U.S. oil and gas operators are expected to post billions in first-quarter losses after locking in low contract prices during last year’s slump and missing out on a subsequent price rally.
After falling below 1 million bpd last week, Libya’s oil production could be set for recovery above that level, as the nation’s state-owned oil company lifted a force majeure on Monday.
France oil major Total declared force majeure on its $20 billion liquified natural gas project in Mozambique following recent militant attacks in towns close to the site.
Saudi Aramco is in early talks over the sale of part of its vast natural gas pipeline network, the latest in a series of moves by the state-owned energy producer to free up cash and draw international investors.
Saudi Arabian government officials predict the country could save roughly $200 billion over the next ten years by switching from crude oil to natural gas and renewables for electricity production.
BP is making its first foray into the retail power business, applying to California, Illinois, Ohio, Pennsylvania and Texas to supply residential customers with electricity generated from wind, solar and natural gas.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Dockworkers at the Port of Montreal, on an overtime strike since mid-April, plan to begin a general strike on Monday, which would effectively shut down the port.
The International Longshoremen’s Association is suing the U.S. Maritime Alliance and Hapag-Lloyd for the alleged use of non-union labor at the Port of Charleston’s new container terminal, the first new container terminal built in the U.S. in a decade.
Import TEUs grew by almost 51% year over year across the U.S. in March, prompted by a surge of off-peak imports from China (177%) and Vietnam (75%).
U.S. port congestion is prompting calls for 24/7 operations, which would require coordination by all participants in the supply chain.
The global shipping fleet is expected to grow 3.4% annually in the near term due to a strong rebound from last year’s 26-year low in deliveries.
The loss of ocean capacity resulting from carrier schedule changes after the Suez Canal blockage is expected to stretch into June, according to Sea-Intelligence.
The percentage of the global containership fleet commercially idle and not in dry dock has fallen to just 0.8% amid a charter supply squeeze.
Shipper MPC, which was recently able to rebound from near-bankruptcy toward becoming debt-free by 2023, expects the red-hot container shipping market to last for two more years.
Asian suppliers say the global semiconductor shortage is spreading to manufacturers of smartphones, televisions and appliances.
Driven by the growth of e-commerce, warehouse demand exceeded supply in Q4 of 2020 and early 2021, prompting many localities surrounding California’s largest ports to limit warehouse sizes, truck hours and volumes.
Port-city warehouse rents rose 2.4% to record highs from last quarter as an import boom put a strain on the market.
A current shortage in truck drivers could increase to 105,000 in the next two years, potentially increasing prices for everything from groceries to oil.
A bipartisan group of lawmakers endorsed a report that includes raising the gasoline tax as a possible way to pay for infrastructure spending.
The cost of cardboard has increased up to 15% in Mexico due to low global and local production amid high demand generated by e-commerce.
U.K. exports of milk and cream to the EU are down 96%, and chicken and beef 80%, due to post-Brexit red tape.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
There were 47,691 new COVID-19 cases and 474 deaths in the U.S. yesterday. Over 230 million vaccine doses have been administered, with 26.9% of the population fully vaccinated.
New COVID-19 cases in the U.S. were down 16% last week, while deaths fell below 5,000 for the first time since October. New infections in Michigan, New Jersey and Pennsylvania, which have the highest case rates nationally, fell by more than 20%, while Arizona, Oregon and Tennessee had the highest increases in cases.
COVID-19 hospitalizations have been on the rise for the past month in Florida, as five “variants of concern” circulate widely in counties.
The CDC updated its public health guidance regarding outdoor mask wearing, allowing fully vaccinated people to exercise and attend small gatherings outdoors without wearing a face mask.
The U.S. plans to share its supply of 60 million AstraZeneca COVID-19 vaccine doses with other countries in the coming months.
Starting May 3, the Small Business Administration will accept applications for its $29 billion Restaurant Revitalization Fund to help restaurants, bars and other food service businesses recover from the pandemic.
Census Bureau data shows that nearly 1.5 million women with children left the workforce over the past year.
New orders for durable goods in the U.S. increased 0.5% in March compared with February, continuing months-long gains spurred by low retail inventories. New orders for capital goods, meanwhile, rose 0.9% for the same period, indicating business expansion.
A cluster of small tech-startups are betting that a fully in-office work schedule will lure top talent, despite a potentially permanent shift by major U.S. employers toward hybrid or remote work.
Wholesale shipments of RVs in North America rose nearly 10% above their previous record to 148,507 units in the first quarter, as cash-flushed Americans reevaluate their recreational choices.
If pandemic habits of eating out less, working more and seeing doctors remotely keep up, there could be 3 million fewer jobs by the end of the decade, many of them in the food service and retail sectors, the U.S. Bureau of Labor Statistics predicts.
A tight supply of new vehicles has significantly benefited car dealerships, which are increasingly charging full price for vehicles and reducing promotional spending.
With COVID-19 infections surging in Japan, epidemiologists say that this summer’s Olympics can be held safely if everyone involved is vaccinated, a protocol that the International Olympic Committee says it won’t require.
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. 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. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.
M. Holland Company
We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.