What moves your costs, your transit times and your cargo today.

Good morning. Fuel is again the most useful benchmark of the day, as its increase is now broad enough to feed through into surcharges, contract reviews and transport budgets. It is not the only focus. New port capacity in Morocco confirms that Mediterranean competition is also shifting towards the east of the country, while several US indicators point to industrial demand alongside slower deliveries and still-high logistics costs. The operational message is less optimistic than the macroeconomic data: cargo is available, but moving it requires more time and cost headroom. In this context, new routes and terminals expand options, although they do not guarantee lower prices. Infrastructure takes time to translate into regular services, available equipment and effective competition between operators.

THE DAY IN 30 SECONDS

• MABUX puts global VLSFO at $913.07 per tonne after a monthly increase of $70.81.
• The European Parliament will vote on 4 November on an objection to including two Indian shipyards on the European recycling list.
• The US manufacturing PMI reached 55.5, although supplier deliveries continue to slow.
• ShipMatrix estimates 2.4 billion parcels during the US peak season, with parcel rates 16% higher.
• DP World will launch a weekly service between China, Dar es Salaam and Maputo at the end of November.
• Wallenius Wilhelmsen has signed a three-year, $700 million ro-ro contract with an Asian manufacturer.
• Nador West Med has opened a terminal with 1,520 metres of quay and planned capacity for 3.5 million containers.
• Tyrol is bringing forward the night ban for heavy trucks on the A12 motorway to 20:00.
• National Rail has extended restrictions following the derailment of a train from London Gateway until 10 November.
• Flexport says its volume grew 40% with a workforce 5% larger, supported by supervised AI tools.

TODAY IN FIGURES

🌍 REGULATION AND COMPLIANCE

European Parliament to decide on two Indian shipyards

The figure: more than 16,000 ships could require recycling over the next decade

The European Parliament’s Environment Committee will vote on 4 November on an objection to the admission of Shree Ram Vessel Scrap and YSI Recyclers to the European list of authorised facilities. They would be the first yards in the Indian subcontinent admitted under the EU Ship Recycling Regulation.

BIMCO estimates that around 700 million deadweight tonnes will need to be recycled over ten years. Supporters of admitting the yards argue that current authorised capacity is insufficient; opponents question the beaching method used in Alang.

Why it matters: the decision does not change cargo transport immediately, but it could affect the cost of retiring older ships and the pace of fleet renewal. For chartered tonnage and maritime asset management, contractual clauses requiring the use of facilities included on the European list may become relevant.

What to watch: if the objection succeeds, the two yards will remain outside the list and the Commission’s proposal will be blocked.

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📊 FREIGHT RATES AND MARKET SIGNALS

VLSFO exceeds $900 after rising 8.4%

Why it matters: a monthly increase of this scale ultimately feeds into fuel surcharges and limits the scope for freight rates to decline. Under CIF and CFR, the seller contracts the main carriage; under FOB, the buyer contracts it. Bunker formulas and the validity of outstanding quotations are therefore increasingly material.

• The 380 HSFO index rose $76.75 during October to $778.42 per tonne.
• MGO LS increased by only $2.62 and ended the month at $1,524.50 per tonne.
• In Sines, marine LNG reached $2,009 per tonne, $425 more than comparable conventional fuel.

What to watch: MABUX expects volatility to continue in November due to supply constraints and tension in the Middle East.

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US industry grows, but deliveries slow further

The figure: 55.5 points in the October manufacturing PMI

The Institute for Supply Management index rose one point from September and recorded its tenth consecutive month of expansion. Production reached 59 points, its highest level since November 2021, while new orders remained at 55.5.

The less favourable signal lies in supplier deliveries: the sub-index reached 59.1 and has indicated slower lead times for eleven months. The prices index fell 2.7 points but remains elevated at 75.2.

Why it matters: the US market continues to show demand for machinery, electronic components, automotive products and chemicals, but lead times and costs remain under pressure. Capacity availability and delivery dates are therefore important variables in replenishment commitments for US customers.

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