Did You Know That...

🌍 Market Insights from FS International China
Steven Yuan reports that current market prices for basic ports in Northern Europe range between USD 4,200-4,600/40HQ.

• Before Chinese New Year, carriers are lowering prices to accumulate cargo, potentially reducing rates further by the end of January.
• ONE has introduced new services under its alliance, featuring vessels with nearly 20,000 TEUs capacity, allowing acceptance of heavy cargo. Full details are available in the attached ONE presentation.

🚢 Maersk and MSC Spark Freight Rate War
Asia-Europe trades see rate cuts as carriers aim to fill ships post-Chinese New Year. The Shanghai Containerised Freight Index shows a 4% drop in Shanghai-North Europe rates to $2,851 per TEU.

⚓ Possible U.S. Port Strike Looming
Negotiations between the International Longshoremen's Association (ILA) and the United States Maritime Employers (USMX) face challenges, with a January 15 deadline to address unresolved issues.

🌊 China’s Ambitious Hydroelectric Project
China approves the world’s largest hydroelectric dam on the Yarlung Tsangpo River, expected to generate 300 billion kilowatt-hours annually, aiming for carbon neutrality by 2060.

✈️ Air Incheon Expands Horizons
The airline celebrates its Asiana cargo business takeover by planning new flights to the US and Europe.

📦 Shanghai Port Hits Historic Milestone
The port reached 50 million TEU for the first time in 2023, maintaining its position as the world’s busiest seaport for the 15th consecutive year.

🚆 Saudi Arabia's New Rail Route
A new freight rail route between King Abdulaziz Port in Dammam and the Riyadh dry port begins operations on 28 January, enhancing logistics flexibility.

♻️ Sustainability in Transport
SeaCube partners with Greensee to launch green and net-zero reefer leases, setting a new sustainability benchmark in refrigerated transport.

🚨 US Sanctions on Chinese Companies
Cosco and CIMC added to the US Defense Department sanctions list, reflecting ongoing US-China tensions.

🌎 Indonesia Joins BRICS
Indonesia formally joins the BRICS group, strengthening collaborations with developing nations under principles of equality and sustainable development.

Wishing you all a fruitful rest of the week