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☆ A look at the true nature of the Chinese cyber threat inside the nation's biggest ports
▼ + stars: | 2024-03-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

But the Biden administration, lawmakers and ports management continue to differ in their views of the true nature of the threat. Kurt Fredrickson, a Coast Guard spokesman, told CNBC via email that even if the software is not Chinese, all software has vulnerabilities, regardless of origin. "Software is everywhere," Gene Seroka, executive director of the LA port, told CNBC in a recent interview at the TPM conference. They warn the crane software concerns are part of a much larger societal risk. He added that regardless of the origin of the crane software and the origin of a crane's manufacturing, there are ways to mitigate cyber risk.

Persons: Biden, Jay Vann, Robert Murray, it's, Kurt Fredrickson, Murray, Carlos Gimenez, Melanie Stambaugh, Greg Ehrie, Doug Vogt, Vogt, Mario Cordero, Noel Hacegaba, Cordero, Gene Seroka, Lucian Niemeyer, Trump, Niemeyer Organizations: CNBC, ABB, Germany's Siemens, Counterterrorism, Law, Intelligence, Homeland Security, U.S . Coast Guard Cyber Command, Biden Administration, People's, Capitol, National Association of Waterfront Employers, Coast Guard, Transportation, Maritime Security, of South Carolina, Northwest Seaport Alliance, USCG, American Association of Port Authorities, New Jersey Port Authority, Siemens, New, Port, Biden, North Carolina Ports, ZPMC, NC, United States Coast Guard, Samsung, U.S . Department of Homeland Security, DHS, U.S . Coast Guard, Security, Defense for Energy, National Security, Management, Maritime Transportation, Joint Force, MTS, Readiness Locations: China, Swiss, People's Republic of China, U.S, of South, China . Port of Long Beach, Tacoma, Seattle, York, New Jersey, New York, Port of New Orleans, of Long Beach, Port of Long, Port of Los Angeles, Port, Oakland, Georgia, Finland, Japan, Taiwan, Europe, Shanghai

☆ Union Pacific President on rethinking the supply chain, investing in trade with Mexico
▼ + stars: | 2024-03-13 | by ( Lori Ann Larocco | Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnion Pacific President on rethinking the supply chain, investing in trade with MexicoCNBC's Lori Ann LaRocco joins Union Pacific President Beth Whited at this year's TPM conference to discuss the state of the supply chain and trade with Mexico.

Persons: Lori Ann LaRocco, Beth Whited Organizations: Email Union Pacific, Union Pacific Locations: Mexico

☆ The global trade system has already started planning for potential Trump win, new China tariffs
▼ + stars: | 2024-03-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

The Trump administration used delegated authorities under three trade laws to unilaterally levy tariffs without Congressional approval. The Trump administration tariffs kickstarted a shift in supply chain strategy which, according to Frank, became more well-developed by customers during Covid, when they contemplated moving factories and production out of China. He expects any increase in tariffs during a second Trump presidency to lead to a greater shift in trade from China to Mexico to avoid the tariffs. "If you charge tariffs to China, they're going to build ... their car plants here and they're going to employ our people," Trump said. S&P Global research shows that China's share of the imports of products covered by tariffs imposed by the Trump administration has dropped.

Persons: Donald Trump, Trump, Niki Frank, Frank, Beth Whited, they'd, Paul Brashier, Chris Rogers, Biden, Rogers, Jon Gold, John Taylor IV, Taylor, Peter Boockvar, Critics, it's, that's Organizations: United, Canada Trade, White, CNBC, Global, Trump, China, Biden, OF DHL, Union, Canadian Pacific, Canadian Pacific Kansas City, Union Pacific, ITS Logistics, P Global, Vietnam, National Retail Federation, Berlin Packaging, Trade, Bleakley Financial, ASEAN Locations: United States, Mexico, Canada, Washington , DC, U.S, OF DHL Asia, Long Beach , California, China, Union Pacific, Canadian Pacific Kansas, East, West, Vietnam, Malaysia, South Korea, CNBC Mexico, Europe, Thailand, Indonesia

☆ There's been a rebound in volatile shipping stocks. The market opportunity isn't over, report says
▼ + stars: | 2024-03-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

During 2022-2023, ocean carriers used some of those reserves for their own buying sprees to expand their footprints. While adding to the ocean carrier bunker fuel costs, they are being compensated.. "The Red Sea diversions are a good thing for ocean carriers. The big question mark is the duration of the diversions and the surcharges the ocean carriers can charge. Those two regions have steadily taken market share away from the West Coast ports, with shippers also benefitting from investments in ports infrastructure. "The West Coast ports have strengthened infrastructure," Iampieri said.

