TT Club Safety Innovation Awards now open
TT Club, in partnership with ICHCA, has opened entries for its annual Safety Innovation Awards to recognise those who have made significant advances in cargo transport safety. This prestigious award recognises individuals and organisations who are currently driving safety improvements in the global freight industry, a mission that is more important than ever. See also: TT Club urges global supply chain to address rising container ship fire risk The challenges of cargo transportation are enormous, whether in port or on board, there are risks such as explosions, fires, falls, crushing and collisions, which require constant vigilance. By advancing safety technologies and practices, the industry can not only protect lives and cargo, but also improve the sustainability and success of global organizations. This award highlights the importance of preventing major accidents as well as everyday incidents that can affect shore workers and crew. Mike Yarwood, General Manager of Loss Prevention at TT Club, highlighted the positive impact of the award, saying:…
Dynamic Pricing Models in Supply Chain Management: Adapting
Dynamic pricing has revolutionized supply chain management by providing a flexible pricing approach that reflects real-time market conditions. This approach is not only a response to the complexity of the global marketplace, but also a strategic tool companies use to optimize revenue, increase customer satisfaction, and remain competitive. Let’s explore the different aspects of dynamic pricing models, how they work in supply chain management, and their role in adapting to market fluctuations and changes in demand. Also read: Competitive Advantage: Improving Supply Chain Management with AI, Blockchain, and Analytics Understanding Dynamic Pricing in Supply Chain Management Dynamic pricing is a real-time strategy where prices are adjusted based on a variety of factors, including supply and demandcompetitor pricing, customer behavior, and market trends. In the context of supply chain management, dynamic pricing models help companies adjust pricing strategies based on changing market conditions, thereby increasing flexibility and responsiveness. The role of technology in dynamic pricing Technological advancement Make dynamic pricing more…
Best Import Market for Bitumen or Asphalt
Bitumen or bitumen is an important material used in the construction industry for various purposes such as road paving, roofing and waterproofing. The global bitumen or bitumen market is growing rapidly, with several countries dominating the import market. According to IndexBox, the world's top 10 countries by bitumen or bitumen import value in 2023 are as follows: Also Read: Major Import Markets for Petroleum Bitumen 1. United States – $515.7 million The United States is the largest importer of asphalt, with imports valued at $515.7 million in 2023. Strong infrastructure development and construction activities in the country have led to high demand for the material. 2. Canada – $291 million Canada is the second largest asphalt import market in the world, with imports of $291 million in 2023. The country's cold climate and extensive highway network drive demand for asphalt for road construction and maintenance. 3. Netherlands - $153.9 million The Netherlands is a major importer of bitumen, with imports…
Uncovering the benefits of delivery routing software
In today’s fast-paced logistics environment, efficient delivery is critical to business success. Delivery routing software is a powerful tool designed to optimize routes and streamline the delivery process. This blog explores the benefits of using delivery routing software, focusing on its impact on operational efficiency, cost savings, and customer satisfaction. Also Read: Delivery Management Software Trends in 2024 Enhanced route optimization Delivery routing software plays a key role in optimizing delivery routes. By analyzing various factors such as traffic conditions, delivery time slots, and vehicle capacity, the software ensures that the most efficient route is selected. This helps save time and fuel consumption. For example, companies using delivery route planning software have reported a 20% reduction in fuel costs. Optimized routes can also reduce delays, enable timely deliveries, and improve overall operational efficiency. Improve resource utilization Effective resource management is critical to any logistics operation. Delivery Routing Software Helps maximize available resources by providing real-time data and insights. With features…
“Tariffs are on the table regardless of U.S. importers
In an era of rapidly changing global trade conditions and increasing geopolitical uncertainty, U.S. importers and businesses face complex decisions about their manufacturing strategies. Ongoing trade tensions between the United States and China, coupled with the likelihood of tariffs regardless of the election outcome, have prompted many companies to reevaluate their reliance on Chinese manufacturing. However, the decision to onshore, nearshore, or reshore operations is not an easy one, as evidenced by Foxconn’s decision to invest $137.5 million in China by July 2024. Foxconn will establish a new headquarters in Zhengzhou, China. Also read: Top 25 container ports in the United States To navigate this challenging environment, companies must conduct a comprehensive analysis that spans multiple functions. The first step in this analysis is a thorough cost assessment. Labor costs, In the past, this has often been the main driver for offshoring, but it must be examined carefully. Companies need to compare not only current wage rates, but also long-term…
5G NTN market size to grow at a CAGR of over 35% between 2024 and 2025
Global 5G NTN Market 5G will grow at a CAGR of more than 35% between 2024 and 2032 as more companies showcase their innovations at leading industry events. As the race to deploy 5G networks intensifies, these events serve as platforms for companies to showcase their latest technologies and solutions. Also Read: Private 5G Network Market Expected to Grow Substantially in the Near Future For example, in February 2024 at MWC Barcelona, the Rohde & Schwarz booth will be showcasing a live demonstration of a 5G NTN-NR connection, simulating a LEO satellite access node. The setup is designed to simulate real-world scenarios, highlighting the potential of 5G technology to provide connectivity in areas lacking terrestrial coverage. NTN-NR ensures universal access to basic mobile services such as voice, low data rate services and messaging around the world, especially in environments where terrestrial network coverage is not available or possible, such as at sea, in rural areas and in aviation. 5G NTN…
Overcoming uncertainty in the maritime sector
