Category: International

Is China’s Titanic economy finally running into the iceberg of overcapacity?

Problems at China Cosco Holdings suggest trouble ahead.

Cosco, a giant state-owned shipping company, is locked into long-term contracts for chartering vessels that haul iron ore, coal and grain around the world.

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Qantas Airways has finally closed the book on its involvement in a 6 year cartel to fix air cargo prices after it agreed to pay a fine of NZ$6.5 million ($4.8 million) to New Zealand’s commerce commission.

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Lyttelton Port of Christchurch released the below at 1800 last night (23rd February)

“An assessment of container assets is that wharves have held up well, but there are urgent minor works to be done. We are aiming to have limited operations available within 3-4 days. Our current best estimate to get back to our previous operation service levels prior to the 6.3 quake is in 10 days. .
We regret to advise that receival and delivery is currently suspended but expect to be operational within 24 hours.”

Road Transport – The Lyttelton tunnel is still closed (except for emergency vehicles) so access to the port will still be very limited at best.  At this stage our road transport carriers are hoping to be partially operational on Monday 28th.  Please note that the expected backlog at the Port along with the condition of the roads is expected to increase turnaround times.

Rail – Most lines are now open.

Customers are expected to experience a number of delays on most consols both inbound and outbound from the UK.

Revised schedule updates should be available and every effort will be made to move cargo asap.

Source: Rohlig

We have been advised by Pacific Network that their offices will be closed on the following New Year holiday’s:

  • Hong Kong: 3 Feb 2011 to 6 Feb 2011
  • China: 2 Feb 2011 to 8 Feb 2011

We have been advised by Rohlig that Incoterms 2010 Renewals From 1 January 2011 onwards, revised Incoterms will come into effect worldwide. In order to inform you of the changes, they have summarised all of the relevant information into an overview:

  • In the future, instead of 13 clauses, there will only be 11.
  • These are divided into two categories:
    Clauses for all types of transport: EXW, FCA, CPT, CIP, DAT, DAP, DDP
    Clauses for sea and inland water transport: FAS, FOB, CFR, CIF
  • The DAT and DAP Incoterms replace the former clauses DEQ, DAF, DES and DDU.
  • Pursuant to Incoterms 2010, for clauses FOB, CFR and CIF, goods are regarded as having been delivered as soon as they are on board the ship, and not as previously, at the reeling of the ship.

Pursuant to the ICC, Incoterms may be applied to both domestic and to international purchase contracts.

As you may be aware from recent media reports security intervention on international Air Cargo has been significantly enhanced after
the detection of explosives on flights to the United Kingdom and United States.
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We have been advised that freight volumes from Frankfurt are exceeding pre-crisis levels and are up to 20% above the same period in 2009. These volume increases, coupled with a lack of additional capacity and the Q4 (4th quarter) peak season almost upon us, all major Carriers ex Germany have announced increases to their air freight rates.

Recent announcements by Carriers servicing the Australian markets will have an impact with an increase in airfreight rates into Australia shortly. We will monitor the changes and advise when possible.

Source: DHL Global