Newsletter – June 30, 2023

AIR FREIGHT UPDATES

Not much to smile about in air freight, if you’re not carrying e-commerce

theloadstar.com
The e-commerce market out of southern China remains strong in air cargo – but that appears to be the only joy on the horizon for carriers.
Indices this week show global demand is still weak, and rates going nowhere. Read more here (login required).

OCEAN FREIGHT UPDATES

Carriers sailing in red ink, with ‘another rates bloodbath’ heating up

theloadstar.com
Ocean carriers are burning cash at an alarming rate, with the second quarter expected to have been loss-making for several.
As container spot rates across the major tradelanes remain stubbornly below cost and contract rates collapse, carriers urgently need to remove capacity to improve the supply-demand balance. Read more here (login required).

Yangshan double-berths feeders to speed up Yangtze Delta deliveries

theloadstar.com
Shanghai’s Yangshan Port has started double-berthing feeder vessels to speed up the transfer of cargo and deliveries to industries upriver.
Double-berthing involves parking one feeder vessel on the outside of another at the wharf so bridge cranes can work on both simultaneously, conducting loading and unloading operations. A patrol vessel is on standby at the berth, in case of an accident. Read more here (login required).

Canada’s turn to feel the heat as port workers agree to July strike

theloadstar.com
ILWU Canada has issued a 72-hour strike notice at the ports of Vancouver and Prince Rupert, with a strike scheduled to begin at 8.00am on July 1.
Port workers have been attempting to negotiate a new contract with employer British Columbia Maritime Employers Association (BCMEA) since the last document expired in March, but thus far no agreement has been reached. Read more here (login required).

New milestone for MSC as it readies to surpass Maersk for owned box tonnage

splash247.com
Mediterranean Shipping Co (MSC) is about to achieve another milestone in its rise to the summit of the global container carrier league.
The Soren Toft-led liner is just three ship deliveries away from overhauling rival Maersk as the carrier with the largest owned box fleet in the world. Read more here

GROUND AND RAILFREIGHT UPDATES

Major rail operators set to form new US intermodal freight corridor

theloadstar.com
Three major rail operators have struck a deal that will see a new freight corridor link Mexico, Texas and the US south east, as near-shoring drives capacity demand.
The agreement will see newly merged Canadian Pacific Kansas City Southern (CPKC) and CSX acquire and operate portions of Genesee & Wyoming-owned Meridian & Bigbee Railroad (MNBR) for a direct interchange connection in Alabama. Read more here (login required).