Export/Import Updates!
February 24, 2022

Trade Update - February 15, 2022

Asia

Supply chain pressure observed in tank container risk analysis

  • In the analysis of claims which occurred in 2020, TT Club, a transport and logistics insurance mutual observed an increase in impact-related incidents, including corrosion of tank containers’ inner surface and contamination by previous cargoes being the other main reasons for the loss.

New North China Straits service from ONE

  • Expanding its bouquet of offered services, Ocean Network Express (ONE) has added a new service linking North China and the Straits. The new weekly North China Straits (NCS) service, beginning from February 24th, will offer greater flexibility and more number of sailings.

ZIM enhances Latin America Services

  • ZIM Integrated Shipping Services (ZIM) enhanced its Latin America regional services by unveiling a new Venezuela Feeder (VEX) and upgrades to two existing lines, Central America Express (LAF) and West Coast Central America (WCA) services.

MOL, MOL Logistics Nippon Concept Corporation launch JV to transport chemical products in the US

  • Mitsui O. S. K. Lines (MOL), MOL Logistics and Nippon Concept Corporation have jointly set up MOL Logistics (Tank Containers) to introduce chemical product transport in the United States of America (USA) deploying tank containers.

Container rates out of Asia cool a bit

  • Cooled by low production capacity during the Chinese Lunar Year holiday period, all-inclusive container rates out of Asian production hubs witnessed a significant discount compared to the highs seen during December and January loading period.

MOL and Mitsui & Co ink pact for LNG carrier

  • Japanese MOL signed a time charter agreement with Mitsui & Co, a domestic trading firm, for a liquefied natural gas (LNG) carrier of 1.74 lakh metre cube capacity to be delivered in 2024.

MOL signs agreement to serve Russia’s Arctic LNG 2 Project

  • MOL signed an agreement to participate in the cargo transport for the Arctic LNG 2 project in Russia’s Gydan Peninsula. It also inked an agreement through its subsidiary for a new building icebreaker tanker with the project company whose largest shareholder is Russia-based PAO NOVATEK.

MOL, Petronas team up for carbon dioxide transportation

  • MOL and Malaysian state-run Petronas have joined hands to transport liquefied carbon dioxide as part of the carbon capture, utilization and storage (CCUS) value chain in Asia Pacific and Oceania regions.

DP World handled 77.9 million TEU in 2021

  • In 2021, DP World handled 77.9 million TEU (twenty-foot equivalent unit) in its global portfolio of container terminals, resulting in the gross container volumes rising by 9.4 percent year on year.

America

Panama Canal to make first draft adjustment in six months

  • In the first draft adjustment in six months, the maximum permitted draft at the Neopanamax locks at the Panama Canal will be decreased to 49.5 feet from March 1, 2022.

Ocean Shipping Reform Act in the US Senate

  • Senators Amy Klobuchar and John Thune introduced the Ocean Shipping Reform Act (OSRA) in the Senate aimed at updating the Federal regulations for the global shipping industry. OSRA envisages to the level of the playing field for American exporters, which makes it difficult for carriers to unreasonably reject goods waiting for exports at ports and also give more teeth to the Federal Maritime Commission (FMC).

Boeing launches 777 – 8 Freighter to meet growing cargo demand

  • At a time when the global shipping industry is stretched to the limits, leading aircraft manufacturer Boeing launched 777 – 8 Freighter model aircraft to meet the growing demand for cargo.

Global air freight markets rise over pre-pandemic times

  • The International Air Transport Association (IATA) highlighted that the full-year air cargo demand of global air freight markets beat the pre-pandemic year 2019 by 6.9 percent in 2021 and 2020 by 18.7 percent.

Europe

Port of Antwerp registers record breakbulk volumes in 2021

  • Port of Antwerp registered record break bulk volumes in 2021, 11.5 million tonnes (MT), boosted by ongoing projects around renewable and the construction of chemical plants. Every month in 2021 witnessed break bulk volumes of nearly 1 million.

APM Terminals to speed up API roll-out

  • Amid increased dwell times and surge in container volumes, Maersk company APM Terminals has decided to speed up the roll-out of its application programming interface (API) which offers access to real-time data and quickens the flow of containers through terminals.

Maasvlakte to house large cross-dock & cold store by 2023

Schedule reliability about 8 – 9 months away

  • Sea-Intelligence, a leading provider of research and analysis, data services, and advisory services to the global supply chain industry observed that vessels schedule reliability on Asia –North America West Coast (Asia – NAWC) trade is expected to return to pre-pandemic normalcy levels in about 8 – 9 m.

