When the massive container ship Ever Given turned sideways in the Suez Canal, blocking ship traffic for about a week at the end of March, it represented the latest global trade disruption. Fittingly, the Evergreen ship blockage came approximately a year after the world first shut down from the COVID-19 pandemic. In the interim, there were toilet paper and hand sanitizer shortages and then a massive backlog in the supply chain as demand for freight capacity not only returned but surpassed...
The TT does not stand for troubled times, although the TT Club has seen plenty.
The TT stands for Through Transport, referring to the insurer’s customers in shipping, freight forwarding and logistics. The TT Club says it insures 80% of all maritime containers and has an insurable interest in more than 45% of the world’s top 100 ports.
Founded in 1968, the TT Club, with a U.S. office in New Jersey and locations in London, Hong Kong and Sydney, has served clients through the severe acute...
https://s29755.pcdn.co/news/tumultuous-times-for-transportation-industry-insurers
The Port of Los Angeles loses approximately $400,000 in revenue with each canceled sailing. With 28 blanked sailings forecast for the remainder of the second quarter through June 30, that’s $11.2 million in revenue the port won’t collect.
“But the story is much greater than that,” said Port of LA Executive Director Gene Seroka of the coronavirus pandemic. “So many folks now are seeing the impacts, whether it be on quarterly earnings announcements, their decisions on personnel, what we see in the...
https://www.freightwaves.com/news/port-of-la-chief-we-will-need-to-reinvent-ourselves
The magnitude and severity of the COVID-19 outbreak led the South African Government to declare a national disaster under the Disaster Management Act 2002 on 15 March 2020. As a result, Item 412.11 of Schedule 1 of the Value Added Tax Act 1991 (VAT Act) came into effect. Item 412.11 provides that goods imported for the relief of distress of persons in cases of famine or a national disaster will be exempt from VAT on importation. The ultimate question is which goods actually qualify for this...
http://mfame.guru/why-china-remains-a-hotspot-for-disease-outbreaks/