Zencargo Market Update: 30th May

China

Ocean

• Guangzhou Port has announced an investment of over $280 million (USD) in developing a shipping and port complex in its sub-port, Nansha.
  • The complex will occupy an area of 76,000-square metre and will comprise office and residential units for shipping and logistics.
• It is anticipated that PMI (Purchasing Managers’ Index)  data from China will show a contraction of activity for May
  • The PMI measures the health of the manufacturing sector in a country.
  • Analysts have predicted the index will reflect a contraction for the second consecutive month when the figures are released on 31st Wednesday. 
  • Some industry observers take this as an indication that China is struggling to bounce out of the COVID-19 pandemic-affected slump.

USA

Ocean

• The top three biggest ports in the US have reported volume gains for the second consecutive month.
  • The Port of LA, the Port of Long Beach and the Port of New York have also reported a month-on-month volume increase of approximately 10%, 8.7% and 12% respectively. 
  • While the volumes are still significantly down year on year, April and March have both seen volume increases. 
• US consumer spending has risen in April according to new data for the US commerce department.
  • Consumer spending jumped 0.8% in April following a 0.1% gain in March.
  • Fuelling this jump was an increase in pharmaceutical purchases as well as light trucks. 
  • Wage growth in both March and April has contributed to this stronger than anticipated level of consumer spending which is also being reflected in an uptick of imported goods, which climbed 1.8% in April.

Sweden

Ocean

• The Port of Gothenburg has signed a sister port agreement with the Port of Shenzhen
  • The agreement is aimed at increased cooperation between the two ports on sustainable transport, volume growth, and new technology development. 
  • The Port of Shenzhen is the fourth-largest port in the world.
  • China is Sweden’s eighth-largest trading partner.

UK

Ocean

• The port of Liverpool is constructing a new warehousing facility.
  • Peel port is investing £28 million pounds in the new 240,000sq ft warehouse at Alexandra Dock, with construction beginning this week.
  • The new facility will be used for the handling and storage of cargo at the port.
  • David Huck, Chief Operating Officer at Peel Ports Group, said “We’ve seen a significant increase in demand for warehousing, and this huge new facility provides an opportunity for new customers looking for capacity to grow their business”.
  • The project is planned to be completed in April 2024.

European Bank Holidays

We anticipate a shortage of availability and the occurrence of delays around the bank holiday periods. Plan ahead and allow extra time for your products to be delivered.

May 31 – Spain*

June 1 – Romania

June 2 – Italy, Romania*

June 4 – Greece, Lithuania, Romania

June 5 – Cyprus, Denmark*, Greece, Ireland (Eire), Romania

June 6 – Sweden

June 7 – Malta

June 8 – Austria, Croatia, Germany*, Poland, Portugal, Spain*

June 9 – Spain*

June 10 – Portugal

June 13 – Portugal*, Spain*

June 22 – Croatia

June 23 – Estonia, Finland*, Latvia, Luxembourg, Sweden*

June 24 – Estonia, Finland*, Latvia, Luxembourg, Spain*, Sweden*

June 25 – Slovenia

June 29 – Italy*, Malta, Spain*

July 5 – Czech Republic, Slovakia 

July 6 – Czech Republic, Lithuania

July 11 – Belgium*

July 14 – France

July 21 – Belgium

July 25 – Spain*

July 28 – Spain*

May 29 – Austria, Belgium, Denmark, France, Germany, Hungary, Luxembourg, Netherlands

May 30 – Croatia, Spain*

*Not in all regions