The marine industry is vital to the UK economy, contributing a total turnover of £116 billion in 2019. However, recent events such as Brexit and the conflict in Ukraine, combined with growing environmental concerns, severe skills shortages and changes in the industry, have led to disruptions in trade flows, which have shrunk significantly over the past few years. Also read: Maritime transport cuts sulphur emissions, but with it comes negative climate impacts According to a new report from QBE, the marine industry will decline by 8.5% in 2024, the worst decline since 2016 (excluding the 2020 coronavirus pandemic). Danny Peachey, HTL Group Great Yarmouth manager, said: “Despite the recent challenges facing the shipping industry, the report shows a bright future, with the decline narrowing to 0.4% in 2024 and a small increase of 0.8% expected in 2025. “To achieve this, we must embrace the changes required by the sector as a natural consequence of its evolution. Addressing the STEM skills…
The importance of proper protective packaging for sensitive items
Packaging is more than it seems at first glance. In addition to attracting the consumer's attention, providing information about the contents and ensuring accurate delivery, packaging must also protect the goods inside. When dealing with sensitive products such as electronics, food or medical supplies, this protection has far-reaching consequences. Also read: Rigid packaging enhances brand image and sustainability Maintain customer loyalty The most obvious consequence is the reputational damage that can result from failing to protect products in transit. 58% of today’s consumers If I receive a damaged order, I will not buy from that merchant again. Even if a company offers free returns or full refunds, it’s hard to defend against packaging defects. Shipping damage sends the message — no matter how subconscious — that the brand doesn’t care about the customer experience, only their money. This perception exists in the B2B space, too. Retailers may partner with a 3PL that’s known for taking care of the customer because…
Gas glut prompts producers to change operations
The Northern Hemisphere is experiencing its hottest summer on record, a time when air conditioning goes from a nice-to-have to a necessity and gas prices normally soar. Yet the abundance of natural gas around the world is prompting drillers to pump the brakes and limit supply. Also read: AI-powered surge boosts U.S. natural gas demand Much of the oversupply can be traced back to December. That winter was unusually warm, and there was a surplus of unburned natural gas. In March, the market was flooded with cheap gas, consumers were ecstatic, and producers sought a new round of production cuts. Prices rose slightly, but then plunged again as suppliers reduced output. Big producers like Coterra Energy and EQT are riding the wave. It’s a delicate supply game that, in many ways, is at the heart of market economics. Once prices fall to a level where drilling and supplying gas is no longer profitable, producers withhold supply to compete. The oil…
DP World sets ambitious new carbon reduction targets
DP World has made significant progress in its sustainability efforts, with its ambitious carbon reduction targets endorsed by the Science Based Targets Initiative (SBTi). The company has pledged to reduce Scope 1 greenhouse gas (GHG) emissions by 42% by 2030, from a 2022 baseline. In addition, DP World plans to reduce Scope 2 GHG emissions by 62.2% and absolute Scope 3 GHG emissions by 28% over the same timeframe. Also read: Maersk’s path to carbon neutrality still requires LNG This comes after DP World had already achieved a 13% reduction in emissions since 2022. Emphasizing the company’s commitment to sustainability, Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, said: “DP World is committed to leading the supply chain industry towards a more sustainable and efficient future, ultimately achieving net zero emissions by 2050. SBTi’s recognition confirms the strength and ambition of our plans, and we remain committed to playing a key role in uniting the industry to create…
How rigid sleeve packaging shapes high-end products
The rigid sleeve case market is growing steadily, driven by the growing demand for high-end packaging solutions that provide both protection and a premium look. Rigid sleeve cases, also known as book slipcases, are particularly popular for high-end products due to their durable construction and stylish design. Also read: Importance of Proper Protective Packaging for Sensitive Goods These boxes are typically made of high-density paperboard or chipboard covered with printed or laminated paper and feature a separate inner box that slides into the outer sleeve. The tight fit of the outer sleeve provides strong protection while enhancing the perceived value of the product through customization options such as embossing, debossing, hot stamping and spot UV coating. 1. Geographic expansion and new brand launches: An increasing number of companies are launching new brands in different countries, which is driving the demand for innovative and high-quality packaging solutions such as rigid sleeve boxes. 2. Reduce costs and improve production efficiency: Advances in…
High-speed rail is feasible in the US
Financing high-speed rail projects is notoriously complex. Compared to high-speed rail networks in Europe and East Asia, replicating similar high-speed rail networks in the United States would require generations of investment. However, Florida could be a pilot that, albeit on a smaller scale, achieves its goals without delay. Also read: Canada rail outage worsens, billions in U.S. funding tied up Florida's high-speed rail, Brightline, opened last September. In the long term, an increasing population base and a booming tourism industry will drive demand. Rail trains travel at about 125 miles per hour, connecting Orlando and Miami. They are faster than Amtrak or cars, and the price is competitive. Brightline is operated by Florida East Coast Industries (FECI), which accumulated private capital and tax-exempt debt before construction, and used federal funds for safety measures, construction, and auxiliary support. The Biden administration has allocated more than $6 billion in federal funds for high-speed rail construction across the country. The ambitious plan to…
TT Club urges global supply chain to respond to growing
In response to a recent series of container ship fires, TT Club, an international freight and logistics insurance provider, called on the global supply chain to increase awareness and responsibility when handling dangerous goods. Four major incidents involving container ships in the past four months, two at sea and two in ports, have highlighted the urgent need for accurate cargo classification, packaging and communication. See also: TT Club highlights ongoing efforts to prevent container losses at sea Tragic incidents include the Northern Juvenile in the South China Sea, the Maersk Frankfurt in the Indian Ocean, and more recently the MSC Cape Town III in Colombo and the YM Mobility in Ningbo. Peregrine Storrs-Fox of TT Club said investigations indicated that potentially explosive chemicals and ignition agents, such as lithium-ion batteries, may have been the cause of at least two of these incidents. These incidents highlight the importance of careful handling of cargo and communication at every stage of the supply…
