Singapore’s Tuas mega port to handle 65 million TEUs annually by 2040s
Singapore aims to enhance and strengthen Tuas Port capabilities with an ongoing plan, which once fully completed around 20 years from now, the port is expected to handle 65 million TEUs annually, almost double current volumes.
According to a recent announcement by Singapore's Ministry of Transport (MOT), the first two berths in Tuas Port Phase 1 started operations in December 2021 on schedule, and three more berths will start operations by December 2022.
Container News
Port of Los Angeles enjoying record year: Backlog gone and imports up 3.5%
Port of Los Angeles Executive Director Gene Seroka is offering a simple message for shippers seeking capacity due to increased congestion at East Coast and Gulf ports: “Our terminals have capacity.”
In a year-over-year comparison, July’s figures reflect a a growth rate of 184.7% for intermodal cargo and 35.8% for dry and refrigerated cargo.
The Port of Los Angeles processed an estimated 935,345 Twenty-Foot Equivalent Units (TEUs) in July, outpacing the previous record set in 2019 by 2.5%. The Port has set monthly records in five of seven months in 2022.
“Remarkably, we continue to move record amounts of cargo while working down the backlog of ships almost 90%, a huge accomplishment by all of our partners,” Seroka said at news briefing.
Supply Chain 24/7
Felixstowe strike could drag on as workers demand 10% pay rise
Strikes at the UK’s largest container ship port could extend beyond the eight days currently planned by unions, threatening more disruption to the country’s supply chains.
Sharon Graham, general secretary of the Unite union, told Bloomberg Radio that workers at Felixstowe want a 10% raise, up from the port operator’s offer of 7% and a £500 one-off bonus.
Inflation is on track to rise above 18% next year, investment bank Citigroup predicted on Monday. It has already climbed to 10.1%.
Graham said it would be “totally unacceptable” for workers at Felixstowe, which is owned by a unit of CK Hutchison Holdings Ltd., to accept a pay rise below the rate of inflation.
AJOT
Despite diminished trade ties with Russia, Port of Riga thrives
Historically, Russia and the Baltic nations have enjoyed close economic ties, but these linkages have diminished since Russia invaded Ukraine in February. Since then, the Baltic nations have faced a difficult task in re-aligning their markets as sanctions against Russia intensified.
When the Free Port of Riga, Latvia’s largest port, released its performance report for its half of this year, it offered an important view into the progress of the trade shift.
The Maritime Executive
West Coast port labor talks stalled over union conflict
Labor talks between West Coast dockworkers and their employers are at a standstill because of a fight between two unions over who maintains equipment at a cargo-handling terminal at the Port of Seattle, according to people familiar with the talks.
The labor battle is complicating the talks that cover 29 West Coast ports and raises the threat of disruptions at major American gateways for trans-Pacific trade, including the country’s busiest container port complex at Los Angeles and Long Beach, Calif.
The Wall Street Journal
Demand-led spikes are over for container shipping
The demand-led spikes seen during the pandemic that propelled container shipping to record earnings are now a thing of the past, according to new analysis from Copenhagen-based Sea-Intelligence.
Sea-Intelligence has run the numbers on supply and demand during the covid era, and its conclusions add to the growing consensus that volumes are slipping, and it is only supply chain chaos such as port congestion that is helping prop up rates.
Splash 24/7
China’s scorching heat leads to power cuts, factory disruptions
Another heat wave is wreaking havoc on supply chains and crimping the movement of goods.
According to The Wall Street Journal, dried-up rivers, scorching heat and power rationing in parts of China are disrupting factories and threatening crop yields, with the critical commercial corridor along the Yangtze River particularly hard hit.
Supply Chain Brain
The United States and Italy lead trade relations with Valenciaport
The United States and Italy have become the first and second leading countries in trade relations with Valenciaport worldwide. As reflected in the data of the Statistical Bulletin of the Port Authority of Valencia (APV) for the month of July, in the first seven months of the year, the North American ports have mobilised 5,523,420 tonnes, which represents a growth of 22.47%, highlighting the increase in the import of US products, by more than 215%.
For its part, Italy has become Valenciaport's second largest trading partner with 4,672,967 tonnes of goods handled and an increase of 3.5% compared to the same period the previous year. Between 1 January and 31 July, the situation of the Asian market has left China with less weight, with a total traffic volume of 3,664,901 tonnes, accumulating a decrease of 8.35% compared to the same period last year.
AJOT
