Newsletter – February 3, 2021

AIR FREIGHT UPDATES

BA cargo worker dispute ends after agreement is reached

aircargonews.net
British Airways’ (BA) cargo handlers in the UK have reached an agreement with the airline following a dispute about planned changes to terms and conditions.

The cargo handlers had carried out nine days of strikes over the Christmas period and were set to launch further industrial action last week. Read more here.

OCEAN FREIGHT UPDATES

MSC latest liner to suffer box spill in the Pacific

splash247.com
Cargo claims specialist WK Webster has details of yet another box spill in the north Pacific – the fifth reported lost overboard incident in less than two months.
Unlike other recent accidents, the latest box spill happened as the 14,300 teu MSC Aries made its way back from the US to China. Read more here.

ONE has second quarter of ‘significantly increased’ profit

freightwaves.com
Ocean Network Express’ announcement that its quarterly profit “significantly increased” could be the understatement of understatements. ONE’s third-quarter after-tax profit skyrocketed by something along the lines of 18,800% — from $5 million in 2019 to $944 million in 2020.  Read more here.

Rise in transpacific contract rates could be long-lasting

lloydsloadinglist.com
Transpacific shippers could be facing a new level of contract rates after the measure broke with their historical correlation to spot market rates.
An analysis of both contract and spot market rates shows that contract rates have largely tracked spot rates during the past five years, with a three to four-week time lag after which contract rates catch up with spot rates. Read more here.

Extra services bring more congestion and vessel delay at San Pedro Bay ports

theloadstar.com
Extra loaders deployed by transpacific carriers to meet booming import demand have overwhelmed the US gateways of Los Angeles and Long Beach.
According to a survey by Alphaliner, the capacity of the 27 ships berthed and 41 at anchorage at the San Pedro Bay ports stood at a massive 579,100 teu on Monday.  Read more here (login required).

Vietnam probes sky-high box rates

splash247.com
Vietnam has become the latest country to take liners to task for the current sky high container freight rate scene.
The Vietnam Maritime Administration (VMA) has vowed to probe prices on the transpacific and Asia-Europe tradelanes, where costs to ship boxes have shot up to record levels in recent months. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

Sunwing Airlines Secures $375 Million Loan From Canada

simpleflying.com
Canada’s Sunwing Airlines has locked in a CA$375 million government loan as it battles both the COVID-19 fuelled travel downturn and tough travel restrictions at home. The loan is facilitated via a Canadian Government emergency funding facility. Sunwing Airlines becomes the first airline in Canada to receive direct financial assistance from the Canadian Government. Read more here.

INTERNATIONAL BUSINESS- GOVERNMENT UPDATES

TAPA grows membership

aircargoweek.com
Rising concerns over the resilience of global supply chains trying to cope with the continuing disruption caused by the Covid pandemic have contributed to a record rise in annual membership growth for the Transported Asset Protection Association (TAPA) in Europe, the Middle East & Africa (EMEA). Read more here.

Fears of renewed international sanctions after military coup in Myanmar

theloadstar.com
All flights to and from Myanmar have been suspended following the military coup in the country yesterday.
And, according to freight forwarders in Yangon, the city’s international airport will be closed until May – including for cargo.
However, Myanmar’s seaports and cross-border trucking services are reportedly operating normally, although with some delays. Read more here (login required).