Last week(W1-2024), the overall FBX index closed at 2519$, +88% WoW.
Transpacific head hauls:
China/East Asia – North America West Coast sits at 2713$ (+60%);
China/East Asia – North America East Coast closed at 3980$ (58%);
Cross Suez head hauls:
China/East Asia – North Europe: 4391$ (176%) ;
China/East Asia – Mediterranean: 5169$, (+115%)
The overall index for the same month last year (2023) was at 2195.14$.
On Tuesday, Maersk said it will suspend Red Sea transits indefinitely and reroute ships around Africa’s Cape of Good Hope. The decision followed attacks on the container ship Maersk Hangzhou, which was struck by a Houthi rebel missile on Saturday and threatened by four Houthi boats on Sunday.
Armed guards on the Maersk Hangzhou exchanged fire with the Houthis, whose boats approached within 70 feet of the container ship before U.S. military helicopters intervened. After the Houthis fired on U.S. forces, the helicopters took out three of the four boats, killing 10 Houthi rebels.
The EU’s Emission’s Trading System for shipping, the resurgence of piracy, and electronic trade documentation are all trends to keep a watchful eye on in the new year according to Keystone Law.
Recession, stagflation, a cost of living crisis, damaged public finances and higher interest rates. The four years since a new deadly virus spread around the world from the Chinese city of Wuhan has been a catalogue of woe for the global economy. 2023 has been the first year since 2019 to be relatively shock-free, in the sense that there has been no repeat of the pandemic of 2020, the supply-chain bottlenecks of 2021 or the Russian invasion of Ukraine in 2022. The financial repercussions of conflict in Israel have, until this point, been limited to the region. But that may change. The global economy is still not in a good place as 2024 dawns. Here are a few things to look out for in the year ahead.
The fast decline in headline inflation almost stopped in December. According to the preliminary release by Istat, in December the headline inflation rate came in at 0.6% year-on-year (from 0.7% in November), the slight decline coming from a downward push from the regulated energy component, recreational services and processed food, which more than compensated for upward moves from non-regulated energy goods and fresh food. Volatile components, and their relevant base effects, are still at the heart of headline inflation dynamics.
Data clearly suggested the upturn of the semiconductor cycle to be Korea’s main growth driver. But domestic growth deteriorated further due to tight credit conditions and risky real estate sector, weighing on overall growth. With inflation cooling to the 2% level, the Bank of Korea will have to consider the stability of the financial markets as well
The BRICS memberships of Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia officially took effect on Monday.
The countries were invited to join the group in August 2023 after the 15th BRICS Summit in Johannesburg, South Africa.
The Israel-Hamas conflict has severely damaged revival prospects of India’s exports to Iran, which dipped 47 per cent (year-on-year) to $567 million in April-October 2023, as resumption of oil imports from Tehran could now take much longer.
According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at $5.8 billion in January-November 2022, Tasnim News Agency reported.
According to TURKSTAT, Turkey’s exports to Iran from January to November 2023 reached $3.0 billion, recording a seven percent increase compared to last year’s corresponding period.
The land port of Erenhot, the largest on the China-Mongolia border, registered record-high import and export freight volume last year, according to the local commerce bureau.
South Korean exports continued to grow last month, helped by rising demand from the US that overtook China as the biggest market for the first time in two decades.
New Delhi: Indonesia has sought 900,000 tonnes of onions from India amid the ban on exports, a top Indian government official said. This assumes significance as Indonesia is India’s largest trade partner in Asean, and imports onions mostly from the US, India and New Zealand.
Vietnam’s exports to the EU and the US in 2023 were estimated to reach around US$166 billion, a 9.6% decrease while imports were estimated at nearly $41 billion, a 9.1% decrease in comparison to 2022.
A recent study by Finnish Customs reveals a growing trade partnership between Finland and the United States. The United States has reaffirmed its position as Finland’s third-largest export destination and has risen to become the fifth-largest source of imports for Finland between January and September 2023. This trading relationship has resulted in a significant surplus for Finland, highlighting the United States’ increasing importance as a trading partner.
Jan 2 (Reuters) – China on Tuesday urged the Netherlands to “respect market principles” a day after chip machine maker ASML (ASML.AS) said the Dutch government had revoked an export licence covering the shipment of some of its equipment to China.
The Veldhoven, Netherlands-based company said on Monday that the shipments affected included certain lithography systems.
On 26 December 2023, China’s Ministry of Foreign Affairs announced new sanctions measures under the Anti-Foreign Sanctions Law against the following parties for their involvement in the imposition of US restrictive measures on Chinese entities over their links to alleged human rights abuses in the Xinjiang Uygur Autonomous Region:
