Longsail

According to JOC's report on January 9, the congestion situation in Los Angeles-Long Beach Port has become worse and worse. Due to factors such as the shortage of labor during the New Year's Day holiday, some port areas of Long Beach Port are close to the state of shackles! The problem of terminal congestion is due to the cumulative factors of Christmas and New Year's Day holiday. According to the contract of the dock union, these two holidays are non-working days. Christmas Eve and New Year's Eve are half-day work. At the same time, because a group of experienced workers choose to take annual leave during this period, the terminal uses a lot of inexperienced temporary workers. Work efficiency reduced. Other factors include the fact that importers are rushing to import a large number of spring commodities before 1st January, as importers are concerned about the possibility that Trump may impose an additional 25% tariff on Chinese products. At the same time, empty ca...

The latest news is that about 50,000 Bangladeshi workers have taken to the streets, protested and demanded higher wages. These workers are from factories that produce clothing for retailers such as H&M, Wal-Mart, Tesco and Aldi.More than 4,500 textile and garment factories were affected by strikes, which last year produced more than 27 billion euros in clothing. It is reported that Bangladeshi police fired rubber bullets and tear gas in about 5,000 protesters in Dhaka, killing one garment worker and 50 people got hurt. During the strike on the fourth day, the Bangladeshi police also used high-pressure water guns to disperse 10,000 strikers who blocked a major road in Savar town. The protest was the first major test that Bangladesh’s current Prime Minister Sheikh Hasina faced since he won his fourth term. The Bangladeshi elections were also devastated by violence, thousands of arrests and allegations of manipulation of ballots and intimidation. It is reported that althoug...

In the week ending January 11, international oil prices continued to rise sharply due to factors such as the recovery of investor confidence. As of the close of the week, the two major oil index contracts rose significantly, Brent crude oil rose about 6%, and US crude oil rose about 7.6%. Excluding the downward trend on the 11th, the international oil price has already come out with a situation of "9-day rise". In that week, Brent crude oil hit the first "9-day rise" since September 2007. US crude oil also achieved a "9-day rise", breaking the 2010 record.   “After a few days of increasing, the market is only breathing a little,” CHWDedgingLLC energy market analyst Hendrick reminded. However, market participants remain cautious as a series of recent economic data made investor concerns about the global economic slowdown. World Bank acting governor Christalina Georgieva said in a semi-annual report released in the week that "the global economy is g...

Maritime transport Global seaborne trade rose by 4% in volume terms in 2017 according to UNCTAD, the fastest growth rate in five years. Expansion was largely driven by increased industrial production in emerging markets, which account for 60% of shipped exports. Rising trade was accompanied by 3.3% increase in maritime-fleet capacity. UNCTED thinks the prospects are bright, too. Autonomous ships could boost efficiency in the industry, though job losses and cyber-security concerns may slow adoption of the technology. Despite tensions between American and China, seaborne trade is forecast to rise by another 4% in 2018, and then by 3.8% annually until 2023.   World GDP The world economy grew by 3.56% in the second quarter of 2018 compared with a year earlier, according to our estimates. That is almost exactly the same as the 3.57% expansion rate observed in the first quarter. Trends vary between regions: growth rates continue to rise in America and India, but are leveli...

JEDDAH — Higher authorities recently approved the setting up of an integrated logistics zone at King Khalid Airport in Riyadh, Okaz has learned. According to the regulation for integrated logistics zones, no Value Added Tax (VAT) will be levied on the goods in these zones as long as they are in customs pending status or if they are shifted temporarily between the main yard and the area allocated for the purposes of repair, maintenance and post-sale services. In addition to this, the Kingdom is also set to establish similar zones in the rest of the Kingdom’s airports under supervision of the General Authority of Civil Aviation (GACA). The objective is to attract quality investments; carry out sorting, maintenance, repair, treatment, modification, development, assembling, storing, packing, repacking, wrapping, trading, distribution, using and importing of these goods, exporting or re-exporting them, and garbage and electronic waste recycling.   The Zakat Authority is in the proc...

Maritime observers follow cargo volumes closely in the August-through-October period. That’s considered the traditional peak shipping season.  It’s the time of year when U.S. retailers accelerate import orders for holiday merchandising. The Port reported that import volume increased 5 percent last month over September 2017 totals. August 2018 imports were up 9.2 percent compared to the same month last year, the Port added.  Continued strength in the U.S. economy, spurred by consumer spending, is driving the import surge, the Port said. “We’re encouraged by this outcome and guardedly optimistic that the trend will continue throughout peak season,” said Port of Oakland Maritime Director John Driscoll. “Economic indicators lead us to believe that import volumes should remain healthy.” The Port said it has handled the equivalent of 168,289 20-foot loaded import containers in the past two months.  That breaks the previous August-September record of 158,320 20-foot loa...