<p>At a time when deep-pocketed global corporate giants such as General Electric (GE), Nestle, Abbott and others are not hesitating to take the aerial route to rush out of stock products for meeting market demand across geographies, unlike the usual seaborne shipment mode, one can sit up and take note of the current congestion, costs and timelines involved with regular shipping lines, containers terminals and ports world over.</p><p>Amid acute infant formula shortage in the United States of America (USA), Swiss food behemoth Nestle is flying in additional supplies from across the Atlantic to replenish supermarket shelves. Likewise, owing to work suspension at its Shanghai factory in zero Covid strategies implementing China, GE’s healthcare wing employed air freight to deliver a dye in short supply in the US, which is crucial for medical scans and tests. Similar was the case with Abbott, which was flying in powdered infant formula from <a href="https://www.freightwaves.com/news/abbott-ramps-up-air-cargo-imports-of-infant-formula">Ireland</a>, following contamination shutting down its plant in Sturgis, Michigan, even as the US Department of Defense is utilising contracts with commercial air cargo lines in ‘Operation Fly Formula’.</p><p>Meanwhile, top shipping lines such as French CMA CGM, Danish Maersk and Swiss Mediterranean Shipping Company (MSC) did not sit quiet but eyed a plum business opportunity of catering to this rising air cargo demand by catapulting their shipping capabilities from the high seas into the blue skies as well.</p><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 2.png" width="auto" style="width: auto; height: auto;"></a></p><p>After stuffing their coffers with record multi-billion dollar profits in the ensuing Covid years, ocean carriers are eager to capture the freight pie from the sky.</p><p>To better comprehend the emerging phenomenon, let us look at - </p><ol start=""><li>What’s buoying freight from the sea to sky?</li><li>Emerging shipping line – airline collaborations</li><li>Boeing bullish on cargo aircraft demand</li><li>Advantages of air freight</li></ol><h3>What’s buoying freight from sea to sky?</h3><p>According to a World Bank note, air freight is <a href="https://www.worldbank.org/en/topic/transport/publication/air-freight-study#:~:text=Commodities%20shipped%20by%20air%20thus,perishable%20agricultural%20and%20seafood%20products.">12 – 16 times more expensive</a> than sea transport and 4 – 5 times pricier than road transport. However, the Coronavirus pandemic, unprecedented e-commerce demand, congestion at ports, shortage of shipping containers and several other factors skyrocketed shipping costs through ocean carriers. &nbsp;</p><p>A Nasdaq report noted that container management is still sub-optimal with continuing lag in container ships’ movement at ports, resulting in limited availability of containers as well as a delay in loading and unloading operations. Amidst these conditions, demand is still high, which is fuelling the surge in prices. &nbsp;</p><p>Maersk also observed that up to 15 percent of global containership capacity was out of circulation in 2021 due to congestion. Similarly, Kuehne + Nagel highlighted that nearly 80 percent of global sea freight was disrupted due to congestion in north American ports. </p><p>Shipping costs shot up to unprecedented levels, so much so that the gap between ocean freight and air freight has drastically narrowed, opening windows of opportunities for shippers and shipping lines. &nbsp;</p><p>According to Ti Research, a strategic advisory services provider to the logistics sector, cargo owners have <a href="https://theloadstar.com/congestion-and-rates-caused-huge-modal-shift-to-air-freight-last-year/" target="_blank">increasingly shifted from sea to air</a>, bolstered by narrowed price gap which led to the air freight market doubling. </p><p>Incidentally, global freight forwarding market sprung up to its strongest growth in a decade, logging 11.2 percent growth, valued at around $285 billion while the global tradeshow was up by 13 percent to $28.5 trillion. For further insights, consider the Cargolux case. After struggling for years to break even, air cargo player <a href="https://theloadstar.com/cargolux-highs-and-lows-running-a-freight-airline-not-for-the-faint-hearted/" target="_blank">Cargolux witnessed revenues of $4.4 billion</a> and a profit after tax of $1.3 billion in 2021, as much as 70 percent greater than in 2020. </p><p>Moreover, easing global Coronavirus lockdown restrictions, booming demand for goods, propelled by economic stimulus packages in several countries, expanding e-commerce, rise in free trade agreements and other factors drove up growth and ultimately global digital freight forwarding market.</p><p><a href="https://cogoport.com/signup/en-IN/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-3.png" width="auto" style="width: auto; height: auto;"></a></p><p>Despite these favourable conditions, ocean carriers missed out on a chunk of this demand to air cargo due to a shortage of carrier capacity and port congestion, including a mismatch between supply and demand.</p><p>Compared to sea freight’s growth of 6.6 percent, estimated around $156 billion, airfreight growth was gauged to have doubled up to 15 percent, amounting to $128 billion while the latter’s rates rose up by nearly 70 percent. </p><p>Amid this backdrop, air cargo dropped from being 12 times more expensive than ocean freight to just 2.5 times or ocean freight correspondingly became dearer in the past couple of years to narrow the gap so much, pushing traditional ocean shippers to not mind the slight premium on air freight. </p><p>Despite the tailwinds for air freight, it continues to suffer from capacity constraints. Forwarders have concentrated on augmenting air freight capacity on key trade lanes as demand outstrips supply. Its capacity is estimated to be still nearly 11 percent lower than 2019. It is estimated that sea freight moves about 2 billion tonnes of global cargo when juxtaposed with 60 – 70 million tonnes flown through air freight.</p><h3>Emerging shipping line – airline collaborations</h3><p>On realizing the rise in air cargo demand, following the historic narrowing down of cost between sea freight and air freight, many shipping lines are inking pacts with airlines to cash in on the demand. Let’s take a look at these developments:&nbsp;</p><h3>CMA CGM – Air France – KLM </h3><p>The French shipping firm has signed an exclusive <a href="https://www.cmacgm-group.com/en/news-media/long-term-strategic-partnership-in-global-air-cargo-between-cma-cgm-and-air-france-klm" target="_blank">long-term strategic partnership in air cargo </a>with Air France– KLM, flag carriers of France and Holland, to combine and complement their cargo networks for offering end-to-end logistical solutions, spanning the sea, land and air with a global footprint. </p><p>In a decade long partnership, Marseille-based CMA CGM will strive to take a 9 percent stake in Air France – KLM, valued at $252 million. In addition to ‘significant revenue synergies, the collaboration boosts the ocean carrier’s non-maritime logistical capacities by augmenting an air cargo division it started a year ago. </p><p>The three partners will operate an initial fleet of 10 full-freighter aircraft which will be augmented by 12 more on order. Six of them will be based at Paris-Charles de Gaulle airport and Amsterdam Airport Schipol, including the airlines’ existing belly capacity in 160 long-haul passenger aircraft.&nbsp; </p><p>Both the partners will leverage their respective global sales teams under one voice, including Air France – KLM’s vast franchise, air freight capabilities and global cargo network, alongside CMA CGM’s large commercial network and global logistics platform for multi-modal freight services. </p><p>Equipped with an extensive full freighter and wide-body belly aircraft network, Air France– KLM serve 295 destinations across 110 countries via Paris and Amsterdam airports, fitted with cutting edge cargo facilities. </p><p>With teams manning 116 stations and covering a network of 390 handling stations spread across the globe, Air France – KLM’s commercial network happens to be one of the most resilient in the air freight realm, including expertise in lifting pharmaceuticals, perishables, express and others, plus one of the most advanced digital service solutions.