Newsletter – January 19, 2023

AIR FREIGHT UPDATES

New cargo verification data rules costly and testing for UAE importers

theloadstar.com
Importers in the UAE – already squeezed by demand woes — face additional costs and more red tape with customs regulatory changes, which include cargo origin source and declared shipment verification data.
Dubai Customs now requires local importers to secure attestations from the Ministry of Foreign Affairs and International Cooperation for invoices of AED10,000 ($2,722) and above. Read more here (login required).

OCEAN FREIGHT UPDATES

More than 50 sailings from Asia to Europe blanked in first seven weeks

theloadstar.com
The three vessel-sharing alliances have cancelled a colossal 53 Asia-Europe westbound sailings in the first seven weeks of this year.
According to an Alphaliner analysis, this represents 27% of their original scheduled capacity. Read more here.

GROUND AND RAIL FREIGHT UPDATES

CP and Unifor reach deal

insidelogistics.ca
Canadian Pacific Railway Limited announced it has reached a tentative collective agreement with Unifor on a new contract for mechanical employees in Canada.
“We thank Unifor for working collaboratively with us throughout this process,” said Keith Creel, CP’s President and CEO. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

U.S. order volumes suffer biggest quarterly fall since lockdown

ajot.com
A significant slump in order volumes across US supply chains took the shine off a slight improvement in global trade activity in Q4-2022, according to the latest data from Tradeshift, the digital network for global trade.
Tradeshift’s Index of Global Trade Health shows the total volume of trade transactions across global supply chains at 3 points below the baseline in Q4, a modest improvement on the 5-point deficit recorded in Q3 of 2022. Read more here.

Logistics real estate rents to surge again in 2023

freightwaves.com
Noting a slowing economy, management from logistics warehouse owner and operator Prologis said demand for space remains firm and leasing fundamentals are strong.
“With regard to our markets and leasing activities, the bottom line is that conditions remain healthy and there is little we see across our results or proprietary metrics that point to a meaningful slowdown,” CFO Tim Arndt told analysts Wednesday on the fourth-quarter earnings call. Read more here.