Newsletter- August 16, 2022

AIR FREIGHT UPDATES

General air cargo market drops 9% in July versus 2021

aircargoweek.com
Seasonally adjusted general air cargo market performance data for July 2022 shows a continued slowing down of volume, load factor, capacity, and airfreight rates as the impact of economic and political uncertainties on world trade continues to hang over the industry. Read more here.

OCEAN FREIGHT UPDATES

 Port of Felixstowe strike could see air cargo demand rise further

aircargonews.net
Strike action at the UK’s biggest container port could see demand for already stretched airfreight capacity increase further.
Dockworkers belonging to union Unite will strike at the Port of Felixstowe from Sunday August 21 until Monday August 29 in a move that is likely to exacerbate existing oceanfreight supply chain congestion in the country. Read more here.

GROUND AND RAIL FREIGHT UPDATES

Trucking fuel costs and retail pump prices aren’t marching in locks

freightwaves.com
Even as the cost of diesel is a topic of endless concern and discussion in the trucking sector, an annual release of cost data from the American Transportation Research Institute (ATRI) reports can be seen as showing that the all-in cost of fuel for truckers is set by factors other than the price at the pump. Read more here.

Canadian Pacific and TCRC-T&E arbitration ends with new two-year collective

agreementcpr.ca
Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced a new two-year collective agreement with the Teamsters Canada Rail Conference (TCRC) – Train and Engine following binding arbitration.
The new agreement includes a 3.5 percent wage increase in 2022 and 2023 and increased benefits. Under the arbitration decision, the TCRC will also join a CP Pension Improvement Account. The new collective agreement runs through 2023. Read more here.

Trailer replacement cycle stretched further as July orders drop

freightwaves.com
Trailer orders declined 28% in July compared to June, extending the replacement equipment calendar further into 2023 as most manufacturers kept the brakes on bookings.
Fleets are waiting to place those orders. But most OEMs are not able to accurately price new equipment. Inflation and volatile commodity prices for key items like steel and aluminum frustrate those efforts. Read more here.

INTERNATIONAL BUSINESS GOVERNMENT UPDTES

Coronavirus lockdown at China’s export showroom Yiwu clouds Christmas order outlook

scmp.com
A coronavirus lockdown in the Chinese manufacturing hub of Yiwu – home to the world’s largest small commodities market – is clouding the outlook for the country’s biggest export season ahead of Christmas.
The city in eastern Zhejiang province was put under a three-day lockdown on Thursday, the local government said on its official WeChat account at 3am. Read more here.

Shipper relief as PSA Singapore lifts ban on Bangladesh hydrogen peroxide

theloadstar.com
Bangladesh exporters breathed a sigh of relief after Port of Singapore Authority (PSA) ended its nine-week ban on hydrogen peroxide going through its terminals.
The ban was imposed in June, nine days after a deadly fire at a container depot in Chittagong, and brought Bangladesh’s $22m hydrogen peroxide export business to a halt. Singapore is Bangladesh’s main transhipment port for the chemical. Read more here (login required).