Newsletter – February 11, 2020
AIR FREIGHT UPDATES
Breaking: Air Italy Announces Liquidation And Suspension Of Operationssimpleflying.comAir Italy has announced that it will suspend operations from the 25th of February. The Italian carrier will be liquidated following a meeting of shareholders today. Qatar Airways is a key shareholder in the airline, owning 49%. Read more here.
Air freight services in China still in flux, with cargo bottlenecks on the cardstheloadstar.comAs airlines continue to pare Chinese services, with much belly capacity now not returning until the summer season begins in April, freight data on the routes is becoming harder to interpret – but a freight “bottleneck” is expected soon. Read more here.
OCEAN FREIGHT UPDATES
China Update: OOCL, Maerskciffa.comIn a February 10 update, OOCL said that most container terminals in China are now operating normally, with some exceptions; ports in Shanghai, Tianjin and Ningbo face “challenges in handling the flow of reefer containers due to the huge demand for reefer sockets on shore.”In its update yesterday, Maersk noted that, while work has now been allowed to resume in most provinces, companies are required to demonstrate their strict safety processes, and “most local authorities have imposed a mandatory 14-day quarantine for people returning from another province.”
Coronavirus costing liners up to $350m in lost revenues every weeksplash247.comAs China partially returned to work today, data from Copenhagen-based Sea-Intelligence suggests the coronavirus has been costing liners up to $350m in lost revenues every week.Sea-Intelligence suggests the box shortfall from the virus is up to 350,000 teu per week, getting to the $350m figure based on average rate levels of around $1,000 per teu. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Supply chain professionals fear a recession in 2020aircargonews.netA new survey shows that the majority of supply chain industry executives anticipate a recession in 2020 amid concerns about downward pressure on global trade volumes, uncertain growth prospects, and ongoing friction between the US and China. Read more here.
Back-To-Work Day In China Won’t End Supply Disruptionsforbes.comMonday was officially back-to-work day in many parts of China amid the country’s outbreak of the deadly coronavirus. However, it won’t mark the end of disruptions to supply chains that many global businesses have been facing, according to an opinion piece distributed on Monday by the Global Trade Professionals Alliance, or GTPA, a trade professionals group based in Sydney. Read more here.