Newsletter – January 13, 2022

AIR FREIGHT UPDATES

Airfreight industry watches for signs of midyear recovery

freightwaves.com
Air cargo ended 2022 on a weak streak that is expected to continue well into the first half of the year, with logistics companies hanging hopes for better demand on retail inventory clearance bottoming out by summer.
Uncertainty is the watchword for 2023. Any progress in freight transport could be undone by a recession predicted by most economists or more unexpected geopolitical events. Read more here.

Chicago O’Hare avoids labor impasse, cargo disruption 

freightwaves.com
A final ground handling agent at Chicago O’Hare International Airport has reached a required labor agreement and will continue cargo operations, sparing several cargo airlines from potential service interruptions.
The Chicago Department of Aviation (CDA) on Tuesday notified freighter operators that cargo handler Swissport has signed an agreement with the Service Employees International Union (SEIU) establishing parameters for the union to mount a membership drive. The development eliminates the potential for a supply chain disruption. Read more here.

Manufacturing outlook points to declining US air cargo in 2023

theloadstar.com
Airfreight is primarily an industrial tool, with roughly three-quarters of airfreight traffic linked to the various stages of production. Global manufacturing and airfreight tend to move in sync. Based on the outlook for manufacturing this year, we expect US airfreight exports to decline by about 7%, and imports to drop by about 3%. Read more here (login required).

Letter from Bangladesh: forex dilemmas; bigger ships and banned ships

theloadstar.com
Bangladesh air freight forwarders are in a dilemma over the exchange rate of the US dollar against the local currency, the taka, which is costing them some Tk4 to Tk5 (about $0.04) per dollar when they pay airlines. Read more here.

OCEAN FREIGHT UPDATES

Up to 1,000 ships affected by DNV ransomware attack

splash247.com
NV confirmed that around 1,000 vessels have been affected by a recent cybersecurity incident on its ShipManager software which proved to be a result of a ransomware attack.
The Norway-based class society said in a statement that the shutdown of ShipManager servers was affecting a total of 70 clients. Read more here.

Little to cheer for liners as Chinese New Year approaches

splash247.com
Container indices are levelling out, but there is scant reason for optimism in the opening fortnight of 2023.
Last week’s Splash annual liner forecast carried headline predictions that liner shipping will make just 5% of 2022’s mega profits, and up to 25% of the massive container orderbook will likely be postponed. Read more here.