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Newsletter – June 19, 2019
AIR FREIGHT UPDATES
“Price fixing is not profit enhancing” says judge and fines Garuda $13 million
freightwaves.comAirline Garuda Indonesia (IDX: GIAA) has been ordered by the Federal Court of Australia to pay A$19 million (US$13.14 million) in penalties for air cargo price fixing as part of a massive international cartel. Read more here.
On the wires: Lufthansa Cargo gets caught in heavy crosswinds
theloadstar.com“In a bid to be profitable, Lufthansa Cargo has responded to the soft air freight market by announcing it will cut capacity from its schedule. (…) This will allow the company to ensure profitable load factors and continued deployment of its aircraft at optimum levels.” – The Loadstar, 28 May 2019. Read more here (login required).
OCEAN FREIGHT UPDATES
Ocean freight facing major ‘disruption’ this year
lloydsloadinglist.comThe liner shipping industry is facing major disruption this year as the US-China trade war escalates, global economic growth forecasts are downgraded, and the challenge of introducing – and paying for – new low-sulphur fuels to meet the requirements of IMO 2020 regulations looms, according to Jeremy Nixon, chief executive officer of Ocean Network Express. Read more here.
Earthquake triggers Tsunami Warning in Japan
freightwaves.comA powerful earthquake shook northwestern Japan on the evening of June 18 (local time), and officials warned of a tsunami up to 3.3 feet (one meter) high along parts of the coast. The quake was located in the Sea of Japan not far from the western coast of Honshu Island, about 20 miles southwest of the city of Sakata. Read more here.
High Bay Storage could be a solution to container terminal capacity issues
theloadstar.comThe High Bay Storage (HBS) container terminal concept unveiled earlier this year by DP World could also help speed up hinterland supply chains. Read more here (login required)
GROUND & RAIL FREIGHT UPDATES
Cass data negative in May, “signaling an economic contraction”
freightwaves.comThe Cass Freight Index Report showed further deceleration in the freight markets in May. Donald Broughton, Founder and Managing Partner of Broughton Capital and author of the report, warns an economic contraction could be underway. Read more here.
CANADA BUSINESS – GOVERNMENT UPDATES
Canadian government green-lights Trans Mountain expansion, again
freightwaves.comThe Canadian government re-approved the expansion of the Trans Mountain pipeline (TMX), which will boost the amount of oil that flows from Alberta to British Columbia. Read more here.