The Economist News

Chinese automakers and shippers are ordering a record number of car-carrying vessels to support a boom in EV exports, data showed, putting China on course to amass the world's fourth-largest fleet by 2028.China currently has the world's eighth-largest fleet with 33 car-carrying ships, showed data from shipping consultancy Veson Nautical. Japan has the world's largest with 283 ships, followed by Norway's 102, South Korea's 72 and Isle of Man's 61.But Chinese companies have 47 ships on order, accounting for a quarter of all orders globally.

The catastrophic bridge collapse that closed the Port of Baltimore to ship traffic is unlikely to trigger a major new U.S. supply chain crisis or spike goods prices, due to ample and growing spare capacity at competing East Coast ports, economists and logistics experts say.With six people still missing after a container ship collision destroyed the Francis Scott Key Bridge, it remained unclear how long the span's twisted superstructure would block the harbor's mouth.But port officials…

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…

Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach, California, on Monday.Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden are top of mind…

Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for Ukraine's military as a land counteroffensive has stalled.The export turnaround…

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…

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.Novatek's announcement comes after the United States last month imposed sanctions on Arctic LNG 2…

Some of the world's largest ports may be unusable by 2050 as rising sea levels hit operations, and efforts to speed up decarbonization of the maritime sector and bring in new technology are vital, a study showed on Friday.Weather-related disruptions are already impacting ports across the globe. These include a drought which is hampering operations in the Panama Canal, a top waterway.The Global Maritime Trends 2050 report, commissioned by leading shipping services group Lloyd's Register and the independent charity arm Lloyd's Register Foundation…

Speakers from the vanguard of maritime digitalization will be joined by the first British astronaut and science communicator Helen Sharman at the Connected Future Conference during London International Shipping Week (LISW) 2023.Moving from smart talk to practical solutions and bringing stakeholders together will be the key themes of an industry event organized by Inmarsat, a Viasat business, in partnership with Smart Maritime Network. Staged at Inmarsat headquarters on September 12…

America’s marine economy contributed $432 billion in economic impact in 2021, making up nearly 2% of the nation’s gross domestic product (GDP).That is according to the most recent statistics from the annual Marine Economy Satellite Account released by two Department of Commerce agencies —NOAA and the Bureau of Economic Analysis (BEA). The marine economy statistics include activities in the US ocean, coasts and major water bodies such as the Great Lakes, Puget Sound and Chesapeake Bay.From 2020 to 2021…

Boudewijn Siemons will become interim CEO of the Port of Rotterdam Authority effective July 15, 2023, taking the reins from Allard Castelein, who is stepping down as CEO this summer after nearly a decade in the position.Siemons, who currently serves as the port's COO, will combine both positions until a new CEO has been appointed.In addition, Vivienne de Leeuw will stay on as CFO. Her term of office has been extended by four years.Miriam Maes, chair of the Supervisory Board, said, "The process of finding a new CEO is still in progress.

Asian spot liquefied natural gas (LNG) prices slipped to their lowest level in two years on weak demand and high inventories, while European LNG prices also fell below the $10 mark amid healthy stock build and limited need for additional supply.The average LNG price for July delivery into northeast Asia was down 6.6% from the previous week at $9.8 per million British thermal units (mmBtu), the lowest since May 2021, industry sources estimated."Prices continue to linger sub $10 as general demand remains lacking…

Globalization may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable.Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, debate has raged over how integrated the global economy will be in the future compared with the previous 30 to 40 years.'Globalization' is an amorphous subject. According to the International Monetary Fund, economic globalization refers to "the increasing integration of economies around the world…

The integrity of the marine transportation system as a key plank in a country's economic prosperity is in heightened focus today, with logistics snarls contributing to fast rising inflation. Maintaining the integrity of the vast U.S. inland waterway system - with more than 12,000 miles of inland and intracoastal waterways including 218 lock chambers at 176 sites - is the focus of the Maritime Risk Symposium 2022, a 2.5-day conference scheduled for November 15-17, hostd by Argonne National Laboraty's TCS Conference Center.On Wednesday, November 16, 2022, James P.

Energy Perspectives 2022: Long-term development in the world’s energy markets and how politics, technologies, companies, and consumers can influence it, is an overarching theme of the energy transition.With inflation raging, geopolitical disruption and resultant energy security concerts, and continued logistics woes, the table is set for Equinor to deliver its insights on energy courtesy of its "Energy Perspectives 2022" report.“Russia’s invasion of Ukraine earlier this year has not only tragically impacted the lives and livelihoods of those directly affected…

Inland waterways, sometimes called ‘nature’s superhighways’ provide a strategic advantage related to security, economics, and trade for any nation whose geography, topography, and climate enable this natural infrastructure. Economic benefits are realized in small rural areas through large urban communities that utilize the system for efficient transportation and improved markets. However, deliberate operational, resource, and policy efforts, along with broad stakeholder integration, are required to maintain and operate such a system.

China's exports rose at the fastest pace in five months in June as factories revved up after the lifting of COVID lockowns, but a sharp slowdown in imports, fresh virus flare-ups and a darkening global outlook pointed to a bumpy road ahead for the economy.Analysts say the rebound in exports reflected an easing of supply chain disruptions and port congestion that hammered the world's second-largest economy in spring when the government rolled out widespread lockdowns.Outbound shipments in June rose 17.9% from a year earlier…

Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come.The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing containerships to record highs.Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service.Take the Synergy Oakland…

America’s marine economy contributed about $361 billion of the nation’s gross domestic product in 2020. That is according to the most current results of the annual Marine Economy Satellite Account released today by two Department of Commerce agencies, NOAA and the Bureau of Economic Analysis (BEA).These numbers are from the first year of the coronavirus pandemic and represent a 5.8%, or $23 billion, reduction in real terms (adjusted for inflation) from 2019, outpacing the general…

Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008.By 1017 GMT, prices had lost some of those gains, with Brent up $6.60, or 5.6%…

Global trade bottlenecks are more the result of demand spikes than supply chain snags, with pressure likely to ease in the coming months, the World Trade Organization's chief economist said on Monday.The WTO had thought in October that demand for goods would slow early in 2022. However, that was before the Omicron variant of coronavirus led to curbs on activity, including the postponement of the WTO's ministerial meeting.Chief economist Robert Koopman said consumers had then continued…

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.