US and Canada break trade talks impasse
A new deal has been struck between the US and Canada that will allow for American farmers to access the Canadian dairy market and stronger intellectual rights.
The deal will also aim to have all cars sold in the NAFTA region to have 75% of the materials originate in the US and Mexico, an increase from the 62.5% and that 40% of a car must be built by workers earning more than US$16 an hour.
Blanked sailings leading to capacity crunch on Europe Asia routes
Eleven sailings from Asia to Europe have been cancelled in October to stop the slide in rates, which has prompted a corresponding shortage incapacity on the Europe to Asia route.
Shippers are being encouraged to secure slots as soon as possible as uncertainty mounts over available capacity.
To compound the gloom forecasts are that there will be a weak North Europe peak season and the Shanghai Containerised Freight Index (SCFI) recorded another dip in spot rates.
Four LNG ships transit Panama Canal in one day
The successful transit of four liquefied natural gas (LNG) ships in one day marked a first for the Panama Canal. The Canal broke its own record the record set on April 17, 2018, when three LNG vessels transited through the waterway on the same day.
The Ribera del Duero Knutsen with a cargo capacity of 173,000 m3 and Maran Gas Pericles with cargo capacity of 174,000 m3 transited northbound, while Torben Spirit with a cargo capacity of 174,000 m3 and Oceanic Breeze with a cargo capacity of 155,300 m3 passed southbound, connecting customers in South Korea, Japan, Chile and the US Gulf Coast.