Aperture & Focus: June 9, 2022

Global Aperture

EU’s Parliament voted on June 9 to expand existing requirements for airlines to buy GHG credits—the amendment would require such credits be purchased for flights beyond member nations. The International Air Transport Association (IATA) has decried the move, warning that such a policy could undermine CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation), a separate policy that already mandates airlines to purchase emissions credits.

On the same day, US officials debated on a potential crackdown of ocean carriers via the Ocean Shipping Reform Act, drafted in response to shipper complaints. They are among a growing number of countries—including India and South Korea in recent months—calling for oversight of international ocean shipping.

In the newest round of sanctions aimed at Russia, European Union leaders agreed to block around 90% of oil imports. To offset this move, EU leaders are in the midst of negotiations to import fuel from Egypt and Israel. If successful, this may help alleviate Europe’s disrupted fuel supply.

Regional Focus

The Americas

Sea freight import demand to the US shows signs of dipping as consumers slowly revert to pre-pandemic spending and big box retailers find their replenished inventories haven’t moved onto store shelves as projected. While this means fewer cargo ships waiting to berth, it also spells more difficulty obtaining equipment.

Asia-Pacific

Shanghai resumes normal business operations on June 1 with the city’s cargo throughput volumes at 90% of pre-pandemic levels, according to port officials. Special trucking passes are no longer needed in Shanghai, although adjacent cities like Suzhou and Wuxi still require them.

Europe, Middle East & Africa

North Europe’s key megaports (Rotterdam, Antwerp, Benelux, Bremerhaven) remain severely congested. Carrier responses range in shipper benefit: MSC announced on June 6 that an additional discharge would be available at the Port of Zeebrugge in its North European loops to avoid the backlog hotspots while Hapag-Lloyd suspends services to Antwerp altogether until July.