Persons: Marc Iampieri, Cash, Iampieri, Jeff Bezos, It's, Paul Brashier, Brashier, AlixPartners Organizations: Bloomberg, Getty, Dow Jones Transportation, Fortune, Convoy, Amazon, Technology, Ocean, Maersk, CNBC, ITS Logistics Locations: Panama, Red, East Coast, AlixPartners, Flexport, Europe, North America, Asia, West Coast, East, Gulf, Mexico, West, Los Angeles, Long

☆ China making 'concerted effort' to dominate critical US ports equipment, Biden official says
▼ + stars: | 2024-02-29 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

SUZHOU, CHINA - FEBRUARY 27: A gantry crane hoists vehicles for export at Taicang Port's International Container Terminal on February 27, 2024 in Suzhou, Jiangsu Province of China. Gene Seroka, executive director of the Port of Los Angeles, told CNBC that Biden's executive order is a wake-up call for the port and supply chain industry. "The bottom line is that today's high-tech cranes can collect data and that is why this executive order is so important," said Seroka. "It's no secret that China has both the capability and the intent to challenge the rules based trade system. The Biden administration has positioned the executive order as part of a "whole government approach" in securing the nation's ports.

Persons: Biden, Christa Brzozowski, ZPMC, Gene Seroka, Brzozowski, Carlos Gimenez, John Vann, Vann, Wayne R, Arguin Jr, Arguin Organizations: Taicang, Getty, Department of Homeland Security, Homeland Security, Coast Guard, Transportation, Maritime Security, Shanghai Zhenhua Heavy Industries Co, Capitol, CNBC, Cyber Security Operations Center, Guard, White, Resilience, of Commerce, Defense, Coast Guard Cyber Command, US Coast Guard, U.S Locations: SUZHOU, CHINA, Suzhou, Jiangsu Province, China, Capitol, United States, U.S, Republic of China, Shanghai, Beijing, Capitol Hill, of Los Angeles, Los Angeles

☆ Battle for the Red Sea expands with U.S. strikes, EU stepping up its efforts against Houthis
▼ + stars: | 2024-02-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

Defense officials tell CNBC as of February 21, there have been at least 59 attacks on commercial shipping interests in the Red Sea. But the EU said the Red Sea moves reflect the need for a stronger European presence in protecting ships from Houthi attacks. Trade leaders have urged more countries to join the military effort in the Red Sea. A war of misinformation in the Red Sea crisis also continues. On February 2 in Brussels, Borrell informed Yemeni Prime Minister Bin Mubarak about the plans to launch a new EU maritime operation in the Red Sea and about its mandate.

Persons: Mason, Torm Thor, Good Hope, Peter Stano, Josep Borrell, Mark Montgomery, Sen, John McCain, Steven Lamar, Hussein, Azzi, Stano, Houthis, Borrell, Bin Mubarak, Rashad Al, Carl Bentzel, Bentzel, Tesla Organizations: European Commission, United States Central Command, Command, U.S, CNBC, European Union's Naval Force, EU, French Navy, Prosperity, Prosperity Guardian, EU Commission, Navy, Foundation, Defense of Democracies, Senate Armed, NATO, U.S . Central Command, UK, Prosperity Guardian . Trade, American Apparel and Footwear Association, Central Command, Yemeni, Presidential, Council, UN, Federal Maritime, Foreign Shipping, State Department, FMC, Walmart Locations: Aden, Iranian, Yemen, Red, Libyan Coast, Good, Somalia, European, EU, U.S, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Houthi, Europe, Suez, Belize, Brussels, Yemeni, United States, Egypt, Germany, Israel

☆ Biden to sign executive order on US port cybersecurity targeting Chinese-manufactured shipping cranes
▼ + stars: | 2024-02-21 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

An executive order to be signed by President Biden will bolster maritime cybersecurity by making sure all critical port infrastructure that is owned and operated adheres to international and industry recognized safety regulations. The Biden official said that the new Supply Chain Resilience Center, announced last November, will be included in efforts to enhance port security. In addition to the new rules and regulations, $20 billion will be used to strengthen U.S. port infrastructure through the Investing in America Agenda. These cranes have been a focus of debate among national security experts and port officials in recent years. Over the long term, senior Biden administration officials said they would like to invest in the onshoring of port crane manufacturing.

