PACIFIC MARITIME ASSOCIATION STATEMENT ON FINAL CONTRACT APPROVALS SAN FRANCISCO (August 31, 2023) PMA President and CEO Jim McKenna issued the following statement today about the International Longshore and Warehouse Union’s approval of the new six-year contact. The contract, already approved by PMA member companies, is retroactive to July 1, 2022 and runs through July […]
Read MoreRecent Inflation Developments The Federal Reserve’s Strategy to Tame Inflation The Federal Reserve is making progress in its efforts to tame inflation. Headline inflation has slowed from its peak of 8.9% in June 2022 to 3.3% in July 2023. This deceleration has been driven by lower food and energy prices. Core inflation, which excludes […]
Read MoreThe average time that a container remained at the San Pedro Bay Port complex before being sent out from July 2023 was 3.2 days, according to the Pacific Merchant Shipping Association (PMSA). This is consistent with the average of 2.9 days in June 2023. A three-day average is within the normal range and indicates that […]
Read MoreThe BRICS (Brazil, Russia, India, China and South Africa), trade bloc is expanding its market reach beyond the West in response to slowing demand. At a summit in Johannesburg this week, the five member nations voted to bring six more countries into the fold: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. […]
Read MoreThe Los Angeles Cleantech Incubator (LACI) has received a $1.5 million grant from the U.S. Department of Housing and Urban Development to install public charging infrastructure for electric heavy-duty trucks. The charging depot will be located at the Port of Los Angeles and will be the port’s first-ever public electric truck fast-charging station. The chargers […]
Read MoreOcean Carriers’ Successful Vessel Supply Adjustments Could Be Disrupted by New Vessel Deliveries. Recent increases in freight rates on the trans-Pacific route have been attributed to ocean carriers successfully adjusting vessel supply to meet demand through schedule changes and canceled sailings. However, this balance could be disrupted by the impending delivery of new vessels, posing […]
Read MoreHong Kong International Airport’s cargo volumes rose by 3.8% YoY in July to 361,000 tonnes, marking the second consecutive month of growth. The increase was driven by exports which rose by 12.6% YoY in July, with traffic to and from key trading regions in North America, the Middle East and Europe rising considerably during the […]
Read MoreOn Wednesday, August 9th President Joe Biden declared a new national emergency and immediately used it as the justification for creating a new screening system that will limit Americans’ ability to invest overseas. The new rules, which have been in development since last year, will prohibit private equity and venture capital firms from investing in […]
Read MoreChina has expressed strong opposition to “official interaction of any form” between the US and Taiwan and called on Washington to revoke a bilateral trade agreement with Taipei. “The US move violates the one-China principle and the three China-US joint communiques, contravenes the US’s own commitment of maintaining only unofficial relations with Taiwan,” China’s Foreign […]
Read MoreAs experts analyze the potential for economic downturns in major global economies, a plethora of recent data underscores the existing downturn in global trade. China, the world’s largest exporter, recently reported the most significant contraction in overseas shipments since the onset of the Covid-19 pandemic in February 2020. Germany, the third-largest global exporter, experienced a […]
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