John Swire & Sons LimitedLondon, United Kingdom

Shipping Prices Increase - Prices US providers of deep sea freight transportation received increased more than 20 percent in August 2008 compared to August 2007. Shipping rates are possibly being driven higher by rapidly increasing fuel prices and growth in the global consumption of commodities. US producer prices for heavy fuels rose nearly 53 percent in August 2008 compared to August 2007.

Piracy Raises Concerns - The recent increase in marine piracy, specifically in the Gulf of Aden off the coast of Somalia, concerns shipping fleets worldwide. Somali piracy has seized merchant ships hailing from a range of nations including Germany, Japan, Iran, Malaysia, the United Arab Emirates, and Oman. The seized ships and their crews typically are held for large ransoms, sometimes for several months. The worldwide shipping community is grappling with potential solutions, which include a UN resolution that permits countries, in certain circumstances, to enter Somali waters to protect fleets.

US Imports, Exports Rise - US exports of all commodities increased more than 19 percent in the first seven months of 2008 compared to the same period a year earlier; US imports grew about 14 percent. Consumption of US goods was dominated by traditional trading partners. Exports to Canada, Mexico, and the UK each grew 12 percent or more, and increased almost 23 percent to China. The largest growth in US imports came from oil-producing nations including Saudi Arabia, 88.5 percent; Venezuela, nearly 59 percent; and Nigeria, about 53 percent.