By Kyunghee Park (Bloomberg) -- An online home shopping boom in the U.S. has sent transpacific sea freight rates to the highest on record, helping the container shipping industry in Asia. Exports of household appliances from South Korea to the U.S. jumped 51% in August from the same period a year ago, climbing for a third consecutive month, Korea Customs Service data … [Read more...]
For Carnival, ‘Death on the High Seas Act’ Protects the Bottom Line
By Christopher Yasiejko (Bloomberg) --Carnival Corp. is poised to dramatically curb monetary damages for passengers killed by the coronavirus under the latest court decision to side with the company. If a ruling Monday by a Los Angeles federal judge is followed by others, it could offer the cruise line something of a safe harbor under the Death on the High Seas Act. The … [Read more...]
Consumer Giants Urge Governments to End Shipping’s Crew Change Crisis
By K. Oanh Ha (Bloomberg) --Unilever Plc and Procter & Gamble Co. are among consumer companies urging world leaders to resolve the plight of more than 300,000 seafarers stuck on commercial vessels, where forced labor and deteriorating working conditions threaten to disrupt the global supply chain. Chief executives of household consumer brands, from retailer Carrefour SA … [Read more...]
Venezuela and Iran Buck U.S. Sanctions Again to Export Crude
By Lucia Kassai (Bloomberg) -- After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela just last week, Iran is using the same ship to help the Latin American country export its crude. The Iran-flagged supertanker Honey, also known as Horse, is loading Venezuela’s top exported grade Merey 16 at Venezuela’s government-controlled port of Jose, according … [Read more...]
Full Steam Ahead for U.S. Commerce Means Vital Economic Support
By Vince Golle (Bloomberg) -- America’s network for moving goods into and around the country is the busiest in years after being throttled by the pandemic, providing vital support for an economic rebound that’s moderating in other areas. Ports are seeing a flood of container imports while railroads and trucks rush those goods -- as well as domestically produced … [Read more...]