Global Market Scan: New challenges for global seaborne trade

  • 📰 DCN_Canada
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 74%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Canada's construction news

World trade was severely impacted during the COVID-19 pandemic, with shipping costs rising and pushing global inflation higher. The Suez and Panama Canals were not exempt from the effects of the pandemic, being key parts of major global supply chains. After pandemic restrictions eased, supply chains were restored and international sea-freight shipping recovered.

According to New Zealand’s Ministry of Foreign Affairs and Trade, if the canal were blocked even for a day, it could cost US$6 to $10 billion and decrease global trade by 0.2 per cent to 0.4 per cent. In January of this year, the level of trade through the canal reached its lowest point in the last three years, going back to when it was last blocked by the Ever-Given supercargo ship.

Piracy and regional geopolitical conflicts remain major factors disrupting Suez Canal operations. Decreasing traffic through the Suez Canal, with trade ships seeking out safer alternative routes, results in heightened transportation costs and longer delivery times, pushing up global inflation.2.5 per cent of worldwide seaborne trade passes through the Panama Canal on average annually, with 14,000 commercial ships using the route last year. The canal is the link between the U.S.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 17. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: S&P, Dow hit record highs as Nvidia ignites global rallyStocks powered higher as investors celebrated Nvidia's blowout results, which beat sky-high expectations and revived the AI frenzy.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

ETF provider Horizons changes name to Global X Investments as it seeks to expand market shareThe new name matches New York-based Global X ETFs, which is owned and operated by Horizons’ parent company, Seoul-based Mirae Asset Financial Group
Source: globeandmail - 🏆 5. / 92 Read more »

Venture Global Buys LNG Shipping Fleet to Market Fuel WorldwideVenture Global LNG Inc., the US liquefied natural gas exporter embroiled in a dispute with several of its customers, is acquiring nine LNG carriers and expanding its sales operations to market their cargoes.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Stock market today: Wall Street drifts near its records amid a worldwide market lullNEW YORK (AP) — Stocks are drifting around their records on Wall Street, as a lull carries through financial markets worldwide. The S&P 500 was little changed in early trading Wednesday, a day after setting an all-time high.
Source: SooToday - 🏆 8. / 85 Read more »

As market grows, EllisDon welcomes new lineup of technology solutionsCanada's construction news
Source: DCN_Canada - 🏆 17. / 74 Read more »

Gold market sees new record closing price, but the major test is next weekThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »