Newsletter – May 31, 2022

AIR FREIGHT UPDATES

Airforwarders Association calls on software providers for communication

aircargoweek.com
Forwarders are ready to invest in digitization but need to better understand its worth beyond being a shipper or regulatory requirement, Brandon Fried told delegates at the CNS Partnership Conference in Phoenix.
“There has been steady acceptance and adoption in the air cargo sector at large, but within the independent freight forwarder community, digitisation is driven by the shipper,” said Fried. Read more here.

Airlines Flying To Sri Lanka Asked To Carry Extra Fuel

simpleflying.com
The economic crisis in Sri Lanka has severely hit its fuel supply, to the point where the country is now asking all foreign airlines to carry enough fuel for a return trip. The recommendation comes as the island nation struggles with a severe fuel shortage, which has affected aviation and most other sectors in the country. Read more here.

OCEAN FREIGHT UPDATES

Maritime official wants more control over ocean carrier contracting

freightwaves.com
The U.S. Federal Maritime Commission has had unprecedented support from Congress and the White House for holding the container shipping industry accountable to its customers, but the agency’s top official says more oversight is needed. Read more here.

Ships Divert to India as Sri Lanka Crisis Slows Colombo Port

gcaptain.com
Sri Lanka’s political turmoil is prompting some shipping lines to detour to Indian ports instead of calling at Colombo, one of the key supply chain hubs in Asia.
Political protests and a lack of fuel have slowed the number of trucks available to transport containers of textiles and other goods between Colombo’s terminals and supply chains, according to freight forwarders and analysts. That’s created a growing backlog of boxes at the port that shipping companies want to avoid, they said. Read more here.

Barge Service from Mumbai to Goa Cuts Costs and Time for Shippers

loadstar.com
In a significant move that could reinvigorate the modal freight shift from land to sea, PSA International’s Bharat Mumbai Container Terminals (BMCT) in India’s Jawaharlal Nehru Port Authority (JNPA)/Nhava Sheva has started to use barges to transport containers from Goa, which usually feeds cargo to Sri Lanka’s Colombo Port. Read more here (login required).

CANADA BUSINESS – GOVERNMENT UPDATES

Canadians may see a 0.5% interest rate hike this week thanks to ‘persistent’ inflation

globalnews.com
The Bank of Canada is likely to hike its benchmark interest rate another half a percentage point on June 1, further raising the cost of borrowing to tackle “persistent” inflation levels not seen in 30 years, economists predict. Read more here.

Competition watchdog calls for ‘vigorous enforcement’ to combat rising prices

financialpost.com
To beat back the worst inflation in decades, Canada needs to modernize its competition laws and chase down companies that collude to jack up prices, the federal competition watchdog said in a speech this week. Read more here.