Port of Rotterdam, highest polluting European port

  • Reacting to a study by European NGO Transport & Environment, the Port of Rotterdam said it is no wonder that it emerged as the highest polluting European port, 13.7 MT of carbon dioxide emissions per annum, by virtue of being the largest continental port. However, the port, which facilitates 30,000 seagoing vessels in a year noted that significant steps are being taken to reduce emissions by employing alternative fuels, building shore power installations and using battery power for inland shipping vessels to become carbon neutral by 2050.

Maersk registers 55 percent revenue growth in 2021

  • Shipping heavyweight A. P. Moller Maersk registered a revenue growth of 55 percent in 2021, logging revenues of $61.8 billion. The Danish company’s EBITDA tripled to $24 billion while cash flow was registered at $16.5 billion, enabling Maersk to make strategic long term investments in decarbonisation and logistics growth, along with strong cash distribution to shareholders.
  • In 2021, Maersk acquired six businesses in air, electronic commerce (e-commerce), warehousing and fulfilment, including throwing open 85 new warehouses.
  • Optimistic of the current market situation to continue well into the second quarter of 2022 and anticipating normalization to happen in the initial part of the second half of the year, Maersk gave the guidance of underlying EBIDTA of around $24 billion, underlying EBIT of $19 billion and free cash flow over $15 billion.

Traxens acquires NEXT4

  • impact-related smart container service provider for global supply chain industry TRAXENS acquired NEXT4, a French supplier of removable and reusable shipping container trackers, powered by a new round of 23 million Euros financing from existing shareholders.

Middle East & Africa

DP World & Angola to explore logistics sector development

India

Great Eastern Shipping’s Q3 net profit rises by 23.6 percent

  • Great Eastern Shipping logged a net profit of Rs 252.7 crore, rising by 23.6percent for the quarter ended December, 2021 when compared to the net profit of Rs 204.4 crore recorded in Q3, 2020.

Indian government assures commitment to increase tonnage under the Indian flag

  • The Government of India has committed to raise tonnage under the Indian flag through key initiatives such as Revision of the Criteria for Right of First Refusal (ROFR), Ship Building Financial Assistance Policy (2016 – 2026), Subsidy Support for Indian Shipping Companies and Protection to Indian Flag Vessels During Engagement of Foreign Ships.

India records the highest growth in intermediate goods imports

  • Powered by industrial supplies across the world, including vaccines and outline rebound of manufacturing supply chains, India recorded the highest growth globally in import of intermediate goods in the third quarter (July to September) of the calendar year 2021.
  • These imports rose by 65 percent year-on-year to $81 billion, the World Trade Organization (WTO) noted.

‘Notsubsidies but RoDTEP propelling exports’

Adani Ports & SEZ crosses a milestone

  • Adani Ports & Special Economic Zones (APSEZ) crossed the milestone of handling a record 250 MT in 10 months of operations.

Two berths get draft increased at New Mangalore Port

  • The maximum permissible draft at New Mangalore Port’s Berth Number 13 and Berth Number 15 has been increased to 14 metres with a 1-metre height of raising tide due to improved depth of water at the approach channel and berth face.

India’s new SEZ law will be WTO-compliant

A new chapter in logistics to Assam

  • Sarbananda Sonowal, Union Minister for shipping and Waterways recently flagged off an inland waterway vessel, MV Lal Bahadur Shastri, from Patna to Guwahati, which will also pass through Bangladesh.

India’s non-basmati rice exports expected to exceed the target

  • On the back of 52 percent growth, in non-basmati rice exports in the first nine months of 2021 – 22 powered by demand from countries such as China and Bangladesh, exporters are positive on surpassing the 16 MT target set for the fiscal. April to December exports are valued at $4.48 billion and estimated to be 12.53 MT.

January cargo traffic at Indian ports flat compared to December

  • India’s 12 major ports handled 62.68 MT of cargo in January, almost similar to the magnitude handled in December at 62.93 MT. April– January cargo at these ports rose by 9 percent year-on-year to 592 MT.

India’s domestic air cargo terminals rise by 27 terminals

  • From 11 domestic air cargo terminals in 2014, such terminals in India rose by 27, built by the Airport Authority of India (AAI) and AAI Cargo Logistics and Allied ServicesCompany Limited.