Persons: Biden Organizations: Coast Guard Cyber Command, Coast Guard, & Infrastructure Security Agency, CNBC, Biden, Chain Resilience, Shanghai Zhenhua Heavy Industries, Capitol, Port, Reshoring, American Association of Port Authorities Locations: U.S, China, Shanghai, Beijing, Capitol Hill, America, Japan, Austria, Finland, Germany, Nagoya

☆ Red Sea attack-fueled ocean freight inflation is starting to ease on key global trade routes
▼ + stars: | 2024-02-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesThe Red Sea crisis has fueled a sharp spike in ocean freight inflation over the past two months, but there are signs that upward pressure on shipping rates on key trade routes may have peaked. Shipping rates on ocean routes from Asia to the U.S. are beginning to decline, based on analysis of the latest cargo data from Xeneta, a leading ocean and air freight benchmarking platform. The reversal in ocean freight pricing comes despite a maritime threat to global commercial shipping companies that shows no signs of waning. The timing of the rate decreases could influence new contracts in negotiations between ocean freight carriers and shippers at the beginning of March. "Either way, the next few weeks is crunch time for both ocean freight carriers and shippers and could define their fortunes for the rest of 2024."

Persons: Emily Stausbøll, Stausbøll Organizations: Future Publishing, Shipping, United Kingdom Maritime Trade, CNBC, FEU, U.S ., U.S Locations: Qingdao, Shandong province, Asia, Xeneta, Europe, U.S, East Coast, West Coast, Aden, Yemen, West, East, U.S . West Coast, Covid, Africa, Suez

☆ Shipping giant Maersk says Red Sea vessel diversions could extend into second half of 2024
▼ + stars: | 2024-02-14 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Moller-Maersk, the second-largest global ocean carrier, is advising customers to prepare for a Red Sea crisis that could stretch well into the second half of this year. "Unfortunately, we don't see any change in the Red Sea happening anytime soon," Charles van der Steene, regional president for Maersk North America, tells CNBC. After attacks on two U.S.-flagged Maersk vessels on January 24, the Maersk Detroit and Maersk Chesapeake, Maersk Line, Limited — a U.S. subsidiary of Maersk, which operates U.S.-flagged vessels independently — announced it would no longer traverse the Red Sea. The global shipping and logistics company's cautious view of the Red Sea safety conditions comes despite a U.S.-led multinational military operation in the region, Operation Prosperity Guardian. "Our advice to our customers is specifically about building upon the uncertainty by being agile," said van der Steene.

Persons: Ebba, A.P ., Kristian Helgesen, Moller, Charles van der, Good Hope, der Steene, Maersk, van der, van der Steene, van der Steen, Panama hasn't, we're Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Maersk North, CNBC, Maersk Detroit, Maersk Chesapeake, Prosperity, U.S, Gaza, Maritime Security Program, VISA, Voluntary Intermodal, U.S ., Intelligence, East, Oceania Locations: Suez, Egypt, Maersk North America, Gulf, Aden, Hangzhou, Maersk, U.S, Good, Asia, Limited's U.S, West Coast, East Coast ., East Coast, Cape Hope, Panama, Ports, Mexico, Pacific Northwest, Los Angeles, Long, China, Australia, New Zealand

☆ Trade leaders urge governments around the world to join Red Sea military effort
▼ + stars: | 2024-02-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Trade associations representing sectors across the global economy have joined an open letter urging more governments around the world to join Red Sea maritime security efforts. Currently, U.S.-led Operation Prosperity Guardian is the primary military defense effort protecting merchant vessels that have come under attack from Houthi rebels in the Red Sea. The trade groups' letter comes at a time when the scrutiny of military efforts in the Red Sea is rising within countries that have taken a lead role, including the U.S. Senators on the Foreign Relations Committee, as well as House representatives, have recently questioned the Biden administration's unilateral authorization of Navy action in the Red Sea that can be on behalf of foreign-flagged vessels. Despite political pressure, the flow of global trade remains heavily reliant on the use of foreign vessels.

