Expanding business volume, growing new orders and faster capital turnover, China’s logistics market, a closely watched herald of economic operation, is making a comeback into the boom zone after being weighed upon by the COVID-19.

The index tracking the country’s logistics market performance stood at 52.1 percent in June, climbing above the boom-bust of 50 percent for the first time after staying in the contraction zone for three months, according to the China Federation of Logistics & Purchasing (CFLP).

The sub-indices for business volume, new orders, capital turnover and employees all posted marked rebounds as the logistics delivery’s reach and efficiency keep improving.

Chinese authorities, led by the Ministry of Transport, have in recent months revved up efforts to address blocks in logistics to help the economy recover from the impact of COVID-19 outbreaks.

Echoing the smoother transportation network, another index that tracks the country’s warehouse sector showed that the average inventory turnover ended about a half year’s downward trend by climbing 8.4 percentage points to reach 53.9 percent in June.

Hu Han, a researcher with China Logistics Information Center, also attributed the pick-up in logistics activities to growing demands from both the industrial and consumption fronts.

Logistics of industrial goods account for about 80 percent of the total value of China’s social logistics, which in May reversed the downward trend.

The CFLP’s latest data showed that industrial goods logistics registered a 0.7-percent year-on-year growth in May, compared with shrinking 2.9 percent in April.

“It was a turning point marking the shift from fall to rise,” said CFLP’s deputy director Cai Jin. “It has sent a signal that the economy is restoring growth on its supply side.”

Consumption-related logistics also stayed active. The country’s e-commerce logistics activities further consolidated its rebound in June with a related CFLP index climbing 2.8 percentage points over May.

During the mid-year shopping festival, major Chinese e-commerce platforms secured year-on-year transaction growths, with sales jumps in cellphones, home appliances and cosmetics.

The recovery of China’s logistics sector and the economy at large is expected to sustain. A survey of the logistics firms showed that the optimism for continuous market growth rose 1.2 percentage points over the previous month, reaching a record high in four months.
Source: Xinhua


Dans son dernier bilan datant du 28 juin, l’ARS Normandie fait état d’une forte tendance haussière de l’épidémie de Covid-19 sur le territoire. Explications.

Les indicateurs ne sont pas bons sur le front du Covid-19 en Vendée.
L’épidémie de Covid-19 continue de flamber en Seine-Maritime (©Actu.fr)

En Seine-Maritime, la circulation du Covid-19 continue de progresser à grande vitesse. Entre le 19 et le 25 juin 2022, le taux d’incidence atteint 556 cas pour 100 000 habitants à l’échelle du département, comme l’indique l’ARS Normandie dans son dernier bilan daté au 28 juin.

Par rapport à la semaine précédente (qui faisait déjà état d’une tendance haussière à hauteur de 34,7 %), le taux d’incidence progresse cette fois-ci de 47,7 %. En un mois, le taux d’incidence a ainsi triplé en Seine-Maritime, passant de 185 à la date du 26 mai, à 556 fin juin.

Le point en Normandie et en France

À l’échelle de la Normandie, c’est l’Orne qui constate la plus forte progression de l’épidémie (+72,1%) sur la semaine du 19 au 25 juin. Mais c’est aussi le département où le Covid-19 circule le moins actuellement, avec 482,8 cas pour 100 000 habitants.

La Manche (653) et le Calvados (639) sont les plus touchés, tandis que l’incidence régionale est de 587.

En France, le taux d’incidence est de 731,7 cas pour 100 000 habitants au 25 juin 2022, soit une hausse de 53% par rapport à la semaine précédente.

Santé Publique France

80 % des nouveaux hospitalisés ont plus de 60 ans

Comme l’indique l’ARS Normandie, « le rythme des entrées en hospitalisation conventionnelle est en hausse ». Ainsi, au 25 juin, 1021 personnes atteintes du Covid-19 sont hospitalisées, contre 949 la semaine dernière. La moyenne est de 15 nouvelles entrées par jour. Dans les détails, depuis début juin, « 80% des nouvelles hospitalisations en Normandie concernent des personnes de plus de 60 ans », précise l’ARS.

Ainsi, le port du masque, qui n’est pas rendu obligatoire, reste toutefois fortement recommandé dans les situations de grande promiscuité, « dans les lieux clos et mal ventilés, comme les transports en commun, et en particulier en présence de personnes fragiles ».