</p><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 3.png" width="auto" style="width: auto; height: auto;"></a></p><p>According to the International Air Transport Association (IATA), air cargo operations of Air France, KLM and Martin air, a subsidiary of KLM rank them at the eighth spot in global air cargo traffic. Earlier, CMA CGM <a href="https://www.cevalogistics.com/en/what-we-do/air-freight" target="_blank">acquired CEVA Logistics</a> in 2019, which also offers air freight with an annual capacity of 3.6 lakh tons through 14 international gateways and 1,000 facilities in 160 countries. </p><p>Recently, CEVA Logistics won a prestigious multi-year contract from Italian Formula 1 racing ace Ferrari to be its <a href="https://www.cevalogistics.com/en/news-and-media/Newsroom/press-release/ceva-becomes-team-partner-of-scuderia-ferrari" target="_blank">team partner</a>, which entails flying Ferrari equipment to Formula 1 races cross-country and cross-continent in a very short time-spaces.</p><p>In March 2021, CMA CGM created a new airline, CMA CGM Air Cargo, based out of Paris-Charles de Gaulle airport and dedicated to air freight. CMA CGM Air Cargo is equipped with four A 330 aircraft with a payload of 61 tonnes each, two B777s with a payload of 102 tonnes each and four more A350 aircraft slated to join its fleet in 2025. </p><p>The French ocean carrier is a unique shipping line whose air freight operations are spread across three entities: CMA CGM Air Cargo, CEVA Logistics and Air France– KLM. It also acquired Ingram Micro’s Commerce &amp; Lifecycle Services (CLS), Colis Prive and GEFCO.</p><h3>Maersk Air Cargo</h3><p>On April 8th, 2022 Maersk announced Maersk Air Cargo as its primary air freight offering to serve the logistical needs of its customers. Maersk Air Cargo is expected to operate full-fledged from the second half of 2022. </p><p>The Danish carrier’s new air freight company emerged after transferring in-house aircraft operator Star Air, whose operations have been subsumed into Maersk Air Cargo. </p><p>Maersk’s dedicated air cargo airline chose Billund, Denmark’s second-largest airport as its freight hub, from where it will deploy a controlled capacity of five aircraft, which include two new B777F and three leased B767 – 300 cargo aircraft. </p><p>It will also add three new B767 – 300 freighters to serve US-China operations. These operations will initially be run by a third party operator. Eventually, Maersk aims to carry one-third of its annual air tonnage within its own controlled freight network. </p><p>It is targeting to achieve this by a melange of owned and leased aircraft, mirroring the existing structure in its ocean fleet while the balance capacity will be met by chartered flight operators and strategic commercial airlines.</p><p><a href="https://cogoport.com/signup/en-IN/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-2.png" width="auto" style="width: auto; height: auto;"></a></p><h3>MSC &amp; Lufthansa eye ITA Airways</h3><p>Swiss ocean carrier heavyweight MSC and German Lufthansa airline together are interested in acquiring a stake in ITA Airways. Both the companies evinced interest with the Italian government to this end in January. </p><p>The Italian government wants to sell the airline by June end and has set a deadline to receive binding offers by May 23. <a href="https://www.reuters.com/business/aerospace-defense/italy-aims-sell-ita-airways-by-end-next-month-minister-2022-05-10/" target="_blank">Besides MSC –Lufthansa</a>, The U.S. Certares Fund along with Delta and Air France, and Indigo Partners investors have shown up as suitors. </p><p>Though MSC and Lufthansa had asked for a 90-day exclusivity period back in January for fine-tuning their acquisition attempt, Italy did not relent and went ahead with a market-based approach. According to the Mediterranean nation’s economy minister Daniele Franco, a new buyer is expected to be at least 52 percent owned by a European entity. </p><p>Incidentally, the German airline wants a minority stake in the purchase while the Swissshipping line is expected to take the majority stake in their bid. Onfructification of this deal, Lufthansa envisages creating close commercial cooperation with ITA. Privatisation of ITA, successor airline of erstwhileAlitalia, will result in a reduced financial burden on the Italian state.</p><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 1.png" width="auto" style="width: auto; height: auto;"></a></p><h3>Boeing bullish on cargo aircraft demand</h3><p>After a prolonged downside to demanding due to the Coronavirus pandemic and 737 Max model woes, Boeing, the top American aircraft manufacturer, is <a href="https://www.investopedia.com/boeing-sees-freight-demand-on-the-radar-5270736" target="_blank">zeroing in on cargo business</a> in the light of increasing airfreight demand. From 12 lines transforming passenger aircraft into freight planes, as many as 22 have proceeded to be so since the start of the Coronavirus pandemic. </p><p>Alaska Air Group, America’s fifth-largest airline, made preparations to convert two midlife Boeing 737 – 800s into cargo aircraft, even as three Boeing 737 – 700s have been earmarked for freight in its fleet. </p><p>According to an Investopedia report on Boeing, aircraft volumes have accelerated in the past six months, building on the initial demand driven by e-commerce in the early stages of the pandemic. </p><p>AvalonHoldings Ltd, an aircraft leasing company highlighted that air cargo is expected to reach $150 billion in the current year, even as traffic is expected to double by 2040. Similarly, the Bureau of Transportation Statistics in the UShas projected the share of domestic and international airfreight to rise to 10percent in 2020 from 6 percent in 2018. </p><p>In January, Boeing struck a $20 billion deal with Qatar Airways for nearly 50 of its 777-8, a new dual aisle jetliner, when it unveiled the model’s cargo version. Hindered by delays, Qatar airways is not likely to receive the cargoplanes until 2027, which prompted Boeing to salvage that order by agreeing to transform a third of an existing order of 60 777 – 8 passenger aircraft into cargo planes.</p><h3>Advantages of air freight</h3><figure class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center"><div><img src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/628c588254c04d5570e32a8d_Air%20Cargo%20Blog%20Final.jpg" loading="lazy" width="auto" height="auto" alt="628c588254c04d5570e32a8d_Air%20Cargo%20Blog%20Final.jpg" style="width: auto; height: auto;"></div></figure><ol start=""><li>It is the fastest mode of freight transport. As transit times are shorter, cargo must move quickly through the airport, unlike other forms of shipments. </li><li>Air freight is generally deployed for time-sensitive commodities which may also carry high value per unit merchandise such as production samples, pharmaceuticals, fashion garments, documents, electronic consumer goods and perishable agricultural and seafood products among others. &nbsp;</li><li>Air freight is also deployed to ship emergency spare parts and inputs needed for just-in-time production. </li><li>Deploying air freight gives competitive advantages such as producers agreeing for short order times to avoid traditional shipments which may face delays in production or cargo clearance. </li><li>Empowers diversifying strategy as manufacturers can ship products with shorter shelf-life, including offering bankable delivery of smaller volumes. On successfully establishing a market, manufacturers can set up supply chains using a mode of transport inexpensive than air freight. </li></ol><p>In some airports, all transactions are conducted electronically to clear cargo within a couple of hours round the clock.</p><p><br></p>

Ocean carriers seriously eyeing freight pie 

<p>The Comprehensive Economic Partnership Agreement (CEPA), the biggest bilateral trade pact between the two major economies, began auspiciously with the first consignment of $1 million worth of jewellery shipped from India to the United Arab Emirates (UAE) on May 1st. The historic agreement aims to make bilateral trade between both countries more economical and accessible and will especially benefit Indian small and medium enterprises (SMEs). Trade between the two countries is expected to nearly double from $60 billion to $100 billion by 2030 and trade in services will hit $15 billion.</p><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 3.png" width="auto" style="width: auto; height: auto;"></a></p><p>The Comprehensive Economic Partnership Agreement is a complete trade agreement covering trade in goods and services, rules of origin, dispute settlement, digital trade, pharmaceutical products, IPR, and more. Under the CEPA, 90% of exported products and 80% of trade lines exported by India are now duty-free. This includes goods like gems and jewellery, textiles, leather, footwear, and medical devices. It is expected that duty-free access for Indian products will reach 97% of UAE tariff lines (99% of Indian exports by value) within the next 5-10 years.