Newsletter – July 12, 2023

AIR FREIGHT UPDATES

Global tonnages in June down by -4% compared to 2022

aircargoweek.com
Global air cargo tonnages in June show a continuation of the improving year-over-year trend that we have seen since May, characterized by a slowing rate of decline, according to the latest weekly figures from WorldACD Market Data. Air cargo tonnages for the full month of June ended at -4% compared to the previous year, an improvement compared to May at -6% (YoY), while April was still at -10% (YoY). Average rates stabilized throughout June around -38% compared to the previous year. Read more here

OCEAN FREIGHT UPDATES

Ottawa moves to resolve port strike

splash247.com
Canada’s labour minister Seamus O’Regan yesterday gave a federal mediator 24 hours to send him recommended terms to end the British Columbia port strike which is entering its 12th day with the latest vessel traffic data showing more boxships backing up outside the principle ports of Vancouver and Prince Rupert. Read more here

How ‘historic’ decarbonization deal could inflate future shipping rates

freightwaves.com
Decarbonizing shipping is like herding cats, and that herd, otherwise known as the International Maritime Organization (IMO), unveiled major new global emission-reduction targets Friday.
From a future freight rate perspective, it was a win for tanker and dry bulker owners. The uncertainty over future regulations that has stymied newbuilding orders was not only kept in place, it was exacerbated. Read more here

Strike in Canadian ports delays MSC’s Chinook rotation change

container-news.com
MSC announced in June that its Chinook service will have the following port rotation from the 28th week of the year:
Yantian (China) – Shanghai (China) – Qingdao (China) – Busan (South Korea) – Vancouver (Canada) – Seattle (US) – Portland (US) Read more here