According to The United Nations Conference on Trade and Development (UNCTAD), world trade is on track to reach a record US$33 trillion in 2024. This represents an annual growth rate of 3.3% and highlights the resilience of global trade despite persistent challenges. However, despite this monumental...
According to the Shanghai Containerised Freight Index, spot freight rates between Shanghai and Melbourne dipped to their lowest level since mid-August in the first week of December, reaching 3700FEU. Given the subdued state of the Australian retail economy this decline was anticipated sooner, however rates were...
The latest Drewry World Container Index (WCI) increased this past week by 6% to US$3533 per 40-foot container this week. The average composite index for the year to date is US$3958 per FEU, which is US$1104 higher than the 10-year average rate of US$2854. The following...
A new direct freight service between Shanghai and Fremantle ports is set to boost trade between Western Australia and China, its largest trading partner, reducing shipment time from 30 days to 14 days. This new “direct” route effectively removes the need to discharge cargo at the...
New Zealand is rolling out a modernised trade certification system to enhance the reliability and adaptability of its export processes, with particular benefits for the wine industry under the recent European Union Free Trade Agreement. The new system is being implemented in phases, starting with wine...
The International Longshoremen’s Association’s (ILA’s) contract negotiations are intensifying, in what is proving to be a potential catalyst for renewed industrial action in January 2025. Port automation has proven to be the divisive issue for the negotiating parties, with the ILA strongly opposed to increased automation,...
The FuelEU Maritime Regulation operates alongside the current European Union Emissions Trading System (EU ETS.) It aims to reduce the overall intensity of GHG emissions created by the shipping sector over time and is one component of the EU’s target to lower net emissions by...
Kazakhstan Railways (KTZ) recently signed a memorandum of cooperation with Xi'an Free Trade Port Construction and Operation (China) to create a joint intermodal cargo terminal on the Danube River in Budapest, which is part of a comprehensive network for multimodal transports in Europe. With a capacity...
The premier of Western Australia has announced a $273 million investment that will advance the Westport project into its planning phase, marking a major milestone for its development. This announcement coincides with the release of the Westport Business Case Summary, which recommends relocating container trade to...
Australia and the United Arab Emirates (UAE) have finalised the highly anticipated Comprehensive Economic Partnership Agreement (CEPA), representing a significant milestone in the strengthening of the trade relationship. This agreement provides Australian farmers, producers, manufacturers, service providers, exporters, and workers with unprecedented access and preferential treatment...