Organizations: CNBC, American Apparel and Footwear Association, National Retail Federation, Prosperity Guardian, U.S, Senators, Foreign Relations, Biden, MDS Transmodal Locations: Red, U.S, France

☆ Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats
▼ + stars: | 2024-02-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Piracy off the coast of Somalia had been on the decline in recent years after peaking in 2011 when Somali pirates launched 212 attacks. A 2013 World Bank study, still widelt cited today, estimated that piracy cost the global economy around $18 billion annually. The pirates have also been attacking fishing vessels, mostly Iranian, as well as many other small boats such as skiffs. Ocean piracy is rising across the worldData from 2023 shows that by many key measures, piracy is on the rise in key global shipping lanes. There were 120 incidents of maritime piracy and armed robbery against ships reported in 2023, compared to 115 in 2022, according to the annual Piracy and Armed Robbery Report of the ICC International Maritime Bureau (IMB).

Persons: Abuukar Mohamed Muhidin, Dan Mueller Organizations: Puntland Maritime Police Forces, Getty Images, Royal United Services Institute, United Nations Security Council, European Union Naval Force, UNSC, Eastern, Chamber of Shipping, ICC International Maritime Bureau, International Maritime Organization, CNBC Locations: PUNTLAND, SOMALIA, Puntland, Somalia, Anadolu, Africa, Horn of Africa, U.S, Eastern Region, Djibouti

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Red Sea supply chain inflation may be peaking already, new trade data suggests
▼ + stars: | 2024-01-31 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

It tells CNBC that rates on ocean routes from Asia to Europe and the Mediterranean are beginning to decline, but for U.S.-bound trade, prices are still climbing. Rates for cargo headed to the U.S. are still risingBut for U.S companies, while some have negotiating leverage, shipping rates are not seeing any reprieve. According to Sand, rates for the trade route from the Far East to the U.S. East Coast are still heading higher. "Everyone is accusing everyone at the moment, which is normal during situations when there is so much uncertainty in the market," Sand said. "Ocean freight carriers did not invent this crisis and it takes time for them to put in new shipping networks to deal with the disruption caused by diverting away from the Suez Canal."

Persons: February's GRIs, Emily Stausbøll, Peter Sand, Sand Organizations: CNBC, Logistics, U.S . Locations: Xeneta, Asia, Europe, North Europe, Sand, U.S . East Coast, Suez

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

☆ As more tankers divert from Suez Canal, there's a 'sea change' in way Europe is buying crude
▼ + stars: | 2024-01-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Al HUDAYDAH, YEMEN - JULY 17: Yemen's replacement oil tanker Nautica floats over its arrival to Al Hudaydah port in the Red Sea on July 17, 2023 in Hudaydah, Yemen. (Photo by Mohammed Hamoud/Getty Images)Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. They would rather go around the Cape of Good Hope versus taking a chance through the Red Sea." LNG vessels travel faster than oil tankers because they are lighter and they can sail up to 21 knots versus the 12-13 knots for crude tankers. Before the Red Sea disruptions, a tanker from Jamnagar, India to Rotterdam, Netherlands would have taken 24 days.

Persons: Al, Mohammed Hamoud, Rea, Viktor Katona, Good Hope, It's, Katona Organizations: United Nations, Europe, U.S, Good Locations: Al HUDAYDAH, YEMEN, Al Hudaydah, Hudaydah, Yemen, Sana'a, Europe, Suez, Brazil, Africa's, Good, Israel, Jamnagar, India, Rotterdam, Netherlands, Basrah, Iraq, Milazzo, Sicily

☆ Air freight volumes soar as Red Sea delays, risks make more big retailers, auto companies nervous
▼ + stars: | 2024-01-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

HANGZHOU, CHINA - APRIL 6, 2023 - A Cargo plane of Maersk AIR Cargo is seen at Hangzhou Xiaoshan International Airport in Hangzhou, Zhejiang province, China, April 6, 2023. The current spike in use of air freight is primarily in cargo volumes bound for Europe, as more companies avoid the longer Red Sea diversions around Africa's Cape of Good Hope, according to Xeneta, a leading ocean and air freight rate benchmarking platforms. Air freight tends to be "quieter" in the last week of December and the first week of January, according to Niall van de Wouw, chief air freight officer for Xeneta. "If the Rea Sea crisis continues, you'll have more and more companies getting nervous," van de Wouw said. Xeneta data shows that air cargo volumes on the major apparel route from Vietnam to Europe spiked 62% in the week ending January 14 — 6% higher than 2023's peak week in October.

