The Russia-Ukraine conflict is the newest disruption to come down the pike. But it is more likely to impact consumer confidence than global supply chains.
LOGISTICS
Fuel surcharges are likely to be the next thing to support high freight rates, according to Flexport.
Asia to Europe ocean rates remain high, despite overall lower volumes than pre-Chinese New Year. Towards the second half of March, a more normal capacity will resume, said Flexport.
Ocean schedule reliability shows no signs of improving as two key services out of India plan to skip major ports in Europe and the US amid ongoing global congestion, according to the Journal of Commerce.
Rates from the Indian Subcontinent to North America are trending upwards into March. Premium rate levels are expected for small Indian ports and Bangladesh as demand exceeds vessel/equipment supply.
South China air cargo market demand is declining faster than supply, causing further rate decreases week over week, per Flexport
Maersk has suspended operations to and from Russia in a move that risks cutting the country out of global supply chains.
ENERGY
Asian oil refiners are unfazed by the tensions surrounding the Russia-Ukraine crisis. Southeast Asian nations, especially, hardly purchase Russian crude, according to S&P Global.
- Thailand is the region’s biggest importer of Russian crude oil, making up around 3.7% of its overall refinery feedstock imports in the year, Thai Energy Policy and Planning Office data showed.
PODCAST
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MATERIALS
Higher oil prices could push up polyester prices, however surging demand for face masks due to ongoing Covid-19 outbreaks is likely to have a greater impact in the near term.
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