 

L’ARS rappelle également que certaines personnes à haut risque de développer une forme grave du Covid-19 peuvent recevoir gratuitement des masques FFP2, sur prescription médicale.

Source: https://actu.fr/societe/coronavirus/nouvelle-flambee-de-covid-19-en-seine-maritime-en-un-mois-le-taux-d-incidence-a-triple_52109616.html


LR and Fincantieri marked a milestone in their long-standing relationship earlier this year with the delivery of the Discovery Princess cruise ship – the 75th vessel to be built to LR class by Fincantieri.

We recently spoke to Fincantieri’s Luigi Matarazzo (pictured right), General Manager of Fincantieri’s Merchant Ships Division, about the shipbuilding group’s relationship with LR, the maritime energy transition and digital transformation in the shipbuilding industry.

The relationship between LR and Fincantieri dates back to 1990. How would you describe your relationship and collaboration with LR?

LM: First of all, I would describe it as a valuable relationship from many points of view. In a complex sector such as the one in which we operate, characterised by high-profile technological projects and competition on a global scale, it is essential to establish relationships built on mutual trust, and this is what we have been able to do with LR. I want to add that this type of approach, based on solid relationships, has always belonged to our group and we identify it as one of the keys to success for us and for the partners we work with.

With Covid-19 increasing the appetite for digital technology, how is the digital shipyard concept progressing and how does digital class co-exist with this journey?

LM: Not only the impacts of Covid-19, but also the challenges related to the maritime energy transition, require a radical transformation of business models. The pervasive use of intelligent devices, Internet of Things and artificial intelligence, is already having an impact in most industrial sectors, including the design, production and construction processes in segments related to the maritime sector and others in which Fincantieri operates. The world of digitalisation also poses important challenges in the context of the development of pervasive and efficient network infrastructures, in the management of increasingly relevant quantities of data and in the extraction of value from data analysis. We are fully engaged in this process.

With the shipping industry in a state of transformation, how will this impact the shipbuilding sector? What role is Fincanteri playing?

LM: Despite the pandemic, in 2021 Fincantieri acquired 3.3 billion euros of orders and created over 800 direct jobs in Italy and over 3,800 in related industries thanks to increases in our workforce. The results achieved in the last year provide concrete proof of the effectiveness of the strategic choices made by Mr. Bono and the management and the ability to respond to highly critical situations, with reference to the health emergency but also to the conflict in Ukraine, which introduces further uncertainties. In other words, solidity and reliability are objectives that we have set ourselves to pursue in all circumstances, even in the exceptional ones of recent years, and the entire sector benefits from them.

What do you foresee will happen in the run up to 2050? Can you share any insights on the dominating alternative fuel pathways and technologies?

LM: In order to achieve decarbonisation of the maritime sector it will be necessary to act in an integrated and phased manner on multiple fronts. This process will not be determined with constant technology: a breakthrough is needed, a revolutionary innovation. To achieve climate goals, hydrogen and other alternative sustainable fuels will play a decisive role. But many other intermediate steps are still necessary, which will imply the coexistence of multiple solutions. Furthermore, it is essential to recognise that the variety of the sector will not allow the adoption of a ‘one size fits all solution’, but multiple technological trajectories will be required.

Fincantieri is seen as a world shipbuilding success story. What is your vision for the company but also your country’s shipbuilding industry as a whole?

LM: Our vision for the future of the industry is linked to what we call the ‘green ship’. On our side, Fincantieri aims to solve the green challenge through a holistic approach, covering all the onboard sub-systems. Future research will be focused on reducing air and water emissions, greater innovation of onboard waste management systems and disposal systems and reducing noise and vibrations. Furthermore, we support the green fuel switch also by harnessing renewable energy, and we believe in new technologies for decarbonisation such as fuel cells and encourage the use of high-performance materials and eco-design ideas. The road that leads to a different future is still long, but it has been undertaken with determination and today we see the goal is a little closer.

What does sustainability mean to Fincantieri?

LM: A company is sustainable when it generates value for the future, not just in the current moment. We are a reference point in industrial culture and this position comes with the responsibility to act in a sustainable manner. Thus, it is in our interest to combine competitiveness with environmental sustainability and social responsibility. Therefore, we are continuing on our path to sustainable success with the adoption of an integrated strategy capable of combining business growth and financial stability with social and environmental sustainability.