Persons: Maersk, Good Hope, Niall van de Wouw, van de Wouw, Van de Wouw Organizations: Maersk AIR Cargo, Hangzhou Xiaoshan International, Getty Locations: HANGZHOU, CHINA, Maersk, Hangzhou, Zhejiang province, China, Europe, Africa's, Good, Vietnam

☆ Red Sea attacks already bigger issue for supply chain than pandemic, maritime advisory warns
▼ + stars: | 2024-01-18 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The strikes are a response to attacks on the Red Sea, adding complexity to the regional conflict originating from Israel's Gaza war. With that exception, "This [the Red Sea crisis] is the largest single event – even larger than the early pandemic impact," Murphy said. Sea-Intelligence analyzed current vessel delays compared to delays over the last several years in a report for clients. A leading ocean supply chain advisory firm is warning that the disruptions to shipping from the Houthi rebel attacks in the Red Sea are already more damaging to the supply chain impact than the early Covid-19 pandemic. "Threats to Red Sea shipping are a threat to maritime commerce worldwide," said Steve Lamar, CEO of the American Apparel and Footwear Association.

Persons: Luis Boza, Alan Murphy, Murphy, Hope, Steve Lamar Organizations: Getty, Intelligence, MSC, Volvo, Michelin, Ikea, American Apparel and Footwear Association, Logistics, CNBC Locations: Lisbon, Portugal, U.S, Yemen, Red, Gaza, Suez, Good Hope, Europe, United States, Asia

☆ Fears of prolonged Red Sea shipping crisis fuel inflation fears, as oil, retail cargo delays rise
▼ + stars: | 2024-01-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

"If so, we expect the soaring freight rates and equipment shortage will continue till the third quarter," it advised clients. This would be on top of the revenue lost by diverted container vessels which are required to pay between $500,000-$600,000 per transit. "However, given the longer transit times vessels are experiencing, the market may face a shortage of empties across Asia until sailings normalize." Evelyn Fornes, Home Depot spokeswoman, said it is working with logistics carriers to find alternate routes to limit any impact from the Red Sea conflict. East Coast freight rates soar While freight rates for U.S. West Coast ports have yet to spike, freight rates for the East Coast and Gulf are up.

Persons: Folden, Shell, Jean, Charles Gordon, Nyttingnes, Torm, Euronav, Tom, Hafnia, Andy Lipow, Kuehn, Nagel, Ami Daniel, Goetz Alebrand, Stephen Schwarz, Paolo Montrone, Kuehn + Nagel, Alan Baer, Baer, Evelyn Fornes, Fornes, Lane Organizations: Galaxy, Houthis Media, Getty Images, Anadolu, Getty, U.S, Clarksons Securities, Honour Lane Shipping, Wall Street, Shell, Suez, Authority, Lipow Oil Associates, Logistics, CNBC, DHL Global, Asia Pacific, Kuehn, USA, Home, Costco, Walmart, Home Depot, Volvo, Michelin, Ikea, East, U.S . Locations: Iran, Yemen, Anadolu, Hafnia, Ardmore, Suez, Israel, Americas, Asia, Europe, Wells Fargo, Red, U.S, East Coast, U.S . West Coast, Gulf, East, West, West Coast

☆ Global shipping rates set to jump as carriers avoid the Red Sea amid Houthi attacks
▼ + stars: | 2024-01-10 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Freight prices are set to jump Monday, while longer transit times around Africa are disrupting and delaying deliveries of products. British clothing retailer Next recently warned of stock delays as a result of the longer ocean transit. "This creates strong motivations for ocean carrier(s) to increase rate(s) by establishing General Rate Increases (GRIs), Peak Season Surcharge (PSSs), and other contingency or emergency surcharges," the company said. "HLS warned Transpacific freight rates could spike to highs not seen since early 2022, with the Suez Canal route suspended, and the Panama Canal route restricted." Kuehne + Nagel analysts told CNBC that 419 vessels are currently being rerouted due to the Red Sea situation.

Persons: Jon Gold, HLS, Good Hope, Kuehne, Nagel, Franziska Bietke, Mark Rhodes, Rhodes Organizations: Lane Shipping, Ikea, National Retail Federation, CNBC, MSC, U.S ., East, U.S . Shipping Act, Federal Maritime Commission, Kuehne, Logistics, Crane Worldwide Logistics, CNBC PRO Locations: Suez, Ismailia, Egypt, Iran, Red, Africa, Asia, British, West Coast, Panama, U.S . West Coast, East Coast, Gulf of Mexico, South Africa's, Good, Project44, Europe

☆ Biden administration announces new logistics plan to support U.S. supply chain
▼ + stars: | 2023-11-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration announces new logistics plan to support U.S. supply chainCNBC's Lori Ann LaRocco breaks down the Biden adminsitration's new cross-agency initiative to support the U.S. supply chain.

