Newsletter – May 13, 2020
AIR FREIGHT UPDATES
Manila’s Airport Allows Resumption Of International Flightssimpleflying.comManila’s Ninoy Aquino International Airport has begun to unwind a temporary ban on international arrivals. The relaxation of the ban has seen both commercial and charter flights allowed to touch down since Monday. Read more here.
Transpacific airfreight capacity now ahead of last yearaircargonews.netCargo capacity on the transpacific trade lane is now higher than it was a year ago.Figures from Seabury Consulting show that metric tonne cargo capacity from Asia Pacific to North America was last week 18% higher than a year ago, while in the opposite direction space for the week is 9% up on 2019 levels. Read more here.
Air cargo rates remain at very high levels as volumes divelloydsloadinglist.comAir cargo rates remain at very high levels despite volumes falling far below the levels recorded a year ago, according to the latest market updates from analysts.But while some carriers are profiting from the price hikes, others are scrambling to make ends meet as passenger revenues evaporate. Read more here.
OCEAN FREIGHT UPDATES
Maersk CEO warns volumes could slide by up to a quarter in Q2splash247.comSoren Skou, the CEO of A.P. Moller Maersk, the world’s largest containerline, has warned volumes handled by the carrier could slump by as much as 25% during the current quarter. Read more here.
CMA CGM secures $1.14bn loan and state guaranteesplash247.comFrance’s CMA CGM, the world’s fourth largest containerline, has secured a state loan guarantee linked to the coronavirus crisis, with the government backing of Euro 1.05bn (USD $1.14bn) loan from BNP Paribas, HSBC France and Société Générale. Read more here.
‘K’ Line focusing on COVID-19 damage controlfreightwaves.comAlthough Kawasaki Kisen Kaisha Ltd. (“K” Line) recorded a fiscal year 2019 net profit of 5.3 billion yen ($49.4 million), the Japanese carrier is not paying dividends or issuing a 2020 forecast amid uncertainty over the total financial hit it will take from the coronavirus pandemic. Read more here.
CANADA BUSINESS – GOVERNMENT UPDATES
Canada’s few big trucking companies now have a lifeline: the fedsfreightwaves.comA small group of Canadian trucking companies got a piece of good news when the federal government announced on Monday it would become a lender of last resort for the country’s biggest firms.Prime Minister Justin Trudeau characterized the Large Employer Emergency Financing Facility as “bridge financing, not a blank check.” Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Forwarders warned to be vigilant as thieves target PPEtheloadstar.comThe UK’s National Vehicle Crime Intelligence Service (NaVCIS) has warned the logistics industry to be aware of thieves targeting personal protective equipment (PPE).While there has been a 50% year-on-year reduction in cargo crime since the lockdown began in the UK, there have been at least three incidents of theft involving PPE in the past seven weeks. Read more here.
India reopens economy but millions refuse to budge in face of high risksseanews.com.trINDIA is gradually easing stay-at-home restrictions across the country, but the return to work in the midst of the coronavirus pandemic faces serious difficulties, reports Bloomberg.Apart from labour shortages and slack demand, businesses are living with the threat they’ll be shut down for several weeks if a single infection is detected. Read more here.