Newsletter: March 31, 2022
AIR FREIGHT UPDATES
The United States Adds 73 Aircraft To Its Russian Export Sanction List
The statement says these aircraft have apparently violated US Export Administration Regulations (EAR) and warned anyone against providing any unauthorized form of service to them.
US Secretary of Commerce Gina M. Raimondo said the department is demonstrating the power and reach of the actions being taken in response to Russia’s war against Ukraine, adding.. Read more here.
Air Canada Cargo expands domestic and Europe freighter network
Air Canada Cargo will expand its freighter network to Atlantic Canada and Europe and grow its e-commerce offering.
The cargo airline will offer five flights per week from Toronto to Halifax, starting April 19, plus six flights per week from Toronto to St. John’s, starting May 1. Read more here.
CMA CGM Air Cargo is granted US foreign air carrier permit
The US Department of Transportation (DOT) has granted CMA CGM Air Cargo a foreign air carrier permit.
“We tentatively find and conclude that the public interest warrants granting the applicant a foreign air carrier permit,” said the DOT in a document published on the government’s Regulation.gov website. Read more here.
WestJet Cargo targets air cargo growth with GTA Group
Canada-based airline WestJet Cargo is partnering with ground handler the GTA Group to increase shipping capacity using four dedicated Boeing 737-800NG freighters operated by WestJet, to fulfil overnight express cargo demand out of WestJet’s Toronto hub. Read more here.
OCEAN FREIGHT UPDATES
Maersk Warns Shanghai Covid Lockdown Will Increase Shipping Costs Further
SHANGHAI, March 29 (Reuters) – Danish shipper Maersk said the Shanghai lockdown will severely hurt trucking services and increase transport costs, as China’s intensifying efforts to fight the spread of COVID-19 further rattles global supply chains.
The Chinese coastal city, home to some of the world’s busiest sea and airports, began locking down half of the city on Monday and intends to do the same to the other half for four days starting Friday in a two-stage testing exercise. Read more here.
Forward remains stuck in Chesapeake Bay
Taiwanese liner Evergreen Marine has declared general average for cargo owners on its 12,000 teu Ever Forward following a second failed attempt to refloat the stranded containership.
Following the dredging operation, which began on March 20, two efforts to refloat the vessel in the Chesapeake Bay, Maryland proved unsuccessful after tugs failed to dislodge it on March 29 and 30. Read more here.
GROUND AND RAIL FREIGHT UPDATES
Maersk orders 110 electric Class 8 trucks from Volvo
Just six months ago, Volvo Trucks North America claimed its largest order of Class 8 electric trucks from Maersk Performance Team, the warehousing, distribution and transportation business of the ocean shipping giant. On Tuesday, Volvo said Maersk has placed an order nearly 10 times as large for Volvo VNR Electric daycabs. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Retail boss warns on supply chain, likens demand risk to ‘Big Short’
Some quarterly calls by public companies are basically worthless, featuring analysts lobbing softball questions to CEOs who cherry-pick facts to pump their own stock.
And then there was Tuesday afternoon’s call hosted by Gary Friedman, CEO of luxury home furnishings brand RH (NYSE: RH), formerly known as Restoration Hardware. Read more here.