Redwood Logistics transforms Betco’s delivery strategy by
Redwood Logistics, a rapidly growing 4PL provider in North America, revolutionized the logistics strategy for Betco, a leading manufacturer of commercial cleaning solutions. By implementing innovative logistics solutions tailored specifically for Betco, Redwood significantly improved on-time delivery rates, thereby improving customer service and satisfaction. Betco has been a leader in the commercial cleaning industry since 1950, offering more than 350 standard cleaners and more than 500 custom formulations for a variety of industries. Despite its success, Betco faced challenges in ensuring timely delivery of products to key contract customers due to high logistics costs and erratic delivery times resulting from reliance on traditional LTL shipping. Kyle Knapp, Distribution Manager at Betco, praised the partnership, noting that Redwood's customized logistics services significantly improved service levels, reduced costs and provided a competitive advantage. Redwood’s Project Logistics team solved Betco’s delivery problems by developing a custom solution that included truckload pickup, regional warehouse inventory consolidation, and last-mile delivery. Real-time tracking of each shipment…
CH Robinson: How shippers can prepare for a potential ILA
CH Robinson’s North America Ocean Director Mia Ginter takes an in-depth look at the upcoming ILA East Coast and Gulf Coast port strikes and how shippers can prepare now. While there is still hope that a strike can be avoided, labor issues in Canada and ongoing ocean disruptions could exacerbate the impact of a strike for shippers that don’t have a contingency plan in place. Here’s an overview of the potential strike and what shippers can do now to strategically prepare for it: See also: East Coast and Gulf Coast ports face strike threats as ILO suspends labor talks As master contract negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Union (USMX) continue to advance, the likelihood of a strike at ports along the U.S. East and Gulf Coast is growing. With less than two months until the current contract expires and a potential strike begins, shippers should begin preparing now to avoid major disruptions. The…
GT Podcast – Episode 131 – The Port Authority of New York and New Jersey –
Subscribe: Apple Podcasts | Amazon Music | MoreEpisode 131 - Port Street Corridor Project In the latest episode of GT Podcasts, From a Logistics Perspective, our host Eric Kleinsorge, CEO and Publisher of Global Trade Magazine, said: Sit down with Charlie Bontempo and Patrick Thrasher of the Port Authority of New York and New Jersey to discuss the transformative Port Street Corridor Project. This ambitious plan aims to transform and expand critical transportation infrastructure around the Port of New York and New Jersey, one of the busiest ports in the United States. Charlie Bontempo and Patrick Thrasher provide insight into the project’s scope and goals. They explain how the Port Street Corridor project will ease congestion, increase cargo movement efficiency, and improve overall logistics in the port region. Key components of the project include road expansion, modernization of traffic management systems, and development of new intermodal connections to facilitate smoother movement of goods. The interview delved into the project’s expected…
Power Transformer Market Forecasted to Reach USD 37.5 Billion
The power transformer market is expected to grow from $20.7 billion today to more than $15 billion by 2015. By 2032, the population will reach 37.5 billion; according to a new research report Global Market Insights Advances such as improved insulation materials, enhanced protection features, and advanced cooling systems help improve operating efficiency and reduce energy losses. Innovations such as smart transformers and integrated protection technologies further improve reliability and performance. As industries and utilities place increasing emphasis on energy efficiency and seek to modernize their power systems, demand for advanced transformers with superior efficiency and technological advantages will grow strongly. Also Read: Major Import Markets for Power Transformers The power transformer industry is segmented on the basis of core, winding, cooling, insulation, rating, installation, application, and region. The pole-type transformer market is expected to account for a significant market share by 2032, owing to its widespread use in distribution networks, especially in residential and rural areas. Pole-type transformers are…
Monarch Aviation Group takes a closer look at the current situation
Business aviation is a complex environment with many moving parts; understanding all angles is essential to gaining an informed opinion. Monarch Aviation Group Focus on some of the newsworthy events and issues facing the market right now, and how key players are safely navigating the changing winds. Also read: The practicalities of private aviation business Aircraft Certification Process After much anticipation and two years of delays, Gulfstream Aerospace announced in March that its new ultra-long-range, high-tech Gulfstream G700 aircraft had received Federal Aviation Administration (FAA) certification. The Savannah-based company had hoped to receive FAA certification by the end of 2023 and had already delivered 15 aircraft last year. Gulfstream President Mark Burns, who announced the long-awaited certification at the unveiling of two G700s for Qatar, said the delay was due to a U.S. congressional directive requiring more oversight in the approval process. In fact, the U.S. Federal Aviation Administration required more documentation, testing and flight tests. Helicopter manufacturer Bell has…
Navigating Business Loans: Key Strategies and Tips
The complexities of dealing with business loans can be daunting, especially when you are just starting out or looking to expand. With so many options available, it is vital to understand How to Get Business Efficiently secure a loan for your business needs. This guide will explore key strategies and tips for processing a business loan, helping you make an informed decision and set your business up for success. Also read: Unlocking new revenue streams: How businesses can leverage digital marketing services Understand your business loan options There is no one-size-fits-all solution when it comes to business loans. Understanding the different types of loans available is the first step in choosing a loan. Common loan types include: 1. Term Loan: These are traditional loans where the lender receives a lump sum of money and then repays it over a certain period of time with interest. These loans are suitable for long-term investments such as equipment or real estate. 2. SBA…
The logistics industry achieved positive growth for the first time in two years.