</p><figure class="w-richtext-figure-type-image w-richtext-align-center" data-rt-type="image" data-rt-align="center"><div><img src="https://uploads-ssl.webflow.com/5e57ba59552cf400c593fd16/627e4e6bf6d3873631eb047a_Traditional%20Jewellery%20Blog.jpg" loading="lazy" width="auto" height="auto" alt="627e4e6bf6d3873631eb047a_Traditional%20Jewellery%20Blog.jpg" style="width: auto; height: auto;"></div><figcaption><strong>Trade between India and UAE to get more economical</strong></figcaption></figure><p>The UAE is India's third-largest trade partner and second-largest export destination. It is also a major global distribution centre for the Middle East and North Africa, so CEPA will enable further access to warehouses and distribution centres for Indian exporters looking to expand to additional markets. The agreement is also likely to generate over one million additional jobs in India as well as for the large expatriate Indian workforce in the UAE.</p><p>India is likely to negotiate similar trade agreements with other countries in the Gulf including Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia in the near future.</p><p><a href="https://cogoport.com/signup/en-IN/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-2.png" width="auto" style="width: auto; height: auto;"></a></p><h3><strong>Interested in shipping to the UAE?</strong> </h3><p>Cogoport, with 5 years of unprecedented experience in end-to-end shipping and logistics management, aids exporters in overcoming several trade challenges related to planning, booking, and executing the shipment by helping shippers with rate discovery, and booking shipments, container tracking, credit solutions and much more.</p>

Over 90% Export from India to UAE now duty-free 

<h2><strong>Asia</strong></h2><h3><strong><em>New service between China &amp; India’s east coast by a consortium of three ocean carriers <br></em></strong></h3><ul><li>A consortium of three ocean carriers, Regional Container Lines (RCL), Pacific International Lines (PIL) and Inter Asia Line(IAL), have launched a new service between China and India’s east coast, <a href="https://www.seatrade-maritime.com/containers/rcl-pil-ial-launching-china-india-east-coast-service" target="_blank">Chennai &amp; Visakhapatnam</a>, which will commence from April 22. </li></ul><h3><strong><em>MOL begins promoting used ship equipment sale from Turkey’s demolition yards<br></em></strong></h3><ul><li>Japanese Mitsui O. S. K. Lines Ltd (MOL) has embarked on an endeavour to promote <a href="https://www.mol.co.jp/en/pr/2022/22044.html#:~:text=MOL%20Turkey%20will%20promote%20recycling,%2Dborder%20e%2Dcommerce%20website." target="_blank">recycling and reducing waste</a> emerging from used ship equipment from demolition yards in Turkey. It has launched a cross border e–commerce site to sell them to customers across the world.</li></ul><h3><em>Wan Hai orders five 13,200 boxships from HHI</em> </h3><ul><li>Taiwanese shipping line Wan Hai has ordered <a href="https://www.seatrade-maritime.com/newbuilding/wan-hai-orders-five-13200-teu-boxships-hhi" target="_blank">five 13,200 TEU capacity boxships</a> from SouthKorea’s Hyundai Heavy Industries (HHI) at a cost of $550 million.</li></ul><h2><strong>Americas</strong></h2><h3><em>World Shipping Council (WSC) says US Ocean Shipping Reform Act, 2022 does not address the root cause </em></h3><ul><li>WSC, counting shipping industry’s heavyweights such as MSC, Maersk, CMA CGM, Hapag - Lloyd and others as its members has noted that the new Ocean Shipping Reform Act of 2022 does <a href="https://www.asiacargonews.com/en/news/detail?id=6367" target="_blank">not address the root cause</a> of ports congestion in the United States of America (USA). </li></ul><h3><em>TIACA launches BlueSky program to evaluate air cargo industry’s progress towards sustainability</em></h3><ul><li>The International Air Cargo Association(TIACA) has launched <a href="https://tiaca.org/bluesky-program/" target="_blank">BlueSky</a> program, which is an industry specific tool aimed at recognising and measuring members’ progress towards sustainability. </li><li>BlueSky will validate and verify to track progress in sustainability journey, including benchmarking against peers and also quickening the industry’s metamorphosis. </li></ul><h2><strong>Europe</strong></h2><h3><em>IMO’s legal committee approves circular on guidance for two seas </em></h3><ul><li>The London-based International Maritime Organization (IMO) has <a href="https://www.imo.org/en/MediaCentre/Pages/WhatsNew-1700.aspx" target="_blank">approved a circular on guidance</a> on the impact of the situation in Azov Sea and Black Sea on insurance or other financial security certificates. &nbsp;</li></ul><h3><em>Global shipping lines rake in more than $110 billion operating profit in 2021</em></h3><ul><li>According to Sea Intelligence, a leading provider of research and analysis and data and advisory services to the global supply chain industry, global shipping lines raked in an astounding <a href="https://www.sea-intelligence.com/press-room/130-usd-110bn-carrier-ebit-in-2021-so-far" target="_blank">operating profit of over $110 billion</a> in 2021. </li><li>For comparison, the decadal operating profit of the industry from 2010 to 2020 amounted to just $37.5 billion. In just one single year, 2021, the operating profit of shipping lines tripled.</li></ul><h2><strong>Middle East &amp; Africa</strong></h2><h3><em>FFFAI &amp; NAFL sign pact for mutual benefit and cooperation</em></h3><ul><li>The freight forwarders’ association in India (FFFAI) and United Arab Emirates (UAE) based national association of freight&amp; logistics (NAFL) have signed an <a href="https://eximin.net/news.aspx" target="_blank">agreement for mutual benefit and cooperation</a>. </li></ul><h3><em>Maersk &amp; Egypt to explore green fuel production</em></h3><ul><li>Danish shipping major Maersk and Egyptian authorities have inked a pact to explore the setting up of large green fuel production facilities in the North African country. </li><li>General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt forInvestment and Development (TSFE) have forged the partnership with Maersk. </li></ul><h3><em>Amid port congestions, ZIM updates service structure</em></h3><ul><li>Aimed at securing highest possible service reliability amid port congestions, Israeli shipping heavyweight ZIM Integrated Shipping Service Ltd (ZIM) has <a href="https://investors.zim.com/news/news-details/2022/ZIMs-Asia--Pacific-North-West-and-Asia--East-Med-Service-Structure-Update/default.aspx" target="_blank">updated</a> its previously announced new Asia – Pacific North-West and Asia East Mediterranean services. </li></ul><h3><em>ZIM announces new chartering transaction for six new vessels</em></h3><ul><li>Israeli shipping line ZIM entered into a <a href="https://investors.zim.com/news/news-details/2022/ZIM-Announces-New-Chartering-Transaction-for-Six-5500-TEU-Wide-Beam-Newbuild-Vessels/default.aspx" target="_blank">new charter transaction agreement</a> with a group of investors for six 5,500 TEU wide beam new build vessels at a charter hire consideration of $600 million for a period of seven years. </li><li>These vessels will be built by Korean shipyard HJ Shipbuilding &amp; Construction to be delivered between May 2023 andFebruary 2024. </li></ul><p>‍<a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 2.png" width="auto" style="width: auto; height: auto;"></a></p><h2><strong>India</strong></h2><h3><em>Flagship Sagarmala completes seven years</em></h3><ul><li>India’s flagship Sagarmala programme which enabled reducing port turnaround time by 40 percent has <a href="https://www.livemint.com/news/india/sagarmala-completes-7-yrs-helps-reduce-port-turnaround-time-by-40pc-11648213481774.html" target="_blank">completed seven years</a> recently. Sagarmala powered Indian ports to become more efficient, slashed container turnaround time and ushered in more benefits to the ports. </li><li>From 44.70 hours in 2013 – 14, containers turnaround time fell to 26.58 hours. </li></ul><h3><em>Mechanisation investments slash container turnaround time </em></h3><ul><li>Sarbananda Sonowal, Minister for Ports, Shipping and Waterways noted that container turnaround time in India got slashed to <a href="https://www.thehindubusinessline.com/economy/logistics/turnaround-time-in-indian-ports-has-improved-to-265-hrs-sarbananda-sonowal/article65259496.ece" target="_blank">25.6 hours from 45-odd hours</a> in 2013 – 14 due to investments in mechanisation. </li></ul><h3><em>CMA CGM begins block train service from Mangalore Port to Nhava Sheva</em></h3><ul><li>Aimed at catering to shippers preferring direct mainline options offered by Nhava Sheva, French shipping line CMA CGM has started a <a href="https://theloadstar.com/rail-steams-in-to-rescue-south-indias-shippers-as-haulage-remains-scarce/" target="_blank">block train service</a> from New Mangalore Port (NMPT) to Nhava Sheva in association with the Container Corporation of India (CONCOR). </li></ul><h3><em>ICRA reduces Indian economic growth owing to rising commodities prices</em></h3><ul><li>Ratings agency ICRA has <a href="https://www.livemint.com/economy/icra-slashes-india-s-fy23-growth-forecast-to-72-11648550775727.html" target="_blank">reduced India’s economic growth</a> forecast from 8 percent to 7.2 percent for the financial year 2022 – 23 due to rising fuel and commodities prices amid Russia – Ukraine war. </li></ul><h3><em> ‘Indian businesses’ highly optimistic to move freight through train’</em></h3><ul><li>According to data and business analytics company Dun &amp; Bradstreet’s survey Railway Freight Activity Optimism Index (RFAOI), Indian businesses are <a href="https://mediabulletins.com/business/indian-businesses-highly-optimistic-about-transporting-freight-via-rail-in-q1-2022-compared-to-last-year-dun-bradstreet-study/" target="_blank">more optimistic to move freight through railways</a> in Q1, 2022 than last year.