Newsletter – June 19, 2023

AIR FREIGHT UPDATES

Boeing predicts demand for over 900 new freighters in next 20 years

aircargonews.net
Boeing has predicted there will be demand for 2,825 dedicated freighters over the next 20 years.
In its 2023 Commercial Market Outlook (CMO), the airframer said this included 925 new freighters, in addition to converted aircraft. Read more here (login required).

OCEAN FREIGHT UPDATES

Don’t be too eager for return to west coast ports, shippers warned

theloadstar.com
Shippers are being warned against a hasty return to the US west coast after an apparent breakthrough in contract disputes and while there are concerns over an “unprecedented” drought in the Panama Canal.
Reports over the past week have suggested the El Niño weather system will result in historic lows along the famous canal bringing stricter draught restrictions and threats of a complete halt to container shipping transits. Read more here (login required).

Indian ports remain shut as cyclone unleashes powerful winds

ajot.com
Major ports in the western Indian state of Gujarat, including Adani Group’s flagship Mundra operation, remained shut as winds are still strong after cyclone Biparjoy made landfall.
The powerful storm brought heavy rains in several areas of India and Pakistan and saw winds gusting to as high as 140 kilometers (87 miles) an hour. Both nations have evacuated about 150,000 people, restricted air and rail transport, and shut port operations in the affected areas. Read more here (login required).

MSC is bleeding the charter market dry – and keeping rates high

theloadstar.com
The containership charter market shows no sign of softening as it goes into the usually slack summer season, despite sea freight rates coming under pressure on several tradelanes.
This disconnect is likely to put carriers with expensive long-term charters under financial stress. Read more here

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Biden Vetoes Effort to Kill Latest EPA Emissions Regulations

ccjdigital.com
President Joe Biden on June 14 vetoed a resolution that passed in the U.S House and Senate that would have nullified the Environmental Protection Agency’s Heavy-Duty Truck Rule that was announced in December and took effect in March.
The rule establishes emission limits for nitrogen oxide (NOx) from commercial trucks beginning with the 2027 model year, tightening tailpipe NOx limits to a level 80%-plus below the current standard and reducing the particulate matter limit by 50%. Read more here

CANADA BUSINESS – GOVERNMENT UPDATES

Canadians say higher rates are crimping their personal spending

bnnbloomberg.ca
Nearly two-thirds of Canadians say higher borrowing costs are squeezing their pocketbooks, a result that’s at odds with a recent rebound in household consumption.
Some 64 per cent of Canadians say higher interest rates are having a negative or somewhat negative impact on their personal spending, according to a Nanos Research Group survey conducted for Bloomberg News. Another 28 per cent said there was no impact, while 6 per cent said the impact was positive. Read more here