The Transportation Intermediaries Association (TIA), the leading organization representing transportation intermediaries in domestic and international trade, has released its Q2 2024 Third-Party Logistics Market Report, marking the first time in eight quarters that the logistics industry has experienced positive growth. The report shows that total shipments in the second quarter of 2024 increased by 5% from the first quarter of 2024 and increased by 3.5% year-on-year. Total revenue also increased by 5.6% from the previous quarter, and the invoice amount per shipment increased by 0.6%. Although gross profit margin decreased slightly - down 10 basis points from the previous quarter and down 160 basis points from the previous year - the overall growth in shipments and revenue indicates strong market demand and high operating efficiency. “It’s gratifying to see that the industry is finally turning the corner after two years of decline,” said Anne Reinke, TIA President and CEO. “Every industry segment showed solid growth from the first quarter to…
The future of the energy storage system market: ready to take off
The global energy storage system (ESS) market is on the cusp of a major transformation, with its market size expected to exceed $1.72 trillion by 2032. This phenomenal growth is driven by a variety of factors, including the growing demand for renewable energy integration, technological advancements, and the pressing need for grid stability amid rising energy demand. As the world moves toward cleaner, more sustainable energy solutions, the role of energy storage systems in this transformation cannot be underestimated. See also: Geothermal Energy Market to Exceed $125.9 Billion by 2032: The Future of Sustainable Energy Drivers behind the growth 1. Integration of renewable energy: One of the main driving factors is ESS Market A rapid growth factor is the increasing integration of renewable energy sources such as solar and wind. While abundant and clean, these energy sources are intermittent in nature, necessitating efficient energy storage solutions. ESS technology, especially battery storage, provides the necessary flexibility by storing excess energy generated…
Supply Chain Resilience and Supply Chain Strengthening
Strengthening supply chains: How to navigate today’s high-stakes global trade landscape Efforts to strengthen supply chains are as old as supply chains themselves, but today’s global networks require a more proactive, ongoing and detail-oriented approach. Even if you already have a resilience plan in place, now is the time to reassess your preparedness. Also read: Stay resilient wherever you are: Uncertainty in global supply chains to persist Few efforts are more important to the pursuit of global trade than building stronger supply chains. Yet despite this, too many organizations fall victim to risks they could have mitigated. In fact, most of the challenges facing supply leaders are not new. Geopolitical tensions, wars, piracy, natural disasters, pandemics, and weather events are all old risks. What is new is the frequency with which these risks occur. Most supply chain professionals couldn’t imagine a global pandemic leading to increased ocean freight costs 1,000%persistent and far-reaching cybercrime threats, or simultaneous global conflicts. This is…
Maersk opens SAR 1.3 billion logistics hub in Jeddah
Under the auspices of His Royal Highness Prince Khalid Faisal bin Abdulaziz, Advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region, and in the presence of His Excellency Engineer Saleh bin Nasser Al Jasser, Minister of Transport and Logistic Services and Chairman of Saudi Ports Authority, Prince Saud bin Mishaal bin Abdulaziz, Deputy Governor of Makkah Region, inaugurated Maersk’s largest global logistics investment at Jeddah Islamic Port. The project, valued at SAR 1.3 billion, attracted key figures from Saudi Arabia’s logistics and maritime sectors. See also: DMCC holds successful roadshows in San Francisco and Denver to strengthen UAE-US trade ties The newly completed logistics park is one of ten such facilities at Jeddah Islamic Port, funded by private sector investment. This move is in line with the strategy of Saudi Ports Authority and the Ministry of Transport and Logistics Services to develop advanced logistics infrastructure in Saudi ports through cooperation with leading domestic and foreign…
Why Strategic Churn Is Good for Your Bottom Line
If you have a subscription business, a concept that may seem counterintuitive at first glance is strategy Churn. Losing hard-earned customers is something we all want to avoid at all costs. Yet for many savvy subscription leaders, strategic churn—the deliberate loss of unsuitable subscribers who are a drag on overall customer satisfaction, gross margins, and product development velocity—has become a critical strategy for improving profits and ensuring long-term survival as the market undergoes a major shift from growth at all costs to growth efficiently. See also: Fintech Revolution: Integration of AI and ERP Systems According to the latest data from Chargebee 2024 State of Subscription and Revenue Growth Reportshocking 73% of subscription businesses are increasing prices In 2024, this proportion has increased significantly from 62% in the previous year. What is more interesting is that these companies are willing to accept a 20% or higher customer churn rate in pursuit of higher profitability and sustainability. But if done well, this…
Canada rail shutdown adds to multi-billion-dollar financial woes
The Canadian rail shutdown is expected to lead to higher trucking costs and bring billions of dollars of container trade to a standstill. The two North American neighbors are highly dependent on mobile trade, but consumer goods, intermediate parts, fertilizers, cement, coal, lumber, cars and more remain at a standstill due to the work stoppage of 9,000 railway union workers. Also read: Canadian rail outage raises concerns about U.S. economic disruption Every day, about $572 million in containerized trade flows from Canada to the U.S. Over time, customers may turn to more expensive alternatives, such as traditional road transport, to improve the situation. After months of failed negotiations, Canadian Pacific Kansas City and Canadian National Railway have locked out freight rail workers represented by the Canadian Teamsters union. The timing couldn’t be worse, with the back-to-school season just around the corner and the holiday rush just around the corner. Employees up and down the supply chain rely on a steady…
