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Pmi News

05 Mar 2024

Egypt's Non-oil Business Sector Hurt by Suez Canal Disruption

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A downturn in Egypt's private sector activity deepened in February as a drop in Suez Canal freight due to attacks on shipping in the Red Sea worsened a long-running foreign currency shortage, a survey showed on Tuesday.The S&P Global Purchasing Managers' Index (PMI) for Egypt slipped to 47.1 in February from 48.1 in January, remaining below the 50.0 threshold that separates growth from contraction for a 39th consecutive month.The overall index reading was the lowest for 11 months…

23 Jan 2024

What Does Red Sea Disruption Mean for Europe's Economy?

Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe, carrying around 15% of global sea trade.For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged trade disruption could derail plans by central banks to start cutting interest rates this year.Here are some factors policymakers are considering as they assess the implications of the disruptions.WHAT HAS BEEN THE IMPACT ON THE EUROPEAN ECONOMY SO FAR?In macroeconomic terms…

17 Aug 2023

China Demand Drives 7% Jump in Minor Ore Exports

Copyright nordroden/AdobeStock

“Driven by continued growth in minor ore demand in China, global seaborne minor ore exports rose 7% y/y in the first seven months of 2023, vastly outpacing the 2% y/y growth in overall dry bulk exports,” says Filipe Gouveia, Shipping Analyst at BIMCO.Accounting for 51% of seaborne minor ore exports, bauxite exports also led year to date growth with a 9% y/y increase. Bauxite is refined into alumina, the primary ingredient in aluminium production.Chinese aluminium production has rapidly increased since the start of the Ukraine war.

08 Jun 2023

Capesize Spot Rates Hesitant Despite 5% Rise in Demand -BIMCO

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“During the first five months of 2023, demand for Capesize ships increased 5% y/y while supply increased 3% y/y. Nonetheless, spot rate increases remain hesitant, largely due to concerns over China’s fragile economic recovery,” says Filipe Gouveia, Shipping Analyst at BIMCO.Demand growth was supported by a 4% increase in average haul while cargo volumes increased only marginally. Average haul increased due to higher exports from Brazil and Guinea and higher volumes of long-haul Russian coal.Supply rose due to a 2% y/y increase in the Capesize fleet and a 1% increase in fleet productivity.

04 Aug 2022

Rocketing Tanker Freight Rates Send Mexico's Fuel Costs Soaring

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High rates worldwide for moving oil are driving up Mexico’s fuel costs as importers face tanker fees on North America’s busiest maritime route that are more than double levels seen in recent years, traders and shippers said.On routes to Mexico, the extra costs have added price volatility to an otherwise stable freight market, according to Refinitiv Eikon data and people familiar with the matter.The rates are the latest blow to state oil company Petroleos Mexicanos, which controls the bulk of fuel imports later sold at subsidized retail prices.

16 Mar 2022

COVID Curbs Bite at Chinese Ports, Threatening Global Supply Chains

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The queues of container ships outside major Chinese ports are lengthening by the day as COVID-19 outbreaks in manufacturing export hubs threaten to unleash a fresh wave of global supply chain shocks, ship owners, logistics firms and analysts say.China is experiencing its biggest spike in COVID-19 infections since an initial outbreak in the central city of Wuhan was contained in early 2020.The spread of the highly-infectious Omicron variant this month has led to movement controls across China…

01 Mar 2022

Port of LA Names New Chief Harbor Engineer

Dina Aryan-Zahlan (Photo: Port of Los Angeles)

The Port of Los Angeles announced it has appointed Dina Aryan-Zahlan to Chief Harbor Engineer, lead of the Port’s Engineering Division. Aryan-Zahlan replaces David Walsh who retired in December 2021.Aryan-Zahlan most recently served as the Port’s Assistant Chief Harbor Engineer since 2015, where she oversaw the planning, development and design of infrastructure and facilities that support the diverse operations of the nation’s busiest seaport, including wharves, terminals, rail…

08 Sep 2021

Vaccine Inequalities and Supply Chain Woes Threaten Global Recovery -BIMCO

© Hor / Adobe Stock

Unequal vaccine distribution has put a stopper in the recovery in parts of the world, adding to supply chain disruptions and slowing growth even in countries protected by higher vaccination rates, says shipping trade organization BIMCO. In a globalized world, no one can return to normal before everyone can.The world is increasingly divided between countries where high vaccination rates are protecting populations, and thereby protecting the economies, and countries at the other end of the scale where vaccination rates, in some cases, still stand in single-digits.

