The Drewry World Container Index (WCI) declined by 0.2% for the week ended 30 September to $10,360.87 per feu, remaining some 291.8% higher than a year earlier. The marginal drop in average follows a flat index week earlier, which marked a stabilisation after 22 weeks of consecutive increases.
The overall week-on-week decrease was driven by the transpacific trade with Shanghai – Los Angeles down 2% at $12,172 per feu, which remains up 198% year-on-year. The backhaul LA – Shanghai saw a 1% decrease last week to $1,383 per feu.
Spot rates on Asia – North Europe rose through with Shanghai – Rotterdam up 1% at $14,558 per feu, with rates up 535% year-on-year.
“Drewry expects rates to remain steady in the coming week,” the analyst said.
The stabilising of spot rates coincided with CMA CGM’s announcement that it would be freezing spot increases until 1 February next year.
The change in approach was noted by Xenata CEO Patrik Berglund. “However, with rates already so high there’ll no doubt be many shippers viewing this as ‘crumbs from the rich man’s table’… and let’s see if any freezes do take hold within the broader carrier community,” he commented.
While container spot rates may finally be showing some stability Xenata said the impact on long-term rates continues to be felt with another 3.2% rise in September taking year-to-date increases to 91.5%.
Xenata little evidence that the fundamentals are weakening and expect rates to remain strong.
“This year has seen a unique convergence of Covid-19 disruption, port congestion, strong demand, and maxed-out capacity, and that has stoked the flames of record-breaking rates,” explained Berglund.
Xenata noted that with the market strongly in their favour, lines were looking to lock in customers in long-term bookings with some even offering multi-year deals with guaranteed shipments.
“Shippers are treading carefully in this regard, but there is some appetite for longer-term commitment – raising the question of whether both parties might look beyond the traditional tender?” Berglund said.
It was noted that long-term contracts already account for 60% of Maersk’s bookings.
Freight Forwarders applaud Customs over new VIN valuation
Comptroller Kunle Oloyede of Tin Can Island Port, described VIN as a platform for robust gathering of statistical analysis and data for national economic purposes relying on the template of accuracy that will further integrate NCS with other ministries, departments and agencies.
Comptroller Hammi Swomen of Kirikiri Lighter Terminal Command, who sought more cooperation from all stakeholders, stated that sincere declarations without tampering with relevant information contained in Single Goods Declaration or mismatching information will aid in quicker clearance and seamlessness of the VIN system.
Comptroller Anthony Udenze of the Tariff and Trade Department at Customs headquarters urged vehicle importers and their agents to avoid acts that would delay the process of clearing.
He explained that the process of identifying salvage and accident vehicles under the VIN regime would be very transparent as the declarant would be expected to attach photos showing the accidented vehicles.
He further explained that for vehicles to be treated as accidented, the chassis must be affected by the accident not just by removing fenders, bumpers and headlamps.
However, Farinto called for true declaration and compliance on the part of freight forwarders. w2hivh he said will facilitate their clearance of goods and also made the Customs to introduce more changes such as auto release for used vehicles.
U.S. picks 56 young Nigerians for Mandela Washington Fellowship
The United States Mission in Nigeria said it has chosen 56 young ‘changemakers’ for the Mandela Washington Fellowship (MWF) for 2022.
The statement also indicated that U.S. Mission Nigeria has selected 16 alumni from the MWF cohort from 2021 to take part in this year’s Alumni Enrichment Institute.
Kathleen FitzGibbon, Deputy Chief of Mission, made this known at the pre-departure orientation programme in Abuja organised for the beneficiaries in preparation for their fellowship in the United States this Summer.
“For the 2021/2022 MWF application cycle, over 19,000 Nigerians started the application, and over 8,000 submitted the application by the deadline.
“Following this, a total of 56 Mandela Washingon fellowship awards were made available to Nigerians this year,” she said.
In a joyous mood, one of the fellows,
“I believe this will be a game-changer for me and every other fellow as we will learn optimised ways to enhance the quality and widen the scope of impact of our works,” he said.
Chisom Nwankwo, a social entrepreneur and cleantech expert who runs the Skilled Women Initiative said: “after having a Virtual fellowship in 2021 as a result of the COVID19 pandemic, I am really excited to be heading to Drexel University Pennslyvania this summer as an Alumni Enrichment participant of the MWF.”
“I am looking forward to creating new relationships that will be pivotal to the growth of my nonprofit TSWINI and the improvement of my knowledge on sustainable clean technology solutions,” she said.
Babajide Oluwase, the founder of Ecotutu, a cleantech company delivering a suite of cold chain solutions to African businesses, said it is really an exciting feeling for him to be selected for the fellowship.
“Upon completion of my studies in the United States, I look forward to integrating the learnings into my work to advance Ecotutu’s mission of democratizing access to affordable cooling solutions for African businesses.”
While admonishing the fellows, MWF program coordinator, Diran Adegoke, told fellows that the opportunity to travel to the United States is one to be cherished.
While making a presentation on “elevator speech” to the fellows, he encouraged them to present themselves in the best version possible and always remember that they are in the United States to represent Nigeria.
Launched in 2014, the Mandela Washington Fellowship for Young African Leaders is the flagship exchange programme of the U.S. government-sponsored Young African Leaders Initiative (YALI) created to further the United States’ commitment to investing in the future of Africa.
Each year, U.S. Missions across Sub-Saharan Africa select accomplished leaders, who have established records of promoting innovation and positive impact in their countries.
This summer, the Fellows will travel to the United States to participate in six-week Leadership Institutes studying Business, Civic Engagement, or Public Management at U.S. colleges and universities.
At the conclusion of the Leadership Institutes, the Fellows will attend the annual Mandela Washington Fellowship Summit, where Fellows, U.S. government officials, and representatives from businesses and organisations with an interest in Africa engage in high-level sessions and workshops.
After completing the Leadership Institutes and Summit, Fellows are eligible to participate in several MWF alumni opportunities, such as the Alumni Enrichment Institute, that build on the skills and connections developed during their summer exchange program.
Recall that since 2014, more than 5,000 young leaders from every country in Sub-Saharan Africa have participated in the MWF with 456 Fellows of the lot coming from Nigeria. Thus far, Nigeria remains the largest contributor of Fellows each year.
Talking about the import of the MWF, Ambassador Leonard said, “The United States is dedicated to investing in the next generation of young Nigerian leaders reinforcing the strong partnership between both nations.
The vision, courage, and drive to innovate of Mandela Washington Fellows will help shape the future of Nigeria for many generations to come.”
Prophet Akinpelu calls for Southeast presidency
Popular prophet, Oludele Akinpelu, the presiding pastor of Living God Freedom Church Àlagbado, has urged the political class to play by the rules and allow equity and justice to have a foothold, saying that it was time for the political system to allow for the president of Igbo extraction.
” We must condemn jungle justice, if the lady had done something wrong let the court of competent jurisdiction decides.
In his message to Nigerians, he urged the people to repent and seek the path of righteous living, adding that the current insecurity situation in the country calls for concerted prayers on the side of both Christians and Moslems.
He attributed the worsening insecurity in the country to the activity of forces of darkness who are bent on foisting a sinister agenda on the country, cashing in on poverty and illiteracy to recruit an army of jobless illiterates to carry out their agenda.
He blamed the current administration for not doubling down on countermeasures against bandits, wondering why the administration is reluctant to name individuals fingered as sponsors of banditry, but added that divine punishment awaited those sponsoring insecurity which had led to the loss of lives of innocent citizens of the country.
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