Newsletter- August 10, 2022

AIR FREIGHT UPDATES

Air cargo demand drops again in July as dark clouds gather

aircargonews.net
Air cargo demand fell for the fifth month in a row in July as the industry continues to face a “multitude of disruptions”, according to CLIVE Data Services.
The Xeneta-owned data provider said that during July air cargo demand dropped by 9% year on year and the dynamic load factor – taking into account both weight and space – slipped 8 percentage points on last year to 58%. Read more here.

OCEAN FREIGHT UPDATES

FMC ‘compensation for shippers’ plan will push carriers to return boxes

theloadstar.com
Shippers in the US may soon be able to claim compensation for the storage of empty shipping containers that also accrue detention and demurrage (D&D) charges.
These are imposed by carriers on customers unable to return empty containers before a certain deadline. Read more here (login required).

Container lines are set to smash year-old profit record by 73%

bnnbloomberg.ca
(Bloomberg) — The world’s biggest container lines are on course to post profits in 2022 that will top last year’s record by 73%, according to a new forecast, buoyed by logistics and labor strains that are squeezing capacity amid sustained US demand for imports. Read more here. 

EU seeks feedback on antitrust exemption for liner shipping consortia

splash247.com
The European Commission has launched a call for evidence inviting feedback on the performance of the EU legal framework which exempts liner shipping consortia from EU antitrust rules.
The EU’s antitrust arm has also sent targeted questionnaires to carriers, shippers, freight forwarders and port and terminal operators on the impact of consortia between liner shipping companies, as well as of the Consortia Block Exemption Regulation (CBER) on their operations since 2020. Read more here.

Another profitable quarter, but HMM sees ‘considerable uncertainties’ ahead

theloadstar.com
South Korea’s national flagship carrier, HMM, reported a net profit of $2.24bn in the second quarter, for a $4.62bn half-year result – but is decidedly pessimistic on the outlook.
Similarly, last week, Maersk said it expected “a progressive decline” from the fourth quarter, and ONE has so far declined to forecast earnings for its full year, ending on 31 March, due to “market uncertainties”. Read more here (login required).

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

UK customs says 3,500 firms face losing ability to import

aircargonews.net
UK customs (HMRC) has warned that 3,500 companies have yet to register for its new import system and could lose the ability to import goods.
HMRC said that on October 1 import declarations will change from being processed through the current CHIEF system to the new Customs Declaration Service (CDS). Read more here.

Biden Signs $280 Billion CHIPS Act in Bid to Boost US Over China

ttnews.com
President Joe Biden enacted into law legislation designed to enhance domestic semiconductor manufacturing and alleviate supply chain bottlenecks.
At a signing ceremony for the bill at the White House on Aug. 9, Biden emphasized its potential economic and social benefits. Read more here.