At some higher-end retail, 40% of the retail cost of furniture is just the fuel and shipping costs, he says.
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He said his corporation arranged for the Renda shipment as an alternative to shipping fuel by air.
Contrary to the obvious assumption, rising fuel prices might actually cause the use of ships for freight, as manufacturers reduce fuel use not by shipping things shorter distances, but by relying more heavily on efficient sea freight at the expense of less efficient land- and air-based modes of transport.
With Bunker C (No. 6) fuel cheap and gigantic containerized shipping available, a manufacturer could make any commodity with high tradability in any location in the world and sell it profitably anywhere else in the world.
Fuel, after all, is not just a source of emissions for the shipping industry, it is a cost, so higher fuel prices mean that more efficient shippers will have a greater cost and profitability advantage.
There is no single study that compares jet fuel use for passenger flights versus air freight shipping.
Reducing fouling will save fuel, in turn saving money, as well as cutting shipping's contribution to greenhouse-gas emissions.
While rising fuel prices and greenhouse reduction goals may end up favoring the shipping industry as a whole, they will also do a lot to re-shape the industry.
"By 2025 all new ships have to be 20% more efficient, so shipyards will also be compelled to produce more fuel-efficient vessels, " Simon Bennett of the International Chamber of Shipping said.
Shipping will probably gain market share from less efficient modes of transport, but higher fuel prices may also cause the entire transportation pie to shrink.
"The bigger the ship the lower the fuel consumption, that's one thing, " said Thomas Riber Knudsen, Asia Pacific CEO of shipping line Maersk.
Its Green Shipping Initiative offer incentives such as reduced port fees for ships in return for using low-sulfur fuel.
What is less clear is how the shipping industry as a whole will fare as a result of long term increases in the price of fuel.
The shipping industry, often seen as a barometer of global economic health, has been hurt by high fuel costs, a slump in trade, and the retreat of lending from European banks.
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