Last week(W48), the overall FBX index closed at 1179.2$, +2% WoW.
Transpacific head hauls:
China/East Asia – North America West Coast sits at 1620$;
China/East Asia – North America East Coast closed at 2367$;
Corss Suez head hauls:
China/East Asia – North Europe: 1243$, +3%;
China/East Asia – Mediterranean: 1670$, +12%
The overall index for the same week last year (2022) was at 2191.13$.
US Warns of Evolving Threats to Shipping Through Red Sea (link)
A spate of attacks on merchant shipping near Yemen and Somalia, likely triggered by the war in Gaza, have prompted the US to warn vessel operators to be extra careful when navigating the region.
On Nov. 19, Houthis seized of the Galaxy Leader car carrier while a Liberia-flagged chemicals tanker was targeted over the weekend. Both have an Israeli connection. At the same time, there have also been at least four other suspicious approaches to ships in the Indian Ocean in the past few weeks — many of them taking place in the Red Sea or the Gulf of Aden — according to the UK navy.
Report: Suicide Drone Hits Container Ship in Indian Ocean (link)
A container ship owned by a prominent Israeli-owned shipping company has been attacked by an Iranian drone in the Indian Ocean, an American defense official has confirmed to AP News.
A “suicide” Shahed-136 attack drone struck the 15,000-TEU CMA CGM Symi on Friday, the official said. The ship sustained damage but the crew were unharmed, the official said.
The Shahed-136 is an Iranian mass-produced suicide drone, commonly used by Iran’s proxies in the Middle East. It is also employed by Russia, which has purchased Shaheds in quantity for use against civilian infrastructure and military targets in Ukraine.
WTO agrees dispute panel to review EU import duties on Indonesian biodiesel (link)
JAKARTA, Nov 28 (Reuters) – World Trade Organization’s (WTO) dispute settlement body has agreed to establish a panel to review countervailing duties imposed by the European Union (EU) on imports of biodiesel from Indonesia, the global trade body said late on Monday.
Indonesia has requested WTO dispute consultations with the EU regarding the bloc’s imposition of duties on imports of biodiesel from the Southeast Asia nation in August.
Pipes of trade tell the tale of manufacturing growth (link)
When it comes to investing in trade’s “new tomorrow,” it’s a long game, and companies need to strategize on their return on investment in building infrastructure for that new opportunity.
When it comes to such investment scrutiny, the returns could take years. That’s why when I see companies in the maritime sector working to build infrastructure in a country, my antennae perk up. Why? It’s quite simple.
Booming Port of Laredo a linchpin in global trade, and San Antonio’s ‘right in the heart of it’ (link)
LAREDO — The Port of Laredo is fast emerging as the nation’s top port — a linchpin in global commerce supplying Americans with new cars and electronics and keeping their refrigerators full of fresh produce.
With an airport, rail bridge and two bridges carrying multiple lanes over the Rio Grande, the port’s traffic soared with the growth of the Texas-Mexico manufacturing ecosystem and as companies shift production from China to avoid tariffs and simplify supply chains, a trend known as nearshoring. Tesla Inc., Toyota Motor Corp. and Samsung Electronics Co. are among those investing in factories on both sides of the border.
China hits back at West’s de-risking strategy at supply chain expo (link)
BEIJING, Nov 28 (Reuters) – China opposes protectionism and wants to strengthen supply chains with all countries, Premier Li Qiang said on Tuesday, as a growing number of nations voice concern at how much their supply chains depend on the world’s second largest economy.
Li’s comments comes amid calls over the past year from the United States and the European Union to reduce their dependence on China in certain sectors and “de-risk” their supply chains, as well as efforts to cut off Chinese enterprises from some advanced semiconductors.
Australia: Some welcome news on inflation (link)
Headline CPI inflation for October dropped below 5%, and there should be further declines in the coming months, increasing (but not guaranteeing) the chances that rates in Australia have peaked.
South Korea’s disappointing monthly activity suggests sharp slowdown in 4Q GDP (link)
All industry output slid 1.6% MoM sa in October, the first decline in three months
Mining and Manufacturing industrial production unexpectedly dropped by 3.5% month-on-month, seasonally-adjusted (vs 1.7% in September, 0.4% market consensus) in October, mostly led by a plunge in semiconductor output (-11.4%). The sharp decline is probably a technical payback from the double-digit increase in the past two months. (13.5% in August, 12.9% in September). Importantly, semiconductor inventories levelled down quite rapidly, thus we are keeping our view on a semiconductor recovery unchanged for now. Meanwhile, partially offsetting the decline, electronics (10.4%) and vehicles (3.2%) output gained.
Indonesia: Headline inflation ticks higher in November (link)
Indonesia’s headline inflation rose to 2.9% YoY, slightly faster than expected and up from the previous month at 2.6% YoY. From the previous month, prices rose 0.4%, also faster than market expectations.
The main reason for the pickup in headline inflation was the 6.7% YoY acceleration in basic food prices and a slight increase in transport costs (1.3% YoY). Most other subcategories posted slightly slower inflation readings compared to the previous month.
French inflation falls more sharply than expected (link)
Inflation fell sharply in France in November, to 3.4% compared with 4% in October, thanks to weaker growth in prices across all categories. The trend towards disinflation is therefore well underway in France and will continue over the coming months
Italian GDP up slightly in the third quarter (link)
Net exports and private consumption the growth engines for the quarter
The revised estimate of third quarter GDP saw a marginal upwards revision to the preliminary estimate. According to Istat, GDP expanded by 0.1% QoQ and not flat as in the preliminary estimate (+0.1% vs 0.0% in YoY terms).
Thai October export growth highest in more than a year but misses forecast (link)
BANGKOK, Nov 27 (Reuters) – Thailand’s exports (THCEX=ECI) in October rose at the fastest annual pace in more than a year but less than expected, and the commerce ministry said on Monday full-year exports would still show a small contraction.
Customs-based exports (THCEX=ECI), a key driver of Thailand’s economy, climbed 8.0% in October from a year earlier, the fastest since June 2022, compared with a forecast rise of 9.3% on-year in a Reuters poll.
China will commence pork import from Russia in 2024 (link)
China will import the first Russian pork in the middle of 2024, according to Russian deputy prime minister Victoria Abramchenko.
There is technical work needed to lay the legal ground for the export, Russia’s ministry of economic development said. The ministry estimated that it would take 3 to 12 months. On the Russian side, green light is necessary for veterinary certificates. Russian pig producers must pass registration in the Chinese veterinary system CIFER.
From Nile to Iberian shores: Egypt’s unprecedented orange export boom to Spain (link)
In the first 11 months of the MY 2022/23, from November 2022 to September 2023, Egyptian exporters delivered impressive 97,500 tons of oranges to the Spanish market, a stark contrast to the modest 25 tons supplied in the previous MY 2021/22. This represents a staggering 3904-fold increase in just one year!