Persons: Lori Ann LaRocco Organizations: Biden

☆ Treasury Department's hunt for Russian oil sanction violators on the seas is intensifying
▼ + stars: | 2023-11-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

"Management of all the Sovcomflot ships was transferred to Sun Ship Management in March/April 2022 when their offices in Europe were closed. 30 ship owners targeted in new Treasury probeThis is just one example of the murkiness within the Russian oil trade. There are grey areas in the U.S. government's Russian oil guidelines, though the efforts can ultimately lead maritime investigators to the truth. In the U.S. Treasury's "Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil," ship owners are under a Tier 2 category. This document could provide a "safe harbor" for ship owners who are relying on that customer's "attestation" to comply with sanctions.

Persons: Wally Adeyemo, Matthew Wright, Wright, it's, hasn't, They're, shipowners, Andy Lipow, Lipow, Brent Organizations: Windward, U.S . Department, Foreign Assets Control, Treasury, Shipping, Coalition, Ukraine, United, Kazan Shipping Incorporated's, Progress Shipping Company, CNBC, Sovcomflot, Management, Sun Ship Management, Maritime Services, Ship, Lipow Oil Associates, U.S . Treasury, European Union, AIS Locations: Morocco, Price, United Arab Emirates, Kazan, Kazan Shipping Incorporated's Kazan, UAE, Europe, U.S, Asia, Ukraine, Hong Kong, China, India

☆ As Biden and Xi meet, Asian manufacturing slowdown returns to a 2020 low, led by a softer China
▼ + stars: | 2023-11-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

The GEP Global Supply Chain Volatility Index, produced by S&P Global and GEP, tracks supply chain orders which show rising spare supplier capacity as a result of a pullback in global demand. As President Biden meets with Chinese President Xi Jinping in San Francisco, the Asian manufacturing sector is experiencing a slowdown not seen since the 2020 peak of the Covid pandemic. The GEP index shows a depressed level of demand for raw materials, components, and commodities since manufacturing orders are down. A negative meeting would signal that firms may need to act faster to get in front of an evolving and changing U.S.-China relationship by adjusting their supply chain strategies." The NRF continues to call on the Biden Administration to restart a dialogue with China about the tariffs and ultimately remove them.

Persons: Biden, Xi Jinping, John Piatek, Piatek, Xi, Jon Gold Organizations: P, GEP's, International Monetary Fund, CNBC, Chain Survey, GEP, U.S, Biden, China, National Retail Federation, Biden Administration Locations: U.S, San Francisco, China, North America

☆ Australian ports operator back up after cyberattack
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralian ports operator back up after cyberattackDP World, one of Australia's biggest port operators, resumed activities after a massive hack roiled the company for three days. CNBC's Lori Ann Larocco reports.

Persons: CNBC's Lori Ann Larocco

☆ Australian ports resume operations following cyberattack disruption
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralian ports resume operations following cyberattack disruptionCNBC’s Lori Ann LaRocco joins 'Power Lunch' to discuss the cyberattack on DP World Australia.

Persons: Lori Ann LaRocco Organizations: DP

☆ The global freight recession will continue in 2024: CNBC Supply Chain Survey
▼ + stars: | 2023-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowThe global shipping industry has been mired in a freight recession this year and the challenging economic conditions will continue into 2024, according to a new CNBC Supply Chain Survey. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. "Without more freight moving, 2024, and potentially 2025, will continue to see soft pricing as capacity outstrips demand," he said. Freight trucking will remain soft Trucking companies get paid per load, and low expectations for orders imply potentially lower revenue this holiday season. A slightly better second half 2024 outlook The survey shows expectations for a slight turnaround in freight volume in the second half of 2024.

Persons: Robinson, Kuehne, Nagel, Zhang Jingang, Alan Baer, Noah Hoffman, Jeff Bezos, Uber, Tim Robertson, Robertson, Brian Bourke Organizations: CNBC Supply Chain Survey, CNBC, Chain Survey, SEKO Logistics, DHL Global, USA, ITS Logistics, Getty, Logistics, C.H, Surface Transportation, Convoy, Tank Transport Locations: Qingdao, Shandong province, China

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