26 Aug 2021

MHO's New CTVs Have Zero-emissions Capability

(Photo: Incat Crowther)

A pair of hybrid crew transfer vessels (CTV) with extensive zero-emission capability have been delivered to service the Hornsea Project 2 offshore wind farm in the U.K. North Sea for Ørsted.The newbuilds, MHO Asgard and MHO Apollo, built by AFAI Southern Shipyard in China, are the third and fourth Incat Crowther-designed vessels for MHO & Co, following on from MHO Esbjerg and MHO Gurli.MHO Asgard and MHO Apollo are powered by an advanced propulsion system that was developed in collaboration with Danfoss and Volvo Penta.

04 Aug 2021

U.S. Manufacturing of Durable Goods hits $270.5B Record High - BIMCO

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U.S. manufacturing of durable goods, which has been lagging the wider recovery of the U.S. economy, hit an all-time high in June when $270.5B worth of goods was produced. This brings total manufacturing of durable goods so far this year to $1,482 billion, a 15.5% increase compared with the first half of 2020.Since the production of durable goods in the first half of 2021 is up 1.6% from the first half of 2019, this section of the industry has now officially returned to its pre-pandemic levels.Manufacturing activity is expected to have continued its growth in July…

28 Apr 2020

Pemex Trading Arm Mulls Canceling May-June Cargos

© Vladimir / Adobe Stock

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports, waiting to discharge.But PMI still has not declared force majeure…

19 Mar 2020

Shipping Not Immune to a Pandemic -BIMCO

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The World Health Organization (WHO) has declared the outbreak of the novel coronavirus a pandemic. There is little doubt that this will have significant implications for the shipping industry. But to what extent? BIMCO expects that the strict containment measures imposed by governments around the world will result in substantially lower global economic growth and consequentially, lower demand for shipping. Container and dry bulk shipping are at the front line when it comes to feeling the fallout…

17 Mar 2020

COVID-19 and Supply Chain Implications for Ocean Shipping

© hanohiki / Adobe Stock

Only 10 days ago, reports indicated that China cargoes were returning to pre-coronavirus levels, and there appeared to be light at the end of the tunnel. Today, however, a barrage of new headlines has underscored the impact on the rapidly changing global supply chain, including in the United States. In addition to the aggressive spread of the novel coronavirus (COVID-19), new economic developments indicate a decreased trend in global manufacturing. Changes in local economies negatively impacting employees reflect corresponding changes in consumer buying patterns.

04 Jan 2019

Cook Inlet Tug & Barge Announces Interim Manager

Amber Thomas, interim Business Operations Manager for Anchorage. (Image: Foss)

Project Manager to Temporarily Lead Alaska Operations. Cook Inlet Tug & Barge (CITB), an independently managed subsidiary of Foss Maritime Company, announced that Foss project manager Amber Thomas has been selected as interim Business Operations Manager for Anchorage. Beginning January 2, Thomas will serve as the central point person for administrative and commercial operations, leading all shoreside activities in Anchorage and Seward. Thomas will take on the temporary position while the search continues for a new president to replace former CITB head Ben Stevens.

05 Jun 2018

Norsafe Bags Patrol Boats Order

Norsafe announced it has recently secured an order from Papastratos Tobacco Company S.A., an affiliate of Philip Morris International in Greece, for the construction of five high speed patrol boats, which will be donated to the Hellenic Coast Guard.The donation of the boats is part of the international project PMI Impact, created by Philip Morris International, whose aim is to support public and private bodies in the fight against smuggling and related crimes.The five units will be manufactured in Greece and are expected to join the Hellenic Coast Guard fleet at the end of 2018.

31 May 2018

Container Shipping Shakeup Needed for Higher Rates

(Photo: Eric Haun)

Container shipping: Change required for higher ratesDemandThe growing imports of loaded containers into the U.S. East Coast (USEC) continues to be a focal point for the container shipping industry. Growing by 10.4 percent in Q1-2018, the first three months saw 215,000 TEU more entering the USEC than in Q1-2017. Exports grew by 55,000 TEU in the same time span, growing outbound loaded containers by 3.8 percent.This illustrates the constantly changing imbalance in U.S. foreign trade. For every five containers entering the USEC in 2013, four were exported.

