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Today's news:
1. The forecast report released by the Bank of Spain on the 11th showed that Spain's economic growth rate in 2024 will be 2.3%, which is 0.4 percentage points higher than the previous forecast. The report pointed out that the recovery of the tourism industry is key to driving the growth of the Spanish economy, and consumption and investment will also increase.
2. The Japanese government will provide financial support for Japanese companies' equipment investments in developing countries. This initiative is positioned as one of the economic diplomacy tools comparable to government development assistance, aimed at supporting Japanese companies entering emerging and developing countries known as the "Global South." The Ministry of Land, Infrastructure, Transport, and Tourism of Japan concluded on the 11th that the six violations found by Toyota Motor Corporation not only violated Japanese national standards but also violated United Nations standards adopted by 62 countries and regions, including Japan, South Korea, and Europe.
3. Omar Al Olama, Minister of Artificial Intelligence of the United Arab Emirates, said on the 11th that Microsoft and the UAE artificial intelligence company G42 reached an agreement to allow the UAE to cooperate with OpenAI. Olli Rehn, a member of the European Central Bank's Governing Council, stated on the 11th that the European Central Bank would not pre-commit to any interest rate path. Rehn mentioned that considerable progress has been made in reducing inflation to the target level, especially since September 2023. The ECB sets interest rates at each Governing Council meeting based on three factors: the inflation outlook, core inflation dynamics, and the strength of monetary transmission, without pre-committing to any interest rate path.
4. TrendForce predicts that global notebook shipments will reach 173.45 million units in 2024, a year-on-year increase of 3.6%. AINB market penetration is expected to be about 1%. In 2025, as AI applications improve, AINB penetration is expected to grow rapidly to 20.4% as consumers' demand for smarter and more efficient terminal devices increases rapidly.
5. AVC Revo reported that from January to April this year, Hisense TV shipments reached 14.26% of the market share, ranking second in the world. Stimulated by events such as the European Cup and the Olympics, global TV shipments are expected to grow by 2.6% in the second quarter.
6. According to Gartner, with the maturity and widespread adoption of cloud computing technology, more than 60% of companies have adjusted their cloud strategies to become the core of their business operations. This shift is aimed at adapting to changing market demands and technology environments and reflects the continued focus of enterprises on improving business agility and operational efficiency.
7. Apple announced a partnership with OpenAI, stating that the ChatGPT integration powered by GPT-4 will be available on iOS, iPadOS, and macOS later this year. Users can access it for free without creating an account, and ChatGPT subscribers can connect their accounts directly from these platforms to access paid features.
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Today’s exchange rate:
1 USD = 7.2539 RMB
1 EUR = 7.7914 RMB
1 GBP = 9.2432 RMB
Today's Insights: Shipping company announces price increase notice for July
Affected by multiple factors such as rising demand, the situation in the Red Sea, and port congestion, shipping prices have continued to rise since June.
Maersk, CMA CGM, Hapag-Lloyd, and other leading shipping companies have successively issued the latest peak season surcharges and price increase notices, involving the US line, Europe, Africa, the Middle East, etc. Some shipping companies have even issued freight rate adjustment notices starting from July 1.
Collection of peak season surcharges for US lines
CMA CGM’s official website issued an announcement, stating that starting from July 1, 2024 (loading date), a peak season surcharge (PSS) from Asia to the United States will be levied, valid until further notice.
Cargo type: Dry container, refrigerated container, O/G container, and bulk container
Charge standard:
2160 USD per 20-foot container (all container types)
2400 USD per 40-foot container/40HC high container/40-foot refrigerated container
3040 USD per 45-foot container (all container types)
3840 USD per 53-foot container (all container types)
CMA CGM’s official website announced that a peak season surcharge of 2000 USD per container will be imposed from July 3, 2024 (loading date) from Asia to Puerto Rico and the U.S. Virgin Islands until further notice.
Maersk announces peak season surcharges on multiple routes
Maersk will implement a peak season surcharge (PSS) for dry cargo and refrigerated containers departing from East China ports and shipped to Sihanoukville from June 6, 2024.
Maersk will impose a peak season surcharge (PSS) on dry cargo and refrigerated containers departing from South China ports to Bangladesh from June 15, 2024, with a 20-foot dry box and refrigerated box charge of USD 700, and a 40-foot dry box and refrigerated box charge of USD 1,400 and a 45-foot HQ.
Maersk will adjust the peak season surcharge (PSS) for all types of containers from Far East Asia to India, Pakistan, Sri Lanka, and the Maldives from June 17, 2024.
COSCO SHIPPING announced an increase in FAK rates from the Far East to North America
COSCO SHIPPING announced that from June 15 to June 30, the FAK rates from the Far East to North America will be increased, up to USD 9,200.
Hapag-Lloyd announced that the peak season surcharge (PSS) from Asia and Oceania to South Africa will take effect from June 6, 2024. The collection standard is USD 1,000/TEU.
Increase PSS from the Far East to Northern Europe and the Mediterranean
Hapag-Lloyd announced that it will increase the peak season surcharge (PSS) from the Far East (including Oceania) to Northern Europe and the Mediterranean. The surcharge applies to all voyages from June 15, 2024, and will be valid until further notice. The collection standard is USD 1,000/TEU.
At present, even if you are willing to pay higher freight rates, you may not be able to book space in time, which further exacerbates the tension in the freight market. "Some cargo owners are not shipping now because the freight rates are too high and they are choosing to wait and see," a freight forwarding company manager said.
Freight rates have experienced recent fluctuations, and in the short term, they are more likely to rise than fall. As B2B importers and wholesalers, it is crucial to stay updated with shipping company notifications, maintain timely communication with customers, and strategically plan your shipments to navigate these changes effectively.