2022 marks the 150-year anniversary of LR in Italy. Since the first LR surveyor in Genoa was appointed in 1872, LR has supported Italy to become a global leader in passenger ship building. Sharing rich maritime heritage, LR and Fincantieri have together achieved numerous notable industry firsts, such as Carnival Destiny, delivered in 1996, the first cruise ship over 100,000 GT and the world’s largest cruise ship at that time. Grand Princess was also the largest cruise ship in the world when delivered in 1998. Additionally, LR classed the first dual fuel/LNG ferry ever built in Italy – F.A Gauthier, delivered by Fincantieri in 2015.
Source: Lloyd’s Register


The UK Government is allocating £2.4 million for projects to support seafarers’ mental wellbeing and maritime projects developing green skills, diversity and ratings training.

Announced just ahead of the Day of the Seafarer on 25 June, the government says it has partnered with three organisations across the UK to deliver pilot projects to provide everyday support for seafarers’ wellbeing and mental health – in particular projects supporting seafarers’ wellbeing and maritime skills, diversity and careers.

It comes as UK Maritime Minister Robert Courts launches the new Maritime Recovery Route Map, setting out actions to help the sector recover from the effects of the Covid-19 pandemic.

Announcing the news at the Mersey Maritime Exchange in Liverpool, the Minister also outlined how the funding will support a review of training for ratings, including for roles such as deck, engine room, hospitality and catering in the maritime industry – to be carried out by the Maritime Skills Commission.

The £2.4 million will also go towards supporting green skills, alleviating seafarer mental health issues and progressing the Maritime 2050 ambition to widen the diversity of the sector.

The funding aims to support the maritime sector in creating a highly skilled, well supported workforce that people from all backgrounds want to join.

Mr Courts said: ‘Seafarer wellbeing is at the heart of our Maritime 2050 agenda, and we know that mental health difficulties at sea affect thousands of seafarers. We are committed to tackling this, and building a diverse, highly skilled and exciting sector across the board – from shipbuilders to bosuns.

‘This funding will help us tackle this problem by supporting the excellent work being done by charities and social organisations, and foster new programmes.’

The UK Maritime Recovery Route Map brings together the government’s plans to help the sector recover from the impact of the pandemic with delivery of its Maritime 2050 strategy. Developed jointly with industry, the report follows the key Maritime 2050 themes, including how the UK will support ‘our outstanding workforce, stay competitive and drive green growth by delivering innovation and new technology’.

Stuart Rivers, chief executive officer of the Merchant Navy Welfare Board, said: ‘This significant investment in the maritime charity sector is both timely and extremely welcome. The maritime charities sector has been supporting seafarers through multiple crises over the past two years, despite the difficult fundraising conditions. The Department for Transport’s funding will provide a real boost to seafarers’ welfare and enable improvements in skills and diversity for the wider sector.’


96 ports from eight world regions became part of the IAPH World Ports Tracker community by responding to the first quarterly survey providing information about expected number of cargo vessel calls, current hinterland transport conditions, current capacity utilisation of warehouses and distribution facilities, cargo throughput expectations, cruise and passenger vessel call size and frequency as well as current staff availability. These ports will receive early July an exclusive in-depth analysis of the findings, prepared by our experts, economists Theo Notteboom and Thanos Pallis. A summary of the findings will be published in the September-October edition of our membership magazine Ports & Harbors. The World Ports Tracker builds on the COVID-19 Port Economic Barometer which we ran during the first year of the pandemic. We maintain the successful formula of having a limited set of short questions and a quick turnaround time of the analysis. As with the COVID-19 Barometer, all information obtained will be treated in a confidential manner and only aggregated data will be published. No reference will be made to individual ports. Are you interested in joining the World Ports Tracker community and participate in our next quarterly survey? Contact Fabienne Van Loo and you’ll be on our next mailing.


Maritime Minister Robert Courts has announced government funding for 3 organizations to support projects developing seafarers’ wellbeing and maritime skills, diversity and careers.

Announcing the news at the Mersey Maritime Exchange in Liverpool, the minister also outlined how the funding will support a review of ‘ratings’ training. This will include roles such as deck, engine room, hospitality and catering in the maritime industry. It will be carried out by the Maritime Skills Commission.

£2.4 million will help to support green skills, alleviate seafarer mental health issues and work towards the maritime 2050 ambition to widen the diversity of the sector.

