Newsletter – May 2, 2019
AIR FREIGHT UPDATES
Air freight down 3.1% in first quarter
Figures from WorldACD have confirmed the anecdotal reports from various freight forwarders and carriers of falling air freight volumes worldwide this year, with the market data specialist recording a year-over-year (YoY) decrease in chargeable weight of 3.1% in the first quarter (Q1). Read more here.
FAA Imposes Flight Restrictions Over Venezuela
The US FAA has issued an emergency order prohibiting US airlines from flying below 26,000 feet over Venezuela. Read more here.
OCEAN FREIGHT UPDATES
‘Foggy’ outlook for container shipping
The container shipping industry is facing an exceptionally high level of uncertainty, ranging from the extra cost associated with IMO 2020 and how much carriers will recover from shippers, to the possibility of a trade recession and unknown future engagement by shipowners in large vessel building programmes, according to the recently published Container Forecaster report from global shipping consultancy Drewry. Read more here.
Unprecedented drought forces Panama Canal to impose further draft limits
Faced with an enormous drought brought about by El Nino, the Panama Canal Authority imposed yesterday further draft limits for vessels moving through its expanded locks. The new maximum authorised draft for vessels transiting the neopanamax locks is 13.41 m, nearly 2 m short of its original design draft. Read more here.
ONE has yet to thrash out overseas terminals transfer
The protracted merger to create a Japanese container shipping giant is not over. Ocean Network Express (ONE), the merged box shipping vehicle created 13 months ago by Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), has yet to resolve its terminal holdings issues. Read more here.