News Highlights week: 40 - 2023

China has recently unveiled what is believed to be the first set of stand ards for methanol bunkering in the country. China Petroleum Circulation Association and the China Entry-Exit Inspection and Quarantine Association have released two group standards: the marine methanol fuel waterborne refuelling regulations and marine methanol fuel, according to Cosco Shipping.
Economic and industrial change are expected to lead to a period of sluggish growth in China’s containerized goods trade, mirroring the gradual return to normalcy in the global container market, executives said at the North Bund Forum in Shanghai. “The growth rate of China’s import and export containerised goods has slowed, indicating a high probability of entering a ‘new normal’ characterised by low-speed growth,” said Shanghai International Port Group president Gu Jinshan. Chinese industry is transforming: the traditional export trio of clothing, furniture and household appliances is decreasing, while exports of electric vehicles, solar panels and lithium batteries, as well as high-end equipment is experiencing rapid growth, Gu said. 

Resurgent demand for intra-Asia trade into India seems to have pushed short-term container freight rates on the route noticeably higher in recent weeks, recovering from the lows seen over the past few months. According to market data from local freight forwarding sources, average rates for bookings from Central/North China to India grew 20% to 40% this month over August levels.