Newsletter – June 8, 2018
OCEAN FREIGHT UPDATES
US Gulf and east coast labour contract deal reached
THE International Longshoremen’s Association and employer association United States Maritime Alliance have reached a tentative agreement on a new six-year labour contract at ports on the US Gulf and east coast. Read more here.
Sea freight rates fall 50% in 20 years
Container freight rates have fallen by over half in the past 20 years after inflation is taken into account, according to a new analysis by Alphaliner. Read more here.
Asian ports under pressure after China ban on plastic and paper waste
Port operations in South-east Asia have come under increasing pressure from a build-up in scrap cargo, following China’s crackdown on imported waste.
In Vietnam, a dramatic increase in scrap-laden containers forced Ho Chi Minh City’s overloaded Cat Lai port to temporarily stop receiving plastic and paper waste on 1 June. Read more here (loginn required).
Box terminals fare better financially than their carrier customers, but can it last?
The container terminal industry has been able to navigate around a predicted ‘perfect storm’ in Q1, but are there more dark clouds on the horizon?
While reported losses by ocean carriers in the quarter were north of $1bn, their service provider container terminal operators were able to reap the benefit of a third consecutive quarter of volume growth in excess of 6%. Read more here (login required)
British ports welcome Brexit ‘Customs Backstop’
The British Ports Association has welcomed the publication yesterday by the UK government of the temporary customs arrangement, the so-called ‘customs backstop’, that guarantees borderless customs on the island of Ireland after the UK leaves the European Union. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Mumbai On Heavy Rain Alert, No Weekend Off For Officials
Mumbai is bracing for heavy rain today amid warnings from the meteorological department for the weekend. Rain had lashed the city yesterday, leaving several areas waterlogged, delaying trains and forcing at least one flight to divert. According to the India Meteorological Department or IMD, monsoon has reached the Konkan coast. Read more here.