The latest Drewry World Container Index (WCI) decreased by 3% to US$2719 per 40-foot container this week, which is 91% higher than average 2019 (pre-pandemic) rates of US$1420. The average composite index for the year to date is US$3295 per 40-foot container, which is $586 higher...
Terminals across the globe appear to be operating in a timely manner, with only minor delays being experienced. North East Asia: Qingdao has a minimal one-day delay, whilst both Ningbo and Shanghai have a delay of one to 1.5 days. South East Asia: Singapore is...
New Zealand Customs Service and Singapore Customs, in conjunction with Singapore's Infocomm Media Development Authority (IMDA) have signed an arrangement that will deliver a simpler and more streamlined trade process for exporters. Leveraging emerging technology such as blockchain to digitalise border processes will see the simultaneous...
Australia and India have fortified their ties by signing the Australia-India Authorised Economic Operator (AEO) Mutual Recognition Arrangement (MRA). This MRA aims to provide mutual trade facilitation benefits as well as support Australian Trusted Traders (ATT) to gain faster and more efficient access into one of...
With the exception of extended transit times, Asia-Europe container supply chains have remained relatively unscathed by the Red Sea crisis; however, the same cannot be said of European exporters to the Middle East and Indian subcontinent. Substantially longer transit times and sky-rocketing freight rates have resulted...
In a bid to increase the market awareness of Australia’s growing certified organic industry, the Federal Government will seek to include organic wine in upcoming trade negotiations with the European Union and Japan. With EU officials scheduled to visit Australia this month, the Department of Agriculture,...
Terminal operators at the ports of Los Angeles and Long Beach are working to resolve the backlog of rail containers that is a result of strong import demand over the past few months. US imports from Asia were 39.6% higher over January and February compared to...
A surge in imports, compounded by a shortage of available rail cars, has seen the Port of Vancouver hit with rail container backlogs. Whilst import-laden containers declined by 12.7% last year, they increased by 22.3% in January and February, creating congestion and increasing dwell times....
Improved water levels have seen The Panama Canal Authority announce the opening up of three more daily transit slots (as of March 2024) to accommodate growing demand. These additional slots will increase the daily quota to 27, representing a significant increase from the daily limit...
The disruptions across the Red Sea continue unabated, with ongoing route diversions, prolonged transit times and associated delays resulting in an 80% volume reduction of maritime traffic across the Suez Canal. However, whilst the continued shipping diversions have seen rates surge 200% throughout January and February,...