Newsletter – February 10, 2023

AIR FREIGHT UPDATES

Air Canada and Emirates team up on air cargo

aircargonews.net
Emirates SkyCargo and Air Canada Cargo have signed a Memorandum of Understanding (MoU) that will examine how they can develop capacity partnerships.
The partnership will see the two airlines work on a number of initiatives, including expanding cargo interline options and block space agreements, pending any required regulatory approvals. Read more here.

OCEAN FREIGHT UPDATES

Boxship owners hit with $45m fine over 2021 Orange County oil spill

splash247.com
The shipowners and insurers of the containerships Beijing and MSC Danit agreed to fork out $45m in damages yesterday over a 2021 oil spill off Huntington Beach in California.
The ships dragged anchor over a pipeline owned by Amplify Energy. The pipeline operator had previously agreed to pay $50m in damages for the 3,000 barrel oil spill. The pipeline connects the Elly drilling platform off the coast to Long Beach Harbor. Read more here.

Euro/US exporters back in favour as carriers seek backhaul cargo

theloadstar.com
With the collapse of container freight rates from Asia over the past six months, backhaul trades have also seen significant falls.
Competition for backhaul cargo has intensified, with ocean carriers desperate to earn revenue from the vast numbers of empty containers racking-up huge storage costs at depots around the world. Read more here (login required).

GROUND AND RAIL FREIGHT UPDATES

The worst January for US intermodal for ten years, and no sign of relief

theloadstar.com
US intermodal traffic rolled into 2023 with the brakes on: the sector was down last year and things got worse in the first weeks of the new year, producing the worst January since 2013.
The dismal last month followed contraction both in the fourth quarter and over the full year. The Intermodal Association of North America (IANA) reported a 16.2% decline in Q4. Read more here (login requred).

INTERNATIONAL BUSINESS – GOVERNMETN UPDATES

Bubble Wrap is deflating — and so is the American consumer

freightwaves.com
The maker of Bubble Wrap is seeing shares tumble Thursday after a brutal earnings announcement — and the implications go beyond the packaging industry.
Sealed Air, which specializes in packaging supplies for e-commerce, meat, industrial goods and others, expected to see volume grow by 3% in 2022 but instead saw it drop by 6%. Read more here.