India’s devastating Covid-19 crisis is threatening operations at some of its biggest ports, raising concerns. The action could trigger shipping delays that reverberate through global supply chains.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
India has 21.9 million tons of cargoes scheduled to arrive during May-June’21 but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays. That may have a knock-on effect on scheduled loadings at the exporting countries.
In the global shipping scenario, India’s surging second wave of COVID-19 infections has dealt a hard blow to the global shipping industry as India is one of the largest suppliers of crew. The sudden surge in coronavirus infections and a shortage of vaccines have left ship workers high and dry.
It has sparked travel curbs and restrictions on Indian crews, sending shipping firms scrambling to find replacements.
Global ports are now slamming doors on Indian crew and vessels. Companies are insisting on vaccinated workers and seafarers, spelling bad news for an already stretched maritime sector.
With a growing number of seaports and airports closing their doors to seafarers to and from India, shipping companies say it’s leading to bottlenecks in crew changes. Several companies are temporarily tapping seafarers from other nations to replace Indians scheduled to board ships.
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.
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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.