Maersk's first green methanol-powered ship is deployed, November foreign trade results are announced, and major Indian ports are closed due to typhoon丨This week's foreign trade events
MSK's first large green methanol-powered ship will be deployed on the Asia-Europe route!
The first of 18 large methanol-powered vessels ordered by AP Moller-Maersk (Maersk) is about to enter operation.
On February 9, 2024, it will be deployed on the AE7 route connecting Asia and Europe.The route calls at ports such as Shanghai, Tanjung Pelepas, Colombo and Hamburg, with Ningbo, China as the first destination port of the ship.
Built by South Korea's Hyundai Heavy Industries (HHI), the container ship has a designed capacity of 16,000 TEUs and is equipped with dual-fuel engines that can operate on methanol, biodiesel and traditional marine fuel.
Maersk has set a 2040 net zero greenhouse gas emissions target for all operations and has set realistic yet ambitious near-term targets to 2030 to ensure significant progress in decarbonization.
Maersk has secured enough green methanol to meet the needs of the maiden voyage and is continuing to work on finding a fuel procurement solution for its methanol-powered fleet in 2024-2025.
Karsten Kildahl, Chief Commercial Officer at Maersk, said: “Deploying our first large methanol vessel on one of the world’s largest trade routes, the Asia-Europe route, is an important milestone in our journey towards Net Zero. With a capacity of 16,000 TEUs, this vessel will have a significant impact on decarbonizing our customers’ supply chains and we look forward to launching more methanol-powered vessels on this and other routes during 2024.”
Maersk ships under construction:
Maersk has 24 container ships on order
All vessels currently on order will be equipped with dual-fuel engines and will be capable of running on green methanol;
Twelve of the ships have a design capacity of 16,000 TEUs;
The design capacity of the six vessels is 17,000 TEUs;
The design capacity of the six vessels is 9,000 TEUs;
Since 2021, Maersk’s policy has been to order only new ships capable of using green fuels;
About AE7 route:
The AE7 route connects Asia and Europe via the Suez Canal;
The AE7 route calls at the following ports:
Ningbo, Shanghai, Nansha, Yantian (all in China), Tanjung Pelepas (Malaysia), Colombo (Sri Lanka), Tangier Port (Morocco),
Lixtowe (UK), Hamburg (Germany), Antwerp (Belgium), London Gateway (UK), Le Havre (France),
Tangier, Jeddah (Saudi Arabia), Abu Dhabi (UAE) and Jebel Ali (UAE).
Institutions predict the trend of RMB exchange rate next year
Regarding the current round of RMB exchange rate strengthening, market institutions generally believe that it is due to the improvement in the external environment brought about by the decline in the US dollar index in November.
Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said at a press conference on financial statistics for the third quarter this year that the market generally expects that the current round of interest rate hikes by the Federal Reserve is nearing its end, and that U.S. Treasury yields will fall after hitting a 10-year high. The interest rate gap between China and the United States will gradually return to the normal range, which will be conducive to supporting the RMB exchange rate.
Gao Ruidong, chief economist and director of the research institute of Everbright Securities, said that at the end of the year and the beginning of the next year, domestic policies to stabilize growth are expected to be further strengthened, providing further support for the RMB exchange rate. Looking ahead to 2024, the economic and monetary policy cycles of China and the United States are expected to move from divergence to convergence.This will drive the RMB into an appreciation channel, but the space will be constrained by the extent of the decline in the US dollar index.
The research report of Minsheng Bank Research Institute believes that, on the whole, as my country's various policy measures continue to take effect and economic operations continue to recover and improve, RMB assets will continue to be attractive, coupled with the weakening trend of the US dollar index.The RMB exchange rate is expected to rebound trendily in 2024, and the RMB exchange rate against the US dollar will most likely return to below "7".
Dongwu Securities Research Report stated that looking forward to 2024, there are three basic judgments on the RMB: First, from the perspective of the whole year,Moderate appreciation; Second, follow the normal rhythm,The depreciation pressure will be greater in the first half of the year, but this may not be in line with policy demands; thirdly, the overall rhythm shows the characteristics of "high at the beginning and end of the year, low in the middle", and may rise above "7" in stages.
Typhoon hits, major Indian ports closed!
As Cyclone Michaung approaches the Indian coast, all ports in the Chennai area of India were closed on Monday (December 4) until further notice.
According to the latest weather forecast, the cyclone is expected to make landfall on the Chennai coastline on Tuesday local time.
The India Meteorological Department warned: "The cyclone is likely to move towards the north-northwest and will further intensify into a severe cyclonic storm." But heavy rains and flooding have already caused severe damage to the port city, paralyzing all transportation routes.
“Due to heavy rains and cyclone alerts in Chennai, all our employees have been asked to work from home in accordance with the safety guidelines issued by the local authorities,” Maersk said in a customer advisory. “Given the expected power outage challenges in Chennai, our southern team is working hard to support our customers as much as possible from home.”
