Newsletter – July 5, 2021

AIR FREIGHT UPDATES

Air cargo rates cool in June for summer slowdown

aircargonews.net
Air cargo rates settled down in June as the industry entered a seasonal slowdown in demand, but airlines and forwarders appear to be expecting a busy peak season.
The latest figures from the Baltic Exchange Air Freight Index (BAI) show that average prices from Hong Kong to North America in June fell to $7.89 per kg from $8.70 per kg in May. Read more here.

OCEAN FREIGHT UPDATES

Japan’s “K” Line Apologizes for Second Cyberattack in Months

maritime-executive.com
Japanese shipping company Kawasaki Kisen Kaisha, known as “K” Line issued a brief statement today confirming that its computer systems have once again been breached with “unauthorized access to overseas subsidiary systems.” One of Japan’s oldest and largest shipping companies, with a fleet of more than 400 ships, “K” Line had only recently recovered from a previous cyberattack also through an overseas affiliate of the shipping line. Read more here.

Price Announcement for Congestion Surcharge to/from the US

hapag-lloyd.com
Hapag-Lloyd will apply a Congestion Surcharge (OCS/PCS) for all Intermodal moves by truck and/or rail to/from the US, effective upon carrier receipt of cargo on or after August 1, 2021 and valid until further notice.
The Congestion Charge will be as follows: USD 350 per container

Ever Given to depart Egypt on Wednesday

splash247.com
The giant Ever Given boxship will finally leave Egypt on Wednesday 106 days after it entered the Suez Canal on a fateful transit.
With shipowner Shoei Kisen and the Suez Canal Authority (SCA) coming to a compensation agreement the ship, carrying more than 18,000 boxes, will likely head from the Great Bitter Lake, where it has been under arrest since April, to Rotterdam. Read more here.

Qingdao develops skyrail to shift boxes

splash247.com
The Port of Qingdao in northeast China has unveiled the next chapter in its ongoing ambition to be among the most tech savvy maritime destinations in the world.
The state-run entity’s new skyrail moves boxes above ground, often on to autonomous trucks, in a pioneering move that it says frees up much space in the busy port.
The first 620 m stretch of the skyrail was opened last week. The full project will see the aerial container handling system stretch 9.5 km across the port, handling 1.5m containers a year. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

Quebec City terminal plans on hold

splash247.com
After conducting a thorough environmental assessment, including extensive public consultations, the Impact Assessment Agency of Canada recently issued its report on the proposed Laurentia terminal project at the Port of Quebec. Based on information in the report and the subsequent recommendation of Canada’s Minister of Environment and Climate Change, the Government of Canada has denied permission for the project to proceed. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Shipping exempted from new global taxation plans aimed at multinationals

splash247.com
Shipping has dodged another bullet from the taxman. A total of 130 countries, representing more than 90% of global GDP, have backed cross-border taxation plans for multinationals, ensuring they will have to pay a global minimum corporate income tax of at least 15%. The talks held at the Organisation for Economic Cooperation and Development (OECD) follow on from discussions into the matter at the G7 summit in the UK last month. The agreement will go to the G20 for political endorsement at a meeting in Venice next week. Read more here.

Tropical Storm Elsa approaching US

freightwaves.com
After blasting through the eastern Caribbean over the weekend, killing at least three people, Tropical Storm Elsa was nearing landfall in western Cuba as of Monday morning.
As of 8 a.m. EDT on Monday, Elsa’s sustained winds were 65 mph, with higher gusts. The storm could become stronger just prior to landfall in Cuba late Monday morning or early afternoon. However, it’s unlikely Elsa will become a hurricane again. Read more here.