Newsletter – November 29, 2019
OCEAN FREIGHT UPDATES
Maersk readies more redundancies across the worldsplash247.comMaersk, the world’s largest containerline, is cutting staff as it focuses on profitability and free cash flow.Jobs are set to be axed at the company’s Copenhagen headquarters as well as overseas, with recent acquisition, Hamburg Sud, expected to see its headcount reduced noticeably. Read more here.
Low sulphur fuel delays hit Singaporesplash247.comBloomberg is reporting that ships are queuing more than twice as long as normal to stock up on new low sulphur fuel at the world’s top bunkering hub, Singapore. Read more here.
GROUND AND RAIL FREIGHT UPDATES
CN Post-Strike Recoveryciffa.comAll CN employees are now back to work after the eight-day strike, and all embargoes have been lifted. Delays should be expected as the surge of backlogged traffic works its way through the rail network. In an update provided yesterday, CN said, “As we continue with the recovery plan, we will stay in close contact with customers to collect feedback on progress. Please do not hesitate to speak with your usual CN contacts about your specific concerns.”
CANADA BUSINESS – GOVERNMENT UPDATES
Canada’s Economy Slows in Third Quarter Even as Demand Jumpsbloomberg.comCanada’s economy slowed sharply in the third quarter, as a drop in exports and draw down in business inventories masked a rebound in domestic demand.Gross domestic product grew at an annualized pace of 1.3% in the three months ended September, in line with economist estimates, Statistics Canada reported Friday. Read more here (login required).