Newsletter – March 28, 2024

AIR FREIGHT UPDATES

Asia Pacific export tonnages and rates continue to rise
aircargoweek.com
Air cargo tonnages and Asia Pacific rates continue to rise five weeks after the Lunar New Year (LNY) dip in early February. Disruptions to container shipping and strong demand for cross-border e-commerce shipments continue to boost volumes and prices. Read more here.

OCEAN FREIGHT UPDATES

Dali cargo owners face massive costs if general average is declared
theloadstar.com
As the fallout from the tragic Baltimore bridge collapse continues, the odds are mounting that box ship Dali’s owner will declare ’general average’ (GA), forcing cargo owners to pay for the costs of the casualty.
On Tuesday, the 9,000 teu Dali crashed into a support pylon of the Francis Scott Key Bridge, effectively blocking the entrance to the port and causing significant damage to the ship and cargo. Read more here.

Ripples from bridge collapse will give importers a headache
theloadstar.com
From a container supply chain perspective, the effect from this morning’s incident will probably not be as dramatic as Baltimore’s bridge collapse itself – although it does leave carriers and east coast importers with potential headaches.
Baltimore handles around 1.1m teu a year which, as Verspucci Maritime’s Lars Jensen calculates, is equivalent to 21,000 teu a week that will need to find alternative gateways. And while it may not be the largest in terms of container numbers, the port does have … Read more here.

THEA’s ONE and Yang Ming set on contrasting courses for growth
theloadstar.com
THE Alliance members ONE and Yang Ming appear to be adopting different growth strategies ahead of the departure of Hapag-Lloyd next February, when the German carrier will partner with Maersk in the new Gemini alliance.
The Japanese carrier’s ONE2030 main business strategy last week highlighted a plan to invest $25bn in its container shipping business and target a fleet expansion from the current 1.8m teu to 3m teu over the six-year period. Read more here (login required).

Bunker indices on an upward trend
container-news.com
During the twelfth week of the year, the Marine Bunker Exchange (MABUX) global bunker indices experienced a consistent upward trajectory.
The 380 HSFO index climbed by US$11.49 to US$547.67/MT. Similarly, the VLSFO index saw a gain of US$15.95, reaching US$693.06/MT, nearing the US$700 threshold. Additionally, the MGO index surged by US$18.91 to US$914.15/MT, surpassing the US$900 mark. Read more here.

GROUND FREIGHT UPDATES

Shippers face hike in German rail freight costs as state subsidy is cut
theloadstar.com
Amid the looming break-up of DB Schenker’s freight division, shippers using Germany’s railways also now face a very real hike in charges.
Citing increased vendor costs, Maersk this morning announced that, from 1 April it would impose a €9 ($9.73) per teu “rail infrastructure surcharge” on bookings going via rail to or from Rotterdam. Read more here (login required).

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

US plans new import tax thresholds ‘to close loopholes exploited by China’
theloadstar.com
Proposed new de minimis rules could see countries paying different tariffs for their imports into the US – with some denied the privilege altogether.
The current de minimis threshold for imports into the US is $800, increased from $200 in 2016 with the Trade Facilitation and Trade Enforcement Act. This is the world’s largest threshold –π for example, across European Union member states it is €150 ($160.83). Read more here (login required).