Newsweek #43: The Rising Stakes

Although the week kicked off with rather high hopes regarding plunged leasing and trading prices, it was soon covered in hues of increasing electricity rates and insurance fees. In addition to the already big bills, shippers that are waiting for their cargo to get through the congested ports in California will also face more charges for having their ships at berth. It seems like if anyone ever manages to drag themselves through these blockages, the survivors will end up having empty pockets. Containers are being stuck on top of each other to save space while some players choose non-operational ports to gain more capacity. Big financial expenses are forcing countries to speed up the development of their logistics and transportations sectors. Thus, China is vigorously moving towards Europe, strengthening its connection with the Port of Hamburg and relying on the recent acquisitions. Russia follows suit and embraces the development of rail. Big changes are on the way thanks to its project designed to connect the ports of the Pacific and Indian Oceans with the Northern Sea Route.

Environmentalists have been alarmed by the fire outbreak on the ZIM ship that has sparked concerns about whether it would be harmful to the waters around it. However, despite the incident, green direction  has seen a significant breakthrough in the past several days. The contributors are the Port of Long Beach that has reported record reductions in diesel particulates and nitrogen oxides, meeting its 2023 goal, and more companies that are switching to sustainable fuel. As usual, MAXMODAL remains your reliable source of the latest updates. Sign up to stay tuned.