Newsletter – August 3, 2022

AIR FREIGHT UPDATES

Portuguese Airport Staff May Hold A 3 Day Strike Over Wages & Conditions

simpleflyging.com
Ten airports in Portugal face high chances of significant disruptions to operations as two major worker unions have threatened to go on a three-day strike later this month. Members of the Civil Aviation Workers’ Union (SINTAC) and the Commercial Aviation Staff Union (SQAC) have jointly proposed the strike action from August 19th to 21st at ten major Portuguese airports operated by airport operator ANA. Read more here.

IATA: Air cargo demand declines narrow in June

aircargonews.net
Air cargo volumes were down again in June, although the level of decline eased compared with recent months as Covid restrictions in China began to be lifted.
The latest statistics from IATA show that air cargo traffic in June was down 6.4% in cargo tonne km (CTK) terms compared with a year earlier. Read more here.

OCEAN FREIGHT UPDATES

Port Authority of NY and NJ announces new container imbalance fee to minimise congestion due to excess empty containers

splash247.com
The Port of New York and New Jersey will implement a new container imbalance fee for ocean carriers as part of its effort to aggressively move to handle record cargo volumes spurred by peak cargo season and a cargo shift from the West Coast, the Port Authority of New York and New Jersey announced yesterday.
The container management fee, targeting empty containers being stored in the port for long periods, will be effective as of September 1, pending a mandatory federal 30-day notice period. The fee is intended to reduce the number of excess empty containers dwelling at the port and free up much-needed capacity for containers that are full of imports and ready to be picked up by cargo owners. Read more here.

Port congestion spurs liner share rally, large-caps proliferate

splash247.com
Port congestion is sending plenty of listed liners into large-cap territory. The number of publicly-listed container carriers with a valuation of more than $10bn has risen to six this week, with two more lines following closely behind, according to the latest data from Alphaliner.
The majority of container shares have risen between 15% and 40% since early July when the first week saw a general bottoming out in stock values after the previous slide. Read more here.

GROUND AND RAIL FREIGHT UPDATES

Canadian Pacific and Kansas City Southern merger plan hits more opposition

theloadstar.com
The headwinds for the acquisition of Kansas City Southern (KCS) by Canadian Pacific Rail (CP) have got stronger, with voices from the US Congress joining the chorus of opposition.
Two senators and two members of the House of Representatives have written to the head of the Surface Transportation Board (STB) expressing concern about potential repercussions from the merger. Read more here (login required).

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

World’s no. 2 clothes exporter faces order drop as power falters

ajot.com
Bangladesh’s garment industry, the world’s No. 2 exporter after China, is facing a double whammy from slowing global demand and an energy crisis at home that’s threatening to thwart the nation’s pandemic recovery.
Plummy Fashions Ltd., a supplier to PVH Corp., the parent company of fashion brand Tommy Hilfiger, and Inditex SA’s Zara, saw new orders in July drop 20% from a year earlier, its Managing Director Fazlul Hoque said.  Read more here.