Newsletter – January 31, 2020
AIR FREIGHT UPDATES
American Airlines Pilots Sue Over Flying To Chinasimpleflying.comOn the same day that the World Health Organization declared the fast-spreading coronavirus a ‘global health emergency’, American Airlines’ pilots union has filed a lawsuit to stop the airline conducting any more flights to China. Read more here.
Wide-body drone set to take-off at Farnboroughaircargonews.netA new widebody cargo delivery drone with a 48 ft wingspan and a 567 kg load capacity is set to be unveiled at the Farnborough International Airshow in July this year.US-based Yates Electrospace Corp (YEC) said that the new unmanned aircraft, the Silent Arrow GD-2000 WB, is a wide-body version of its GD-2000 cargo delivery drone. Read more here.
OCEAN FREIGHT UPDATES
Ocean freight rates set to spike as carriers ride out coronavirus stormtheloadstar.comOcean carriers are preparing to idle more ships in Asia as the ripples from the coronavirus outbreak in China hit production.
But for ships that do sail, container spot rates are likely to spike dramatically, and remain high until the pent-up demand from frustrated orders is satisfied. Read more here.
Coronavirus: Chinese ports grind to a halt and yards declare force majeuresplash247.comAgents and brokers are reporting operations are slowing down at Chinese ports and shipyards as the coronavirus takes its toll and the Lunar New Year holidays are extended.Despite an edict from the Ministry of Transport yesterday urging port operators to keep ships moving, a lack of stevedores and truck drivers is slowing down vessel turnaround times, and storage yards are also beginning to clog up. Read more here.
Longshore Union, Which Handles West Coast Containers, Could Face Bankruptcyttnews.comSAN FRANCISCO — The union that handles every shipping container that crosses West Coast docks is bracing for bankruptcy. It’s a rare prospect for a bargaining group, and it’s rattling organized labor nationally. Read more here.
GROUND AND RAIL FREIGHT UPDATES
Canadian Pacific sees volume opportunitiesfreightwaves.comCanadian Pacific (NYSE: CP) is eyeing an anticipated new intermodal offering in eastern Canada and crude-by-rail opportunities in western Canada.The railway said its acquisition of the Central Maine & Quebec (CMQ) short line railroad would not only expand CP’s presence in the Maritimes but also would enable it to compete with trucks in eastern Canada. Read more here.
CANADA BUSINESS – GOVERNMENT UPDATES
Canadian companies feel impact of coronavirus as it strikes across sectorsctvnews.caMONTREAL — Canadian companies are starting to feel the pinch of the deadly coronavirus epidemic as they call off trips and watch their stock values slide.The S&P/TSX composite index in Canada had its worst trading day in nearly four months on Monday, dropping more than 100 points before partly rebounding Tuesday morning. Read more here.