Logistics and Transportation Accounting Best Practices
Transportation and logistics operations play a vital role in day-to-day business, moving products from one place to another. With the growth of e-commerce around the world, the importance of the logistics and transportation industry has grown exponentially. See also: Using AI to improve the accuracy of logistics demand forecasting However, handling the financial aspects of a logistics or transportation business is complex and involves multiple variables such as fluctuating fuel costs, legal compliance, and complex supply chains. An effective accounting program is essential to ensure financial security, regulatory compliance, and operational efficiency. This is a very important job that requires close monitoring and constant evaluation. If not handled with care, business owners can suffer huge losses. In this blog, we will discuss the most effective practices that must be followed for logistics accounting. Table of contents Accounting Best Practices for Logistics and Transportation Companies Accounting Practice for Logistics and Transportation Enterprises Final Thoughts Accounting Practice for Logistics and Transportation Enterprises…
DMCC strengthens UAE-US trade ties through successful roadshow
DMCC, the premier free trade zone and Dubai Government’s authority for commodity trade and enterprise, successfully hosted its second Made for Trade Live roadshow in the US this year, visiting San Francisco, California and Denver, Colorado. The roadshow is part of DMCC’s broader strategy to strengthen trade and investment between the UAE and the US in key economic sectors. Also read: Dubai Customs plays a key role in raising UAE IP protection to global standards As the UAE remains a leading destination for US foreign direct investment in the Middle East, DMCC informed US business leaders about Dubai’s business-friendly environment, top-notch infrastructure, and the vast opportunities available to US businesses in Dubai. Currently, there are nearly 700 US companies based in DMCC, representing more than 45% of the approximately 1,500 US businesses in the UAE. With bilateral non-oil trade between the UAE and the US set to reach a record high of $31.4 billion in 2023, DMCC sees huge potential…
The largest market for frozen poultry liver
When it comes to the import market for frozen poultry liver, there are a few countries that are the largest importers. These countries have a high demand for frozen poultry liver and are willing to pay a high price for it. According to the latest data from the IndexBox market intelligence platform, the top ten countries in terms of frozen poultry liver import value are as follows: Also read: Exploring the major import markets for frozen pork 1. China China tops the list, with imports valued at $4.2 billion in 2023. China’s high demand for frozen poultry liver can be attributed to its growing population and changing dietary preferences. Chinese consumers are increasingly demanding high-quality protein sources, and frozen poultry liver fits the bill. 2. Japan Japan ranks second, with imports of $1.4 billion in 2023. The country’s strong economy and high per capita income make it a lucrative market for frozen poultry liver exporters. Japanese consumers value quality and…
U.S. importers brace for higher freight rates amid strike threat
An impending union strike at ports along the U.S. East and Gulf Coast threatens to increase freight rates and cause massive disruptions in ocean container traffic, trapping U.S. importers in a vicious cycle. See also: East Coast and Gulf Coast ports face strike threats as ILO suspends labor talks The International Longshoremen’s Association (ILA) recently announced the suspension of labor contract negotiations with the United States Maritime Union (USMX). The current agreement will expire on September 30, sparking concerns about a strike. “Shippers are already bringing forward imports ahead of the traditional third-quarter peak season due to supply chain concerns over the Red Sea conflict,” commented Peter Sand, principal analyst at Xeneta. “They are likely to accelerate these efforts, further complicating the situation, as the risk of disruptions at East and Gulf Coast ports increases.” Increased frontloading of imports has led to severe congestion at ports in Asia and Europe, causing spot rates for ocean containers to rise by more…
Discover the world’s best chocolate import market and
Chocolate and other cocoa-containing foods are among the most beloved and indulgent treats for people around the world. The global market for these delicious products is booming, with growing demand for high-quality chocolate driving the global import market. In this article, we explore the major import markets for chocolate and other cocoa-containing foods, and provide key statistics and industry insights. Also read: Supply Chain Logistics for Chocolate 1. United States – $955 million in 2023 The United States is the world’s largest import market for chocolate and other cocoa-containing food preparations, with imports valued at $955 million in 2023. The country’s love for chocolate is evident in its high import volumes, as consumers are increasingly demanding a variety of chocolate products from around the world. 2. France – $772.5 million in 2023 France is another major player in the global chocolate market with imports valued at $772.5 million in 2023. Known for its refined palate and culinary expertise, France imports…
The largest import market for cold-rolled steel products
Cold rolled steel products play a vital role in various industries ranging from automotive to construction. The global market for these products is growing, and some countries are becoming major importers. In this article, we will take a closer look at the world's best cold rolled steel products import markets based on the latest data from the IndexBox market intelligence platform. Also read: Explore the major import markets for steel wire rod Germany – $4.8 billion First on the list is Germany, with imports of $4.8 billion in 2023. The country’s strong manufacturing sector and demand for high-quality steel products drive its large imports in this category. China – $3.3 billion China follows closely with imports of $3.3 billion in 2023. Although China is a major steel producer, its growing infrastructure and construction projects have led to an increase in demand for imported cold-rolled steel products. Netherlands – $2.8 billion The Netherlands ranks third, with imports of $2.8 billion in…
