Newsletter- Sepember 21, 2022
AIR FREIGHT UPDATES
Amazon Air takes its foot off the expansion accelerator as market slows
In another signal that e-commerce is hitting the buffers, the growth of Amazon Air’s fleet and network has slowed significantly over the past six months.
The e-commerce behemoth has already taken steps to shrink its warehouse footprint to match a slower-than-anticipated market. Read more here (login required).
Newark Airport Will No Longer Be A NYC Airport: Will It Affect Your Travels?
For years, three airports have fallen under the airport codes for New York City, but in a few weeks, that will change. From October 3, Newark Liberty International Airport will no longer be considered a New York City airport by IATA. Read more here.
HKIA is named “China’s Leading Airport”
Hong Kong International Airport (HKIA) has been named “China’s Leading Airport” at the 29th annual World Travel Awards. Voted by travel professionals, media and high-end consumers worldwide, the prestigious awards recognise top companies and organisations across a variety of sectors in the global travel industry. Read more here.
Wan Hai says it may be open to reducing shipping contract rates, ‘short-term’
Wan Hai has become the second liner operator to acknowledge requests from shippers to reduce contract rates in the wake of falling freight rates
Similar pressure was reportedly experienced by Yang Ming earlier this month. Read more here (login required).
OCEAN FREIGHT UPDATES
Exposed carriers struggling to pay sky-high charter rates
The abrupt plummet in boxship charter rates is making plenty of headlines, with warnings that some carriers are struggling to keep up with their rental payments for ships signed earlier at sky-high prices.
Classic panamax tonnage has been fixed in recent days at rates of $40,000 and $50,000 for periods of six months, according to Alphaliner, roughly half what such a vessel size could have obtained only a few weeks ago for the same durations. Read more here.
Longshore workers strike at Vancouver coal export terminal
Local 502 of the International Longshore and Warehouse Union (ILWU) started a strike on September 16 at Westshore Terminals LP’s coal export terminal at the Port of Vancouver on Canada’s Pacific coast.
Members of Local 502 and two other ILWU Locals have been without a contract since January 31. Despite the involvement of conciliation/mediation assistance since March 29, negotiations did not result in a new collective bargaining agreement. Read more here.
COSCO puts Hamburg terminal investment on hold
China’s COSCO Shipping Ports has said it will delay completing the acquisition of a stake in a container terminal in Germany’s largest port to the end of the year.
COSCO’s terminal arm moved last year to take a 35% stake in the operator of the container terminal in Tollerort in the port of Hamburg, which would mark the first time ever that a foreign firm has been able to invest in this famous port. Read more here.