</li></ul><h3><em>JNPA handles 5.68 million TEU in 2021– 22, highest ever</em>‍</h3><ul><li>Jawaharlal Nehru Port Authority (JNPA) has handled 5.68 million twenty-foot equivalent units (TEU), highest, in fiscal 2021 – 22, witnessing a growth of 21.5 percent. </li></ul><h3><em>Startup Wiz Freight raises funds from global investors</em>‍</h3><ul><li>Cross-border supply chain startup Wiz Freight has <a href="https://www.business-standard.com/article/companies/wiz-freight-raises-rs-275-cr-in-series-a-round-from-tiger-global-axilor-122033100675_1.html" target="_blank">raised investments worth Rs 275 crore</a> in the form of both equity and debt from Tiger Global, along with participation from Alteria Capital, Stride Ventures, Arali Ventures, Foundamental and Axilor Ventures. </li></ul><h3><em>Honda enters marine outboard business in India with four-stroke engines </em>‍</h3><ul><li>Eyeing India’s long coastline and market potential, HondaIndia Power Products has <a href="https://timesofindia.indiatimes.com/auto/news/honda-india-power-products-forays-into-marine-outboard-business/articleshow/90541427.cms" target="_blank">entered into the marine outboard business</a> with its four-stroke engines. Honda aims to cater to commercial fishing and taxi boat services, maritime border security players and boat operators among others. </li></ul><h3><em>Indian government released a list of waterways feasible for cargo and passenger movement</em></h3><ul><li>The Ministry of Ports, Shipping and Waterways has released a list of 26 national waterways (NWs) feasible for cargo and passenger movement. </li></ul><h3><em>European Union is the second major destination for Indian organic food products</em></h3><ul><li>According to the Ministry of Commerce &amp;Industry, the European Union (EU) is the second biggest destination for organic food products from India. Exports to the EU under National Programme for Organic Production (NPOP) accounted for $356 million.</li></ul>

Trade Update Review - April 5th, 2022

<h2><strong>Asia</strong></h2>
<h3><strong><em>MOL completes 100 percent acquisition of Utoc Corporation<br></em></strong></h3>
<ul>
<li>MOL on Wednesday completed 100 percent <a href="https://www.mol.co.jp/en/pr/2022/22025.html" target="_blank" rel="noopener">acquisition of Utoc</a> Corporation.</li>
</ul>
<h3><strong><em>BSI awards another ISO certification to Bahri<br></em></strong></h3>
<ul>
<li>The British Standards Institution (BSI) <a href="https://www.bahri.sa/en/news-insights/news-insight/2022/bahri-receives-iso-22301-2019-certification-for-exceptional-standards-of-business-continuity/" target="_blank" rel="noopener">awarded ISO 22301:2019</a> certification toBahri, a logistics and transportation heavyweight, for complying with the latest standards of Business Continuity Management System (BCMS) and establishing excellent business continuity strategies.</li>
</ul>
<h2><strong>Americas</strong></h2>
<p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank" rel="noopener"><img style="width: auto; height: auto;" src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 2.png" width="auto"></a></p>
<h3><em>Oracle introduces new logistics capabilities</em></h3>
<ul>
<li>The Global software behemoth Oracle has introduced <a href="https://www.prnewswire.com/news-releases/oracle-introduces-new-logistics-capabilities-to-help-customers-increase-supply-chain-efficiency-and-value-301481110.html" target="_blank" rel="noopener">new logistics management capabilities</a>, Oracle Fusion Cloud Supply Chain &amp; Manufacturing(SCM), aimed at bolstering the efficiency and value of organisations&rsquo; global supply chains.</li>
</ul>
<h2><strong>Europe</strong></h2>
<h3><em>DB Schenker &amp; CMA CGM team up to offer regular emission-free ocean freight</em></h3>
<ul>
<li>Taking a major step towards decarbonized ocean freight, global logistics and transportation services major DB Schenker has teamed up with French shipping powerhouse CMA CGM to offer <a href="https://www.dbschenker.com/global/about/press/fueling-a-greener-future-775058" target="_blank" rel="noopener">green container transport</a>.</li>
<li>DB Schenker converted all its less than container load (LCL) volumes with CMA CGM into carbon free production by signing a purchase contract of over 2,500 tons of biofuel with the carrier.</li>
</ul>
<h3><em>IMO secretary general calls for the safety of seafarers amid Ukraine &ndash; Russia war</em></h3>
<ul>
<li>International Maritime Organization (IMO) secretary general Kitack Lim called for the <a href="https://www.imo.org/en/MediaCentre/SecretaryGeneral/Pages/Ukraine.aspx" target="_blank" rel="noopener">safety of seafarers</a> amid ragingUkraine &ndash; Russia war, highlighting that maritime shipping and seafarers cannot be collateral victims of larger military and political crises.</li>
</ul>
<h3><em>Russia &ndash; Ukraine crisis increasing global shipping costs</em></h3>
<ul>
<li>Following Covid-induced inflated shipping costs, the global shipping landscape is bracing for another round of freight rate hikes in the light of Russia &ndash; Ukraine war.</li>
</ul>
<h3><em>XSI Public Indices highlights long term ocean freight rates on the rise again</em></h3>
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<ul>
<li>Oslo-based Xeneta Shipping Index (XSI) PublicIndices highlighted that <a href="https://www.xeneta.com/news/container-rates-alert-long-term-ocean-freight-rates-on-the-rise-again-as-demand-congestion-and-geopolitical-uncertainty-squeeze-shippers" target="_blank" rel="noopener">long term ocean freight rates</a> are on the rise again due to congestion, demand and geopolitical uncertainty. &nbsp;</li>
</ul>
<h3><em>UK bans Russian vessels amid Ukraine war</em></h3>
<ul>
<li>The United Kingdom (UK) government banned Russian flagged, controlled, registered, owned, chartered or operated vessels from its ports due to the invasion of Ukraine.</li>
</ul>
<h3><em>BIC and FIATA join the Cargo IntegrityGroup</em></h3>
<ul>
<li>Bureau International des Containers (BIC) and the International Federation of Freight Forwarders Associations (FIATA) have <a href="https://www.seatrade-maritime.com/supply-chain-and-logistics/bic-and-fiata-join-cargo-integrity-group" target="_blank" rel="noopener">joined the Cargo Integrity Group</a>, which brings together international freight transport and cargo handling organisations with various roles in the supply chain industry to enhance security, safety and environmental performance.</li>
</ul>
<h3><em>ICC fears Russia &ndash; Ukraine war will disrupt global manufacturing </em></h3>
<ul>
<li>Among several other fears, the International Chamber of Commerce (ICC) recently noted that the Russia &ndash; Ukraine war runs the deeper risk of <a href="https://iccwbo.org/news-publications/news/icc-statement-on-russia-ukraine-conflict/" target="_blank" rel="noopener">disrupting manufacturing on a global scale</a> over a broad range of sectors.</li>
</ul>
<h2><strong>Middle East </strong></h2>
<h3><em>Abu Dhabi Ports Group (AD Ports)acquires Divetech Marine Engineering Services</em></h3>
<ul>
<li>AD Ports Group recently acquired Divetech Marine Engineering Services, a United ArabEmirates (UAE)-based topside &ndash; subsea solutions provider which operates in the space of installation, inspection, maintenance of ports, repair and other maritime organisations.</li>
</ul>
<p>&zwj;<a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank" rel="noopener"><img style="width: auto; height: auto;" src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 1.png" width="auto"></a></p>
<h2><strong>India</strong></h2>
<h3><em>Shipping Minister inaugurates mobile container scanning facility at Visakhapatnam Port</em></h3>
<ul>
<li>Union Shipping Minister Sarbananda Sonowal recently inaugurated a mobile container facility at VisakhapatnamPort in Andhra Pradesh.</li>