Major import markets for precious metal ores and concentrates
When it comes to precious metals, the global market is vast and diverse. From gold to silver to platinum, these metals have enormous value and are sought after by countries around the world. An important aspect of the precious metals market is the import and export of precious metal ores and concentrates. In this article, we will take a closer look at the world's best precious metal ores and concentrates import markets. See also: Best import markets for tin ore and concentrate 1. China China is the world’s largest importer of precious metal ores and concentrates, with imports valued at $9.6 billion in 2023. As one of the major manufacturers of jewelry and electronics, China’s high demand for precious metals makes it a key player in the global import market. 2. Germany Germany ranks second, with imports of $2.3 billion in 2023. Germany has a strong manufacturing industry, and industries such as automobiles and electronics have strong demand for precious…
U.S. shipping container imports fall to $999 million
US Shipping Container Imports After two years of growth, the supply of shipping containers from abroad fell by -8.6% to 598,000 units in 2023. However, imports grew significantly during the reporting period. The most significant growth rate occurred in 2021, when imports grew by 188%. Imports peaked at 655,000 units in 2022, before falling the following year. Also read: U.S. container imports surge in June 2024 as port labor stagnates In terms of value, shipping container imports fell sharply in 2023 to $999 million (IndexBox estimates). But overall, imports grew strongly. The fastest growth was in 2021, with an increase of 101%. Imports peaked at $1.5 billion in 2022, before shrinking sharply the following year. Import situation by country In 2023, China (314,000 units) becomes the largest supplier of shipping containers to the United States, accounting for 52% of total imports. In addition, the number of shipping containers imported from China is nine times that of the second largest supplier,…
TFI urges swift resolution to Canada rail outages
The Fertilizer Institute (TFI) has urged an immediate resolution to Canada’s ongoing rail disruptions, warning that they will have significant and lasting impacts on the agricultural supply chain. TFI President and CEO Corey Rosenbusch highlighted the important role rail transportation plays in North America, particularly for the fertilizer and agriculture sectors, and stressed that even short disruptions can have widespread ripple effects. Also read: U.S. port and Canadian rail strikes threaten North American supply chains Rosenbusch pointed out that fertilizers, especially potash fertilizers, are essential for a good harvest and must be delivered to farmers on time. Canada is the world's largest producer of potash fertilizers and a major supplier of nitrogen fertilizers to the United States. The railway outage may affect the timely delivery of these basic agricultural inputs. TFI, along with 34 other U.S. agricultural industry associations, called on leaders of both countries to intervene and quickly resolve the issue to prevent further disruptions to cross-border supply chains.…
Canada rail shutdown raises fears of economic disruption
Canada's major freight railroads, Canadian National Railway (CN) and Canadian Pacific Kansas City Railway (CPKC), have suspended operations due to a contract dispute with workers, a situation that could have a significant economic impact on the U.S. Supply chain expert and former Toronto resident Dr. Johnny Lentusanasem said the suspension could have a significant impact on the U.S. supply chain, given that Canada is the second-largest trading partner of the United States. Also read: How Canada's rail strike will impact freight markets The Canadian government has stepped in to force rail companies into arbitration with unions, but the duration and outcome of that process will determine the extent of the disruption. The outage affects both the rail and trucking industries, and because rail and trucking are so interconnected, it could cause freight costs to soar or even a complete halt to trucking operations. The unprecedented shutdown, which involves Canadian National Railway Co. and Canadian Railway Corp., also threatens commuter rail…
U.S. port and Canadian rail strikes threaten North
Impending strikes by Canadian railroads and ports along the U.S. East and Gulf Coast will severely disrupt North American supply chains. The strikes are expected to create severe operational challenges for the container logistics industry, leading to increased costs, delays and rerouting for shippers and cargo owners. Also read: Canadian rail strike looms as unions and rail operators reach stalemate If no agreement is reached by August 22, strikes will begin, targeting key areas such as automation and pay increases. “Given our continued forecast of inventory builds, we expect freight rates to likely decline in the near term. However, with strikes looming at Canadian railroads and U.S. ports, we could see an immediate increase in freight rates as market participants prepare for significant disruptions. This is a common response to potential disruptions, as uncertainty drives up costs.” Christian Roeloffs, Co-founder and CEO, Container xChangean online marketplace for container trading and leasing based in Hamburg, Germany. “In the medium term, we…
Explore the world’s major silver ore importing countries
Silver ore is a valuable commodity that is in high demand across a wide range of industries around the world. With a wide range of applications in electronics, jewelry, and industrial manufacturing, silver ore is a sought-after raw material that plays a vital role in global trade. In this article, we will explore the world’s best markets for silver ore imports and highlight the top countries by import value according to the IndexBox market intelligence platform. See also: Best Iron Ore Import Markets Worldwide 1. China: Leading silver ore importer China is the world's largest importer of silver ore, with imports valued at $4.2 billion in 2023. China's strong industrial sector, coupled with growing demand for silver in electronics and jewelry manufacturing, makes it a key player in the global silver ore market. 2. South Korea: An emerging import market South Korea ranks second in silver ore imports, with imports of $280.1 million in 2023. The country’s booming electronics industry…
