Trans-Atlantic shipping rates keep sinking as imports from Europe fall
The trans-Atlantic westbound trade has been a star performer for container lines over the past year, a bright spot amid a global slide. Europe-to-U.S. rates have been an outlier, staying far higher than those in the trans-Pacific trade and — until recently — far exceeding pre-COVID levels.
That premium is still there, but it’s shrinking fast. Europe-East Coast spot rates continue to steadily decline, following the same pattern previously seen in the other mainline trades. The only difference is a time lag.
Import data explains the belated fall of the trans-Atlantic. The Asia-U.S. trade is dominated by consumer goods. These fell first. The Europe-U.S. trade is primarily driven by building supplies and secondarily by beverages, furniture and mechanical equipment (including auto parts)
5 California ports pledge to build data-sjaring system for cargo fluidity
Five of California’s largest ports have agreed to advance a data-sharing partnership to better coordinate freight movement and improve resilience.
The ports of Los Angeles, Long Beach, Oakland, San Diego and Hueneme signed a Memorandum of Understanding on Wednesday to launch the California Port Data Partnership. Ports will now work to advance a cloud-based system aimed at standardizing data and boosting cargo fluidity.
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U.S. demands Iran release oil tanker seized in Gulf of Oman
The U.S. demanded that Iran release an oil tanker siezed while hauling crude through the Gulf of Oman, the latest flare-up in one of the world’s important waterways.
Iran’s navy seized the Marshall Islands-flagged Advantage Sweet in international waters at about 1:15 p.m. local time April 27, according to the U.S. Navy. The vessel issued a distress call, and the U.S. Fifth Fleet is monitoring the situation.
Iran’s state-run IRNA news agency reported that a Marshall Islands-flagged tanker collided with an Iranian vessel in the Persian Gulf, prompting Iran’s navy to seize the vessel in Gulf of Oman and direct it to its coastal waters.