Short-term rates on the main trade lane from China to the U.S. West Coast fell below the benchmark freight rate for long-term contracts in early June, according to the latest update from Xeneta. "Everyone eyeing the US West Coast these days seems to focus on the labour negotiations between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group. The current ILWU-PMA contract between 22,000 port workers and employers expires on July 1."
Terminal automation (more or less of it) is the central pain point to resolve this time around, the report said. 'Beyond that, record throughput at terminals and record freight rates for ocean shipping has long been the main challenge." Since end-June 2021, short-term rates have climbed 46.5 percent from $5,304/FEU to $7,768. During the same period, long-term rates have zoomed 160 percent, from $3,070 to $7,981 by end-June 2022, the report said.
"The narrowing gap between the short and long term rates illustrates how US West Coast shippers have managed the risk that global supply chains are so full of right now." Short-term rates are on a steady and declining trend since the peak in early March, a trend that also seems to have paused the rise in long-term rates. "While we await the signing of a new contract between ILWU and PMA, other aspects are also important when forecasting where rates are heading.
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Long-term contracted ocean freights fell for the second consecutive month, and are now 1.3 percent down year-on-year, as the ramifications of coronavirus continue to shake the foundations of the global economy.
According to the latest XSI Public Indices report from Oslo-based Xeneta, rates fell by 1.8 percent in June, following on from a 1.2 percent decline in May.
Although levels remain historically high, the carrier segment has now seen a 0.2 percent decline since the beginning of 2020, after four consecutive months of increases through to February.
Furthermore, notes Xeneta, future economic indicators are far from promising.
The global Pearlescent Pigment Market was appreciated by US$ 1.26 billion in the year 2014 and is expected to reach USD 1.92 billion by 2022.
The unique natural pearl essence is costlier as equated to artificial, mica centered properties.
Increasing approval of personalized merchandises and growing governmental backing to inspire the progress of the automobile & construction businesses, chiefly in developing marketplaces, are also important motivators for these pigments in many applications.The pearlescent pigment market on the source of Type of Application could span Cosmetics, Plastics, Printing Inks, Paints & Coating.
The industrial machinery/maintenance coatings and automotive paints inhabit the biggest stake of the international market among the applications of pearlescent pigment.
The subdivision of paints was responsible for a stake of more than 34% of the complete capacity during the year 2014.The pearlescent pigment market on the source of Type of Product could span Combination Mica, Titanium Dioxide, Ferric / Iron Oxide, Natural Pearl Essence.
The subdivision of Titanium Dioxide [TiO2] covered mica was the most extensively utilized white-effect pigment in printing inks and paints, due to its g brightness.