Newsletter – August 8, 2018

OCEAN FREIGHT UPDATES

Maersk revises down earnings outlook

source: lloydsloadinglist.com
Maersk Group has followed in the footsteps of Hapag-Lloyd in revising down its earnings expectations for the year.
The Danish container carrier and terminal operator said low freight rates and higher bunker costs meant that earnings before interest, tax, depreciation and amortisation would now be in the range of $3.5bn-$4.2bn with a positive underlying profit. Read more here.

Alphaliner predicts idled box fleet to more than double by end of the year
source: splash247.com
Box watchers at Alphaliner are predicting the idle container fleet will more than double between now and the end of the year.
Alphaliner suggests the idle fleet could grow from the current 341,000 teu to hit 750,000 teu by the end of 2018. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

Canada’s exports of goods to U.S. hit record in June

source: cbc.ca
Higher shipments of passenger cars and light trucks south of the border helped drive up Canadian exports to the United States by 2.5 per cent in June to a record $37.1 billion, Statistics Canada reported Friday. Read more here.

Canned food companies to increase prices to combat aluminum tariffs

source: canadianshipper.com
Toronto, ON — Soup, soda and beer makers can’t seem to put a lid on the effects of the recent aluminum tariffs.
The 10 per cent fees that were slapped on imports of the metal by U.S. President Donald Trump in early July are making cans more expensive and forcing food and beverage companies that rely on them for packaging to consider price increases and other ways to offset the costs. Read more here.