"Latest Data From Xeneta Forecasts Ocean Freight Rates Are Set To Rise Further In February/March"
26-February 2024
From the Far East to Mediterranean, market average short term rates are set to increase 11% by 2 February to stand at USD 6507 per FEU. This is an increase of 243% since the Red Sea crisis escalated in mid December.
Rates from the Far East to North Europe are set to rise by 8% by 2 February, with a market average of USD 5106 per FEU. This is an increase of 235% since mid December.
The biggest increase in rates is from the Far East into US East Coast. On this trade, the newly-released data suggests an increase of 17% by 2 February to bring the average short term rate up to USD 6119 per FEU. This is an increase of 146% since mid December.
Mongla Port Being Developed As A Major Ro-Ro Hub In The Region
A Malaysia-flagged Ro-Ro vessel arrived at Bagerhat’s Mongla port carrying around 800 reconditioned cars of different brands. These cars have been exported from Japan. Recently, A Malaysia-flagged Ro-Ro vessel arrived at Bagerhat’s Mongla port carrying around 800 reconditioned cars of different brands. These cars have been exported from Japan.
The ship ‘MV Malaysia Star’ anchored at Jetty No-7 of the port. Ruhul Amin, manager of Khulna Traders Limited, said the company has started unloading the cars from the ship. The cars were first imported from Japan’s Nagoya, Yokohama and Osaka ports and were stored in Singapore. The ship left for Bangladesh with 1,180 cars loaded from Singapore port. Out of them, 419 were unloaded at Chattogram port.
"Bangladesh And Japan To Ink Economic Partnership Agreement"
26-February 2024
Bangladesh and Japan are expected to initiate discussions for formulation of an economic partnership agreement to boost bilateral trade by the end of this month. The two nations look forward to expedite and finalize the agreement in 2025. Japan is a major importer of textiles from Bangladesh, and numerous Japanese enterprises have made investments in the South Asian country,Meanwhile, Tokyo hopes Dhaka will lower tariffs on imported steel and automobiles — which are around 10% and 25%, respectively — as the Bangladeshi economy grows quickly and demand for infrastructure expands.
Japan imported about $1.72 billion of goods from Bangladesh in 2022. Apparel, such as clothes and shoes, made up over 90% of the imports. Japan’s exports to Bangladesh totaled about $2.57 billion, of which roughly 30% was iron and steel.
The Multibillion-Dollar Bet That Truckers Will Ditch Diesel for Electricity
Cummins, Daimler and Paccar are joining to build plant in Mississippi to make batteries for electric commercial truck
The U.S.’s biggest commercial truck and engine builders are betting that the freight industry is ready to swap diesel fuel pumps for battery chargers.
The diesel engine maker
Cummins CMI -1.71%decrease; red down pointing triangle and the truck builders
Daimler MBG -1.22%decrease; red down pointing triangle
Truck and Paccar PCAR – 0.92%increase; green up pointing triangle
plan to build a $2 billion battery factory in Mississippi to produce batteries for commercial trucks. The plant, which the companies will operate as a joint venture, is expected to begin producing battery cells in 2027.
Oil down as economic headwinds weigh on demand outlook
NEW DELHI (Reuters) -Oil prices lost more ground on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend.
Brent crude fell 23 cents, or 0.3%, to $78.33 a barrel by 0732 GMT after settling down 54 cents on Friday.
The front-month U.S. West Texas Intermediate crude futures, for February delivery, were down 28 cents to $73.13 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at $73.04 a barrel, down 21 cents.
The latest demand growth forecasts by the U.S. Energy Information Administration, the International Energy Agency and the Organisation of the Petroleum Exporting Countries for 2024 are in a wide range between 1.24 million and 2.25 million barrels per day although all the three organisations expect demand to decelerate in 2025. [EIA/M] [IEA/M] [OPEC/M]