Newsletter – July 28, 2022

AIR FREIGHT UPDATES

Beijing reopens for international flights after Covid isolation

ajot.com
Beijing is welcoming back direct inbound passenger flights from overseas for the first time in more than two years as China eases parts of what is still the toughest pandemic border regime in the world.
Air China Ltd.’s website shows it restarted a direct flight from Paris once a week, while ANA will resume weekly flights from Narita in August.  Read more here.

Canada Jetlines’ Inaugural Flight Will Take Off In 3 Weeks

simpleflying.com
Canada has a new leisure airline – Canada Jetlines. Though this is not new news, the carrier will finally be launching flights next month, if all goes according to plan.
Canada Jetlines has been in the works since 2019, but the COVID-19 pandemic held up launch plans. After years of planning, the airline completed its final demonstration flight a few weeks ago and is ready to receive its Air Operator Certificate (AOC). Eddy Doyle, CEO, Canada Jetlines, commented,… Read more here.

OCEAN FREIGHT UPDATES

Longshore workers, employers reach tentative deal on healthcare benefits

supplychaindive.com
West Coast port employers and the union representing their longshore workers on Tuesday announced they had reached a tentative deal on health benefits as part of ongoing contract talks.
The deal, which covers the “maintenance of health benefits,” is subject to “agreement on the other issues in the negotiations,” the International Longshore and Warehouse Union and Pacific Maritime Association said in a joint press release. Read more here.

Long-term box rates have peaked: Xeneta

splash247.com
Xeneta has called out the peak for long-term contracted freight rates. The Scandinavian box freight rate platform has detected a slowing month-on-month growth for long-term rates in July, following many months of spot rates declining suggesting prices may have peaked. However, according to the latest Xeneta Shipping Index today’s valid long-term agreements stand 112% higher than this time last year, and a massive 280% up against July 2019. Read more here.

Splash Extra: Ordering boom sees yards weigh up risks of expansion

splash247.com
Global shipbuilding capacity is down by 60% from its 2010 peak at around 2,700 ships capacity per annum and yet new analysis from UK-based consultancy Shipping Strategy suggests that in order to be on track with the 2050 green goals laid down by the International Maritime Organization shipbuilding capacity will need to grow by 50% in the next five years. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Sourcing shift from China is all talk – ‘it’s a fluidity we have seen for years’

theloadstar.com
“Colonial arrogance” is perpetuating an increasing belief that western firms can simply “walk away” from China, amid “increasingly muscular” but largely empty political rhetoric.
Secretary general of the Global Shippers Forum James Hookham told The Loadstar he does not buy into the view that there is a trend towards de-globalisation, nor a specific shift away from the people’s republic. Read more here (login required).

IMF says global economy is edging towards recession

theguardian.com
The International Monetary Fund has said the global economy could soon be teetering on the brink of recession amid evidence that the world’s three biggest economies are all stalling and inflation is higher than previously forecast.
In a downbeat update to its April world economic outlook (WEO), the IMF cut its growth forecasts in 2022 and 2023 – and raised the prospect of a more pronounced slowdown. Read more here.