Newsletter – March 4, 2019
AIR FREIGHT UPDATES
Air freight decline continues as China imports slump
The first month of 2019 confirmed an air freight trend seen across the last few months, characterised by another monthly year-on-year (YoY) drop in volumes and yields, according to WorldACD Market Data. Read more here.
OCEAN FREIGHT UPDATES
Maersk and ZIM boxships collide at Busan Port
Containerships Safmarine Nokwanda and Tianjin collided at South Korea’s Busan Container Terminal on Saturday, leading to damage on both ships. Read more here.
CMA CGM initiates $1.2bn cost saving scheme
Despite announcing record $23.5bn revenues for last year, France’s CMA CGM on Friday revealed it is initiating a $1.2bn cost saving scheme.
CMA CGM’s 2018 results show the liner, the world’s third largest containerline, carried more than 20m teu last year for the first time. Read more here.
Tumbling Asia-to-US rates could hamper carriers in contract renewal talks
Container spot rates from Asia to the US are sliding fast, with today’s Shanghai Containerised Freight Index (SCFI) recording a further 10% drop for the US west coast and 7% for east coast ports. Read more here.
GROUND AND RAIL FREIGHT UPDATES
‘Outdated’ US intermodal infrastructure is letting us down, claim farmers and exporters
A coalition of US farmers and their forwarders claims the country’s logistics infrastructure is “inadequate” and domestic business is losing out to imports. Read more here.
US retailers need to tackle truck driver, equipment shortages
THE American Trucking Associations claims there is a shortage of 51,000 truck drivers, a situation that is delivering a heavy blow to US retailers, and is expected to deteriorate in the years to come, raising the risk of delayed deliveries and higher goods prices. Read more here.
INTERNATIONAL BUSINESS GOVERNMENT UPDATES
U.S. and China Near Deal That Could End Most U.S. Tariffs
The U.S. and China are close to a trade deal that could lift most or all U.S. tariffs as long as Beijing follows through on pledges ranging from better protecting intellectual-property rights to buying a significant amount of American products, two people familiar with the discussions said. Read more here.