Newsletter – May 13, 2019
OCEAN FREIGHT UPDATES
ILWU vote clears way for B.C. port workers strike
Members of the International Longshore & Warehouse Union Canada (ILWU) have voted overwhelmingly to strike against the member companies of the BC Maritime Employers Association (BCMEA) in the union’s bid to secure a new contract. Read more here.
Pros and cons to slowing box ships further
Container shipping analyst Drewry believes there are some marginal gains to be had from slowing container ships even further, both in terms of fuel consumption and cost, but backs Maersk in concluding that further evaluation of the unintended consequences is required before making this a mandatory requirement for container lines, as some have proposed. Read more here.
Yantian Express to sail for Canada on Wednesday, ‘with all cargo aboard’
The owner of the fire-stricken Yantian Express said the vessel would depart its refuge at Bahamas Freeport on Wednesday, to arrive at the Canadian east coast gateway of Halifax at the weekend. Read more here.
CANADA BUSINESS GOVERNMENT UPDATES
The Canadian economy is starting to come around
A report Friday from Statistics Canada showed April was the best month on record for job gains. A day earlier, the agency released figures showing long-suffering exporters finally had a good month in March, and there are signs consumers are still spending, even amid concerns over bloated debt loads and the overall outlook. Read more here.
INTERNATIONAL BUSINESS GOVERNMENT UPDATES
Stocks tumble as China issues tariff retaliation
U.S. stocks sank after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the yen on demand for haven assets. Read more here.