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The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

If the global commercial fleet reduced its speed by 10%, it would reduce underwater radiated noise by 40%, but nothing’s ever that simple.The main thing holding the shipping industry back from reducing its underwater radiated noise (URN) is not a lack of appropriate technology. It’s argued that many of the technologies being implemented today to reduce fuel consumption also reduce noise. So, the noise reductions could essentially come at no net cost to the shipowner, but there’s a lack of regulation and a lack of targeted incentives…

Inbound cargo volume at the United States’ major container ports should continue to slow in the final weeks of 2023 after reaching its peak later than expected this fall, according to the Global Port Tracker report recently released by the National Retail Federation and Hackett Associates.“We originally thought peak season would come in August but imports kept growing in September and again in October,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

Scandlines’ new zero direct emissions freight ferry has been launched at the Cemre Shipyard in Turkey.The ferry will be name Futura and deployed on the Fehmarn Belt between Germany and Denmark (Puttgarden-Rødby) in 2024. It will have a 10MWh energy storage system, the world's largest lithium-ion battery bank to date, which has been supplied by Swiss manufacturer, Leclanché.The 8.6 meter high ferry charger tower, developed by the German company, StemmannTechnik, is being prepared for installation at ferry berth 3 in Denmark’s Rødbyhavn.

The Panama Canal could further reduce the maximum number of authorized daily vessel transits if this year's drought continues, the waterway's administrator said on Tuesday.A backlog of ships is waiting to pass through the trans-oceanic canal, which handles an estimated 5% of world trade. It began restricting vessel draft and daily passage authorizations this year to conserve water.Many vessels have had to lighten cargoes before passing, and freight costs have risen ahead of the Christmas shopping season.Up to 32 ships are currently authorized to transit every day…

The Longshore union and employers of 22,000 dockworkers at U.S. West Coast ports on Wednesday said they have reached a tentative deal on a new six-year contract, ending 13 months of talks and easing supply chain worries.The deal was reached with assistance from Acting U.S. Labor Secretary Julie Su, the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group said in a joint statement.President Joe Biden, who dispatched Su to the negotiations in San Francisco earlier this week…

U.S. President Joe Biden has urged both sides in the West Coast ports labor dispute to continue collective bargaining, White House press secretary Karine Jean-Pierre said on Wednesday, adding acting Labor Secretary Julie Su was actively engaging with the parties.The largest terminal at Southern California's Port of Long Beach closed for the day shift Monday as dock workers rallied for better pay. Monday's temporary closure followed similar disruptions on Friday in Oakland, California.

Groups representing major retailers and manufacturers urged the White House on Monday to intervene in contentious West Coast port labor negotiations, citing worries about shipping disruptions during critical holiday shopping seasons.The call came after the largest terminal at Southern California's Port of Long Beach closed on Monday as dock workers rally for better pay. Monday's closure followed similar disruptions on Friday in Oakland, California.More than 22,000 dockworkers…

Collapsing ocean shipping rates are not all good news for U.S. retailers, who paid as much as $20,000 to move a container of goods during the worst pandemic disruptions, as they now are bracing for delays due to plummeting demand.Carriers like MSC and Maersk are trying to prop up prices by cancelling voyages and that could spark a new round of cargo delays as containers get bumped from one ship to the next, experts said ahead of a major U.S. ocean shipping conference in Long Beach…

Prices in the most volatile segment of ocean shipping are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.Spot rates, which cover anywhere from 10% to 40% of ocean container shipments and are considered a key indicator of the industry's health, are in free fall as recession looms and the pandemic-fueled U.S. import bubble deflates.The cost to send a container from Asia to the United States on the demand-sensitive spot market has tumbled more than 80% from its September peak above $20…

The most important of all international maritime safety conventions is the International Convention for the Safety of Life at Sea (SOLAS). The first version was adopted at a conference in London in 1914. The catalyst for this conference was the sinking of the Titanic on her first voyage in April 1912, which cost the lives of more than 1,500 passengers. This was the beginning of the journey that put in place a regulatory framework to protect those who work and travel by sea.Whilst the sinking of the Titanic was not fire-related…

Finnlines will make major investments in its route between Sweden and mainland Finland via Åland during 2023 as the freight and passenger shipping company continues to bounce back from the pandemic slowdown.The company announced on Tuesday that it is introducing two new Superstar cargo-passenger vessels as part of general plans for increasing passenger comfort on the Kapellskär–Långnäs–Naantali route, with the first ro-pax vessel set to start operating on the route in autumn 2023.The new vessels Finnsirius and Finncanopus are part of Finnlines EUR 500 million investment program…

