Economy

  • Pandemic aftershocks overwhelm global supply lines


    Jan 27, 2021 — The cost of shipping a container of goods has risen by 80 percent since early November and has nearly tripled over the past year, according to the Freightos Baltic Index.
  • An ‘aggressive’ fight over containers is causing shipping costs to rocket by 300%


    Jan 25, 2021 — A critical shortage of containers is driving up shipping costs and delays for goods purchased from China. The pandemic and uneven global economic recovery has led to this problem cropping up in Asia, although other parts of the world have also been hit. Industry watchers said desperate companies wait weeks for containers and pay premium rates to get them, causing shipping costs to skyrocket.
  • Shippers and forwarders claim carriers breach contracts to demand higher rates


    Jan 5, 2021 — As Asia-Europe container spot rates continue to skyrocket, shippers and freight forwarders are accusing carriers of breaching short- and long-term contracts to “charge whatever they want”. In a joint letter to the Competition Directorate of the European Commission (EC), the European Freight Forwarders Association (CLECAT) and European Shippers’ Council (ESC) have protested about the “damage” the carriers’ behaviour is “causing to trade growth at a time of economic recession”.
  • Inactive boxship fleet to surpass 3m teu for the first time


    Apr 8, 2020 — The sudden massive volume of blanked sailings announced in recent days is set to create new records in terms of the inactive containership fleet, which analysts at Alphaliner are now saying will breach the 3m teu mark for the first time meaning some 13% of the entire global box fleet will be out of work. The inactive containership fleet had actually been dropping for most of the last month having hit a record of 2.46m teu at the start of March.
  • Joint Association Letter – Emergency Financial Support Needed for the Defense Personal Property Program (DP3)


    Apr 7, 2020 — IAM and AMSA signed a joint letter to the USTC Commander, GEN Stephen Lyons, asking for any advocacy/assistance he could provide for this industry to work with DoD to get financial support.
  • COVID-19 Relief Package Clarification


    Apr 7, 2020 — For companies whose operations have been curtailed or otherwise impacted by COVID-19 related restrictions, several clarifying guidance and forms were issued over the weekend, connected to programs created under the first three legislative relief packages to pass the Congress.