YOU know you've reached true adulthood when getting the washing in just before it starts raining feels like a genuine achievement. That was my big win yesterday, I'll take it!
There have been a few bigger wins, and a few challenges, across the shipping and logistics industry this week.
We'll start in the Middle East, where uncertainty continues around the Strait of Hormuz. Proposals being discussed between Iran and Oman include compulsory transit or service fees for vessels using the waterway, prompting a strong response from the global shipping industry. Eight of the world's largest maritime organisations have urged the United Nations and International Maritime Organisation to oppose the proposal, warning it could undermine free navigation and add costs across global supply chains.
For now, nothing has changed operationally, but it's one to watch given the importance of the route to global shipping.
Turning to freight rates, the Drewry World Container Index edged up 1% this week, ending three consecutive weeks of decline. Stronger Transpacific pricing and ongoing congestion across parts of China supported the increase, while rates on Asia-Europe services remained largely stable as carriers continued to manage capacity.
Closer to home, we're starting to hear the drumbeat of General Rate Increases (GRI) as carriers look towards the second half of August. At the same time, our services ex China haven't escaped the congestion, with delayed departures creating a ripple effect through transhipment ports and impacting arrival schedules.
Congestion isn't just affecting schedules in China. Parts of Southeast Asia, India and several major European ports are also experiencing delays.
So, what else is going on out there?
Beyond operational updates, it was a busy week for company earnings and investment announcements across the industry.
Today's photo is a two for one. The vessel on the left is the Westport, and on the right is MSC Corcovado III. It's hard to miss the size difference between the two! Westport measures 336m in length and 43m wide, while MSC Corcovado III comes in at 207m long and 29m wide.
Have a great weekend everyone!