</ul>
<h3><em>Indian exporters exercising caution over shipments to Russia amid Ukraine war</em></h3>
<ul>
<li>Amid Russia&rsquo;s invasion of Ukraine, Indian exporters are exercising <a href="https://www.business-standard.com/article/economy-policy/ukraine-crisis-indian-exporters-delay-orders-worry-over-payment-dues-122022300013_1.html" target="_blank" rel="noopener">caution over shipments to Russia</a> and executing existing orders. Exporters are also delaying the execution of fresh order over fears of delay in payments.</li>
</ul>
<h3><em>&lsquo;Indian economy growing at quickest pace among large nations&rsquo;</em></h3>
<ul>
<li>According to the Monthly Economic Review of the Union Finance Ministry, Indian economy is poised to <a href="https://economictimes.indiatimes.com/news/economy/policy/india-economy-to-grow-at-quickest-pace-among-large-nations-finmin-report/articleshow/89610859.cms" target="_blank" rel="noopener">grow at the fastest pace</a> among large nations powered by 2022 &ndash; 23 budget initiatives.</li>
</ul>
<h3><em>&lsquo;Indian textiles exports can touch $100 billion in the next five years&rsquo;</em></h3>
<ul>
<li>Textiles secretary Upendra Prasad Singh noted that Indian textile exports can touch <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/apparel-industry-should-go-for-backward-integration-textiles-secretary/articleshow/89763680.cms" target="_blank" rel="noopener">$100 billion</a> in the next five years at the 44th foundation day of Apparel Export Promotion Council(AEPC).</li>
</ul>
<h3><em>Leather exports expected to cross $6billion in 2022 &ndash; 23 </em></h3>
<ul>
<li>India&rsquo;s leather exports are expected to <a href="https://www.business-standard.com/article/economy-policy/leather-footwear-exports-to-cross-6-billion-in-2022-23-cle-122022000319_1.html" target="_blank" rel="noopener">cross $6 billion</a> in 2022 &ndash; 23, enabled by rising demand in the United States of America (USA) and newer markets like the Middle East, Latin America and Africa.</li>
</ul>
<h3><em>Commerce Ministry sets up help desk for traders amid Russia &ndash; Ukraine war</em></h3>
<ul>
<li>Indian Commerce Ministry has set up a <a href="https://www.business-standard.com/article/current-affairs/commerce-ministry-sets-up-helpdesk-for-russia-ukraine-related-trade-issues-122022501443_1.html" target="_blank" rel="noopener">help desk for Indian exporters and importers</a> to reach out in the event of any issues rising up amid Russia &ndash; Ukraine war. &nbsp;</li>
</ul>
<h3><em>Indian Register of Shipping completes CAP certification for four vessels</em></h3>
<ul>
<li>Indian Register of Shipping has completed the condition assessment programme <a href="https://www.hellenicshippingnews.com/indian-register-of-shipping-completes-cap-certification-of-vlccs-and-lpgs-of-mol-tankship-management-pte/" target="_blank" rel="noopener">(CAP) certification for four vessels</a> of MOL Tankship ManagementPte Ltd, Singapore. It issued the certifications to two very large crude carriers (VLCCs) and two liquefied gas carriers.</li>
</ul>
<h3><em>Export curbs on remdesivir, APIs removed</em></h3>
<ul>
<li>Amid falling Coronavirus cases in India, the Directorate General of Foreign Trade (DGFT) removed export curbs on remdesivir and active pharmaceutical ingredients (API). &nbsp;</li>
</ul>
<h3><em>Russia &ndash; Ukraine war impacts tea exports and fertilizer imports</em></h3>
<ul>
<li>The raging Russia &ndash; Ukraine war has impacted <a href="https://english.mathrubhumi.com/news/kerala/russia-ukraine-war-impacts-india-s-fertilizer-imports-and-tea-exports-kerala-too-face-heat-1.7301919" target="_blank" rel="noopener">Indian tea exports and fertilizer imports</a>. India is dependent on Ukraine, Russia and Belarus for fertilizers while tea exports to major markets Russia and Ukraine are disrupted.</li>
</ul>
<h3><em>IndiGo tests sustainable aviation fuel</em></h3>
<ul>
<li>Indian airline IndiGo has recently tested sustainable aviation fuel (SAF) on a flight from Toulouse, France to Delhi. The test fuel comprised of a blend of 10percent SAF and 90 percent normal fuel.</li>
</ul>
<h3><em>GMR Hyderabad Air Cargo (GHAC) aiming to become largest in Central and South India</em></h3>
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<ul>
<li>GHAC is boosting its infrastructure to emerge as the <a href="https://telanganatoday.com/ghac-set-to-emerge-as-largest-air-cargo-hub-for-south-central-india" target="_blank" rel="noopener">largest air cargo hub in Central and Southern India</a>. It witnessed 35 percent growth in domestic cargo volumes in 2021.</li>
</ul>
<h3><em>India to integrate national logistics portal with Unified Logistics Interface Platform (ULIP)</em></h3>
<ul>
<li>Aimed at slashing logistics cost, Indian government is working towards integrating the national logistics portal with ULIP. As many as 24 digital systems of six ministries will be merged into ULIP.</li>
</ul>
<h3><em>FIEO urges exporters to follow wait&amp; watch strategy amid sanctions on Russia</em></h3>
<ul>
<li>A. Sakthivel, president of the Federation ofIndian Exporters Organisations (FIEO) urged exporters to follow a wait and watch strategy with respect to shipments amid US banking and financial sanctions onRussia due to the war with Ukraine.</li>
</ul>
<h3><em>CONCOR flags off first full rake of 40feet containers to Bangladesh</em></h3>
<ul>
<li>In a first, the Container Corporation of India(CONCOR) recently flagged off its first batch of full rake carrying 40feet export containers from its CFS at Majerhat in Kolkata to Benapole inBangladesh. &nbsp;The containers were carrying assembly plant components and auto parts.</li>
</ul>
<h3><em>&lsquo;PM Gati Shakti plan will give a new direction for modern infrastructure&rsquo;</em></h3>
<ul>
<li>Prime Minister Narendra Modi recently said PM Gati Shakti plan will offer a new direction for the development of modern infrastructure in India through planning, implementation and monitoring among other efficiencies. &nbsp;</li>
</ul>
<h3><em>India&rsquo;s farm exports to touch $50 billion in 2021 &ndash; 22</em></h3>
<ul>
<li>Powered by growth in rice, marine, meat and poultry items, India&rsquo;s farm exports are expected to touch <a href="https://economictimes.indiatimes.com/news/economy/agriculture/farm-exports-expected-to-touch-record-50-billion/articleshow/89029430.cms" target="_blank" rel="noopener">$50 billion</a> in 2021 &ndash; 22.</li>
</ul>
<h3><em>Indian tea exports prospects brighten as Australia opens up</em></h3>
<ul>
<li>As Australia opens up after implementing some of the most stringent Coronavirus restrictions, Indian tea exports prospects to that country have brightened, considering the former is one of the highest paying buyers of the latter&rsquo;s tea.</li>
</ul>
<h3><em>Deendayal Port Authority board meets and takes multiple decisions</em></h3>
<ul>
<li>Approval for upgrading plots, roads and SWD in40-hectare area inside cargo jetty area and improving and upgrading parking yards situated on the north of the road leading to W. G. I &amp; II outside cargo jetty area were among the several decisions taken by the board of Deendayal Port Authority which met on February 28th.</li>
</ul>
<h3><em>Gati Shakti National Master Plan can lower logistics costs to one of the lowest in the world</em></h3>
<ul>
<li>Commerce and Industry Minister Piyush Goyal noted that the Gati Shakti National Master Plan can <a href="https://orissadiary.com/pm-gatishakti-national-master-plan-can-help-lower-our-logistics-cost-to-one-of-the-lowest-in-the-world-at-7-8-of-gdp-piyush-goyal/" target="_blank" rel="noopener">lower logistics costs</a> in India to one of the lowest in the world and raise competitive edge in the global market.</li>
</ul>
<h3><em>ECGC coverage on export transactions to Russia not withdrawn</em></h3>
<ul>
<li>India&rsquo;s Export Credit Guarantee Corporation(ECGC) recently clarified that coverage on export transactions to Russia has not been withdrawn.</li>
</ul>
<h3><em>JNPT achieves all-time highest container handling feat</em></h3>
<ul>
<li>Jawaharlal Nehru Port Trust (JNPT) has achieved the feat of handling the highest number of containers, 5.15 millionTEU, in its history in 2021 &ndash; 2022, compared to the 5.15 million TEU clocked in2018 &ndash; 19.</li>
</ul>
<h3><em>Deendayal Port Authority has 10projects worth Rs 3,159 crore under PM Gati Shakti </em></h3>
<p><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 2.png" alt="" width="300px"></p>
<ul>
<li>Deendayal Port Authority (DPA) has 10 projects worth Rs 3,159 crore under PM Gati Shakti National Master Plan. Additionally, seven more projects worth Rs 6,685crore have also been envisaged at Rs 6,685 crore. In total, 17 projects worthRs 10,000 crore will add a capacity close to 100 MMTA. &nbsp;</li>
