulent bout of inflation. In January 2022, the consumer price index (CPI) was up 7.5% from a year earlier, the largest increase in nearly 40 years. This inflation surge was unexpected by most forecasters, financial market participants and monetary policymakers. Now, however, cognizant of the dangers […]
Read More