NEWSLETTER – OCTOBER 06, 2022

AIR FREIGHT UPDATES

98% Of American Airlines Engineers At London Heathrow Have Voted To Strike

simpleflying.com
American Airlines is offering a three-year pay cut to its maintenance technicians and crew chiefs at London Heathrow Airport. As a result, 98% of the engineers voted to reject the airline’s proposal and to strike. Read more here.

IATA: Air cargo market stable despite latest decline

aircargonews.net
IATA said the air cargo market is stable despite demand falling for the sixth month in a row in August.
The airline association’s latest data shows that demand in cargo tonne km terms in August fell by 8.3%, which was a slight improvement on the 9.7% fall registered in July. Read more here.

OCEAN FREIGHT UPDATES

Rising costs push up breakeven bar for shipping lines as demand slumps

theloadstar.com
As mainhaul voyage results decline significantly and more ships are taken out of service due to the collapse in demand, ocean carriers may be obliged to downgrade their outlook for the year. Read more here (login required).

CANADA BUSINESS – GOVERNMENT UPDATES

Key Canadian container ports engage public in sustainable expansion plans

ajot.com
On both the east and west coasts of Canada, port officials have not allowed current global downward economic trends to alter ambitious, long-term expansion plans. A priority, too, remains social and environmental acceptability for what could be broadly categorized as desired maritime gateways of tomorrow. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Industrial real estate market sees demand slip

insidelogistics.ca
Demand for industrial real estate in the US has declined slightly, according to new numbers released this week by Cushman Wakefield.
While demand still outpaces supply on a year-to-date (YTD) level, the third quarter saw industrial supply has outpaced demand for the first time in eight quarters with overall net absorption down 18.1 percent in Q3, compared to midyear, putting YTD absorption 10.4 percent behind last year’s pace. Read more here.