</ul>
<h3><em>DGFT provides relief to moong importers</em></h3>
<ul>
<li>Offering relief to moong importers, <a href="https://www.thehindubusinessline.com/economy/agri-business/relief-for-moong-importers-as-dgft-relaxes-policy-to-permit-shipments/article65144271.ece">DGFT relaxed some provisions</a> of the foreign trade policy to enable them to import moong cargoes contracted prior toFebruary 11.</li>
</ul>
<h3><em>Revised berthing policy at Adani Hazira Port to begin from April 1</em></h3>
<ul>
<li>The revised berthing policy and tariff structure (BPTS) for Adani Hazira Port&rsquo;s terminal will begin from April 1.</li>
</ul>
<h3><em>CBIC slashes compliance requirements&amp; introduces end to end automation</em></h3>
<ul>
<li>Aimed at achieving Atmanirbhar Bharat and propelling ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) <a href="https://www.taxscan.in/govt-reduces-compliances-and-end-to-end-automation-of-procedure-relating-to-import-of-certain-goods-at-concessional-rate-of-duty/157742/" target="_blank" rel="noopener">slashed some compliance requirements</a> under Customs(import of goods at concessional rate of duty-IGCR, 2017) and also introduced end to end automation.</li>
</ul>
<h3><em>Finance Minister launches e &ndash; bill processing system</em></h3>
<ul>
<li>Union Finance Minister Nirmala Sitharaman launched e &ndash; bill processing system as part of ease of doing business and digital India ecosystem, aimed at quickening payments processes and ushering in broader transparency.</li>
</ul>
<h3><em>Oil prices bigger worry for Indian than trade with Russia</em></h3>
<ul>
<li>According to S&amp;P Global CommodityInsights, rising <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/030222-oil-prices-not-russian-trade-flows-a-bigger-worry-for-india">oil prices is a bigger worry</a> for India than the trade flows with Russia. Platts Analytics noted that high flat crude oil prices will cause inflationary pressure.</li>
</ul>
<h3><em>&lsquo;Mumbai will emerge as cruise capital of India&rsquo;</em></h3>
<ul>
<li>Mumbai Port Trust chairperson Rajeev Jalota highlighted that the western Indian city of Mumbai will emerge as the cruise capital ofIndia.</li>
<li>He said Mumbai International Cruise Terminal(MICT) and Floating Storage Regasification Unit (FSRU) are the two major upcoming projects in the port.</li>
<li>The cruise terminal can handle up to 6,000passengers at a time, even as 40 lakh cruise passengers are expected in India by 2041 &ndash; 42.</li>
</ul>

Trade Update Review - March 17, 2022

<h2><strong>Asia</strong></h2><h3><strong><em>Pacific International Lines (PIL) to levy penalty on incorrect cargo weight declarations<br></em></strong></h3><ul><li>Singapore-headquartered PIL will levy a <a href="https://www.maritimegateway.com/pil-to-fine-mis-declared-cargo-weight/" target="_blank">penalty of $30,000 per container</a> in the event of shippers declaring incorrect cargo weight. Additionally, both the shipper and the consignee will be held accountable for all the other remedial measures such as expenses, damages, delays, losses, liabilities, claims, fines and others. </li></ul><h3><strong><em>MOL &amp; TOYO Construction ink agreement for commercialising vessels for offshore wind power projects<br></em></strong></h3><ul><li>Mitsui O. S. K. Lines (MOL) and Toyo Construction inked an agreement to explore synergies in offshore wind power plants construction. Both the entities will aim to <a href="https://www.mol.co.jp/en/pr/2022/22023.html" target="_blank">market vessels for offshore construction</a> connected to offshore wind power projects in Japan and other geographies. </li></ul><h3><strong><em>PIL introduces new service connecting China and Australia</em></strong></h3><ul><li>PIL’s new weekly service <a href="https://www.maritimeinformed.com/news/pil-launches-service-china-australia-sino-co-1625220450-ga.1645155747.html?ref=nav#:~:text=The%20new%20service%2C%20known%20as,jointly%20deployed%20by%20PIL%2C%20T.S." target="_blank">Sino Australia Express</a> (SAE) will connect China and Australia staring from Qingdao on March 10th. </li></ul><h3><em>MOL and partners set world records in autonomous navigation</em></h3><ul><li>MOL, two of its group companies and other partners set a world record by achieving the <a href="https://www.maritimeinformed.com/news/pil-launches-service-china-australia-sino-co-1625220450-ga.1645155747.html?ref=nav#:~:text=The%20new%20service%2C%20known%20as,jointly%20deployed%20by%20PIL%2C%20T.S." target="_blank">world’s longest distance autonomous sailing</a> by covering a distance of 750 km in 18 hours. </li></ul><h2><strong>Americas</strong></h2><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 3.png" width="auto" style="width: auto; height: auto;"></a></p><h3><em>Ports of Los Angeles and Long Beach withhold dwell fee for another week</em></h3><ul><li>The ports of Los Angeles and Long Beach have decided to <a href="https://www.portoflosangeles.org/references/2022-news-releases/news_022522_dwell_fee" target="_blank">withhold container dwell fee</a> by another week till March 4th. </li></ul><h3><em>S&amp;P Global Platts said congestion worsened at East Coast North America container ports</em></h3><ul><li>S&amp;P Global Platts highlighted that <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/shipping/022222-us-east-coast-container-port-congestion-grows-as-more-shippers-divert-from-west-coast" target="_blank">congestion at East Coast North America container ports has worsened</a> due to many vessels being diverted to those ports to bypass West Coast jam, leading to further delays and inflated costs of consumer goods. </li></ul><h2><strong>Europe</strong></h2><h3><em>Baltic Dry Index rises by 78 points to1964</em></h3><ul><li>London-headquartered Baltic Exchange’s dry bulk <a href="https://finance.yahoo.com/news/baltic-index-gains-strong-capesize-132609479.html" target="_blank">sea freight index increased</a>, enabled by arise in capesize and panama vessel rates. The index, which factors in the rates of capesize, panamax and supramax vessels rose by 78 points or 4.1 percent to reach 1964. </li></ul><h3><em>Hapag – Lloyd to launch China Germany express service</em></h3><ul><li>German Hapag – Lloyd will soon launch China Germany Express (CGX) service, which will connect south China and northern Europe, offering a faster linkage from Dachan Bay to Hamburg with weekly departures of 27-day transit time. </li></ul><h3><em>MSC to stop slot agreement with SMLine </em></h3><ul><li>Following the end of slot swapping agreement between SM Line and 2M alliance partners on Asia to United States of America (USA) West Coast trade from May 8th, 2022, shipping giant MSC will end slot agreement with SM Line marketed as Rose Service by the shipping line. </li></ul><h3><em>CMA Terminals to operate Port of Beirut container terminal</em></h3><p><a href="https://cogoport.com/signup/en-IN/?utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-2.png" width="auto" style="width: auto; height: auto;"></a></p><ul><li>Starting March, 2022 CMA Terminals, a fully owned subsidiary of French shipping giant CMA CGM will manage, operate and maintain the Port of Beirut’s container terminal for a decade. </li></ul><h3><em>Maersk’s new intermodal freight services to connect Far East to Europe</em></h3><ul><li>Danish shipping heavyweight Maersk has launched new intermodal freight service AE66, which will connect the Far East to Europe, linking Korea,Japan and China to the Kaliningrad region in Russia and also the Baltic countries and Poland via Trans-Siberian. </li></ul><h3><em>CMA CGM to levy overweight surcharge (OWS) from Baltic ports to Indian Subcontinent</em></h3><ul><li>French shipping powerhouse CMA CGM &nbsp;will start levying OWS from Baltic ports to the Indian Subcontinent. &nbsp;</li><li>Starting March 15th, the surcharge will be applicable at the rate of $200 per 20’ dry with a container gross weight over 15 tons. &nbsp;</li></ul><h3><em>WTO observed that merchandise trade is likely to turn up soon </em></h3><ul><li>TheWorld Trade Organisation (WTO) observed in its latest trade barometer note that <a href="https://www.wto.org/english/news_e/news22_e/wtoi_21feb22_e.htm" target="_blank">merchandise trade is likely to turn up soon</a>, even as the barometer’s current reading stood at 98.7, lower than the baseline value of 100 and below November’s reading of 99.5</li></ul><h3><em>Sea Intelligence observes container supply chain’s transition back to normalcy will leave a massive pile of empty boxes on import side</em></h3><ul><li>Sea Intelligence, a leading provider of research and analysis and data and advisory services to the global supply chain industry noted that the eventual container supply chains transition back to normalcy will leave <a