Uptick in Airfreight Rates Creates Mirage of Market Recovery
Air logistics stakeholders may want to pump the brakes on celebrations of shipping volumes and rates finally climbing from the depths of a prolonged downturn. Newfound optimism is tempered by the fact that growth has more to do with normal seasonal patterns than a fundamental shift in demand. The market is essentially flat versus an […]
Shipyards Won’t Be Able to Meet Future Demand for Greener Vessels
“If you look at the market right now, it is easy to take the position that carriers have massively overordered,” said analyst Lars Jensen last week. He explained that, with aging tankers and bulk ships also needing to abide by IMO decarbonization rules, “this could easily overwhelm the shipyards with orders.”
Unifor Serves the St. Lawrence Seaway Management Corporation with a 72-Hour Strike Notice
The St. Lawrence Seaway Management Corporation (SLSMC) was served with a 72-hour notice to strike by Unifor on October 18, for locals 4211, 4319, 4212, 4323 and 4320. The union intends to begin strike action as of 00:01 on Sunday, October 22.
Carriers Fight Back Against Sub-Economic Rates with FAK Hikes
Ocean carriers are planning a wave of sizeable FAK rate hikes across the major east-west tradelanes next month, in an attempt to swivel voyage results back into the black.
Business Groups Call on Ottawa to Intervene as St. Lawrence Seaway Strike Begins
Business groups urged the federal government to intervene to avoid a lengthy labour dispute at the St. Lawrence Seaway amid concerns that a strike that began early Sunday could have a profound affect on their members.
For [U.S.] Exporters, Container Shipping Still Far from Pre-COVID ‘Normal’
Container rates for U.S. imports have normalized. Rates for America’s exports have not. Both spot and contract rates for U.S. exports are still up double digits from pre-COVID levels.
THE Alliance Suspends Transpacific Service PN3
THE Alliance is suspending a transpacific loop in a move suggesting that carriers are now prepared to take more radical action on capacity management in order to balance supply with falling demand.
Navigation Suspended Sunday in St. Lawrence Seaway
A ship grounded at 5:33 am ET on Sunday in the St. Lawrence Seaway. Because of the vessel’s position and the river current in the area, no vessels were allowed to pass.
Container Shipping Rates Sinking Further into the Red
It’s not looking good for container shipping lines. Peak season is running out of whatever limited steam it previously had. Spot rates are sliding into loss-making territory.
Box Lines Hit by Rising Fuel Costs as OPEC Cuts Supply
As global freight rates continue to fall, container shipping lines are being hit by a huge spike in fuel costs.