CASUALTIES EXPECTED AS SHIP STRIKE BRINGS DOWN BALTIMORE BRIDGE
Container ship Dali is stuck under the collapsed bridge structure. Operator Synergy Marine Group has reported no injuries to the crew or the two pilots onboard. The 2015-built ship is 299 meters long with a 9,960 teu capacity and is under charter by Maersk. US agencies have reported that workers and vehicles were on the bridge at the time of the collapse and search and rescue efforts are underway; a spokesperson from the Baltimore City Fire Department referred to the collapse as a mass casualty event. Authorities said they were looking for upwards of seven individuals, with one spokesperson claiming up to 20 people. The bridge strike happened around 0130 hrs local time and caused an immediate collapse of the bridge. Videos of the incident show the lights on the ship going out for a one-minute period close to the time of the impact with the bridge before illuminating again. As the ship’s lights come back on, its funnel begins emitting heavy smoke, suggesting some attempt to manuevre. The collapse will cause an immediate obstruction to traffic entering and leaving the Port of Baltimore, including several vessels which are currently trapped in Baltimore Harbour, upriver from the bridge.
FEDEX DEACTIVATES 17 MORE AIRCRAFT AS COST CONTROLS PAY OFF.
FedEx has parked 17 more freighter aircraft since November and relinquished options to buy seven Boeing 767 cargo jets, part of a multiyear cost initiative that helped the parcel titan to better-than-expected operating profit in the third quarter despite lower revenue. Besides being cautious with aircraft utilization and investments, the Express unit expects to increase savings and yields by turning a portion of the fleet into an extension of the company’s large U.S. and European less-than-truckload business, management explained during Thursday’s earnings briefing. And hanging in the balance is a reworked U.S. Postal Service contract that could also help the bottom line.
MSC COMPLETES ACQUISITION OF FRENCH FREIGHT FORWARDER CLASQUIN
SAS will acquire a 42% stake in the French forwarder for an estimated $353m (€325m) from its chairman Yves Revol and private equity firm Olymp. The remaining shares will be picked up on the stock market. Clasquin is a 40-year-old, mid sized international freight forwarder and overseas logistics company and manages the flow of customer shipments along the transport and logistics chain between France and the rest over the world The company manages shipments both by land and sea to and from Asia- Pacific, North America, North Africa, and sub-Saharan Africa. The Lyon-based firm posted a 2023 turnover of $610.58m, down 35.9% on the previous 12 months, as markets normalised. One potential area of synergy with MSC’s subsidiaries is likely to be in Africa, with Africa Global Logistics (AGL), formerly Bolloré Africa Logistics. Clasquin could offer AGL its international forwarding network for shipments to and from the continent. Clasquin has experienced strong growth in Africa in recent years and is in the process of taking full control of its Morocco-based subsidiary, Timar, which is present in several African countries.
CHINESE AND RUSSIANS REPORTEDLY GIVEN SAFE PASSAGE THROUGH THE RED SEA BY THE HOUTHIS This is not the first time that the Houthis have made such overtures to the Russians and the Chinese. A senior Houthi official was quoted in Russian media in Iran making similar safe passage claims to the two allies of Iran. The Houthis have been waging a series of attacks aimed at Israeli, US, and UK-linked ships, taking sides with Hamas in its near six-month war with Israel. However, the Houthis’ selection of targets has often proven to be off, with outdated, or incorrect, shipping databases leading to attacks on ships with no links to Israel, the US, or the UK. Last week, the Houthis’ leader, Abdul Malik Al-Houthi, vowed to expand the campaign to the Indian Ocean and hit vessels traveling around South Africa. Some 70 merchant ships have been targeted to date leading to a massive rerouting of the global merchant fleet to head around the continent of Africa in order to connect between Asia and Europe. Overall trade volumes through the Suez Canal plummeted by 50% year-on-year in the first two months of 2024, according to the International Monetary Fund while trade transiting around the Cape of Good Hope surged by an estimated 74%.
CMA CGM TEAMS WITH SAUDI LINER NEWCOMER
French liner giant CMA CGM has partnered up with recently established Saudi feeder and short-sea operator Folk Maritime to expand its service in the North Red Sea. A new weekly service called North Red Sea Express (NRX) will link the Saudi ports of Jeddah, Neom, and Yanbu to the ports of Sokhna in Egypt and Aqaba in Jordan, with each partner operating one vessel. The first sailing will take place from Jeddah on April 9 on the 2,100 teu Jin Shun He. The companies said NRX will aim to facilitate the growing market and trade needs within these regional ports while simultaneously helping to reduce carbon emissions by offering an alternative sea solution between Jeddah, Neom and Yanbu. Officially introduced less than a month ago, the Riyadh-based Folk Maritime is headed up by former Hamburg Süd boss Poul Hestbaek, who left the Maersk company in August last year. “This service, in partnership with CMA CGM, marks a significant step in enhancing Saudi Arabia’s capacity as a global logistics hub and reinforces our commitment to drive growth and connectivity within the maritime sector,” Hestbaek said.
COSCO SHIPPING LINES INTRODUCES NEW AMERICAS SERVICE
The new service, providing a direct connection among Chile, Peru, Ecuador, Columbia and East America, will further optimise the regional service network of COSCO Shipping Lines supported by its global digital supply chain service. It is the first direct service for North America East coast to West coast of South America, achieving a breakthrough in America and providing more options for clients in regional and emerging markets, said COSCO Shipping Lines. COSCO Shipping Lines (Central America) Company currently operates twenty-seven regional shipping services in America, covering twenty-four countries and fifty-two ports in South and North America.
HOW CHINA SKIRTS TARIFFS INTO THE US
The trade war between the U.S. and China began in 2018, when then-U.S. President Donald Trump imposed comprehensive tariffs on Chinese goods, citing unfair trade practices. This move set off a reciprocal imposition of tariffs, leading to a significant escalation. The U.S. targeted $550 billion worth of Chinese products. In response, China placed tariffs on $185 billion worth of U.S. goods. A temporary truce was reached with the signing of the Phase One Deal in January 2020. This agreement aimed to ease the tariff war through commitments to decrease tariffs,boost trade purchases and address contentious issues such as intellectual property theft and technology transfer. The trade war’s impact was widespread, and its breadth and scale have drawn comparisons to historic protectionist measures, such as the Smoot-Hawley Tariff Act of 1930.
The shift of Chinese manufacturing and trade flows toward Mexico carries with it potential for profound economic transformation in the region. The gradual buildup of production capacity, spurred by Chinese investment and the relocation of manufacturing activities, hints at a future in which Mexico becomes an increasingly robust and capable trade partner.