Weekly Newsletter

South Korea's monthly industrial output decline unexpectedly widened to 1.8 per cent

Recently, Statistics Korea announced that the country's industrial production in August unexpectedly expanded to 1.8% on a seasonally adjusted monthly basis (the first 1.3% in the previous 3 months), market expectations were only 0.5%. On an unadjusted annualized basis, growth slowed to 1%(up 1.5% last), missing market expectations of a 1.3% rise but rising for the 11th month in a row.

New Zealand's inflation rate fell to 7.2 percent, well above expectations

Statistics New Zealand released its consumer price index (CPI) data for the third quarter, which fell to 7.2 per cent from a 32-year high of 7.3 per cent in the second quarter, but was still well above expectations of around 6.5 per cent. And consumer prices rose 2.2%, above market expectations of 1.5%, due to higher food and housing costs.

Freight volumes and prices of European ports have both fallen

In the latest Alphaliner report, spot freight rates between Shanghai and Northern Europe fell 48.5 per cent in the third quarter. 2M partners MSC and Maersk docked 15 percent less than planned in Northern Europe in Q22, compared to 12 percent for Ocean Alliance members.

Revenue from the core Pacific shipping business fell year on year

Pacific Shipping's latest announcement, the company's core business of light-weight and light-weight dry bulk carriers on a regular charter basis, the average daily revenue of the third quarter, respectively, was $23,620 (net) and $26,640 (net), down 10% and 21% from the first half of the year; Decreased by 3% and 27%, respectively, from the same period of 2021.

India's Tata Steel announced an increase in coal purchases

Tata Global, India's largest steelmaker, is ramping up purchases of coal from Australia and North America, CEO Narendran said. The company used to buy about 3m tonnes of Russian goods a year, or about 17 per cent of its imports.

CMA announced sustainability incentives for shippers

CMA announced the start of a program to incentivize shippers to return containers early in exchange for carbon credits. Shippers will receive 2.5 tons of carbon credits for each dry and refrigerated container returned within the first four calendar days. Containers must be listed from nearly 20 Asian countries and can be returned at any Marine terminal where the carrier receives the empty cargo.

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