Virus wreaks economic havoc, cases top 17 million

Live version of coronavirus map

The scale of economic devastation from the pandemic was laid bare on Thursday as Western economies recorded historic slumps, just as resurgent caseloads forced many countries into agonizing new trade-offs between health and financial stability.

Six months after the World Health Organization declared a global emergency, the novel coronavirus has infected more than 17 million people worldwide.

The WHO warned Thursday that young people are “not invincible” and were helping to drive resurgences in many places that had largely curbed the disease.

“Spikes of cases in some countries are being driven in part by younger people letting down their guard during the northern hemisphere summer,” said WHO chief Tedros Adhanom Ghebreyesus.

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Source: Asia Times

Apple’s Supply Chain to be 100% Carbon Neutral By 2030

Apple, recently unveiled its plan to become carbon neutral across its entire business, manufacturing supply chain, and product life cycle by 2030.

The company is already carbon neutral for its global corporate operations, and this new commitment means that by 2030, every Apple device sold will have net-zero climate impact.

“Businesses have a profound opportunity to help build a more sustainable future, one born of our common concern for the planet we share,” said Tim Cook, Apple’s CEO. “The innovations powering our environmental journey are not only good for the planet — they’ve helped us make our products more energy-efficient and bring new sources of clean energy online around the world. Climate action can be the foundation for a new era of innovative potential, job creation, and durable economic growth. With our commitment to carbon neutrality, we hope to be a ripple in the pond that creates a much larger change.”

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Source: Material Handling & Logistics

Will Flooding in China Disrupt US Trucking?

The Three Gorges Dam, which is nearly 1.5 miles long and taller than the Washington Monument, was strategically placed on the Yangtze River in China’s Hubei province to control flooding and generate electricity to power the country’s rapid industrialization. Due to the record deluge of rainfall, the world’s largest hydroelectric dam, which has a volume of 39.3 billion cubic meters, is at risk of breaking, which would kill or displace millions, flood China’s cradle of manufacturing, and create massive disruptions in the global supply chain. Many highly populated cities have already seen historic flooding.

As an early indicator, the global supply of personal protective equipment, needed to contain a resurgence of the COVID-19 pandemic, has been delayed by weeks, Reuters reported.

The integrity of that supply chain is already precariously unstable due to a legion of disasters emanating from China in 2020. Foremost of these was the appearance and global spread of the novel coronavirus that causes COVID-19. China did not react quickly to contain the pathogen and allowed 5 million people to leave Wuhan, the coronavirus epicenter, prior to the mandated quarantine. The pandemic has reportedly killed an estimated 652,000 people globally, with 150,000 in the United States. The full impact on global economies and health is immeasurable.

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Source: Material Handling & Logistics

Forklift Truck Market to Generate $81.39 Billion by 2027

Growth in the e-commerce industry and the rise in investment in the infrastructure industry have boosted the growth of the global forklift truck market. This growth is behind the prediction by Allied Market Research that sales will reach $81. 39 billion in 2027, which represents a 7.3% annual growth rate. For comparison, in 2019 the market was $45 billion.

The global forklift truck market is segmented on the basis of power source, class, end-use, and geography. Based on power source, the market is divided into IC engine-powered and electric powered. The IC engine powered segment dominated the market in 2019, accounting for nearly three-fifths of the market. However, the electric-powered segment is expected to register the highest CAGR of 8.0% during the forecast period.

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Source: Material Handling & Logistics

Shipowners back in the driving seat, with brisk business in the charter market

Containership brokers are reporting “brisk business”, although owners are reluctant to fix for longer periods against rising daily hire rates.

Reflecting the high demand for tonnage, Alphaliner’s idle fleet assessment has recorded a further 62 vessels with some 300,000 teu having found employment in the past two weeks.

The current 313 ships with 1.55m teu in hot or cold lay-up, representing 6.6% of the global fleet, is a vast improvement on the mid-May record of 524 vessels equating to 2.65m teu of idled tonnage.

The 11% of the laid-up global container fleet seeking employment in the midst of the coronavirus crisis saw charter rates plummet across all sizes, with some daily hires rates being taken by owners at well below operating costs to maintain cashflow.

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Source: The Load Star