The EUDR, formally known as Regulation (EU) 2023/1115, adopted on 9th June 2023, sets out detailed rules designed to prevent the importation and exportation of specific products linked to deforestation and forest degradation. EUDR affects internal EU trade as well as export and import to and from outside the European Union and requires European companies to prove that certain products traded by them were not produced on land that was deforested after 31 December 2020 or was subject to forest degradation. The Regulation will apply for most economic operators from 30th December 2024. Much of the practical implementation details, such as technical standards and specific guidelines for enforcement are still pending the adoption of secondary legislation in the form of implementing and delegated acts. These are expected to be published later in 2024.

The cargo in one of the containers may have played an important role in the explosion on a freighter in a Chinese harbour last Friday

Singapore, one of the world's most significant maritime hubs, is currently facing severe port congestion, further worsening the existing shortage of ships and containers. Data from maritime intelligence firms indicate that containerships now have to wait up to seven days to berth in Singapore, with recent queues involving up to 450,000 TEUs.

A surprisingly strong market, plus lower vessel capacity due to the Red Sea crisis, is creating a shortage of both ships and containers. Empty containers out of China, especially northern China  for exports to Europe are becoming increasingly hard to get hold of.