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Souhang.com will organize the 10 pieces of information that have attracted high attention in international trade and logistics circles this week as follows, and you can grasp the latest international frontiers in 2 minutes.
01 The Panama Canal may face a prolonged drought
As the Central American country of Panama receives its lowest level of rainfall since 2000, the Panama Canal looks set to remain low. Jon Davis, chief meteorologist at Everstream Analytics, said that from March to August 22 this year, rainfall in Panama was the lowest since the turn of the century. The Panama Canal Authority (ACP) has imposed draft and daily transit restrictions on major waterways connecting the east coasts of Asia and the Americas and beyond.
According to an August 24 report by ACP, about 117 vessels on both sides of the canal are waiting to cross the border, compared with the normal level of about 90. Authorities prioritize ships that have booked transit, saying the average waiting time for unbooked transit is 9 to 11 days. Of the vessels waiting to cross on 24 August, about 50 had reservations and the remaining 67 did not.
Looking ahead, the outlook for the canal level is not optimistic. Davis said the short-term outlook for September was "problematic," with continued dwindling rainfall across Panama and higher-than-normal temperatures. Ilya Espiño, deputy director of the Panama Canal Authority, said that if the area where the canal's water body is located does not receive enough rainfall in the coming months, the restrictions on the passage of ships on the canal will be extended for one year.
02 A container ship accident involving several ports in China
According to foreign media news, at about 11:35 p.m. on August 24, a container ship "CONTSHIP UNO" collided with a Japanese freighter "IZUMI MARU" on its way from Osaka to Keelung, Taiwan, China. "IZUMI MARU" capsized, 3 of the 5 crew members were rescued and 2 were missing, and a search and rescue is ongoing.
IT IS UNDERSTOOD THAT THE CONTAINER SHIP "CONTSHIP UNO", IMO: 9379026, WAS BUILT IN 2007, WITH A CAPACITY OF 1118TEU AND FLYING LIBILLIAN FLAG. The ship was deployed by TSL Dexiang on JTK2 on the Japanese route, performing voyage 23027N, calling at Hong Kong, Shekou and other ports in China and then heading to Japan. Subsequently, it is expected that the ship will be adjusted to TSL Dexiang JTK3 route, involving Hong Kong, Nansha, Shekou, Xiamen and other ports.
03 Saudi Ports Authority cooperates with the Port of Rotterdam
The Saudi Ports Authority (Mawani) and the Port of Rotterdam in the Netherlands recently signed a cooperation agreement aimed at strengthening cooperation in areas such as smart port construction.
The agreement addresses a number of areas, including digital transformation towards smart ports, marine environmental support and green port initiatives. Under the new agreement, the two parties will collaborate in areas such as smart ports, human capital development, knowledge transfer and efficiency optimization.
According to media reports, the agreement will also further strengthen cooperation between the two entities in port corporatization.
04 OOCL announces first-half results
This week, Orient Overseas (International) Limited ("OOIL") announced its 2023 interim results, recording a profit attributable to shareholders of US$1,129 million for the six months ended 30 June 2023, compared to a profit of US$5,664 million for the same period in 2022. Earnings per common share for the first half of 2023 were $1.71, compared to earnings per share of $8.58 per common share for the first half of 2022.
OOCL believes that, as expected, the market conditions that have been running at high levels over the past two to three years are over. From the middle of last year to the first half of 2023, freight rates are in a long-term stable correction process. Compared with the high level from 2020 to 2022, the downward revision is undoubtedly striking in both absolute and relative terms, but this only reflects how far the freight rate market has risen.
05 COSCO SHIPPING International announced its first half results
In the first half of 2023, COSCO SHIPPING International (Singapore) Company's operating income was S$90.174 million, a slight decrease of 2% compared with the first half of 2022. Net profit attributable to shareholders of the Company was S$1.959 million, and earnings per share attributable to shareholders after dilution were S$0.09. Net income attributable to shareholders and earnings per share declined significantly compared to the same period last year due to lower investment income in associates and higher interest and utility charges.
In the first half of this year, the company's main business, integrated logistics, contributed S$72.6 million in revenue, accounting for 81% of the company's operating income; Ship repair and steel structure construction businesses contributed S$10.3 million in revenue, accounting for 11%; Property management contributed S$7.3 million in revenue, accounting for 8%. In the integrated logistics business, warehousing, land transportation, automotive logistics and container yards contribute the majority of revenue.
06 American Airlines pilots approved new contracts
American Airlines pilots approved a new contract between the union and the company that includes compensation and benefits increases totaling more than $9.6 billion over four years, reflecting pilots' bargaining power in an era of airline shortages.
The United Pilots Association (APA) said 72.7 percent of pilots voted in favor of the agreement, which would immediately increase pilot pay by more than 21 percent. Overall, U.S. Airlines pilots will be paid more than 46 percent more over the contract period.
07 In July, cargo traffic at Hong Kong International Airport continued to pick up
It is reported that following the improvement in June, Hong Kong International Airport's cargo volume continued to grow in July, showing a year-on-year increase for the second consecutive month. The airport's cargo volume in July rose 3.8% year-on-year to 361,000 mt. April and May saw declines.
"Exports contributed the most to overall cargo volume growth in July, up 12.6% compared to the same period last year," the airport authorities said. "Passenger traffic to and from the main trading regions of North America, the Middle East and Europe rose significantly during the month." In the first seven months of this year, cargo volumes fell 4.2% year-on-year to 2.4 million mt. The airport said cargo volumes this year have been affected by global economic uncertainty.
08 South Korea's ship exports in the first half of the year increased by 11.9% year-on-year
According to Yonhap News Agency, according to statistics released by South Korea's Ministry of Industry, Trade and Energy on August 22, South Korea's ship exports in the first half of this year increased by 11.9% year-on-year to $9.29 billion.
The Ministry of Industry pointed out that the number of shipbuilding orders has gradually increased since 2021, and these orders have been delivered in the first half of this year, coupled with the increase in ship prices at the time of receiving orders, these factors have driven the growth of ship exports in the first half of the year.
09 MSC withdraws from the acquisition of Livorno Container Terminal
Shipping company MSC has decided to withdraw its interest in acquiring the Italian port of Livorno at the Dalsena Toscany Terminal (TDT). Blockers from competition regulators appear to be the most likely reason for this decision.
Notably, Terminal Investment Limited (TIL), a port operator owned by MSC, announced its acquisition of the container terminal in January, but based on recent developments, the deal appears to have fallen apart.
Luciano Guerrieri, president of the North Tyrrhenian Sea Port System Authority (Adsp), said: "Whatever the reasons that led MSC to withdraw its offer, the potential of the Port of Livorno remains unchanged while it is hoped that negotiations may be resumed," Italy 24 reported. ”。
10 Saudi ports saw an increase in container throughput in July
The Saudi Ports Authority (Mawani) reported a combined container throughput of 753,496 TEUs in July, 19% higher than the same period last year. More specifically, Mawani's July data showed that export containers increased by 34.56% from 185,791 TEUs last year to 250,004 TEUs, and import containers increased by 30.09% from 180,329 TEUs to 234,592 TEUs.
In addition, Mawani grew at an annual rate of 0.41% in its transshipment segment to 268,901 TEUs in July 2023. On the other hand, the volume of cargo in July fell by 9.84% from 27,836,906 tons in the same period last year to 25,096,888 tons this year.
It is reported that the volume of ship traffic in July is estimated at 1,017 vessels, an increase of 2.94% from 988 in the same period last year, and the number of passengers was 57,730, an increase of 32.57% year-on-year.