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Logistics News with TELS GLOBAL
Euro zone business activity continues to weaken in October
The preliminary composite euro zone Purchasing Managers’ Index (PMI), compiled by S&P Global, nudged up to 49.7 in October from September’s 49.6 but remained below the 50 mark that separates growth from contraction for the second month in a row.
IMF: Global growth expected to remain stable in the coming two years
In its World Economic Outlook issued in October, the International Monetary Fund (IMF) expects global economic growth of 3.2% in 2024 and 2025. This is one-tenth of a percentage point lower than forecast in July for 2025.
Route around Africa to take 13% more ships
The Gemini alliance will need approximately 340 vessels, compared to the 300 ships that would have been enough for routes across the Red Sea.
China’s economic slowdown: Government response
The world’s second largest economy grew by 4.6% in July–September, official data show, a touch above the 4.5% forecast in a Reuters’ poll but below the 4.7% in the second quarter.
Transport theft on the rise globally
In July, TAPA recorded the highest level of reported supply chain thefts in EMEA (Europe, Middle East and Africa) this year.
Global container ship order book sets a record
However, the record tonnage volume of container ships under construction does not mean a proportional increase in the cargo space offers.
China tightens the rules for transportation of dangerous cargo at Ningbo
Carriers and other stakeholders must file all mandatory documents 72 hours prior to the closure of declared vessel cut-offs for dangerous cargo gate-in.
Spanish lorry drivers plan a scheduled series of strikes
Spanish lorry and bus drivers will launch a series of strikes from 28 October to demand better retirement conditions due to the dangerous nature of their profession, was announced on Monday by Spain’s two largest unions.
EU mobility has been simplified, but not significantly
The European Union’s Court has annulled a provision of the EU Mobility Package requiring vehicles involved in international transport to return to the country of registration every eight weeks.
Sea and air transport in Europe to become more expensive due to environmental regulations
FuelEU will enter into force from 1 January 2025 obliging maritime carriers to reduce greenhouse gas emissions on routes within and to/from the EU.
China’s Manufacturing PMI hovers between contraction and expansion
Manufacturing output growth slowed for the fourth month in a row amid unclear prospects for external and domestic demand. In the coming months, the massive measures taken by the authorities to support the economy should boost domestic demand in China, but their potential effectiveness is still questionable.
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.