30 May 2018

Macroeconomic Trends Signal Good News for Shipping

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The current global economic growth (GDP) looks like it may be as good as it gets, with indicators across the globe signaling healthy expansion, but at a slower pace compared to the levels seen in the last half of 2017.Global economic growth seems on track to reach its highest level since 2011, as the International Monetary Fund (IMF) maintain its projection for the world GDP at 3.9 percent and expects the global economic growth to be supported by a strong momentum, favorable market sentiment and accommodative financial conditions in 2018 and 2019.

17 Oct 2017

Cautious Optimism on Multipurpose Shipping: Drewry

Recovering demand for multipurpose shipping combined with improved market conditions for competing sectors will result in rising market share for the multipurpose shipping fleet and a recovery in freight rates in 2018, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry. Although China’s plans to curb steel production in an attempt to clean-up the air pollution blighting its cities may well slow steel exports over the short term, the longer term outlook is still positive for the multipurpose and heavy lift sector. The clean-up campaign has resulted in a decision to cut some 50 million tons of steel production from 4Q17.

13 Jul 2017

UniCarriers Corporation becomes Mitsubishi Logisnext

Mitsubishi Nichiyu Forklift announced that it will conduct the operational integration with its consolidated subsidiary UniCarriers Corporation and change its company name to "Mitsubishi Logisnext. Mitsubishi Nichiyu already announced its intention to perform the operational integration, on May 12, 2017, and, as of today, would like to announce that it will conclude the agreement between Mitsubishi Nichiyu and UniCarriers (Absorption-type Company Split Agreement) for which October 1, 2017 (planned) is set as the effective date, and will change its company name. Furthermore, the names of 10 domestic distribution subsidiaries of Mitsubishi Nichiyu will be changed onthis occasion.

24 Apr 2017

Economic Indicators Pointing Up -BIMCO

© Dmitry V. Petrenko / Adobe Stock photo

The recent months’ uptick in global indicators, which implies a strengthening in the global economy, is not sufficient for the patient to be discharged yet. The state of the global economy is still uncertain, despite stronger growth dynamics in advanced economies, and not least in China. When the IMF updated its outlook for advanced economies for 2017 and 2018 in January, it was the first time since 2007 that an IMF January update lifted expectations for the present and coming years.

16 Dec 2016

Reforma Pemex Now Under BSM Management

Following a two-year period of plan approval and newbuild supervision services provided by Bernhard Schulte Shipmanagement’s project focused business, Schulte Marine Concept, BSM's Mexico based Ship Management Centre has commenced management of Reforma Pemex, the first of two offshore ‘flotel’ accommodation vessels owned by Petroleos Mexicanos International (PMI) and chartered to the Mexican National Oil Company Petroleos Mexicanos (PEMEX). Commencing operations from the beginning of January 2017, Reforma Pemex set sail in late November from the Barrera Shipyard in Vigo, Spain en route to the Gulf of Mexico where she will host up to 700 PEMEX personnel working on offshore platform fields in the Campeche area.

02 Jun 2016

Training: New Innovations Being Driven by the Ferry Industry

The Worldwide Ferry Safety Association’s conference on Ferry Safety and Technology, underway today, has featured sessions on Vessels & Landings, Marine Weather, and Training Challenges and Innovative Solutions. The panel on Training, moderated by Captain Jim DeSimone from the New York City Department of Transportation, included talks by Murray Goldberg (Marine Learning Systems) and Bill Anderson, Jr. from the Seattle-based Pacific Marine Institute (PMI). Goldberg spoke about success at BC Ferries in implementing an e-Learning program. According to Goldberg, research across many industries has shown that a combination of e-Learning, combined with a personal touch, is a far superior mode of training.

22 Jan 2015

100th PMI Auto-tuning Retrofit Package Sold

A 3D rendering of a cylinder/combustion chamber (Image courtesy of MAN Diesel & Turbo)

MAN PrimeServ, MAN Diesel & Turbo’s service division, has announced the 100th sale of its Pressure Measuring Instrument (PMI) Auto-tuning retrofit package. The MSC Filippa, a 2011-built, 13,400-teu containership owned by Germany’s Peter Döhle Group, will be retrofitted to accommodate the system. Hagen Koslowski, Technical Director of Peter Döhle Schiffahrts-KG, said, “The main driver for us in ordering PMI Auto-tuning was to reduce fuel consumption and therefore become more attractive to the charter market.