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China has imposed a 14-day lockdown at Zhenhai, one of the six districts in Ningbo, amid an increase in coronavirus infections, prompting concerns of port disruptions and worsening supply chain blockages, market sources said. “Just received an update from our China contacts…Zhenhai district has been locked down due to three positive cases of COVID-19. The ...
Operator Good day, and thank you for standing by. Welcome to the CMC Materials Second Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Colleen Mumford, Vice President, Communications and Marketing. Please go ahead. Colleen Elizabeth Mumford -- Vice President, Communications and Marketing Thank you. Good morning. With me today are Dave Li, President and CEO; and Scott Beamer, Vice President and CFO. Last night, we reported results for our secon...
Shippers weigh contract negotiation strategies after year of failed deals, record-high spot rates After a year of soaring container rates and plunging availability, shippers are now trying to find the right strategy to approach long-term contract negotiations. Some are opting to go for early deals while others wait to see if spot rates cool off, leaving them in a better position to negotiate. Some carriers are even offering early-bird contracts, which may be signed at a higher price but will be inclusive of general rate increases (GRIs), peak season surcharges (PSSs) and space and equipment g...
Container priority-loading premium the new normal in Asia as shippers struggle for space Go premium or go home is the new motto in the Asian container markets, with shippers struggling to get hold of ships and carriers assuring availability only when customers pay a premium over the Freight All Kind, or FAK, market sources said. The premium can range from 50% to 70% over the FAK rate, or between $2,000/forty-foot equivalent unit and $3,500/FEU for Southeast Asia to US and Europe routes, according to market sources. These premiums come on top of the recent runup in container spot freight rates...