The funding aims to support the maritime sector to create a highly-skilled, well-supported workforce that people from all backgrounds want to join.

As recognized in the government’s Maritime 2050 report and brought into sharp focus during the coronavirus (COVID-19) pandemic, seafarers’ welfare and mental health remains a serious issue. These challenges have exposed a need to better understand welfare issues for seafarers and the paucity of facilities and other support available when needed.

Maritime Minister Robert Courts said:

Seafarer wellbeing is at the heart of our Maritime 2050 agenda and we know that mental health difficulties at sea affect thousands of seafarers. We are committed to tackling this and building a diverse, highly skilled and exciting sector across the board – from shipbuilders to bosuns.

This funding will help us tackle this problem by supporting the excellent work being done by charities and social organisations and fostering new programmes.

I am also pleased to be launching our recovery route map, which will help to build a resilient, innovative and future-facing maritime sector for generations to come.”

A package of 9 seafarer protection measures, announced in March, has already set out plans to establish a new framework to improve the long-term working conditions of seafarers, developed in consultation with industry and unions.

The UK has continued to be a leading voice in recognizing existing rights and working with industry and seafarer welfare organizations. In addition, the industry has developed mental health awareness training which is delivered to every new seafarer as part of their mandatory training. This funding aims to raise the profile and enhance delivery of successful programs – small, large, new and existing – to champion seafarer rights.

Also launched today (23 June 2022) is the government’s Maritime recovery route map. This brings together the government’s plans to help the sector recover from the impact of the pandemic while supercharging delivery of Maritime 2050. The report was developed jointly with industry. It follows the key Maritime 2050 themes including how we will support our outstanding workforce, stay competitive and drive green growth by delivering innovation and new technology.

Stuart Rivers, Chief Executive Officer of the Merchant Navy Welfare Board, said:

This significant investment in the maritime charity sector is both timely and extremely welcome. The maritime charities sector has been supporting seafarers through multiple crises over the past 2 years, despite the difficult fundraising conditions. Department for Transport’s funding will provide a real boost to seafarers’ welfare and enable improvements in skills and diversity for the wider sector.

The funding will support maritime skills, diversity, careers and seafarer wellbeing, with £230,000 of the funding allotted to Maritime UK to support green skills, a ratings review and drive forward careers and diversity plans and a further £140,000 to Ormiston Maritime Academy to promote maritime in schools in key target areas for regional growth.”

Ben Murray, Chief Executive Officer of Maritime UK, said:

To realize the vision that we have for the UK maritime sector in 2050, we need the best people from all backgrounds to offer new thinking on the big issues of our age. That means being an inclusive sector, one that invests in its people and prepares for the future.

Maritime UK is delighted that people and skills are at the heart of the government’s maritime recovery route map and the industry is determined to accelerate its work on priorities like diversity and green skills.”

Rachel Kitley, Principal of Cowes Enterprise College, which is part of Ormiston Academies Trust (OAT), said:

Our Maritime Futures initiative fulfils the educational aspirations of the government’s Maritime 2050 strategy. It seamlessly integrates robust disciplinary knowledge with hands-on maritime projects, raises awareness of the maritime sector and provides students with meaningful encounters with maritime employers.

We are thrilled that funding from Department for Transport will enable us to disseminate this model at pace, particularly in coastal communities. Simultaneously, Maritime Futures will contribute to raising attainment for students in disadvantaged areas and raise the profile of the maritime industry.”

Source:

With the rest of the world returning to the pre-pandemic levels of normality, China has maintained a strict zero-COVID policy. Lockdowns and rapid mass testing are still commonplace in Chinese cities. Unfortunately, for foreign businesses that depend on China to boost their global revenues, the cost of operation is becoming burdensome.

The European Union Chamber of Commerce in China was the first to sound the alarm based on findings of a flash survey it conducted in April. It involved 372 European companies primarily based in Shanghai. For nuance, the results were contrasted with an earlier Business Confidence Survey (BCS) that the European Chamber in partnership with Roland Berger conducted in mid- February.

Overall, China’s current COVID-19 containment policy is creating an uncertain business environment. 75 percent of the respondents reported a negative impact on overall operations, with businesses not knowing if their premises will be suddenly shut down or get enough staff to maintain operations.

The main impacts have been felt in logistics and warehousing, where 94 percent of the respondents said that they are negatively affected.

