PANAMA CANAL TO FURTHER REDUCE DRAFT LIMIT FOR NEOPANAMAX VESSELS
The Panama Canal will further reduce the maximum allowable draft for Neopanamax vessels from late August 2026 as water levels in Gatun Lake continue to decline.
International transport and logistics market Week 31/2023
Update on container shipping and international logistics markets on Asia, Europe and North America routes in Week 31/2023.
1. Shipping route: Asia - North America (Asia - North America)
Freight rates (Ocean Freight) from Asia to North America West Coast week 31/2023 continued to increase sharply to $1,959 /FEU, up 7.05% from last week and up 34.82% from last month, according to Xeneta data.
2. Shipping route: Asia - Europe (Asia - Europe)
Freight rates from Asia to Northern Europe in the week of 31/2023 spiked to $1,743 /FEU, up 46.84% from last week and up 44.41% from last month, according to Xeneta data.
3. Shipping route: North America - Asia (Northern America - Asia)
Freight rates from North America (West Coast) to Asia in the week of 31/2023 decreased slightly 1.06% compared to the previous week to 844 USD/FEU. This price decreased by 0.35% compared to the previous month.
4. Shipping route: Northern Europe - Asia (Northern Europe - Asia)
Freight rates from Northern Europe to Asia in the week of 31/2023 decreased slightly by 1.29% compared to the previous week, to 383 USD/FEU. This price decreased by 2.54% compared to the previous month.
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GLOTRANS SHOWCASES INTERGRATED LOGISTICS SOLUTIONS AT MTA VIETNAM 2026
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GLOTRANS 17 YEARS – PROUD OF OUR JOURNEY, MOVING FORWARD TO GREATER HORIZONS 15 August 2009 – 15 August 2026
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The Insured’s Duty to Prevent and Mitigate Losses
Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Insurance Contracts Do Not Automatically Terminate Due to Late Premium Payment
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.