The European Parliament has adopted the Corporate Sustainability Reporting Directive (CSRD), which will oblige a wider range of EU companies to disclose data on the social and environmental impacts of their activities.
Global economic growth will continue to slow down not only this year, but also next year, according to the Organization for Economic Co-operation and Development (OECD) Economic Outlook for 2023-24.
A few weeks after the extension of the current border controls on the border with Slovakia, the Austrian Federal Ministry of the Interior announced the reintroduction of controls at the border checkpoints with other countries.
According to Xeneta, air cargo spot rates in October were on average 20% lower YoY, but so far remain twice as high as in the pre-corona crisis 2019 year.
Road freight rates in Europe hit all-time high, but their growth slowed sharply in Q3, according to the European Road Freight Rates Benchmark Report, produced by Transport Intelligence and Upply.
The sagging demand for container shipping and the equipment turnover acceleration have resulted in the release of a significant share of the fleet and a container surplus.
The International Monetary Fund (IMF), which lowered its global growth forecast for 2023 from 2.9% to 2.7% in October, said that this figure could be reduced again in the future.
The energy crisis affects almost all branches of the German economy. About 82% of the 24,000 businesses surveyed view energy and raw material prices as a huge business risk and threat to business.
In its Q3 report, Maersk notes global container demand falling. High inflation and a slowdown in business activity led to a decrease in imports from Asia to Europe over the last quarter by 6.0% year-on-year.
The S&P Global Eurozone Manufacturing PMI fell to 46.4 in October from 48.4 in September. The index value was recorded in the sub-50.0 territory for a fourth month in a row.
Spot rates for shipping containers from Asia to North America East Coast continue to fall on all key routes, except for routes connecting North America with Europe.
Consumers in European, Asian countries, and the US are returning to belt-tightening measures that were prevalent in the 1970s and 1980s amid high inflation.
Container throughput at the port of Rotterdam, which handles about a third of all containers transshipped through northern European hubs, revived growth in the third quarter, despite the almost complete cessation of container trade with Russia.
According to Sea-Intelligence, after the Golden Week festival in China, marine carriers have reduced trans-Pacific vessel capacity by 26-31% for three weeks through the cancellation of sailings, and by 19-27% on routes from Asia to Northern Europe.
In early October, there was a surge in fuel prices at Polish gasoline stations. According to BM Reflex, the average retail price of diesel fuel was PLN 7.6 per litre. This meant an average increase of 34 cents per litre per week.
There could be a risk of recession for the world economy next year, World Bank President David Malpass said at a joint discussion with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Reuters reports. Gergieva agreed with him.
Business activity in the eurozone continues to decline - the S&P Global’s final composite index PMI fell to a 20-month low of 48.2 in September from August’s 48.9.
Weeks-long strikes by the fuel trade unions in France are leading to chaos throughout the country. Carriers are warning of supply chain disruptions, especially when it comes to transporting fresh produce.
The dynamic drop in the spot container market has not yet strongly impacted the contract market. The value of the XSI long-term container freight rate index decreased in September by only 1.1%, while the Drewry WCI composite spot index fell by a third over the month.
The Marketing Department of TELS GLOBAL has made a forecast for FTL road freight rates to/from/within the EU for the period 2023-25. The report states that forecasting amid the current global crisis is too imprecise.