Newsletter – October 6, 2020

  • 06

    Oct

    Newsletter – October 6, 2020
    AIR FREIGHT UPDATES
    IATA forecasts bumpy future for aviation

    insidelogistics.ca

    GENEVA – Global financial markets remain pessimistic about the future of the airline industry. While stock indexes have recovered to above pre-pandemic levels, airline stocks remain depressed and hover around 40 percent below pre-covid-19.

    Brian Peace, IATA’s chief economist shared the outlook in a media call on October 6. Read more here.

    OCEAN FREIGHT UPDATES
    Asian shippers hit by double-whammy of lack of boxes and capacity squeeze
    theloadstar.com
    Shippers in Asia face a double-whammy of equipment shortages and tight shipping capacity that is driving an unrelenting spike in short-term contract rates.
    Vessels to North Europe and the US west coast are reportedly “fully booked for two to three weeks after Golden Week”, according to one Shanghai-based NVOCC source. Read more here.
    Maersk levies LA-LB congestion charge in peak season assessment
    seanews.com.tr
    MAERSK is to levy an LA-Long Beach Port Congestion Fee to recover costs from a surge of import volumes and their impact on processing capacity including trucker turn times and dedicated weekend gates.
    This news came with the Danish shipping giant’s assessment of the North American west coast ports and the challenges they face in coping with the peak season this year,’The outlook for the remainder of Q4 remains uncertain, but Maersk will continue to strive to match our trade capacity in line with market demand,’ said the company statement. Read more here.
    Transpacific carriers add extra loaders as US west coast imports soar
    seanews.com.tr
    TRANSPACIFIC ocean carriers have deployed extra loaders in response to peak season demand and record container spot rates, reports London’s Loadstar.
    With October advance vessel load data for the port of Los Angeles running 30 per cent to 34 per cent higher than last year, carriers are also looking at more permanent network upgrades on the route, said he report.
    According to an assessment by Alphaliner, the average weekly headhaul capacity between Asia and North America reached a new high of 530,000 TEU in the rush before the Chinese Golden Week holiday. Read more here.
    CANADA BUSINESS – GOVERNMENT UPDATES
    Terminal operator and port authority clash over expansion for Vancouver
    theloadstar.com
    Vancouver Fraser Port Authority (VFPA) plans for a fourth container terminal have been halted by a government request for more information.
    As he considers the project’s impact, Canadian minister of environment and climate change Jonathan Wilkinson has called for further consultation with groups whose land is adjacent to the site. Read more here.
    How the U.S. presidential election outcome could shape the future of Canadian trade
    bnnbloomberg.com
    Canada’s relationship with its largest trading partner has never been perfect, but the result of November’s U.S. presidential election may bring new challenges.
    The next president of the United States could hold two high-stakes cards for the future of Canadian trade. One will be in his approach to protectionism, while the other will depend on his handling of America’s relations with China, according to some experts. Read more here.

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