href="https://www.sea-intelligence.com/press-room/125-the-coming-pile-of-empty-containers" target="_blank">a massive pile of empty boxes</a> on the import side which cannot be handled readily under normal flows. </li></ul><h3><em>CMACGM Group begins global trial of biofuel adoption</em></h3><ul><li>CMACGM Group with the support of Maritime and Port Authority of Singapore (MPA) began biofuel bunkering in the city-state, aimed at scaling up and wider adoption of clean energy through its global trial. </li><li>Involving32 container ships serving major trade lanes in the trial, the French shipping giant is in the pursuit of becoming a net zero carbon company by 2050. </li></ul><h3><em>Maersk unveils digital customs academy</em></h3><ul><li>Danish shipping giant Maersk has unveiled a digital customs academy to help customers navigate the complex maze of customs and border agencies under compliance requirements. The academy is a global e – learning platform for customs, logistics and international trade compliance. </li></ul><h2><strong>Middle East </strong></h2><p><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0&amp;utm_source=web&amp;utm_medium=blog&amp;utm_campaign=general" target="_blank"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 2.png" width="auto" style="width: auto; height: auto;"></a></p><h3><em>MAWANI &amp; Bahri sign pact to build and operate logistics park at Jeddah Islamic Port</em></h3><ul><li>The Saudi Ports Authority (MAWANI) and shipping major Bahri have entered into a long term deal to <a href="https://www.bahri.sa/en/news-insights/news-insight/2022/mawani-secures-deal-with-bahri-to-set-up-logistics-park-at-jeddah-port/" target="_blank">build and operate an integrated logistics park</a> on leased land at the Jeddah Islamic Port in an area stretching up to 95,436 square meters. </li></ul><h3><em>AD Ports and partners to establish multi-category wholesale food trading logistics hub in KIZAD</em></h3><ul><li>AD Ports Group, a leading facilitator of logistics, trade and industry has joined hands with UAE-based Ghassan Aboud Group to set up one of the largest <a href="https://www.transportandlogisticsme.com/smart-logistics/ad-ports-group-in-partnership-to-set-up-food-trading-and-logistics-hub" target="_blank">multi-category wholesale food trading logistics hub</a> in the region in KIZAD, including a collaboration with Rungis. </li></ul><h2><strong>India</strong></h2><h3><em>Soyameal export fall by 64 percent</em></h3><ul><li>Soyameal exports <a href="https://krishijagran.com/commodity-news/soyameal-exports-fell-by-64-during-oct-jan-period-as-per-sopa/" target="_blank">fell by 64 percent</a> during October –January period because of price disparities and lower crushing at 3.62 lakh tonnes while it was 10.03 LT in the same period of last fiscal. &nbsp;</li></ul><h3><em>Multi-dimensional approach needed forIndia to reach $1 trillion merchandise exports</em></h3><ul><li>A Confederation of Indian Industry (CII)report said India needs a multi-dimensional approach to achieve $1 trillion merchandise exports by 2030. </li></ul><h3><em>Post FTA, 80 percent Indian exports to UAE to be duty free</em></h3><ul><li>Following the free trade agreement, <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/after-free-trade-pact-80-of-exports-to-uae-to-be-duty-free/articleshow/89649008.cms" target="_blank">80 percent of India’s exports</a> to the UnitedArab Emirates (UAE) are expected to be duty free.</li></ul><h3><em>Indian vessels still being subjected to quarantine procedures at Indonesian ports</em></h3><ul><li>Indian vessels arriving at Indonesian ports continue to be subjected to <a href="https://www.gac.com/hot-port-news/procedures-for-vessels-from-india-or-philippines" target="_blank">quarantine procedures</a>.</li></ul><h3><em>Paradip Port handles 100 million tonnes (MT) for fourth year at a stretch</em></h3><ul><li>One of India’s 12 major ports, Paradip Port, achieved the distinction of handling <a href="https://www.business-standard.com/article/economy-policy/paradip-port-achieves-100-mt-mark-in-cargo-handling-for-4th-year-in-a-row-121022200832_1.html" target="_blank">100 MT of cargo for the fourth year</a> at a stretch recently. </li></ul><h3><em>India &amp; UAE trade pact to open new markets</em></h3><ul><li>Commerce Minister Piyush Goyal noted that theComprehensive Economic Partnership Agreement (CEPA) between India and UAE will <a href="https://www.livemint.com/news/india/indiauae-cepa-similar-pacts-being-worked-out-with-gulf-cooperation-council-11645348042847.html" target="_blank">open new markets</a> for the former’s goods and services. </li></ul><h3><em>Anti-dumping duty on aluminium foil extended</em></h3><ul><li>India’s Finance Ministry <a href="https://www.thehindubusinessline.com/economy/finmin-extends-validity-of-anti-dumping-duty-on-aluminium-foil-imports-from-china/article65059080.ece" target="_blank">extended the anti-dumping duty</a> on Chinese aluminium foil till June 15th. &nbsp;&nbsp; </li></ul><h3><em>Sugar exports skyrocket by 242 percent</em></h3><ul><li>India’s sugar exports in the first four months of the sugar season of 2021 – 2022 <a href="https://www.thehindubusinessline.com/economy/agri-business/sugar-exports-jump-over-three-fold-to-315-lakh-tonnes-in-oct-jan/article65058853.ece" target="_blank">skyrocketed by 242 percent</a> on excellent demand to 31.5 lakh tonnes. </li></ul><h3><em>India expected to face stiff competition from Thailand in rice exports</em></h3><ul><li>Following rice production rebounding inThailand, India is expected to<a href="https://www.thehindubusinessline.com/economy/agri-business/rice-exports-thailand-likely-to-offer-competition-to-india-this-year/article65051745.ece" target="_blank"> face stiff competition</a> from theSoutheast Asian country in the export of this commodity at a time when price difference in parboiled rice sector slumped to $20 a tonne. </li></ul><h3><em>Pharmaceutical exports to USA decline by 8.6 percent from April to December</em></h3><ul><li>India’s pharmaceutical exports to USA <a href="https://www.thehindubusinessline.com/economy/pharma-exports-to-us-down-866-in-aprildec-21-total-global-exports-remain-flat/article65051855.ece#:~:text=In%20FY21%2C%20India's%20pharma%20exports,of%20the%20current%20financial%20year." target="_blank">declined by 8.66 percent</a> in the first nine months of 2021 – 22. </li></ul><h3><em>APM Terminals Pipavav surpasses own record on berth productivity</em></h3><p><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-3.png" alt="" width="300px"></p><ul><li>APM Terminals Pipavav surpassed its own berth productivity record of 140moves by clocking 143.26 moves per hour on Maersk Sentosa of MECL service. </li></ul><h3><em>‘India witnessing unprecedented economic development’</em></h3><ul><li>Niti Aayog CEO Amitabh Kant said India is witnessing <a href="https://www.thehindubusinessline.com/money-and-banking/kvb-unanu-technologies-tie-up-for-digital-freight-finance/article65048901.ece" target="_blank">unprecedented levels of economic development</a> at the rate of 9.2 percent and is expected to grow at similar levels in the near future. </li></ul><h3><em>Karur Vysya Bank &amp; UNANUTechnologies join hands for digital freight finance</em></h3><ul><li>Karur Vysya Bank and Chennai firm UNANU Technologies teamed up to offer <a href="https://www.thehindubusinessline.com/money-and-banking/kvb-unanu-technologies-tie-up-for-digital-freight-finance/article65048901.ece" target="_blank">digital freight finance</a> to fund transport contractors, deploying an end-to-end technology platform.</li></ul><h3><em>Deendayal Port Authority (DPA) handles large vessel</em></h3><ul><li>DPT Kandla handled MV Maha Jacqueline, a panamax vessel of Indian flag with a draft of 14 meters. Timely dredging of the navigation channel in January enabled the passage of the ship, which was shipping a load of 74,000 MT of salt to Singapore. &nbsp;</li></ul><h3><em>Agri products exports touch seven-month high in December</em></h3><ul><li>Value of exports through Agricultural andProcessed Food Products Export Development Authority (APEDA) rose by 37 percent to touch <a href="https://www.thehindubusinessline.com/economy/agri-business/growth-in-agri-products-exports-hits-7-month-high-in-december/article65074005.ece#:~:text=December%20was%20the%20brightest%20period,per%20cent%20(%242.44%20billion)." target="_blank">a seven-month high</a> of $2.44billion. </li></ul><h3><em>India likely to clock record seafood exports in 2021 – 22</em></h3><ul><li>Powered by increased consumption of shrimps byUSA and China, India is likely to clock <a href="https://www.financialexpress.com/economy/seafood-exports-likely-to-hit-record-high-in-fy22/2441987/" target="_blank">record seafood exports</a> in 2021 – 22. In the first 10 months of this fiscal, the country exported seafood worth $6.7billion.</li></ul><h3><em>Joint venture led by Vishwa Samudra Holdings wins EPC deal for Bhavanampadu port in AP</em></h3><ul><li>Hyderabad-based <a href="https://www.thehindubusinessline.com/economy/logistics/vishwa-samudra-holdings-led-jv-wins-294970-crore-epc-deal-for-bhavanapadu-port-in-ap/article65070451.ece" target="_blank">Vishwa Samudra Holdings Pvt. Ltd.</a> led joint venture won the Rs 2,950 crore engineering procurement and construction (EPC)deal for Bhavanampadu port in Andhra Pradesh. </li></ul><h3><em>Shipping Minister inaugurates centre of excellence in maritime and shipbuilding</em></h3><ul><li>Union ShippingMinister Sarbananda Sonowal recently inaugurated the centre of excellence in maritime and shipbuilding (<a href="https://www.thehindu.com/news/cities/Visakhapatnam/sarbananda-sonowal-inaugurates-centre-of-excellence-in-maritime-and-shipbuilding-facility-in-visakhapatnam/article65077729.ece" target="_blank">CEMS</a>) in Visakhapatnam</li></ul>

