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Section 301 Investigation: China’s maritime, shipbuilding, and logistics policies
On April 17, 2024, the Office of the United States Trade Representative (USTR) announced that it had initiated a new investigation pursuant to Section 301 of the Trade Act of 1974. This investigation focuses on the acts, policies, and practices of the People’s Republic of China (PRC or China) that USTR says seek to establish global dominance in the maritime, logistics, and shipbuilding sectors. USTR’s announcement follows its review, in consultation with the interagency Section 301 Committee, of a petition filed in March 2024 by labor unions requesting a Section 301 investigation.
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Global Trade Survey 2024: China, France, Germany, Italy, Poland, Spain, UK and US
This trade survey asked over 3,000 companies in China, France, Germany, Italy, Poland, Spain, the UK and the US about their outlook for global trade in the year ahead. 82% of the companies surveyed said they expected business turnover generated through exports to increase. Serendipitously last year, 70% of corporates expected turnover growth and the year ended up with a trade recession, reminding us of the conquering nature of exporters, as well as the negative year-on-year commodity price effect on export revenue worldwide.
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Report shows contain ship Dali suffered blackouts day before the tragic collision
A new report by the National Transportation Safety Board (NTSB) preliminary shows the Dali suffered blackouts on the day before the tragic collision. The 24-page preliminary report provides some context into what happened in the run-up to the March 26 bridge collapse. Yet it leaves unanswered major questions about exactly why the Dali container ship lost power when and where it did.
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Seaborne trade: volumes set for significant decline
A new report by analysts by analysts suggests that seaborne trades will decline through to 2050 and the age-old correlation with global GDP growth is increasingly redundant. Signs are that seaborne trade volumes will likely shrink between the 2030s and 2050, and that they will primarily consist of cargo that is more feasible to transport than to produce locally. This suggests a decoupling of seaborne trade volumes and global economic growth
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Ocean freight market update – May
Carriers have announced significant rate hikes on all Asia outbound lanes due to the increased demand and load factors coupled with equipment challenges in more ports now. These increases are expected to continue at least into the summer.
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Maritime decarbonisation to generate 4 million new jobs
This new analysis forecasts that the maritime industry’s shift to e-fuels could generate up to four million new green jobs by 2050, doubling the current global seafarer workforce. These jobs will span renewable energy generation, hydrogen production, and e-fuel production, reflecting growth throughout the supply chain.
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