NEWSLETTER – OCTOBER 28, 2022

OCEAN FREIGHT UPDATES

Ocean rates still collapsing – carriers pin hopes on early Chinese New Year

theloadstar.com
Ocean carriers are continuing to blank consecutive headhaul sailings from China to North Europe and the US west coast as they attempt to slow the erosion of container spot rates.
However, despite the sharp increase in voyage cancellations, shippers appear to be having very little difficulty getting space on first-available departures –bringing back the concept of a ‘just-in-time’ supply chain. Read more here.

Carrier complaints stack up at the Federal Maritime Commission

splash247.com
The Federal Maritime Commission is keeping busy with an increasing intro of complaints from shippers.
The latest two to emerge involve Israeli carrier ZIM and Mediterranean Shipping Co (MSC), the world’s largest containerline.

GROUND AND RAIL  FREIGHT UPDATES

MGT Truck Service Operating Hours Reminder in Light of Construction Work That Will Affect Drivers

ciffa.com
Montreal Gateway Terminals Partnership, operator of Cast and Racine Terminals at the Port of Montreal, shared that construction to refurbish the Louis-Hippolyte-La Fontaine tunnel is expected to start on October 31 and close the tunnel for about three years.
MGT reminds customers that its operating hours for full truck services are from 0600 to 2300, Monday to Friday.

Driver shortage still at record high, ATA says

insidelogistics.ca
American Trucking Associations Chief Economist Bob Costello said the driver shortage has eased slightly, but remains near its all-time high.
“Based on our estimates, the trucking industry is short roughly 78,000 drivers,” Costello said. “That’s down slightly from 2021’s record of more than 81,000 – but still extremely high historically.” Read more here.

Fuel woes are trucking industry’s biggest concern

insidelogistics.ca
The price of fuel is the biggest worry on the trucking industry’s mind right now.
The American Transportation Research Institute, the trucking industry’s not-for-profit research organization, released its 18th annual Top Industry Issues report, identifying fuel prices, the driver shortage, truck parking, driver compensation, the economy and for the first time, speed limiters as the weightiest issues. Read more here.

CANADA BUSINESS GOVERNMENT UPDATES

Canada’s economy lost nearly $13B due to labour shortage, new report shows

globalnews.ca
Canada’s economy lost almost $13 billion over the past year due to a nationwide labour and skill shortage in the manufacturing sector, a new report has found.
Canadian Manufacturers and Exporters’ (CME) annual labour survey of 563 manufacturers in 17 industries across the country found that almost two thirds have lost or turned down contracts and experienced production delays due to a lack of workers. Read more here.