Newsletter- September 08, 2022

AIR FREIGHT UPDATES

IATA reports another drop in air cargo demand in July

aircargonews.net
Air cargo demand slumped again in July but there are some indicators suggesting a narrowing in comparisons in the coming months.
The latest statistics from IATA show that air cargo traffic in July fell by 9.7% year on year in cargo tonne km terms – the fifth month in a row to register a drop off compared with a year earlier. Read more here.

Retailers wary, but air cargo data shows signs of market strengthening

theloadstar.com
While major companies have recently signalled a cut in orders for the second half of the year, a weak summer air freight market picked up in August, leading to some optimism for a peak season.
Big retailers, including Walmart and Target which had brought forward orders, are now looking at discounting stocks and cancelling further orders, while Newell Brands, distributor of major brands, including Sharpies, Yankee Candle, Parker and Rubbermaid, said retailers were reducing orders, following the previous trend to bulk. Read more here (login required).

OCEAN FREIGHT UPDATES

Two-tier market emerging as ocean carriers win or lose on spot vs contracts

theloadstar.com
A two-tier market within the container shipping sector is opening up as spot rates in key trades collapse.
Carriers that focused on quoting spot rates are seeing their revenue fall, while those that preferred to negotiate long-term contracts are maintaining their income. Read more here (login required).

Yang Ming ‘under pressure’ from shippers demanding contract rate cuts

theloadstar.com
Yang Ming chief operating officer Chang Chao-feng has admitted that, as spot rates fall, the carrier is under pressure from shippers demanding to renegotiate contract rates.
The line is believed to be the first to confirm receiving demands from shippers for lower contract fees and, yesterday, Mr Chang said the situation had become more challenging than in mid-year. Read more here (login required).

GROUND AND RAIL FREIGHT UPDATES  

Vancouver port defers truck age ban program to April 3, 2023

trucknews.com
The Port of Vancouver will defer implementation of the Rolling Truck Age Program by a final six months to April 3, 2023, according to a letter issued by the port authority on Sept. 3.
The program banning container-hauling trucks with model years older than 2006 in a bid to control emissions was expected to go into effect on Sept. 15. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Import slowdown continues as Fed tries to rein in consumer demand

ajot.com
With inflation continuing and the Federal Reserve hoping to cool demand through higher interest rates, imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. Read more here.

Change needed as Bangladesh importers wait 11 days for customs clearance

theloadstar.com
Bangladeshi importers are waiting around 11 days for their cargo to be released after arrival at the country’s seaports and a week at airports, according to the Time Release Study 2022, by the Bangladesh Customs Authority.
The report adds that the release of containers at inland ports can takes 10 days and eight hours. Read more here (login required).