Did You Know That…

• Spain's Prime Minister Responds to Valencia Floods: Spain’s PM has deployed 10,000 additional troops and police to Valencia amid severe flooding. The floods, caused by heavy rains that began Monday, have resulted in 211 deaths, destroyed bridges, and cut off communities from essential services. While everyone in TIBA and their families are safe, many face serious issues, and some people are still missing, as shared by our partner Jorge Biforcos. Our thoughts are with TIBA and those affected.

• Container Shipping Rates See Temporary Uptick: After a multi-month decline, container rates are showing signs of recovery on Asia-Europe routes, with the Shanghai Containerized Freight Index rising by 6% last week. However, rates are expected to face downward pressure in the coming weeks.

• Rebound in Container Rates, but Concerns Remain: Despite recent rate increases, carriers remain divided on strategies to handle overcapacity. Some consider rate hikes while others compete for cargo by lowering prices, impacting rate stability as November approaches.

• Continued Rally in Asia-Europe Box Rates: Shanghai-Mediterranean rates rose 14%, and northern Europe routes added 10%. Carriers may be stabilizing rates to improve their position in annual contract negotiations or are managing rates due to ongoing supply chain disruptions.

• Rate Adjustments Expected: According to Steven Yuan of FS China, following recent rate increases on European routes, carriers have started to lower prices slightly. While prices may further decline, current market rates are around $4,000-4,400 per 40HQ.

• Maersk CEO Downplays Overcapacity Concerns: Maersk’s CEO, Vincent Clerc, remains confident that the industry can manage capacity through measures like slow steaming, scrapping, and fleet adjustments, reducing fears of overcapacity in the container shipping sector.

• Transatlantic Rate Increase: Transatlantic rates are rising, with a 37% increase in Rotterdam-New York rates since mid-July due to reduced capacity and the impact of recent port strikes. Europe-US east coast spot rates continue to climb as another strike looms in January.

• Record Results at Piraeus Amid Red Sea Disruptions: Cosco's Piraeus port in Greece reports record Q3 results as losses from Red Sea challenges stabilize, with higher monthly throughput than in the first half of 2024.

• Typhoon Kong-Rey Disrupts Chinese Ports: Ports in Shanghai and Ningbo are suspending some operations due to Typhoon Kong-rey. The disruption comes as global port congestion increases, impacting other Asian ports affected by Typhoon Trami.

• CMA CGM Invests in Morocco's Nador West Med Terminal: CMA CGM, in partnership with a local port operator, is investing $280 million to develop Morocco's Nador West Med terminal, aiming for a 1.2 million TEU annual capacity. This terminal will serve as a bunkering hub for dual-fuel vessels.

• Vietnam’s Port Modernization Plans: Vingroup JSC and AD Ports Group have signed an MOU to modernize Vietnam’s ports, logistics, and maritime sectors, aiming to boost its role in global supply chains.

• Freight Forwarder of the Year Finalists: Our member Transolve in Australia and New Zealand has been named a finalist in the DCN Daily Cargo News Awards. Good luck to Rachael Budd and her team!

• New China Railfreight Corridor Launched: China inaugurated a new international freight corridor on October 14, 2024, connecting Beijing and Yunnan with Southeast Asia through the China-Laos railway, enhancing cold-chain logistics.

• Direct Train Service in the Balkans: ÖBB Rail Cargo Group has introduced a direct rail connection between Serbia and Croatia, linking two major hubs in its railfreight network.

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