This week the Federal Maritime Commission (FMC) launched its official inquiry into the impact of slow steaming. Slow steaming is the process of slowing vessel transit to reduce fuel consumption (and operating cost). The FMC is seeking comments from shippers on how this strategy is affecting their supply chain. Learn more about the inquiry from the FMC.
China’s Changing Currency
This week, China’s central bank raised key rates for the third time since October. Previous to these changes, it had been three years since the last move. While the renminbi (RMB) is still not a true global currency, many economists agree that it is quickly making its place on the world’s stage. It is important for importers and exporters to be aware of changes in China’s currency and how it can impact their supply chain. Read more about this topic from the NY Times.
Port of Cochin (India) – Beginning February 2, workers staged a strike that hampered operations at the port for seven days. On February 8, the Kaerala High Court ordered workers to return to the job for 3 months while at the same time addressing their labor dispute. More from MSN
France – Dockworkers in France agreed to return to work and the bargaining table after a six weeks campaign of work stoppages. More from the JOC