Supply chains have also taken a pounding, both upstream and downstream, affecting 92 percent of the respondents. The main challenges include access to raw materials or components needed for production, struggling to transport raw materials or delivery of finished products within China, and to the rest of the world.

However, in the face of these problems, it begs the question whether the companies are pondering to exit China. The survey found that the majority plan to stay, with only 11 percent of the businesses reporting plans to downsize their operations in China. This demonstrates that most European companies are committed to China in the long-term and prepared to weather any storm for now.

“The rewards of staying the course and navigating the storm are plain to see. With a market of 1.4 billion consumers, some of the world’s best manufacturing clusters and, in more recent years, a vibrant innovation ecosystem, European companies view it as imperative to be part of China’s growth story,” said Joerg Wuttke, the President of the EU Chamber of Commerce in China.

However, the Chinese market has lost a considerable amount of allure for many companies, with 78 percent indicating that China’s COVID-19 measures have made it less attractive destination for investment.

Some of the hard-hit sectors – fashion and textiles – are important to container shipping, an early indicator of a possible supply-chain shift in Asia.

“The main impact currently is the disruption of logistics to and from Europe, with 65 percent of the companies affected. Businesses have to adapt to new conditions, with rail freight between China and Europe no longer an option. Ships and trucks are also paying more for gas and oil due to rising material and energy costs,” notes the EU Chamber report.

Meanwhile, although the war in Ukraine is not an immediate concern for European businesses in China, a third of companies revealed the war is also a factor affecting China’s attractiveness as an investment destination. With China increasingly trading with Russia, and seemingly appearing as an ally, companies are concerned by geopolitical tensions, in particular the prospect of a deterioration in EU- China relations.


The Navy will move to monthly reporting of COVID-19 vaccine separations, the sea service announced in its now formerly weekly update.

The move comes after two weeks of active-duty separations in the single digits. Over the past two weeks, the Navy separated two active-duty sailors and 25 reservists, according to the update.

The latest separations bring the total to 998 active-duty and 209 reservists.

There are 3,371 active-duty sailors and 3,448 reservists who are not fully vaccinated, as mandated by the Department of Defense. This includes sailors with granted or pending exemptions as well as those who have submitted a religious accommodation request.

The Navy cannot currently separate anyone who submitted a religious exemption against the COVID-19 vaccine due to a legal ruling in the Fifth Circuit.

The lack of approved religious exemptions was debated in the House Armed Services Committee Wednesday as congressional members went through the proposed National Defense Authorization Act.

The Navy has approved 45 active-duty requests for religious exemptions, although it is unclear how many of the exemptions were for people who planned to retire or leave the service instead of getting vaccinated.

Among the amendments proposed before HASC was one extending the honorable or general discharge characterization for separations. HASC approved the amendment.

Natural immunity as an alternative has been used in multiple lawsuits against the military branches, including the Navy. It was cited in the case brought against the Navy by Navy SEALs and by a commanding officer who is unvaccinated.

Recently, lawsuits have begun mentioning the idea that the FDA-approved Pfizer vaccine, which is marked under brand name Comirnaty, is a different formula than the version of the Pfizer vaccine, which received emergency use authorization.

This was also the reasoning given in a recent board case for Lt. Bill Moseley, whose lawyer wrote in a statement that the Navy found that the two versions were different and that Moseley was only offered the EUA version.

The Navy could not comment on the specifics of the board, but did confirm that Moseley was retained by the Navy.

According to the FDA, Comirnaty and the EUA-version of Pfizer given to those older than 16 are the same. The formula is different for the EUA-version given to those under 16.

“The FDA-approved Comirnaty (COVID-19 Vaccine, mRNA) and the two EUA-authorized formulations of the Pfizer-BioNTech COVID-19 Vaccine for individuals 12 years of age and older, when prepared according to their respective instructions for use, can be used interchangeably,” according to the FDA.


The cost of shipping goods has surged 25-30% since the start of the pandemic due to array of inflationary pressures that are “unlikely to abate in the short term,” world No. 1 container shipping company Maersk told Reuters on Wednesday.

Maersk is viewed as a bellwether for global trade as it transports goods for retailers and consumer companies from Walmart and Nike to Unilever.

Higher supply chain costs have rocked the retail and packaged goods industries since the start of the COVID-19 outbreak, particularly over the past year as economies have started to recover, with logjams at key ports holding up containers of everything from food and health products to toys.

