Consumer Confidence News

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

Stubborn long-term container rates refuse to follow in footsteps of huge spot declines, but change is coming - XenetaWith dramatic spot rate falls, a non-existent peak season, and easing port congestion freeing up capacity, the scene was set in October for a significant decline in long-term ocean freight rates. However, the latest data from the Xeneta Shipping Index (XSI) reveals global contracted rates fell by only 0.6% this month, following on from September’s 1.1% decline (the first falls since January 2022).

While the tanker market had a strong run at the outset of the COVID-19 pandemic, according to a report released this morning by BIMCO, tanker shipping will not benefit this year from the usual strong winter seasonal effect. Though the new lockdowns being introduced in many countries are less strict than in the spring, the effect on tanker shipping will be worse, given the supply glut of Q2. The news of an effective vaccine offers some hope of a global oil demand recovery but, however it comes about…

Surging shipments into the United States are fueling record high freight costs and logjams at seaports, but transportation executives say the rally will lose steam with a second wave of COVID-19 restrictions on the cards.Container shipping companies, which move goods for customers including Amazon.com and Walmart, got stung late last year and early this year when COVID-19 halted trade around the world, and they question whether the U.S. import boom can be sustained."Let's not get carried away," Rolf Habben Jansen, chief executive of Germany's Hapag Lloyd, told reporters.

On Sunday the first major cruise ship to take to the Mediterranean in almost five months sailed out of the Italian city of Genoa. Passengers on the MSC Grandiosa were tested for coronavirus before stepping on board. The ship—which has brought in an array of strict measures to limit the spread of the virus—will stop at three Italian ports and the Maltese capital Valletta in a seven-day voyage. But will these measures be enough to help the sector survive the pandemic? A lot is riding on the success of this Italian cruise.After all…

Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the COVID-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year. This is despite bleak economic growth prospects world-wide following the pandemic, and highlights that shipping remains the backbone of the global economy.It is often said that a picture says more than 1,000 words, but 6,166 ship transits in the Suez Canal can certainly also tell an interesting tale.

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…

The Port of Savannah moved more container cargo in October than any other month in its history, with 413,800 twenty-foot equivalent container units crossing its docks.Containerized trade at the Port of Savannah has increased by 8 percent for the fiscal year to date (July-Oct. 2018), totaling 1.53 million TEUs – up 113,000 compared to the same period last year.“A booming economy, strong consumer confidence and an expanding customer base have resulted in record trade through the Port of Savannah,” said Georgia Ports Authority Executive Director Griff Lynch. “I would like to congratulate Georgia Ports employees, the International Longshoremen’s…

The global recreational boat market is expected to reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4 percent during 2017-2023, said a research report.The exponential growth of the travel and tourism industry across the European region will positively impact the development of the global market, said the market report by Arizton on the global recreational boat market."The rapid economic development and the increasing demand for charter services in Southeast Asia will boost the demand for new products in the market. The global recreational boat market is driven by growth in travel and tourism across the European, Russia, APAC, and Latin American region.

The United States has adopted an "escalate to negotiate" strategy towards China, threatening a dramatic hike in tariffs to try to force a resumption of trade talks while the U.S. economy remains strong and as elections approach in November.U.S. President Donald Trump has reportedly rejected a plan to levy tariffs of 10 percent on an additional $200 billion of imports from China and ordered aides to prepare a proposal for tariffs at the higher rate of 25 percent.The levies are in addition to the tariffs on $34 billion of imports that have already gone into effect and the $16 billion of tariffs announced but not yet implemented.The administration's approach to China is the same one it has employed in dealing with North Korea…

Container shipping group CMA CGM said it expects a rebound in the industry to continue this year on the back of brisk economic growth, playing down the immediate impact of geopolitical tensions. French-based CMA CGM, one of the world's biggest container lines, reported on Friday a $701 million net profit for last year, confirming its turnaround after a shipping downturn in 2016 when it suffered a $452 million loss. "We are rather optimistic about 2018, despite the geopolitical problems," Chairman and CEO Rodolphe Saade told Reuters by telephone.

New routes, new challenges and plenty of newbuilding as 2017 gives way to the New Year. A year ago, the maritime industry could be found clinging to the edge of their seats to see what the coming year had in store. 2017 was set to be a telling year and indeed it was. With the elections finalized, the political impact, if any, was sure to be seen. While fuel prices have remained low and continuing to hamper the offshore workboat market, consumer confidence has held high and new vessel construction is strong – particularly in the ferry segment.

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.

