M. Holland Company has appointed Ton Koenders as the company’s inaugural director of sales for Europe to support international growth and address customer needs in Europe. Click here to read the press release.
The EU enacted the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) regulation to protect human health and the environment from the effects of chemicals. Click here to learn more about what REACH compliance means for the plastics industry.
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.
Oil prices rose over 1% Wednesday, helped by encouraging figures on U.S. gasoline demand.
In mid-morning trading today, WTI futures were up 0.8% at $92.66/bbl, Brent was up 0.8% at $98.13/bbl, and U.S. natural gas was up 2.0% at $8.36/MMBtu.
OPEC revised its crude forecast lower and said supply and demand were nearly balanced in the second quarter, raising speculation the cartel will suspend its monthly production increases.
U.S. crude stocks rose by a larger-than-expected 5.5 million barrels last week while production rose to its highest level since April 2020. Gasoline inventories fell sharply on higher demand as refineries operated at over 94% of capacity.
Rates for mid-sized oil tankers from the U.S. Gulf of Mexico to Europe hit $57,000 per day this week, a twelve-fold increase from January.
California officials on Wednesday set some of the U.S.’s most ambitious goals for offshore wind development over the next several decades, a bid to power 25 million homes with the renewable source by 2050.
A multi-billion dollar hydrogen project in southern Africa was delayed by the pandemic and will now cost 23% more to build, according to Zambia and Zimbabwe.
Congestion at China’s major container ports is easing as volumes rebound following the loosening of pandemic restrictions. July volumes at the Port of Shanghai rose 16% from last year to a new record.
The Port of Long Beach saw its busiest July on record with throughput hitting 785,843 TEUs, up a slight 0.13% from last year.
Maersk now has 71% of its container volumes covered by long-term contract rates that are $1,900 per FEU higher than last year.
Mexico’s government issued emergency directives Wednesday to guarantee balanced transport pricing for a staple basket of goods on the nation’s railroads, a bid to reduce inflation caused by high transportation costs.
A new warehouse corridor is forming in the desert just outside Phoenix, Arizona, as companies seek alternative paths for U.S. distribution from congested coastal gateways.
FedEx plans to deploy more robotic sortation machines as it works to optimize a flood of small parcel shipments sparked by the pandemic’s e-commerce boom. Recently, the carrier bought a 10% stake in warehouse automation firm Berkshire Grey.
Closely-held freight forwarder Terra Worldwide Logistics is exploring a sale that could value the Atlanta-based firm at $1 billion.
Toshiba posted a surprise operating loss in the latest quarter as it dealt with a sharp rise in logistics and raw material costs.
Private commodities trader Cargill reported a 23% gain in fiscal year revenue to a record $165 billion.
Siemens posted its first quarterly loss in nearly 12 years due to costs tied to its exit from Russia and a $2.8 billion write-down of the value of its stake in renewables equipment firm Siemens Energy.
The U.S. reported 107,077 new COVID-19 infections and 395 virus fatalities Wednesday. The daily average for new cases stood at 109,117, down 15% from two weeks ago.
Producer Prices fell 0.5% month-over-month in July, better than the 0.3% increase that economists expected. Year-over-year, PPI rose 9.8%, versus the 10.4% increase expected.
First-time jobless claims rose by 14,000 last week to 262,000, the fifth weekly increase in the past six weeks.
U.S. stocks hit multi-month highs Wednesday after a key inflation reading showed better-than-expected slowdowns in inflation, with the Nasdaq entering a new bull market, marked by a 20% gain from the most recent low. Fed officials responded to the news by affirming the central bank’s path toward higher interest rates this year and next:
U.S. food costs jumped 1.1% in July, bringing the year-over-year gain to 10.9%, the steepest pace in decades.
The median U.S. price for a one-bedroom apartment climbed 11% to a new record of $1,450 in July, with rent increases in some cities, including New York City, topping 40% annually. Still, rising mortgage rates mean it is more affordable to rent than to buy a starter home in the majority of U.S. metro areas, according to Realtor.com.
United Airlines spent $10 million on a down payment for 100 electric vertical take-off and landing aircraft from Archer Aviation. Joby, another flying taxi company, aims to launch commercial vehicles to the public by 2024.
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