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Newsletter – April 15, 2020
AIR FREIGHT UPDATES
American Airlines To Receive $5.8 Billion In Goverment Aid
simpleflying.comAmerican Airlines will receive $5.8 billion in government aid to pay its employees as the airline announced on April 14th. Amid a sharp decline in profits and revenue, the airline joined a coalition of others to seek government aid. Now, after the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, American Airlines will receive funds to pay its employees. Read more here.
IATA Sees Two Possible Exits From Current Crisis
simpleflying.comThe International Air Transport Association (IATA) is currently seeing two likely recovery scenarios from the coronavirus pandemic. The most likely is a V-shaped recovery lasting over the next few years. However, there’s a third recovery projection which would be the worst-case scenario. Let’s investigate further. Read more here.
Alright for some as the air cargo market ends first quarter with a shudder
theloadstar.comForwarders are experiencing very divergent air freight businesses, according to new data from World ACD.While the top 10 air freight forwarders saw volumes grow 3% on average between March and February, it was in fact a mixed bag, with one losing 9% and another gaining 16%. Read more here.
OCEAN FREIGHT UPDATES
MSC site back up
splash247.comMediterranean Shipping Company’s (MSC) website is back up as is its booking site, MyMSC, after more than five days of being down in one of the worst IT outages experienced in liner shipping in recent years. Read more here.
Threat of another ‘Hanjin’ grows
lloydsloadinglist.comThe spectre of a repeat of the Hanjin Shipping bankruptcy, which caused ocean shipping and supply chain chaos in 2016 and 2017, continues to grow as coronavirus lockdowns stifle trade and economic activity and increase the financial pressure on all supply chain operators. Read more here.
Container lines slash even more services to prop up rates
freightwaves.comContainer shipping companies including Maersk Line, MSC and others continue to “blank” (cancel) transoceanic sailings to bring vessel capacity in line with pandemic-stricken cargo demand. And by doing so, they’ve been able keep freight pricing from collapsing — so far. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
EU Adopts Europe-Wide Strategy For Ending Lockdowns
forbes.comAs the U.S. government mulls whether to issue guidelines to states this week about when and how to end their Coronavirus lockdowns, the European Union has today adopted such guidelines for its member states. Read more here.
China Launches List of Authorized Certifiers for Export Medical Goods
caixinglobal.comChina’s market regulator has published a list of domestic companies authorized to certify the quality of medical supplies for export to the U.S. and European markets, after an overseas backlash prompted the government to rein in the export of substandard goods. Read more here.