The Global Shipping Landscape The global container shipping industry, once the backbone of international trade, is currently facing a series of unprecedented challenges. From the ebbs and flows of peak seasons to the fluctuating spot rates, carriers are navigating through choppy waters. This article delves deep into the current state of affairs, drawing insights from…
Overall Demand, especially in US container imports has been consistent in line with pre-COVID peak season patterns. The consensus among ocean carriers and ports is that volumes will increase as holiday goods are shipped. This is expected to provide some support to spot rates through early fall. As of September 28, Drewry’s World Container Index…
The Department of Commerce (DOC) Bureau of Industry and Security (BIS) published a Proposed Rule in the Federal Register related to the process for requesting exclusions from the Section 232 Steel and Aluminum Tariffs. In a previous notice, the BIS was directed to review the exclusion request process and make necessary improvements. As a result, the BIS…
The Canada Border Services Agency (CBSA) is spearheading a transformative initiative known as the CBSA Assessment and Revenue Management (CARM) project, a multi-year digital endeavor set to revolutionize the way duties and taxes are collected on commercial goods imported into Canada. This project is a significant step towards modernizing and streamlining the accounting processes associated…
The Panama Canal, a vital conduit facilitating a significant portion of global cargo ship traffic, is currently facing an unprecedented drought crisis that threatens to disrupt its operations and potentially the global supply chain. While there isn’t an immediate major concern, current events could foreshadow problems down the line. Current Scenario The Panama Canal, responsible…
In recent times, the global economic landscape has been witnessing a significant shift, with China’s economic slowdown ringing alarm bells across various nations. This slowdown, characterized by a slump in confidence and a deepening real estate crisis, is not only affecting China but also sending ripples across the global economy. The repercussions of this downturn…
Overall Demand, especially in US container imports has risen in line with pre-COVID peak season patterns. The consensus among ocean carriers and ports is that there will be a moderate increase in volumes as holiday goods are shipped. This is expected to provide some support to spot rates through early fall. As of September 7,…
Overall Freight demand has increase slightly over the past month. The consensus among ocean carriers and ports is that there will be a moderate increase in peak-season volumes as holiday goods are shipped. This is expected to provide some support to spot rates through summer and early fall. As of July 27, Drewry’s composite World…
The global shipping industry has long been a significant contributor to greenhouse gas emissions, responsible for nearly 3% of the world’s total emissions, and equivalent to roughly one billion tonnes of greenhouse gases annually. At a recent UN summit, countries took a significant step towards addressing this issue by committing to achieve net-zero shipping emissions…
After over five years of enduring Section 301 tariffs on a vast array of imports from China, importers may finally see some relief in the coming months. Initially set to expire in the summer of 2022, the tariffs’ continuation was requested by numerous entities, leading the Office of the U.S. Trade Representative (USTR) to initiate…