A Stella Maris chaplain is supporting crew onboard ships berthed at Felixstowe port amid the ongoing dockworkers strike.Julian Wong had gone on board the container vessel George Washington Bridge which arrived in Felixstowe on August 19 before the start of the strike, to meet the crew and left them his contact details in case they needed to get in touch.The ship was scheduled to leave the port on August 20, but its departure was delayed, so the crew had to stay on board. On August 24…

The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand.The sharp widening in the trade gap reported by the Commerce Department on Tuesday mostly reflected a shift in spending towards goods from services during the COVID-19 pandemic. With businesses eager to rebuild depleted inventories against the backdrop of stretched global supply chains, the deficit is unlikely to shrink much this year…

In the run-up to Christmas, there was considerable anxiety about shortages of festive food and gifts. Trade friction was already at the core of the Brexit debate, and supply chain issues have been made much worse by the COVID-19 pandemic.For example, a computer chip shortage had a knock-on effect across many industries. Concerns have also been raised about everything from lithium supply for electric vehicle batteries to restaurant food supplies to even coffee shortages.Never has the issue of supply chain management been so prominent.

A confession. I'm part of a very big problem that's easy to ignore. Last year, I contributed the U.S. average-per-person 300 pounds of plastic garbage to wherever it went after convenient curbside pickup. So out of sight, out of mind, right? Not really, but does it matter? Yes, it does.In a fascinating recent report, the National Academy of Sciences, Engineering, and Medicine politely told us that we're choking ourselves to death on manufactured plastic waste and that 80% of the harmful plastic in the ocean comes from land-based sources.It's the micro-plastics…

Nippon Yusen and Kawasaki Kisen Kaisha, Japan's biggest and third-biggest shipping companies, reported record quarterly profits as they benefited from higher freight rates amid the chaos hitting global supply chains.The logjams and bottlenecks in the world's trade system, which threatens to derail a recovery from the worst health crisis in a century, has provided a bonanza to such companies as freight rates soared to the highest since 2008. "Port and inland congestion did not improve due to a shortage of drivers for inland haulage…

The Flying Buttress once glided across the oceans carrying vital commodities like grain to all corners of the world.Now it bears a different treasure: Paw Patrol Movie Towers, Batmobile Transformers and Baby Alive Lulu Achoo dolls.The dry bulk cargo ship has been drafted into the service of retail giant Walmart, which is chartering its own vessels in an effort to beat the global supply chain disruptions that threaten to torpedo the retail industry's make-or-break holiday season."Chartering vessels is just one example of investments we've made to move products as quickly as possible," said Joe Metzger, U.S. executive vice president of supply-chain operations at Walmart…

Newbuild spend for vehicle carriers, including large car and truck carriers (LCTC), pure car and truck carriers (PCTC) and pure car carriers (PCC), smashed past $3.2 billion last week, following big volume orders from Eastern Pacific and Zodiac—an astonishing amount of money for a niche sector, exceeding the previous six years total combined. If we include options, a whopping $4.4 billion has been agreed year to date. Japanese shipyards have raised tariffs to $100 million for dual fuel liquefied natural gas (LNG) 7,000 car equivalent units (CEU), up by a staggering $10 million compared to last year. Chinese yards have followed but maintain a healthy discount quoting $88 million for an equivalent spec.

China’s exports unexpectedly grew at a faster pace in August thanks to solid global demand, helping take some of the pressure off the world’s second-biggest economy as it navigates its way through headwinds from several fronts.The Asian giant staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to the Delta variant-driven COVID-19 outbreaks, high raw material prices, slowing factory activity, tighter measures to tame…

Several Chinese ports are facing congestion as vessels due to call at Ningbo are being diverted and cargo processing is slowed partly due to stricter disinfection measures under China's "zero-tolerance" coronavirus policy.On Tuesday, more than 50 container vessels were queuing at Ningbo port, China's second largest marine center, Refinitiv data showed, up from 28 on Aug. 10 when a COVID-19 case was reported at one of its terminals.Leading international shipping groups have warned their clients of delays and route adjustments.

Ports and shipping companies are diverting vessels from a container terminal in China's busiest marine transportation hub which was forced to close after a coronavirus case emerged, as the pandemic strains global supply amid rising retail orders.Meidong container terminal in eastern Ningbo suspended operations on Wednesday after a COVID-19 case was detected, while nearby Shanghai also recorded the worst congestion in at least three years.On Friday, 37 vessels were waiting to call at Ningbo and 26 vessels queuing for Shanghai…

Congestion off China's top two container ports Shanghai and Ningbo is worsening following the shutdown of a container terminal in Ningbo where a COVID-19 case was detected this week.Tighter restrictions to fight China's latest coronavirus outbreak are starting to hit more parts of the economy. The highly transmissible Delta variant has been detected in more than a dozen cities since late July.Forty container vessels were waiting at the outer Zhoushan anchorage on Thursday, up from 30 on Aug.