PM Gati Shakti Master Plan to bolster warehousing, logistics

  • Union Finance Minister Nirmala Sitharaman said the PM Gati Shakti Master Plan will facilitate the faster movement of people and goods. Likewise, Anarock Group chairman Anuj Puri noted that the master plan will offer impetus to the logistics sector.

Indian economy ready to face any headwinds

  • In a post-budget interaction with the federation of Indian chambers of commerce and industry (FICCI), Finance Minister Nirmala Sitharaman exuded confidence that the Indian economy is prepared to deal with any situation, including the US Federal Reserve’s decision to roll back monetary easing.

Indian Register of Shipping opens office in Coimbatore

  • The Indian Register of Shipping has opened a new office in Coimbatore, one of Tamil Nadu’s most industrialized cities. The new office has been operational since February 1, 2022.

Shipping Minister reviews ports ease of doing business efforts

  • Union Minister for Ports, Shiping and Waterways Srbananda Sonowal recently took stock of the initiatives of various ports for enabling ease of doing business and operational efficiency using technology to bolster growth under PM Gati Shakti National Plan.

Trade Defence Wing (TDW) helps Indian exporters suffer minimal penalties

  • TDW, which functions under the Directorate General of Trade Remedies (DGTR) helped Indian exporters suffer minimal penalties. TDW, which is a part of the Department of Commerce (DOC) played a key role in slashing anti-subsidy duty levied on select Indian exporters from 11.67 percent to as low as 2.82 percent.

Cargo movement through national waterways (NW) rises by 2.76 times

  • Shipping Minister Sarbananda Sonowal recently highlighted that cargo movement through NWs and also coastal waterways linked to NWs grew by 2.76 times.
No items found.
Editorial Team
Editorial Team
Customer success manager
Tea cup with steam illustration
JOIN US FOR CHAI

Signup & get articles in your inbox

Signup to Cogoport. Get trade new & updates, and get assistance with booking international shipments online!

More articles

Trade Update - March 17, 2022

Trade Update - March 17, 2022

The first week of March in the world of shipping started off with MOL completing 100 percent acquisition of Utoc Corporation, Oracle introducing new logistics management capabilities and DB Schenker & CMA CGM teaming up to offer regular emission-free ocean freight. However, the Russia – Ukraine war has emerged as a major dampener for global trade, raising shipping costs and disrupting manufacturing.

Latest Freight News from China- 13th Jan, 2022

Latest Freight News from China- 13th Jan, 2022

Authorities in the port city of Tianjin have put up a tiered lockdown. The Port of Tianjin and the airport have suspended pickup operations for all import containers. Truck deliveries from Tianjin to Beijing are restricted. The airport in Xi’an remains closed. The movement of rail and road freight remains restricted. Freight transportation companies and shippers fear labor shortages due to COVID outbreaks. Trucking operations at the Port of Ningbo slowed. Read more on the latest updates from China

Union Budget 2022-2023: A focus on boosting logistics and supporting the MSME sector

Union Budget 2022-2023: A focus on boosting logistics and supporting the MSME sector

The 2022-2023 Union Budget introduces a slew of measures to further the vision of ‘Atma Nirbhar Bharat’ and pushes economic growth in the lead up to India’s 100 years of independence. Our Finance Minister emphasized the importance of the PM Gati Shakti National Master Plan in building multimodal connectivity and improving logistics efficiency. Read more.

Trade Update - January 25, 2022

Trade Update - January 25, 2022

Get the latest updates on key trade, shipping and maritime developments from across the world which occurred in the past one week

Trade Update - February 24, 2022

Trade Update - February 24, 2022

Operating a bunkering vessel on biodiesel, enabling VGM input on mobile app and widespread availability of end-to-end DP World visibility platform CARGOES FLOW have enlivened the shipping world in the beginning of February’s second half. Other noteworthy developments include MSC emerging as the top feedering provider, CMA CGM vowing to stop carrying plastic waste and first paperless trade finance transaction through TradeLens. Read more

Over 90% of exports from India to UAE are now duty-free thanks to CEPA

Over 90% of exports from India to UAE are now duty-free thanks to CEPA

CEPA between India & UAE came into effect on May 1. It aims to increase bilateral trade between both nations to $100 billion by 2030.

Export/Import Updates!

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

Sara Smith
Customer success manager

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

Heading

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Resources

No items found.