The withdrawal of Hanjin tonnage has not been enough to rectify the trade’s supply-demand imbalance and headhaul ship utilisation is lower compared to other major East-West markets. Westbound volumes rose by 1.8% in the third quarter and the growth rate for the year to date is now registering 2.9% (see Figure 1). Asian exports shipped to the West Mediterranean (including North Africa) grew by 2.8% between July and September, while traffic to the eastern sector of the trade only expanded by 0.8%. By the end of September, the 12-month rolling average growth factor for westbound flows was touching 3.4% (see Figure 2) which is a distinct improvement on the minus 1.9% recorded a year earlier, and represents the highest point it has reached since March 2015.

The economic slowdown in China and the slump in commodity prices has impacted container trade in South Africa with the dry exports market, made up of mostly mining commodities, declining by 2 percent year-on-year in October and declining by 4 percent over the last quarter. However, the import market remains steady, with 4 percent year-on-year growth in October and 2 percent over the last quarter. This is according to Matthew Conroy, trade manager of Maersk Line Southern Africa, who says the third quarter Maersk Trade Report reveals that the trade growth rate is declining in South Africa, with pockets of growth witnessed in certain industries, which are expected to grow.

The Port of Los Angeles handled 713,721 Twenty-Foot Equivalent Units (TEUs) in February 2016, an increase of 42 percent compared to the previous year, making for the busiest February in the port’s 109-year history. February’s volume surge follows on the heels of the port’s best every January volumes. “Back to back record months to start 2016 indicate consumer confidence in the U.S. economy and strong shipper confidence in our terminal and supply chain partners to deliver on speed and efficiency,” said Port of Los Angeles Executive Director Gene Seroka.

The U.K. leisure, superyacht and small commercial marine industry continue to grow, according to new statistics published today by British Marine at the London Boat Show 2016. Growth in domestic consumer markets has helped off-set a tricky year for exporters who are still feeling the effects of a sluggish Eurozone and the wider global economic conditions felt by most U.K. business sectors. Inland hire, charter and passenger boat services have performed particularly well, capitalising on the increasing popularity of the U.K. with international visitors and the growth in U.K.

A short drive west of Johannesburg on the edge of a fading bohemian high street stands 27 Boxes, a mosaic-colored retail center built entirely of old shipping containers. Opened in August, it consists of 27 iron containers stacked Lego-like into three floors of stores ranging from a green grocer, al fresco coffee houses and a Philadelphia-style grill house, to a toddler-wear boutique and bicycle rental shop. Retail expansion in South Africa, especially in the small business sector…

Oil prices rallied briefly on Tuesday after reports that Iran had seized a cargo vessel, described initially by Iranian and Saudi media as a U.S. ship, raised geopolitical tensions and concerns about the security of Middle East crude shipments. A weaker dollar was also supportive to the oil market which was down sharply earlier on expectations that industry data due later in the day would show U.S. crude stockpiles at record highs for the 16th consecutive week. Futures of Brent, the more widely-used global oil benchmark, were up 12 cents at $64.95 a barrel by 11:11 a.m. EDT (1511 GMT) after rallying to as high as $65.49. U.S. crude futures were down 10 cents at $56.88 a barrel, after soaring to $57.83 earlier.

United Arab Shipping Company (UASC) is on a major expansion drive, investing more than $2 billion in bigger ships and forming alliances with peers to boost efficiencies and ride out tough markets. The shipping industry has been battling overcapacity, linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009, forcing operators to look for ways to overcome one of the worst slumps on record. Despite the oversupply, companies are…

For the second month in a row, the Port of Long Beach broke its own record for cargo volume in its 104-year history. In a clear sign that customers are confident in the Port, overall cargo volume grew by 22.8 percent in August compared to the same month last year. Cargo volume, measured by the number of containers moving through the Port, reached 703,652 twenty-foot equivalent units (TEUs). The amount beats July’s cargo volume and marks two consecutive months of record-breaking volumes. A total of 1,393,896 TEUs moved through the Port of Long Beach in July and August. “Our partners once again have expressed their confidence in the Port of Long Beach and we thank them for their business,” said Port of Long Beach CEO Jon Slangerup.

A White House task force on Tuesday issued proposals to tighten the grip on the illegal global seafood trade, which the group said causes billions of dollars in losses to the legal fishing industry annually. Under the plan, the United States would create a program to trace seafood entering its ports from the source to the shelves, to prevent illegal products from getting into the domestic market. The recommendations would compel Congress to grant several federal agencies the authority to search, inspect and seize illegal seafood at U.S. U.S.

Ireland's Port of Cork’s container terminals at Tivoli and Ringaskiddy showed “exceptional growth” last year, recording a 13% increase on 2013 and handling in excess of 10m tonnes of cargo shows the annual results. Total traffic through the Port of Cork and Bantry Bay Port Company in 2014 reached a total of 10.1 million tonnes. Following the transfer of Bantry Bay Harbour to the Port of Cork Company in January 2014, both Ports performed well in the circumstances with some sectors performing strongly while others experienced a decline due to a favorable harvest for Irish farmers in the summer and autumn of 2014 when compared to 2013.