Newsletter – July 5, 2018
AIR FREIGHT UPDATES
Questions raised as air cargo growth slips in May
With air cargo demand growth slowing again in May, analyst WorldACD has tried to pinpoint whether this is a one-off dip, or signs of growing weakness.
According the analyst’s latest figures, global air cargo volumes increased by 2.6% year on year in May, compared with growth of 4.3% over the first five months and last year demand was up 9.6%. Read more here.
ANA Engine Inspections Cause 113 Flight Cancellations
Japanese airline ANA has announced the cancellation of 113 domestic flights over seven days this month to allow it to inspect more Rolls-Royce engines on its Boeing 787 fleet. Read more here.
OCEAN FREIGHT UPDATES
China gives COSCO $6.3bn takeover of OOCL last-minute go-ahead
China’s anti-monopoly bureau has given the green light to COSCO’s $6.3bn takeover of OOIL, including its container arm, OOCL.
The stock exchange eleventh-hour notification made no reference to the outstanding approval still required by US foreign investment regulators. Read more here (login required)
Brazil’s Ports Struggling to Cope with Demand
Brazil’s ports are suffering from massive backlogs after a series of trucker strikes, which brought the country to a near standstill last month.
In June, 600,000 truckers blockaded highways for 10 days, forcing many ports to reduce capacity or temporarily close. Read more here.
Hapag-Lloyd issues profit warning in face of potentially weak peak season
Hapag-Lloyd spooked investors this morning, issuing a profit warning based on its accounts for the first five months of trading, causing its shares at one stage to drop 21%. Read more here (login required)
Prince Rupert expands to raise capacity 33pc to 1.8 million TEU
CANADA’s Pacific Port of Prince Rupert is expanding its Fairview terminal to increase capacity 33 per cent to 1.8 million TEU.
The project is to be completed in 2022 and will expand the yard from 32 hectares to 41 hectares and add three gantry cranes, two rubber-tyre units and an eighth dock gantry crane. Extra storage space will be created by relocating the buildings that house maintenance and administration, reported London’sLoadstar. Read more here.