South Carolina ports see big cargo growth
South Carolina Ports (SC Ports) reported a significant increase in cargo volumes, with container throughput up 8% in July from a year earlier. The surge in cargo volumes was driven by a population boom and the start of the peak season in the region, with imports up 6%. See also: South Carolina ports boost Midlands economy, $22.3 billion impact Barbara Melvin, president and CEO of South Carolina Ports, highlighted the region’s attractiveness for new investment, noting the port’s reliable service, strong intermodal network and capacity for future growth as key factors. In July, South Carolina ports efficiently moved 224,407 TEUs and 124,448 dockside containers, the second-highest July volume on record, behind only the record set in July 2021 during the pandemic-induced import boom. Inland ports by rail also saw impressive growth, with 21,013 containers moved by rail in July, up 19% from the same period last year. Greer Inland Port set a new record with 17,332 containers moved, up 17%…
Ningbo port closure causes global supply chain disruption
The global trade landscape has always been delicate, and recent events such as the Red Sea crisis and the Baltimore Bridge accident have added complexity. The sudden closure of China’s Ningbo Port due to a YM Mobility container explosion was initially considered a major disruption, but the port quickly reopened within 80 hours, mitigating some of the expected consequences. See also: Necessary measures to reduce the impact during Ningbo Port closure The closure of Ningbo Port, which accounts for nearly 29% of China’s total ship traffic, initially appeared to have a significant impact on global trade, but the rapid resolution of the situation limited its impact. However, there were some supply chain disruptions during the brief outage. The strategic importance of Ningbo Port The Port of Ningbo remains an important player in global logistics, facilitating the flow of goods between the Far East and major global markets such as Europe and the United States. In 2023, the container throughput of…
TT Club highlights ongoing efforts to prevent container losses
Container losses at sea have always been a challenge, often exacerbated by adverse weather conditions. Leading international cargo insurer TT Club continues to work with the container industry to mitigate such incidents. See also: TT Club warns: Ignoring container seals could compromise cargo security The World Shipping Council’s annual survey shows that container losses hit a record low in 2023, with 33% of lost units later recovered. Despite this positive trend, TT Club’s analysis points out that weather is the most important factor in these losses, highlighting the complexity of the issue. TT Club is actively involved in the MARIN TopTier joint industry project, which brings together more than 40 industry and government stakeholders to address the causes of container losses. The project has already provided important guidance on mitigating risks such as parameter rollover. Peregrine Storrs-Fox of TT Club stressed the importance of responsibility throughout the freight supply chain, from accurate cargo weight verification to proper load distribution. Differences…
Artificial Intelligence in Warehouse Management Market: By
Artificial intelligence (AI) in warehouse management refers to the use of advanced algorithms and machine learning techniques to improve the efficiency and effectiveness of warehouse operations. AI systems can automate tasks such as inventory management, picking processes, and logistics planning. They are designed to predict demand, optimize inventory levels, and even guide autonomous robots to move goods around a facility, reducing errors and increasing the speed of operations. Also read: Optimizing warehouse automation: Understanding key considerations According to Market.us, Global Artificial Intelligence in Warehouse Management Market It is expected to experience significant growth, and the market size is expected to increase from $2.6 billion by 2023 About Billion USD by 2033The strong expansion reflects 39.0% During the forecast period 2024 to 2033This growth trajectory highlights the increasing integration of AI technologies in warehouse management, driven by the need for improved operational efficiency and data-driven decision-making in supply chain operations. The artificial intelligence in warehouse management market is experiencing strong growth,…
The future of autonomous shipping: from coastal routes to
The concept of autonomous ships sailing along coastlines, inland waterways and even on the high seas is no longer confined to science fiction. During a recent CONNECTING PORTS talk show hosted by HPC Hamburg Port Consulting (HPC), experts came together to discuss the emerging reality of autonomous shipping and highlight how this technology is gradually becoming part of modern logistics. Also read: Eventual autonomous shipping faces huge hurdles The forum was moderated by Christina Prieser, Associate Partner at HPC, and featured insights from three industry leaders: Ørnulf Jan Rødseth, Managing Director of the Norwegian Forum for Autonomous Ships (NFAS), Marc Holstein, Head of the SEAFAR Remote Operations Centre in Antwerp, and Antoon van Collie, CEO of ZULU Associates. Rødseth shared Norway’s pioneering initiatives in semi-autonomous shipping, including the world’s first semi-autonomous container ship, which will begin transporting cargo in spring 2022. Operating with a minimal crew and controlled remotely, the vessel demonstrates the practical application of autonomous technology in coastal…
Supply Chain Mastery: Navigating a Globalized World
