Newsletter – February 5, 2019
AIR FREIGHT UPDATES
Air Canada, Chorus Agree Extended Capacity Deal
Air Canada and regional airline parent Chorus Aviation have agreed an extended capacity purchase agreement (CPA), with the flag carrier investing CAD$97.26 million (USD$74.2 million) in Chorus. Read more here.
OCEAN FREIGHT UPDATES
Update 4: Vessel Impact to STS Crane at GCT Vanterm
Operations recovery work continues at GCT Vanterm following last week’s impact of the EVER SUMMIT to a ship-to-shore crane, with the focus on minimizing any further interruptions for customers. The expectation is that the vessel operations will resume within this week.
The floating cranes supporting the recovery operations by GCT Canada’s engineering and maintenance teams are in place, assisted by external contractors. While good progress was made last week aided by favourable weather, this weekend’s progress was slowed, as work had to cease during high winds (40km/hr+). It was also discovered that the crane’s boom structural integrity is more compromised than initially assessed.
Customer Solutions can be reached at firstname.lastname@example.org or at 1-888-342-3385.
DP World terminals top 71 TEU in 2018
Dubai, UAE — DP World handled 71.4 million TEU across its global portfolio of container terminals in the full year of 2018, with gross container volumes growing by 1.9% year-on-year on a reported basis and 2.9% on a like-for-like basis. Read more here.
COSCO’s Finkel: Low rates make alliances necessary
Spot market rates remained strong in 2018, but rates overall were still too low, Howard Finkel, the executive vice president of trade for COSCO Container Lines Americas Inc., said during the first day of the American Association of Port Authorities’ 12th annual Planning for Shifting Trade Conference in Tampa, Fla. Read more here.
Brexit uncertainty affecting logistics contract renewals
Prolonged uncertainty over the terms and conditions of Brexit is beginning to hamper UK firms in their efforts to renew customer contracts that are European in scope and also in tendering for new ones, according to one forwarder. Read more here.
GROUND AND RAIL FREIGHT UPDATES
Canadian National quarterly profit up 19pc to US$1.06 billion
Canadian National Railway (CN) reported that fourth quarter operating profit swelled by 19 per cent to C$1.4 billion (US$1.06 billion) on revenue of C$3.8 billion, up 16 per cent year on year, according to Shipping Gazette. Read more here.