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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessShipping Risks Persist, Rates Rose Last Week
Shipping rates rose last week with both the Baltic dry and FBX global container indices rising to their highest since April 1. Iran’s seizure of an Israeli cargo vessel in the Strait of Hormuz on the weekend plus an increase in tensions in the Middle East are likely to support shipping rates. While unlikely, the closure of the Strait remains a risk. In MNI Supply Chain Index Not Yet Impacted By Threats To Shipping, we note that disruptions to vessels don’t appear to be impacting supply chains and while costs have risen they are well below pandemic peaks and already off their 2024 highs.
- The decline in shipping rates from the extremes of 2021 has been an important driver of lower global inflation. While shipping costs are not looking materially inflationary at this stage, they are also not going to provide further help in returning inflation to target.
Source: MNI - Market News/Refinitiv
- The FBX container index rose 2.1% last week to be up 87.5% year to date, after two consecutive weekly drops. In early February, it was up 157.6% YTD, and so has eased considerably since then.
- The China/East Asia to Mediterranean route rose 4.7% w/w to be up almost 85% YTD but it is still 36% off its mid-January peak and this region is particularly impacted by threats to shipping in the Middle East.
- China/East Asia to the east coast of North America rates fell 1.1% last week, the ninth straight decline, to be up 69% this year. The index peaked in early February.
- The Baltic Dry Index rose 6.2% last week but is 17.4% lower than the end of 2023.
Source: MNI - Market News/Refinitiv
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.