Trade Update Review - March 7, 2022

Trade Update Review - February 24, 2022

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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><strong><span class="NormalTextRun SCXW90142186 BCX0">We</span> <span class="NormalTextRun SCXW90142186 BCX0">at </span><span class="NormalTextRun SCXW90142186 BCX0">Cogoport</span><span class="NormalTextRun SCXW90142186 BCX0"> are proud to have </span><span class="NormalTextRun SCXW90142186 BCX0">enabled </span><span class="NormalTextRun SCXW90142186 BCX0">a critical, temperature-sensitive pharma</span><span class="NormalTextRun SCXW90142186 BCX0">ceuticals cargo</span><span class="NormalTextRun SCXW90142186 BCX0">, involving 11 </span><span class="NormalTextRun SCXW90142186 BCX0">Envirotainer</span><span class="NormalTextRun SCXW90142186 BCX0"> container</span><span class="NormalTextRun SCXW90142186 BCX0">s</span><span class="NormalTextRun SCXW90142186 BCX0"> from </span><span class="NormalTextRun SCXW90142186 BCX0">Mumbai (Ex-Works) to Milan</span></strong><span class="NormalTextRun SCXW90142186 BCX0">. The shipment was even more special because </span><span class="NormalTextRun SCXW90142186 BCX0">our team successfully handled first-ever Air Expo</span><span class="NormalTextRun SCXW90142186 BCX0">rt</span> <span class="NormalTextRun SCXW90142186 BCX0">Envirotainer</span><span class="NormalTextRun SCXW90142186 BCX0"> movement</span><span class="NormalTextRun SCXW90142186 BCX0">.</span> <span class="NormalTextRun SCXW90142186 BCX0">The movement of the consignment happened between </span><span class="NormalTextRun SCXW90142186 BCX0">16</span></span><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun Superscript SCXW90142186 BCX0" data-fontsize="12">th</span></span><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0">- 20</span></span><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun Superscript SCXW90142186 BCX0" data-fontsize="12">th</span></span><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"> <span class="NormalTextRun SCXW90142186 BCX0">June</span><span class="NormalTextRun SCXW90142186 BCX0"> 2023.</span></span></p>
<p class="Paragraph SCXW90142186 BCX0"><a href="https://api.whatsapp.com/message/N4CI7UNDFE2ZM1?autoload=1&amp;app_absent=0" target="_blank" rel="noopener"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog Banner WA 3.png" alt="" width="auto" height="auto"></a></p>
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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0">Envirotainier</span> <span class="NormalTextRun SCXW90142186 BCX0">container comes with </span><span class="NormalTextRun SCXW90142186 BCX0">limited</span><span class="NormalTextRun SCXW90142186 BCX0"> turnaround period. </span><strong><span class="NormalTextRun SCXW90142186 BCX0">While undertaking this project we had to improvise and </span></strong><span class="NormalTextRun SCXW90142186 BCX0"><strong>always stay ahead of the curve</strong>. </span><span class="NormalTextRun SCXW90142186 BCX0">As pharma stalwarts would understand an </span><span class="NormalTextRun SCXW90142186 BCX0">envirotainer</span><span class="NormalTextRun SCXW90142186 BCX0"> ensures safe delivery of pharmaceuticals by </span><span class="NormalTextRun SCXW90142186 BCX0">maintaining</span><span class="NormalTextRun SCXW90142186 BCX0"> the integrity and quality of their products throughout the cold chain. </span><span class="NormalTextRun SCXW90142186 BCX0">The timelines for the lease </span><span class="NormalTextRun SCXW90142186 BCX0">are pre-defined and entail heavy </span><span class="NormalTextRun SCXW90142186 BCX0">demurrage</span> <span class="NormalTextRun SCXW90142186 BCX0">for delays</span></span></p>
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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0">Cogoport&rsquo;s</span><span class="NormalTextRun SCXW90142186 BCX0"> collective </span><span class="NormalTextRun SCXW90142186 BCX0">logistics</span><span class="NormalTextRun SCXW90142186 BCX0"> and technical </span><span class="NormalTextRun SCXW90142186 BCX0">expertise</span><span class="NormalTextRun SCXW90142186 BCX0"> came in handy as the volume of the movement required us to be in constant touch with all our stakeholders, had to be split in lots</span> <span class="NormalTextRun SCXW90142186 BCX0">keeping in mind the cargo</span><span class="NormalTextRun SCXW90142186 BCX0">, </span><span class="NormalTextRun SCXW90142186 BCX0">carrier and </span><span class="NormalTextRun SCXW90142186 BCX0">envirotainer</span><span class="NormalTextRun SCXW90142186 BCX0"> restrictions,</span><span class="NormalTextRun SCXW90142186 BCX0"> involving continuous coordination</span><span class="NormalTextRun SCXW90142186 BCX0">. Due to the nature of the product and mode of movement, these containers were non-stackable</span><span class="NormalTextRun SCXW90142186 BCX0">.</span> <span class="NormalTextRun SCXW90142186 BCX0">Our airline partner for this shipment was Emirates. </span><strong><span class="NormalTextRun SCXW90142186 BCX0">We are grateful to our esteemed client from Milan in entrusting us with end-to-end sensitive pharma movement for M/s Lupin </span><span class="NormalTextRun SCXW90142186 BCX0">Pharmaceuticals.</span></strong></span></p>
<p class="Paragraph SCXW90142186 BCX0"><a href="https://cogoport.com/signup/en-IN/" target="_blank" rel="noopener"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0"><img src="https://cdn.cogoport.io/cms-prod/cogo_public/vault/original/Blog-Banner-Portal-1.png" alt="" width="auto" height="auto"></span></span></a></p>
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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0">Envirotainer</span><span class="NormalTextRun SCXW90142186 BCX0"> is synonymous with active cold chain. It has industry-leading product catalogue which helps pharmaceutical firms and their </span><span class="NormalTextRun SCXW90142186 BCX0">logistics</span><span class="NormalTextRun SCXW90142186 BCX0"> partners on how to distribute temperature-sensitive medications around the world. </span><span class="NormalTextRun SCXW90142186 BCX0">Envirotainer&rsquo;s</span> <span class="NormalTextRun SCXW90142186 BCX0">major goal is to distribute medications safely while preserving the purity and quality of the contents along the cold chain.</span></span><span class="EOP SCXW90142186 BCX0" data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}">&nbsp;</span></p>
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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0"><strong>Our operations and technical teams went the extra mile and designed bespoke solutions on the go.</strong> </span><span class="NormalTextRun SCXW90142186 BCX0">Every stakeholder in the shipment understood the criticality and our platform </span><span class="NormalTextRun SCXW90142186 BCX0">proved its mettle. </span><span class="NormalTextRun SCXW90142186 BCX0">The next time you are thinking about sending or </span><span class="NormalTextRun SCXW90142186 BCX0">receiving critical and temperature-sensitive pharmaceutical products, we </span><span class="NormalTextRun SCXW90142186 BCX0">will be ready and happy to help you.</span></span></p>
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<p class="Paragraph SCXW90142186 BCX0"><span class="TextRun SCXW90142186 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW90142186 BCX0">Cheers to the team!</span></span><span class="EOP SCXW90142186 BCX0" data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}">&nbsp;</span></p>
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Cogoport Enables Movement of 11 Envirotainer Containers from India to Italy 

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Cogoport Enables Movement of 11 Envirotainer Containers from India to Italy