Bangladesh today (September 13, 2022) exported a locally built 6100-ton load capacity high-speed multipurpose container ship to the UK. This is the largest container ship built in the country that has been exported, according to the ship’s builder.  Ananda Shipyard, a Bangladeshi shipbuilding company, has built the ship as per the requirements of UK-based Enzian Shipping Company Ltd. Read:Foreign investors urged to expand businesses in Bangladesh The vessel was officially handed over today through a ceremony held at InterContinental Dhaka. State Minister for Shipping Khalid Mahmud Chowdhury was present as the chief guest at the function. The National Board of Revenue’s Member (Customs Policy) Hossain Ahmed; Director General of Shipping Directorate, Commodore Nizamul Haque; Islami Bank Managing Director and CEO Monirul Mawla; Chairman of Ananda Shipyard, Dr Abdullahel Bari, and Managing Director Afroza Bari also spoke in the function.

On a hot, humid East Coast day this summer, a massive container ship pulled into the Port of Baltimore loaded with sheets of plywood, aluminum rods and radioactive material — all sourced from the fields, forests and factories of Russia. President Joe Biden promised to “inflict pain” and deal “a crushing blow” on Vladimir Putin through trade restrictions on commodities like vodka, diamonds and gasoline in the wake of Russia’s invasion of Ukraine six months ago. But hundreds of other types of unsanctioned goods worth billions of dollars, including those found on the ship bound for Baltimore from St. Petersburg, Russia, continue to flow into U.S. ports. The Associated Press found more than 3,600 shipments of wood, metals, rubber and other goods have arrived at U.S. ports from Russia since it began launching missiles and airstrikes into its neighbor in February. That’s a significant drop from the same period in 2021 when about 6,000 shipments arrived, but it still adds up to more than $1 billion worth of commerce a month. In reality, no one involved actually expected trade to drag to a halt after the invasion. Banning imports of certain items would likely do more harm to those sectors in the U.S. than in Russia. “When we impose sanctions, it could disrupt global trade. So our job is to think about which sanctions deliver the most impact while also allowing global trade to work,” Ambassador Jim O’Brien, who heads the State Department’s Office of Sanctions Coordination, told the AP. Experts say the global economy is so intertwined that sanctions must be limited in scope to avoid driving up prices in an already unstable market. Also, U.S. sanctions don’t exist in a vacuum; layers of European Union and U.K bans result in convoluted trade rules that can be confusing to buyers, sellers and policymakers. For example, the Biden administration and the EU released separate lists of Russian companies that cannot receive exports, but at least one of those companies — which supplies the Russian military with metal to make fighter jets currently dropping bombs in Ukraine –- is still selling millions of dollars of metal to American and European firms, AP found. Read: 15 reported killed in Independence Day attack in Ukraine While some U.S. importers are sourcing alternative materials elsewhere, others say they have no choice. In the case of wood imports, Russia’s dense birch forests create such hard, strong timber that most American wooden classroom furniture, and much home flooring, is made from it. Shipping containers of Russian items — groats, weightlifting shoes, crypto mining gear, even pillows — arrive at U.S. ports almost every day. A breakdown of imported goods from Russia shows some items are clearly legal and even encouraged by the Biden administration, like the more than 100 shipments of fertilizer that have arrived since the invasion. Now-banned products like Russian oil and gas continued to arrive in U.S. ports long after the announcement of sanctions due to “wind down” periods, allowing companies to complete existing contracts. In some cases, the origin of products shipped out of Russian ports can be difficult to discern. U.S. energy companies are continuing to import oil from Kazakhstan through Russian ports, even though that oil is sometimes mixed with Russian fuel. Trade experts warn that Russian suppliers are unreliable, and opaque corporate structures of most major Russian companies make it difficult to determine whether they have ties to the government. “It is a general rule: when you have sanctions, you’ll have all kinds of murky schemes and illicit trade,” said Russian economist Konstantin Sonin, who teaches at the University of Chicago. “Still, sanctions make sense because even though you cannot kill 100% of revenues, you can reduce them.” Many American companies are choosing to cut off Russian trade. Coors beer, for example, returned a shipment of hops to a state-owned Russian company in May as part of a commitment to suspend all business in the country, said Molson Coors Beverage Co. spokeswoman Jennifer Martinez. Russia and the U.S. were never major trading partners, and so sanctioning imports is only a very small slice of the retaliatory strategy. Restrictions on exports from the U.S. –- of technology in particular –- cause more damage to the Russian economy, and sanctioning the Russian Central Bank has frozen Russia’s access to roughly $600 billion in currency reserves held across the U.S. and Europe. Nonetheless, sanctions carry a symbolic weight beyond the financial harm they might inflict, particularly for American consumers horrified by the war.

Bangladesh’s first-ever direct export of readymade garments by sea  started on Monday with MV Songa Cheeta leaving Chattogram port for Italy. The ship left the port at around 3 pm for Ravenna port in Italy carrying 950 TEUs (Twenty Equipment Unit) in 493 boxes. On Saturday, the ship anchored at NCT04 jetty of the port carrying the empty containers. Port chairman, Rear Admiral M Shahjahan inaugurated the direct ship operation on Bangladesh-Italy route on Monday at NCT jetty of the port. Also read: Don’t get trapped by traffickers, warns Embassy after deaths in Italy Terming it as a ground breaking turn of Bangladesh economy he said ships on this route will be prioritized for facilitating with berthing, key gantry crane allotment and other amenities. Ambassador and Head of Delegation of the EU to Bangladesh Charles Whiteley, Italian Ambassador to Bangladesh Enrico Nunziata, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan were present at the inauguration They hailed the direct shipment as a new milestone for Bangladesh in international sea trade. “Now it will mostly take 15 days to send goods to European ports which used to take one and a half months before. It will decrease the carrying cost by 45 to 50 per cent, “said Md Omar Faruque, a Chattogram port official. BGMEA leaders and concerned shipping agents said until now the RMG goods for export were sent to Sri Lanka, Singapore and Malaysian ports in containers on feeder ships from Chattogram port. From there the containers are carried by larger ships bound for European and US ports, they said.    Also read: Increased capacity of Ctg Port to cut cost of doing business: FBCCI According to them if direct container ship operation on Chattogram-Italy route remains uninterrupted Bangladesh will be ahead of Vietnam in RMG export as it will save lead time and fare. On December 23, the first trial ship operation to Bangladesh from Italy began by bringing empty containers.