Price/Supply logistics

Singapore – Travel buyers will have more to cheer about, with local carriers having added rights to add flights to more destinations between Singapore and Malaysia starting June 1.

Global - Cargolux Airlines International S.A., Nippon Cargo Airlines Co. Ltd. (NCA) and Asiana Airlines Inc. have each pleaded guilty to price fixing in the air cargo industry and agreed to pay fines.

China - Container makers China International Marine Containers (CIMC), the world's top box maker, suffered a fourth quarter loss of RMB295 million (US$43 million) due to the recession which has badly affected the shipping industry.

China- China Shipping Container Lines (CSCL) announced it would increase freight rates by 100% for certain services between Asia and Europe as well as trans-Pacific routes, after a previous adjustment in rates caused a 99% plunge in net profits last year.

Global- According to a new study conducted by Drewry, ocean carriers globally could lose close to US$70 billion in revenues this year, due to declining freight rates.

Global-Ports are expected to report a 10-15% contraction this year as the global slump continues, predicts the Penang Importers and Exporters Association.

The Organisation of the Petroleum Exporting Countries (OPEC) could potentially drive crude oil prices up to US$70 (S$107) per barrel by slashing oil production in March.

Global- Qantas announced a 68.2% drop in pre-tax profit, but keeps its full year profit forecast.

Vietnam - Vietnam's ailing economy grew an estimated 6.23% in 2008, well below target, the government said.

Hong Kong- Cathay Pacific Airways is likely to post disappointing FY2008 results, on lost fuel hedging contracts and weak revenues.