“I think some more inflation (will) come through in the years to come,” Vincent Clerc, chief executive of Ocean and Logistics at Maersk said in an interview during the Consumer Goods Forum’s Global Summit conference in Dublin.

“Logistics is very energy and labor intensive, and those are two of the areas of the economy that are subject to significant inflationary pressure.”

Clerc said that while congestion is improving in some parts of the world, it is becoming worse in others—for instance, the East Coast of the United States and in Northern Europe.

“We’re talking here about the availability of truck drivers, the availability of capacity to move the goods through to the inland infrastructure,” he said.

Clerc also said that since the start of “trade tensions” with China, global companies have been increasingly cutting the proportion of materials and goods they export from the country, hoping to diversify away.

“We see a tendency, certainly, towards more even distribution and a reduced reliance on one or two specific areas.”


Global shipping companies will see more orders from China in the coming months as the COVID-19 situation eases in Shanghai while continuing to adopt new tactics to compete with each other, said analysts and business executives on Wednesday.

As a surge in COVID-19 cases forced a lockdown in April and May in Shanghai-the world’s largest container port by throughput capacity-and also because of logistics delays resulting from highway controls in parts of China, the metropolis suffered from a breakdown in the logistics supply chain. Many foreign container ships didn’t choose ports in Shanghai to call in during that period.

Even though it will take some time for shipping and port businesses to return to normal in Shanghai, there are huge amounts of pent-up demand, both from factories resuming work and their urgent need for exporting products overseas after the delay, said Zhou Zhicheng, a researcher at the Beijing-based China Federation of Logistics and Purchasing.

Thanks to growing shipping demand and rising freight, the profit growth of global shipping companies, such as France’s CMA CGM SA, Denmark’s Maersk Group and Geneva-based Mediterranean Shipping Co SA, has soared significantly since 2020, he said.

For instance, CMA CGM’s operating profit jumped 69.9 percent on a yearly basis to $8.87 billion in the first quarter, while Maersk doubled its net profit to $9.1 billion, according to their latest financial reports.

Revenue for the full year is expected to continue to be strong as the increase in freight rates on its long-term contract portfolio will add approximately $10 billion in revenue in 2022 compared to 2021, Maersk said in a recent statement.

In addition to deploying more container vessels, the group will add three new B767-300 freighters to its air cargo service between China and the United States in the second half.

“There are significant opportunities in China as its economy is becoming more advanced. Consumers are upgrading in terms of their expectations, so we need to become more competitive in all kinds of services in this market,” said Jens Eskelund, China chief representative of A.P. Moller-Maersk, the parent company of Maersk.

From the perspective of market competition, the competitive strategies of shipping companies are clearly differentiated. With abundant cash flows, the industry concentration of major companies will gradually rise this year, said Zheng Jingwen, a senior analyst at the Shanghai International Shipping Institute.

For example, Maersk has acquired more logistics companies to improve its whole-process logistics layout and the Mediterranean has placed more orders for new container vessels, while CMA CGM has been involved in the aviation field and ordered more liquefied natural gas-powered ships.

Domestic shipping giant China COSCO Shipping Corp Ltd said earlier this month that it will continue to deepen integration of the container shipping unit and terminal business segment, continuously reinforce business model innovations via digital technologies, and build a new ecology of smart and green shipping this year.

“The era of scale competition and low-price competition has passed, while green, digitalization, and supply chain stability have become the focus of the global shipping industry,” Zheng said, predicting the trend of freight rates may slightly drop in the second half.
The core factor affecting the current freight rate is the supply of the fleet. If no substantial breakthrough can be achieved in port congestion in the United States and Europe in the following months, the container freight rate may continue to maintain a high level. However, the current high container freight rate has aroused great attention from the regulatory authorities of various countries, and it is unlikely that the freight rate will rise further in the future, she added.

Due to shipping groups facing a sharp rise in various costs, such as fuel costs, crew salaries and ship maintenance expenses, and their moves of abandoning the strategy of low-price competition, the possibility of a dramatic decline in freight rates is highly unlikely to occur in the second half, said Mao Wenjun, deputy general manager for the South China branch at COSCO Shipping Lines Co Ltd, a subsidiary of Shanghai-based China COSCO Shipping.
Source: China Daily


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