Globalization and supply chain management are topics that should be mastered In a world that has become a global village through technology and economics, the term “supply chain” may sound like something you hear in executive meetings, but it is much more than that. It is the lifeline and an integral part of every organization, big and small. You can think of it as the fabric that connects all the components necessary to produce and supply a certain product or service from supplier to consumer. Like any lifeline, if it is strong, it holds everything up; if it is weak, then everything collapses. But if it is weak, everything turns into a fiasco. Also read: How geopolitical forces are reshaping global supply chain strategies A word about the current global supply chain environment, explaining why supply chain efficiency is more important than ever Supply chain management is more than just arithmetic, it is a science worth exploring. It is about…
Crude oil and refined oil import market
Crude oil and refined petroleum products are essential for many industries around the world to survive. From powering cars and heating homes to producing plastics and chemicals, the demand for these products is insatiable. As a result, countries around the world rely heavily on imported crude oil and refined petroleum products to meet their energy needs. Also Read: Major Import Markets for Petroleum Bitumen Top 10 countries by import value 1. China – $357.1 billion in 2023 China is the world's largest importer of crude oil and refined petroleum products, with imports valued at $357.1 billion in 2023. China's rapid industrialization and increasing energy consumption have driven high demand for these resources. 2. United States – $231 billion by 2023 The United States ranks second in terms of import value, importing $231 billion worth of crude and processed petroleum in 2023. The country's extensive transportation network and energy-intensive industries are the main drivers of its imports. 3. India – $145.2…
Efficient city construction: a quick solution to boost economic development
In an era of rapid urbanization, efficient city construction has become key to driving economic expansion. The challenges facing cities today are multifaceted and require innovative and rapid solutions to meet the needs of growing populations while promoting sustainable economic growth. By focusing on key areas such as infrastructure, technology, and smart city planning, cities can be transformed into thriving economic centers. This article explores several strategies that can be implemented to ensure efficient city construction and economic expansion. See also: Addressing global economic challenges: UN report highlights concerns and calls for multilateral action 1. Prioritize infrastructure development Modern transportation network Investing in efficient transportation systems is the cornerstone of economic growth. Well-developed public transportation can reduce traffic congestion, lower transportation costs, and increase productivity by reducing commuting time. Cities should prioritize the construction and expansion of rail, subway, and bus networks that connect residential areas with commercial and industrial centers. Public infrastructure Adequate access to utilities such as water,…
Canada rail strike looms as unions and rail operators weigh in
A rail strike is looking increasingly likely in Canada as the Canadian Union of Railway Workers (TCRC) and major rail operators Canadian National Railway (CN) and Canadian Pacific Kansas City Railway (CPKC) continue to struggle to reach an agreement. Tensions are rising as the deadline approaches. Also read: How Canada's rail strike will impact freight markets On August 9, the Canada Industrial Relations Board (CIRB) determined that the services provided by the railways were not legally considered “essential services” and established a 13-day cooling-off period before a strike could legally begin. Despite this, Canadian Railways yesterday issued a notice that its members would stop providing services starting Thursday, marking the start of a legal strike. In response, major U.S. freight railroad CSX Transportation has suspended cross-border shipments to and from Canadian National Railway and Canadian Railways, causing Canadian rail operators to suspend import and export services for refrigerated cargo, hazardous materials and security-sensitive items originating or terminating on Canadian railways.…
Explore the major import markets for frozen pork
Frozen pork cuts are a popular product in many countries around the world, and the demand for this meat has been growing steadily in recent years. With the rise of international trade, many countries have become major importers of frozen pork cuts, sourcing the product from various exporting countries. In this article, we will explore the main import markets for frozen pork cuts and provide key statistics and figures to give you a better understanding of the global market. Also Read: Top Import Markets for Frozen Fish Fillets 1. China China is the world's largest importer of frozen pork, with imports valued at $756.7 million in 2023. China's demand for frozen pork is driven by population growth and rising incomes, which have led to increased meat consumption. China sources frozen pork from multiple countries, including the United States, the European Union, and Brazil. 2. Dominican Republic The Dominican Republic is the second largest importer of frozen pork, with imports of…
Jill Gross recognized globally as a “Top Woman in Logistics”
Jill Gross, Vice President of Strategic Accounts at Sunset Transportation, has been named a “Top Woman in Logistics” by Global Trade Magazine. She is one of only 20 women featured in the magazine’s latest issue of “Women in Logistics,” recognized for her leadership in sustainability, logistics innovation, and dedication to creating career opportunities for women in the industry. Also read: 20 Women Innovating Logistics and Supply Chain Gross has played a key role in driving change at Sunset Transportation, including achieving an impressive Sustainability Rating (S Rating) of 81 in 2023. The rating has been a key factor in contract awards since 2019, reflecting Gross’ commitment to sustainability and its impact on the supply chain. "Everything I do is driven by my mission to revolutionize supply chain operations," said Gross. "This recognition is not only a personal milestone, but also a testament to my ongoing commitment to innovation and inclusion in the logistics industry. I am honored to be recognized…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
