COVID-19 Bulletin: March 3

March 3, 2022 • Posted in Daily Bulletin

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  • War in Eastern Europe continues to impact global energy markets:
    • WTI futures jumped 7% yesterday to close above $110/bbl, the highest price in over a decade. Brent settled the day at $112.93/bbl, up 7.6%. 
    • European gas futures surged to a new all-time high Wednesday before easing slightly. U.S. natural gas futures rose to a four-week high
Natural gas

Supply Chain

  • The logistics fallout from the Russia-Ukraine crisis continues to spread:
    • Air and seaborne cargo rates between Europe and Asia are rising sharply. The EU and U.S. are considering blocking all Russian ships from entering their ports.
    • Japanese automakers pulled out of Russia in a wave on Wednesday, with Toyota and possibly Mitsubishi halting production and sales in the country; Honda suspending exports; and Mazda ending car part sales. Autos and auto parts made up more than half of Japan’s exports to Russia in 2020
Russia's Main Imports
  • Colorado’s Ball, the world’s largest manufacturer of aluminum cans, is dropping smaller customers as it struggles to fill orders from large brewers. 
  • Per-mile insurance premiums for U.S. trucking companies are up 47% the past decade, industry experts say. 
  • The U.S. Federal Maritime Commission and the Department of Transportation are pooling resources to bolster enforcement of competition rules in maritime shipping
  • About 3,000 workers at Canadian Pacific Railway voted for a plan to strike on March 16, if necessary, threatening the movement of commodities within the Canadian supply chain. 
  • CMA CGM is testing the use of different biofuels on 32 of its vessels, with expectations that alternative fuels will account for 10% of its energy mix by next year. 

Domestic Markets

International Markets

Where Ukrainian Refugees Are Fleeing To
  • Hong Kong reported over 55,000 new COVID-19 cases Wednesday, the latest in a string of daily records. Key services on the island, including transport and supermarket retail, are curtailing operations
  • Yesterday, single-day COVID-19 cases in South Korea topped 200,000 for the first time during the pandemic. 
  • China’s ultrastrict COVID-19 controls may not be eased until next spring, although some cities could see loosened restrictions starting this summer, new reports say. Economic consequences of the nation’s zero-COVID approach are growing, with services activity falling to a six-month low in February. 
  • Italy saw 178,000 excess deaths since the start of the pandemic, suggesting official COVID-19 fatality counts are too low. 
  • Skyrocketing energy prices pushed European inflation to 5.8% year over year in February, the fourth straight month of record highs. 
  • Canada’s central bank raised its benchmark interest rate a quarter-percentage point to 0.5% yesterday, its first rate hike in over three years. 
  • Stellantis unveiled plans for its first battery-electric Jeep vehicle and announced it will build a hydrogen-powered heavy pickup truck in the coming years. 
  • Hyundai is ramping up its electric vehicle plans and will invest $16 billion to create 17 new all-electric models by 2030. 
  • Toyota is selling a year of free charging to buyers of its new all-electric SUV. 
  • Panasonic will become a key Tesla battery supplier in about two years, the firm said. 

At M. Holland

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

For all COVID-19 updates and notices, please refer to the M. Holland website.

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