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Maersk Asia Pacific Market Update October

October 30, 2024 at 5:43 pm | Uncategorized | No comment

Despite regional variations, global economic momentum has remained steady in 2024, with projected growth at 2.7%. Composite Purchasing Managers’ Index (PMI) figures indicate overall economic expansion, though manufacturing PMIs declined to 48.8 globally in September, signaling a slowdown in industrial activity. The U.S. economy remains strong, supported by robust retail sales, though a drop in […]

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SeaLead Shipping, SLPA launch weekly service

October 30, 2024 at 5:36 pm | Uncategorized | No comment

SeaLead Shipping in collaboration with the Sri Lanka Ports Authority (SLPA) inaugurated its new direct liner service at the Port of Colombo. The weekly direct liner service increases maritime connectivity between the Far East, India, and East Africa through its Far East India Djibouti (FID) service. The FID service, which commenced operations on September 5, […]

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Merchandise exports surge 17.25% in October

October 30, 2024 at 10:23 am | Uncategorized | No comment

India’s merchandise exports surged by 17.25% in October 2024, reaching $39.2 billion—the highest growth in over two years. However, the trade deficit widened to $27.14 billion as imports rose by 3.9% to $66.34 billion, compared to $63.86 billion in the same period last year. The Indian government’s strategic focus on six key sectors—engineering, electronics, pharmaceuticals, […]

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Generix SOLOCHAIN enhances efficiency with smooth implementation.

October 26, 2024 at 6:41 pm | Uncategorized | No comment

Emballages Carrousel, a company with over 20,000 customers across various sectors, faced challenges in meeting customer expectations for high-performing products, personalized service, and fast, accurate delivery. Their diverse clientele demanded constant updates on industry regulations and trends, such as the ban on single-use plastics. Carrousel needed a flexible, efficient system to manage these varying needs, […]

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2024 National Logistics Awards: Celebrating Excellence

October 22, 2024 at 11:39 am | Uncategorized | No comment

The National Logistics Awards (NLA) 2024, held on October 23 at the Shangri-La Hotel in Colombo, celebrated exceptional achievements in Sri Lanka’s logistics sector. Hosted by the Sri Lanka Logistics and Freight Forwarders’ Association (SLFFA), the event recognized over 40 winners in ten categories, such as freight forwarding, ocean carriers, airlines, warehousing, and project logistics. […]

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Dow drops 400 points, oil, yields rise.

October 22, 2024 at 11:33 am | Uncategorized | No comment

Stocks struggled Monday as rising oil prices and higher Treasury yields weighed on market sentiment. The Dow Jones Industrial Average dropped 398.51 points, or 0.94%, ending at 41,954.24. The S&P 500 slid 0.96% to 5,695.94, and the Nasdaq Composite lost 1.18% to close at 17,923.90. The benchmark 10-year Treasury yield rose more than 4 basis […]

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Port congestion steady at major hubs.

September 26, 2024 at 4:30 pm | Uncategorized | No comment

Port congestion has become an inevitable issue due to factors like typhoons, hurricanes, geopolitical disruptions in the Red Sea, and labor actions along the U.S. East Coast (USEC). In September 2024, both Ningbo and Shanghai ports experienced operational halts caused by Typhoon Bebinca, though they managed to reduce vessel anchor and container dwell times compared […]

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Colombo International Maritime & Logistics Conference 2024

September 24, 2024 at 5:32 pm | Uncategorized | No comment

The Colombo International Maritime and Logistics Conference 2024 will bring together leading experts from the shipping, ports, and logistics industries to discuss regional and global sector developments. Scheduled for its seventh edition from November 27 to 29 at the Cinnamon Grand in Colombo, the event takes place amid rapid regional changes, with South Asia experiencing […]

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Sri Lanka to revise personal income tax

September 20, 2024 at 5:17 pm | Uncategorized | No comment

Sri Lanka’s Cabinet of Ministers has approved adjustments to the Personal Income Tax (PIT) structure, aiming to provide tax relief while maintaining fiscal stability. The revisions include an increase in tax bands from Rs. 500,000 to Rs. 720,000, allowing taxpayers to enjoy a broader income range within lower tax brackets. However, the tax-free threshold remains […]

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Vizhinjam port challenges Colombo’s dominance in transshipment.

September 15, 2024 at 3:21 pm | Uncategorized | No comment

Vizhinjam Port, with its strategic location and deep draft, is emerging as a potential competitor to Colombo Port in the transshipment sector. Approved in April 2024 to operate as India’s first transshipment port, Vizhinjam is equipped with advanced automation and infrastructure to handle Megamax container ships. In its initial phase, it will handle one million […]

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