In addition, according to relevant reports, train and flight services in Chennai have also been suspended.
Due to the hurricane, Foxconn and Pegatron's iPhone factories in India have suspended production.
November foreign trade report released
According to customs statistics, in the first 11 months of this year, my country's total import and export value was 37.96 trillion yuan, the same as the same period last year (the same below). Among them, exports were 21.6 trillion yuan, an increase of 0.3%. In terms of US dollars, in the first 11 months of this year, my country's total import and export value was 5.41 trillion US dollars, a decrease of 5.6%. Among them, exports were 3.08 trillion US dollars, a decrease of 5.2%.
In November this year, my country's imports and exports totaled 3.7 trillion yuan, up 1.2%. Among them, exports totaled 2.1 trillion yuan, up 1.7%. In terms of US dollars, in November this year, my country's imports and exports totaled 515.47 billion US dollars, the same as the same period last year. Among them, exports totaled 291.93 billion US dollars, up 0.5%.
In the first 11 months, ASEAN was my largest trading partner.Exports to ASEAN were 3.33 trillion yuan, down 0.1%；
The EU is my second largest trading partner.Exports to the EU were 3.22 trillion yuan, down 5.8%；
The United States is my third largest trading partner.Exports to the United States were 3.21 trillion yuan, down 8.5%；
Japan is my fourth largest trading partner.Exports to Japan were 1.01 trillion yuan, down 3.3%。
FedEx suspends international economy service from mainland China to Europe!
Recently, FedEx, a world-renowned express delivery giant, issued an emergency notice, saying that due to the surge in freight volume during the peak season, the space from mainland China to European destination countries/regions is becoming increasingly tight. In order to maintain a high level of service, FedEx decided to suspend the FedEx International Economy service from mainland China to Europe from December 8, 2023 until further notice.
US releases proposed new rules for electric vehicle tax breaks
On December 1, the U.S. government released proposed new rules on electric vehicle tax breaks, explaining which electric vehicles are eligible for tax breaks.And impose restrictions on electric vehicle manufacturers purchasing battery materials from China or other competing countries.
According to the proposed guidelines released by the U.S. Treasury Department and other departments on December 1, in order to strengthen the security of the U.S. supply chain, starting in 2024, electric vehicles that qualify for exemptions shall not contain any battery components manufactured or assembled by a "foreign sensitive entity (FEOC)", and starting in 2025, electric vehicles that qualify for exemptions shall not contain any critical minerals extracted, processed or recycled by a FEOC.
The new rules are intended to implement the relevant requirements of the U.S. Inflation Reduction Act. "Foreign sensitive entities" (FEOC) include individuals owned, controlled, governed or directed by the governments of China, Russia, North Korea and Iran. According to the guidelines, all companies incorporated in China or in which the Chinese government holds 25% or more of its shares will be considered foreign sensitive entities. If 25% of a company's board seats, voting rights or equity are held by sensitive entities, the company will also be considered a sensitive entity.
Argentina makes preliminary anti-dumping ruling on Chinese zippers and their parts
On December 4, 2023, the Argentine Ministry of Economy issued Announcement No. 1672 of 2023, making a preliminary anti-dumping ruling on zippers and their parts (Spanish: Cierres de cremallera y cintas, con dientes de metal común, de monofilamento de nailon o poliéster y de plástico inyectado) originating in China, Brazil, India, Indonesia and Peru. It was preliminarily determined that there was dumping of the products involved in the case from China, India, Indonesia and Peru, and that the dumping had caused substantial damage to the domestic industry of Argentina; it was determined that there was dumping of the products involved in the case from Brazil, but that the dumping had not caused substantial damage or threat of damage to the Argentine industry.
Therefore, it was decided to impose temporary anti-dumping duties of 117.83%, 314.29%, 279.89% and 104% on the products involved in the case from China, India, Indonesia and Peru respectively. The measures for the products involved in the case from China, India and Indonesia will be valid for four months, and for the products involved in the case from Peru will be valid for six months. At the same time, the anti-dumping investigation on the products involved in the case from Brazil will be terminated and no anti-dumping measures will be implemented. The measures will take effect from the date of the announcement. The products involved in the case are zippers and fabric tapes with ordinary metal, nylon or polyester fiber teeth and injection molded chain teeth. The Mercosur tariff numbers of the products are 9607.11.00, 9607.19.00 and 9607.20.00.
Australia bans import of disposable e-cigarettes from 2024
On the 28th local time, the Australian government stated that it will ban the import of disposable e-cigarettes from January 1, 2024 to prevent more children from becoming addicted to nicotine.
According to the BBC, it has been illegal for any Australian to buy or import e-cigarettes without a doctor's prescription since 2021. But despite these restrictions, e-cigarette addiction rates continue to soar.
About one in seven children aged 14 to 17 use e-cigarettes, the Australian government said in a statement.
Source: Focus, Maersk, Lecang, Shipping Today, etc.
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