Port Congestion in Northern Europe
Port congestion is spreading to northern Europe, with strike action in Germany exacerbating delays. This congestion, which has already impacted ports in Asia and the Mediterranean, will reduce capacity as ships take longer to return to Asia.

EU Tariffs on China's Carmakers
The EU has imposed hefty new tariffs on Chinese carmakers. While these duties will temporarily hinder their progress, the impact is expected to be short-term.

High Box Freight Rates
Freight rates for containers are expected to remain high due to pandemic-level congestion at ports. The rerouting of ships has absorbed any spare capacity in the market amid a surge in demand, causing rates to rise.

MSC Resumes Ukraine Service
MSC has resumed container services to Ukraine, running a route between Türkiye and Odesa via Georgia. This marks a significant step as major lines, including MSC and Hapag-Lloyd, return to the region.

Enhanced India Trade Coverage
Major container lines are increasing their coverage of Indian trades in response to growing demand. CMA CGM, leading this initiative, has announced several service enhancements to cater to the anticipated growth in export and import activities.

Rising Intra-Asia Rates
Intra-Asia freight rates have reached new highs due to increased demand. Container lines serving Indian trades are leveraging this demand to adjust pricing, with spot rates from North China to West India exceeding $5,000 for a 40ft container booking.

Far East-North Europe FAK Rate Increases
Maersk will increase the Far East-North Europe FAK rates effective from July 1, 2024. Rates to Rotterdam will rise to $5,000 for 20GP and $9,000 for 40HQ. Recent strikes at major European ports like Hamburg and Le Havre are contributing to schedule delays and capacity shortages, potentially leading to further price increases.

MSC Container Leasing Deals
MSC has signed two container leasing deals worth $82.2 million over 14 years to address the ongoing container shortage caused by port congestion, the Red Sea crisis, and a surge in demand.

AI in Supply Chain Management
While there is skepticism about AI's effectiveness in solving real supply chain issues, DP World remains optimistic about its potential. AI could be more than just a buzzword if it delivers tangible results in performance monitoring and efficiency.

Retirement of Willy Boers
After 38 years with the Romeu Group, Willy Boers will retire from TIBA on June 21st. We wish Willy a pleasant retirement and time with his family.

China-Hungary Air Cargo Route
A new international air cargo route linking Ezhou Huahu airport in Central China's Hubei province with Budapest, Hungary, has been launched, enhancing connectivity between the two regions.

MSC and Nyshex Partnership
MSC has partnered with New York Shipping Exchange (Nyshex) to digitalize performance monitoring of its ocean freight contracts. This collaboration aims to provide MSC with real-time insights and improve contract management through automated workflows.

Mexican Market Impact
Mexican share prices dropped following a surprising election result, with Claudia Sheinbaum winning the presidency by a larger-than-expected margin.

Nvidia's Market Surge
Chipmaker Nvidia's market capitalization has soared past $3 trillion, surpassing Apple as the world's second-biggest company.

EAA Network and Upcoming Events
Attached is the updated contact list of our network, including prime entry contacts for EAA-related business. Please share this with relevant colleagues in your organization.

Additionally, the updated list of participants for the upcoming Europe RGM in Vienna on 17-18 October is attached. So far, 30 companies (19 from Europe) with 45 attendees have signed up. Registration is still open, and we encourage all members to attend this valuable meeting focused on Intra Europe trade and networking opportunities.

Shell's Historical Roots
The mineral oil and natural gas company Shell began as a small shop in London in 1833, selling shells imported from the Far East, which were popular for decorating boxes or as collector's items.

UEFA EURO 2024 Tournament
The UEFA EURO 2024 tournament started on June 14 and runs until July 14. We wish the participating EAA countries the best of luck in the competition.

Enjoy the rest of the week!