Newsletter – October 16, 2020

  • Newsletter – October 16, 2020


    Air Canada CEO Calin Rovinescu to retire in February
    Air Canada president and CEO Calin Rovinescu is retiring in February and will be succeeded by deputy CEO and chief financial officer Michael Rousseau, the company announced Friday.
    “I have enjoyed a unique and very special relationship with Air Canada and our outstanding people for over three decades, on the front lines of many of the company’s defining moments,” Rovinescu said in a release. Read more here.

    New Study Confirms Low Chance Of Inflight COVID Transmission
    A new study conducted by the US Department of Defense (DoD) has confirmed the very low risk of viral transmission onboard aircraft. Working with United Airlines, the DoD conducted 300 separate tests over a period of six months, using the airline’s Boeing 777 and 767 aircraft. They found that the risk of transmission was 0.003% when wearing a mask, and that passengers would need to fly for 54 continuous hours to be at any risk of an infectious dose. Read more here.


     Equipment prices quadruple as Transpacific volume surge creates Asia container shortage
    Equipment shortages at U.S. ports and high container leasing prices are plaguing supply chains, as consumer spending shifts from services to goods and imports surge.
    Multiple ports across the country reported record volume in September. U.S. ocean imports increased 15% YoY last month, according to Panjiva. Read more here.

    ‘Untraditional peak’ a good thing at Port of New York/New Jersey
    The Port of New York and New Jersey expects container volumes that have rebounded sharply from the height of the coronavirus pandemic to remain strong through the rest of the calendar year.
    Canceled — or blanked — sailings commonplace during the economic shutdown in the spring and early summer have waned. The port said there are only two more blanked calls on the books for this year.
    And last month the port welcomed the CMA CGM Brazil, the largest container ship to call a U.S. East Coast port, with a capacity of 15,072 twenty-foot equivalent units (TEUs). Read more here.

    Maersk revises upwards full-year financial forecast
    DANISH shipping giant AP Moller-Maersk A/S has raised its full-year guidance amid a surprise recovery in demand and sweeping efforts to cut costs.
    The container shipping company, which is eliminating hundreds of jobs, said earnings before interest, taxes, depreciation and amortization will be in the range of US$7.5 billion to $8 billion, before restructuring and integration costs. That compares with an earlier forecast of $6 billion to $7 billion, according to a statement. Read more here.


    CP to fully buy Detroit River Rail Tunnel
    CALGARY – Canadian Pacific and OMERS, the defined benefit pension plan for municipal employees in the province of Ontario, have entered into a purchase agreement whereby CP will acquire full ownership of the Detroit River Rail Tunnel from OMERS affiliates.
    The purchase price for the transaction is approximately US$312 million, subject to customary closing adjustments. Read more here.

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