Industry Updates

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01 12 2023

    EU and UK Governments Target Trade of Russian Iron and Steel

    The European Union (EU) and the United Kingdom (UK) have introduced new Russian trade sanctions, banning the import of certain iron and steel products that incorporate materials originating in Russia. Primary responsibilities for compliance include maintaining the relevant records and making them available to the government for review.

    UK sanctions took effect on 30 September 2023!

    EU sanctions will be rolled out in three phases, starting 30 September 2023, 1 April 2024, and 1 October 2024, depending on the specific classification code of the imported iron and steel products.

    Learn more

    30 11 2023

    • OIA Global

    Carriers Release Surcharges Related to Panama Canal Drought

    Ocean carriers are imposing new surcharges for Panama Canal transit amidst ongoing drought conditions. According to the Panama Canal Authority (PCA), October 2023 was “the driest since the earliest registers, 73 years ago.” So far most carriers have aligned on fees of roughly $150/$300 (20’/40′) respectively, with the fees expected to take effect on  1 January 2024.

    There are now 120+ ships waiting to pass through the canal, considerably higher than the 90-ship average of the past seven years. Additionally, there’s a real chance that no large tankers will transit the Panama Canal starting in 2024. Very Large Gas Carriers (VLGCs) are also likely to be excluded from the interoceanic waterway. 

    More information

    16 11 2023

      EU's Import Control System 2 Takes Effect 1 December 2023

      New regulations for the Import Control System 2 (ICS2) will come into effect on 1 December 2023. European businesses must conduct self-conformance testing to ensure their systems are ready to send and receive technical messages

      More information

      15 11 2023

      • Journal of Commerce
      • Seatrade Maritime News

      U.S. Government Makes Largest Infrastructure Investment in Asia Ever

      The U.S. International Development Finance Corporation (DFC) announced $553M in funding for the Colombo West International Terminal (CWIT) in Sri Lanka. It is the U.S. government agency’s largest infrastructure investment in Asia ever. CWIT is a two-phase development, costing about $1B in total, with phase 1 expected to go live by Q4 ‘24 or Q1 ‘25.  

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      14 11 2023

      • Seatrade Maritime News

      Australian Government Creates "National Strategic Fleet"

      Following recommendations by a recent taskforce, Australia’s government committed to creating a national strategic fleet of 12 ships (various types) that can be relied on in times of crisis.  

      Full story

      10 11 2023

      • OIA Global

      Market Report - 11/2023

      OIA Global produces a comprehensive market report each month! These informative documents highlight important supply chain news and events using information from some of the industry’s leading journalistic sources. We encourage you to share the report with others!

      Previous editions can be found here.

      Download PDF

      31 10 2023

      • Bloomberg
      • Financial Times
      • International Railway Journal

      Transnet Releases Recovery Plan

      Africa’s biggest rail network, Transnet, has seen its cargo volume collapse by 1/3 over the last five years. The collapse of freight rail in South Africa has hit commodities exporters particularly hard.

      Transnet’s board recently presented a recovery plan to drive traffic recovery and enhance rail operations, under which Transnet Freight Rail will be divided into two separate divisions: Transnet Freight Rail Operating Company (TFROC) and Transnet Rail Infrastructure Manager (TRIM). Transnet is also seeking government support for a short-term turnaround plan.  

      More information