Threat of strike looms large over East, Gulf Coast ports (link)
There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports.
The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, while the USMX represents employers at 36 coastal ports — including three of the U.S.’s five busiest ports: the Port of New York and New Jersey, the Port of Savannah, Georgia, and the Port of Houston.
New container shipping line established in Saudi Arabia (link)
A new feeder and short-sea shipping company has been launched in Saudi Arabia to link the kingdom with other key ports in the Red Sea.
The Riyadh-based Folk Maritime is headed up by former Hamburg Süd boss Poul Hestbaek, who left the Maersk company in August last year.
Folk Maritime describes itself as Saudi Arabia’s first dedicated feeder operator, offering services in the Middle East and the surrounding region.
GDP first quarterly estimate, UK: October to December 2023 (link)
Winter 2024 Economic Forecast: A delayed rebound in growth amid faster easing of inflation (link)
This Winter interim Forecast lowers the growth outlook for this year and sets inflation on a lower downward path than projected last autumn. Economic activity in 2023 is now estimated to have expanded by only 0.5% in both the EU and the euro area. The growth outlook for 2024 is revised down to 0.9% in the EU and 0.8% in the euro area. In 2025, economic activity is still expected to expand by 1.7% in the EU and 1.5% in the euro area. EU HICP inflation is forecast to fall from 6.3% in 2023 to 3.0% in 2024 and 2.5% in 2025. In the euro area, it is projected to decelerate from 5.4% in 2023 to 2.7% in 2024 and to 2.2% in 2025.
Eurozone sentiment brings inflation relief, but no signs of recovery for growth (link)
The eurozone economy has been stagnant since late 2022 and surveys have shown that there is no meaningful improvement happening in the first quarter. The February PMI allowed the ‘glass half full’ crowd to see some green shoots, but the European Commission Economic Sentiment Indicator pours some cold water on those takes.
US inflation is too hot but softening fundamentals point to an eventual cooling (link)
The Fed’s favoured measure of inflation come in at 0.4% month-on-month, which is double the 0.2% rate we want to see, but cooling incomes and spending suggest inflation will moderate again in coming months, leaving the door open to a June Federal Reserve rate cut
Russia to ban gasoline exports for 6 months, RBC daily reports (link)
MOSCOW, Feb 27 (Reuters) – Russian Prime Minister Mikhail Mishustin has approved a ban on gasoline exports for six months starting from March 1, the RBC daily reported on Tuesday, citing two sources.
The temporary export ban does not apply to the agreed volumes of supplies to the Eurasian Economic Union countries, Mongolia, Uzbekistan, Abkhazia and South Ossetia, RBC said.
Poultry and Products Semi-annual (link)
Despite ongoing avian influenza outbreaks and increasing competition from imports, strong internal EU demand will drive chicken meat production in 2024. While inflation continues to be a concern, production costs of chicken meat remain generally lower compared to other animal protein. EU chicken meat imports increased by 2.3 percent in 2023 and further growth is expected in 2024, driven by a strong demand in the HRI sector. EU imports of Ukrainian chicken meat grew by 50 percent in 2023 due to the temporary EU free-trade measures supporting Ukraine. EU chicken meat exports decreased by 2 percent in 2023. Trade restrictions due to avian influenza exacerbate the lower price competitiveness of EU chicken meat relative to other world suppliers. However, trade is expected to stabilize in 2024.
PERU – Blueberry Annual (link)
Following nearly exponential growth in the last decade, Peru’s blueberry export volume fell in 2023 as a result of warmer weather conditions, especially in the principal production areas of northern Peru, which severely limited flowering between March and October. FAS Lima forecasts Peruvian blueberry production for marketing year (MY) 2023/24 (May 2023 to April 2024) to reach 195,000 metric tons (MT), with exports expected to reach 165,000 MT, a 43 percent decrease from the previous MY. Peru’s unexpected production drop resulted in higher prices, leading to a 28 percent increase in the value of exports in calendar year 2023.
