The shippers are in for struggle yet another time, with the market buzzing in speculations of liners planning of ‘blank sailing’ during China’s Golden Week holiday in early October to extract maximised profits.
The record-high rates of the latest weeks, as can be seen in several global indexes, such as Shanghai Export Containerized Freight Index (SCFI), Drewry’s composite World Container Index, Ningbo Containerized Freight Index (NCFI) and Freightos Baltic Index (FBX) are not expected to decrease in the next months.
With the pre-golden week rush starting usually three to four weeks before the main event, and with importers speeding up their production processes to ship their products out of China on time, constraints in ocean freight and land transportation increase the chance for cargos to be rolled and for deliveries to be postponed, according to the largest container line in the world, Maersk.
The strategy plans to significantly tighten space on vessels for the shippers close to the national holiday in China by skipping ports or even entire routes owing to lower demand after shut down and hence further push the rates higher.
Even though blank sailings close to the Golden week are a traditional practice to make up for lower demands during the winter months, this year, the cargo owners expected the liners to maintain the deployment of the entire fleet along transpacific routes after the pandemic, owing to the strong demand and elevated rates of freight transportation.
This year’s Golden Week might as well increase the number of repercussions in ocean freight and inland transportation across multiple trades and regions.
With the Ningbo terminal shut down ensuring reversal of slight decrease in market rates in the past few weeks and increase in forward bookings on routes to the west coast of the United States, companies are expected not to let go of this opportunity to bump up the freight rates further up.
The current energy crisis has reached an unsustainable level for the European chemical industry. For the first time ever, the EU imports more chemicals than it exports, both in volume and value, resulting in a trade deficit of € 5.6 bn for the first half of 2022.
Endocrine Disrupting Chemicals (also referred to as hormone disruptors or EDCs) are synthetic chemicals that are not produced by the human body and that disrupt the normal functioning of humans and animals.
The shipping industry is now returning to normality and is in a downward spiral. The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.
No precipitous plunge in container shipping rates, just ‘orderly’ decline.
The global food and beverage market size is expected to grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a growth rate of 9.7%. The food and beverage market size is expected to grow to $8.9 trillion in 2026 at a compound annual growth rate of 8.7%.
The amendment makes QR codes mandatory on every active pharmaceutical ingredient. The Amendment Rules will come into force from January 01, 2023.
On June 22, 2022, the Commission adopted pioneering proposals to restore damaged ecosystems and bring nature back across Europe, from agricultural land and seas, to forests and urban environments. The Commission also proposes to reduce the use and risk of chemical pesticides by 50% by 2030.
According to New York Times, in a small clinical trial, 18 patients took a drug called Dostarlimab for around six months, and in the end, every one of them saw their tumours disappear.
As the war in Ukraine and pandemic disruptions continue to wreak havoc on supply chains, stagflation is here to stay – marked by low growth and high inflation for at least the next 12 months.
The pandemic as well as the war in Ukraine have stifled supply of commodities and goods and upended efficient distribution through global supply chains, forcing up prices of everyday goods such as fuel and food.