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Logistics News with TELS GLOBAL
China growth to slow, euro zone to improve: OECD forecasts global growth
The Organisation for Economic Cooperation and Development expects the world economy to grow 3.2% both this and next year, nudging up its 2024 forecast from 3.1% projected previously while leaving 2025 unchanged.
Euro zone business activity contracts in September
The preliminary euro zone composite Purchasing Managers’ Index (PMI), compiled by Hamburg Commercial Bank (HCOB) and S&P Global, reached an eight-month low of 48.9 from August’s 51.
New air freight route links China and Poland
Four to six flights per week will operate on the route starting in early October.
Germany’s border controls expose market operators to risks of losses
In addition to the controls already in place at the borders with Poland, Czechia, Austria, France, and Switzerland, inspections will also be introduced at the borders with Luxembourg, the Netherlands, Belgium, and Denmark.
Rail transit traffic along China – Europe – China route up by a factor of 1.9
Despite the rapid growth in traffic relative to last year, transit is far behind the level of 2021.
Container ship fires on the rise
International freight and logistics insurance provider TT Club has called for urgent action from all stakeholders to improve safety protocols for transporting hazardous goods.
Business insolvencies on the rise across Europe
Europe is experiencing a marked increase in the number of insolvencies in the transport sector. This trend is expected to persist until the end of 2024.
EU to invest in environmentally friendly transport projects
The European Commission has selected 134 projects in the transport sector to receive EUR 7 billion under the Connecting Europe Facility (CEF).
Euro zone factory activity mired in contraction in August
The slump in German manufacturing accelerated, while activity in France contracted at the fastest pace since January.
Number of long-term airfreight contracts is growing
The Xeneta’s report begins with global air cargo demand growing by 12% year-on-year over the first seven months of 2024. On the supply side, global air cargo capacity grew by 4% in the first seven months of 2024.
Linerlytica suggests that sea freight rates can drop by 70% over 12 months
The Shanghai Containerized Freight Index for Spot (SCFIS) has been on a downward trajectory since its peak in July, particularly concerning the US West Coast.
Reuters: Foreign airlines lose interest in China
Since the outbreak of the conflict in Ukraine in 2022, Chinese carriers have continued to take shorter northern routes to Europe and North America over Russia’s airspace, while this option has been unavailable for European airlines. Reuters notes that this has given Chinese airlines a cost advantage, allowing them to take a greater share of the international market.
Turkey overtakes Poland in investment attractiveness
To circumvent tougher tariff policies of the European Union, China’s electric car manufacturers are looking for alternative ways to gain access to the European market.
China–Europe rail container traffic grows at double-digit rates
In July this year, 1,776 container trains carried 185,000 TEU, the third month in a row when more than 1,700 trains were dispatched.
India gains more interest from European businesses than China
A study by DZ Bank shows that German businesses are increasingly focusing on India, with 15% of companies planning to expand their supply chains to India. In autumn 2022, this share was still a good 10%.
Turkish container turnover up 1.5 times, with more than a quarter of the volume coming from the EU
It has raised concerns that some carriers may be transhipping goods through Türkiye to avoid paying EU carbon taxes.
Hopes for Eurozone economic recovery fail to materialise
A decrease in new orders has led to accelerated declines in production and increased job cuts. As a result of the decline in orders, manufacturing companies have also reduced their level of purchases of raw materials and semi-finished products.
Container ship punctuality down to 54%
The punctuality rate for container ships was nearly 10 percentage points lower in June this year than in the same period last year. Only during the pandemic were delays more severe.
German economy stuck in crisis
The ifo Business Climate Index fell to 87.0 points in July, after 88.6 points in June. Companies are less satisfied with the current business situation. Scepticism regarding the coming months has increased considerably.
Logistics costs up almost 40% in 10 years and set to rise further
This significant increase, says IRU, is driven by a combination of a 27% growth in the number of people working in the sector and a rise in wages.