Newsletter – January 11, 2024

AIR FREIGHT UPDATES

Air cargo traffic, capacity and revenues continued to recover in Q4
aircargonews.net
Air cargo traffic, capacity and revenues continued to recover in late 2023. According to IATA, world air cargo traffic expanded 8.3% year-over-year, as measured in cargo tonne-kilometres (CTKs), in November 2023, the best month for industry traffic growth since December 2021. Read more here.

OCEAN FREIGHT UPDATES

Shippers must pay a heavy price for capacity, as ‘ships are filling up’
theloadstar.com
The capacity crunch following carrier decisions to veto Red Sea routes will leave shippers with little choice but to pay premium rates, despite having long-term contracts.
Crowd-sourced freight rates platform Xeneta said the Red Sea shipping crisis would get worse before it got better, and shippers needed to “get their act together quickly” to secure capacity in the run-up to Chinese New Year next month. Read more here (login required)

Local 514 Bargaining Update
bcmeanegotiations.com
In an effort to conclude a negotiated collective agreement with ILWU Local 514 Ship and Dock Foremen that ensures certainty for Canada’s West Coast ports, the BCMEA has filed a notice of dispute under the Canada Labour Code, seeking conciliation assistance from the Federal Mediation and Conciliation Service (FMCS). The parties have benefited from such third-party assistance in prior rounds of bargaining. Read more here.

Houthis Launch Largest Attack Yet on Merchant Shipping
maritime-executive.com
On Tuesday night, Iranian-backed Houthi rebels launched a massive attack on international shipping in the Red Sea, defying a series of warnings from the U.S., the UK and a small number of international partners. Dozens of merchant ships were in the area affected. Read more here.

‘Damaging’ Port Strikes at DP World Australia Terminals Extended
theloadstar.com
Dockers affiliated with the Maritime Union of Australia (MUA) have extended their strike action at DP World terminals nationwide.
Operations at its terminals in Brisbane, Fremantle, Melbourne and Sydney will face disruption until January 15. Read more here (login required).

CANADA BUSINESS – GOVERNMENT UPDATES

Maersk opts for rail freight to avoid Panama Canal delays
theloadstsar.com
Maersk said yesterday it would ’sidestep’ the Panama Canal and use freight rail to get cargo across Panama.
Its Oceania-Americas (OC1) service usually goes through the Panama Canal, unloading cargo for South America at the ports at Cristobal and Cartagena, before heading to the US east coast gateways of Philadelphia and Charleston. Read more here (login required).