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Logistics News with TELS GLOBAL
Cargo hijackers are targeting electronics and pharmaceuticals
The share of electronic equipment in stolen goods increased from 12% to 19% during the analyzed period. Chemical and pharmaceutical products increased their share between 2017 and 2022, from 3% to 7%.
Decrease in global oil inventories pushes prices higher
After a slight decline, oil prices in many countries are headed up again. The global distillate inventories are now much lower than usual for this time of the year.
Container shipping rates from Asia to Europe dropped drastically in September
The cost of delivering a 40-foot container to ports in both Northern and Southern Europe decreased in price by more than $300 during the two weeks of September.
Spot rates for road transportation in Europe became lower than contract rates
That said, road freight prices in Europe remain on average 12–15% higher than prior to the pandemic...
Charter rates for container vessels continue to decline
The time charter rates for container vessels continue to decline. On average, time charter rates are now 15–20% lower compared to the end of last year.
World economy will continue to decelerate, and China will not help
The economic slowdown is related to three main factors: persistent high interest rates, tensions in the financial sector, and the slowing growth in China.
Air cargo market steadily recovers
In July 2023, the global civil aviation cargo turnover was close to the previous year’s level: according to the International Air Transport Association (IATA), the decline had amounted to only 0.8% by July 2022, with a 0.4% decrease in the international cargo segment.
Increase in container shipping rates is now compensated by large discounts
Lines are offering cargo owners a rate for shipping a 40-foot container from China to Antwerp, Rotterdam and Hamburg below $1,000 for October.
Trucks in Sweden were allowed to increase their length by 9 meters
Other EU countries begin to pay attention to this practice. In particular, the issue of increasing standards is being addressed by Poland.
Global contract logistics market will be growing but not fast
By the end of 2023, the global contract logistics market will generate more than EUR 284.458 billion and the sector will grow by 3.8%. In 2022, the growth reached 2.9%. The current analysis presented in June by Transport Intelligence (TI), a UK-based think tank, indicates a significant decline in the dynamics compared to 2021, when the sector, powered by e-commerce, added 8.7% in value.
Electric heavy-duty trucks are overall more eco-friendly, but not everywhere
Grid-charged heavy-duty trucks in Poland produce 10% more emissions than diesel trucks.
Traffic fines in Hungary to increase by 30%
The increase in the traffic fines in Hungary as of September 1 applies to almost every aspect, from speeding to driving and weight and dimensional violations.
Panama Canal has reduced its carrying capacity
The queues lining the approaches to the Panama Canal totaled 154 ships as of August 10. This is equivalent to approximately 21 days of waiting time.
China’s foreign trade significantly decreased in July
According to the General Administration of Customs of the People’s Republic of China, the export volume from China amounted to $281.8 billion at the end of July, having decreased by 14.5% compared to last year.
Global trade dynamics in monetary terms is 4 times higher than in physical terms
The global commodity trade increased by 11% last year reaching $24.9 trillion, which is significantly higher than it was before the pandemic. However, in the physical volume, the shipments increased by only 2.7% against the 9.4% growth in 2021.
Growth in available road freight capacity in Europe puts pressure on rates
The spot rates have dropped by 18.5% in June 2023 compared to the previous year. The contract rates remain at the same level.
Shipping lines are looking to stop the decline in contract rates
The contract freight rates for ocean container shipping have fallen by 9.5% over the month and by 58% over the year and reached a two-year low in June.
Chinese industrial activity to shrink for the fourth consecutive month
The PMI in China’s manufacturing sector has amounted to 49.3 points at the end of July. This is the fourth consecutive month that the index has been below 50 points, indicating a decline in activity.
Global slowdown of the world economy
The IMF has published its June update of the world macro forecast. The global economy growth rate is expected to reach 3% this year, down from 3.5% in 2022. The developed countries will experience a slowdown in the GDP growth rate up to 1.5%.
Europe’s largest port reduces the cargo turnover but increases the revenue
Rotterdam (the Netherlands), Europe’s largest port, has reported that it handled 220.738 million tons of cargo during the first half of the year, which is 5.5% less than during the same period last year.