COVID-19 Bulletin: March 8

March 8, 2022 • Posted in COVID-19, Daily Bulletin

More news relevant to the plastics industry:

Some sources linked are subscription services.

Supply

  • More oil news related to the war in Europe:
    • U.S. benchmark WTI rose 3.2% to settle at $119.40/bbl yesterday after earlier surpassing $130/bbl. Brent rose 4.3% to close at $123.21/bbl. 
    • In mid-morning trading today, WTI futures were up 7.4% at $128.30/bbl, Brent was up 7.1% at $131.90/bbl and U.S. natural gas was 4.0% lower at $4.64/MMBtu. 
Russia's Most Important Oil Export Partners
  • U.S. natural gas prices have doubled over the past year, sending the typical household’s electricity payments skyrocketing. 
  • The recently announced merger of North Dakota shale rivals Oasis Petroleum and Whiting Petroleum will form a company valued at $6 billion, executives say. 

Supply Chain

  • More supply chain news related to the war in Europe:
    • An estimated 50,000 Russian and Ukrainian sailors are stuck waiting to be replaced at sea or at ports around the world as shipowners scramble to find replacement crews. 
    • Port workers from locations in the U.S., Canada and Australia are calling for more bans on Russian ships, moves that could potentially blacklist over 1,700 vessels connected to the country. 
    • The World Container Index compiled by London-based Drewry has ticked down since the conflict started, with the largest rate drop measuring 5% on the Shanghai-Rotterdam route. 
    • Sanctions are prompting large American air cargo operators, including UPS and FedEx, to completely avoid Russian airspace
    • The London Metal Exchange suspended trading in its nickel market after prices for the metal surged as much as 250% from Monday to early Tuesday, briefly trading above $100,000 a ton before easing. 
Nickel
  • The index for inventory levels in the Logistics Managers’ Index rose 9.1 points to 80.2 in February, the highest level in the index’s five-year history. 
  • U.S. coal carloads rose 21.3% in February from the same time last year, the Association of American Railroads said. 
  • Container volumes at Germany’s Port of Hamburg rose 2.2% last year following a 7.9% decline in 2020. 
  • A 19-day sit-in at the headquarters of South Korea’s largest parcel delivery firm ended last week. 
  • Freight forwarder Kuehne+Nagel saw a threefold jump in fourth-quarter operating earnings to about $1.2 billion, while revenue doubled to more than $6 billion. 
  • The chairman of the Federal Maritime Commission said he does not see collusion among container lines amid soaring freight rates during the pandemic. 
  • Hapag-Lloyd and other shipping operators reported attempted cyberattacks Monday. 
  • The ports of Seattle and Tacoma are the latest to join the Northwest Seaport Alliance, a new data-sharing project spearheaded by the Port of Long Beach. 
  • Southern California pipeline operator Amplify Energy is suing Mediterranean Shipping Co. and Cosco Shipping over alleged anchor drags that ruptured the firm’s pipeline last year. 
  • 48forty Solutions, North America’s largest pallet management firm, expanded its network with the acquisition of rival Nazareth Pallet. 
  • The EPA unveiled tighter standards for engine makers to lower nitrogen-oxide emissions from big rigs, cement mixers, trash trucks and other commercial vehicles starting in 2027. 

Domestic Markets

International Markets

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.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.