Newsletter – April 4, 2024

AIR FREIGHT UPDATES

Air cargo demand rises 11% in March
aircargonews.net
Global air cargo market demand rose 11% year on year for a third consecutive month in March and it was no surprise that e-commerce and Red Sea shipping disruption helped propel volumes.
Releasing its latest analysis, Xeneta said that the higher volumes seen in the first quarter of the year have outpaced capacity growth, which increased by 8% year on year. Read more here.

Shipping disruption and e-commerce demand driving up airfreight rates
theloadstar.com
The start of the airline summer season this month is likely to hit airfreight rates with an increasing amount of belly capacity on passenger routes.
But right now, despite the major tradelanes not seeing significant changes, there remain pockets of high volumes. Read more here (login required).

Airfreight shift as Taiwan earthquake impacts semiconductor production
theloadstar.com
The airfreight market could see a temporary shift, owing to changes in semi-conductor production, following yesterday’s 7.2 magnitude earthquake in Taiwan.
The earthquake, Taiwan’s largest in 25 years, caused at least nine fatalities and injured an estimated 900 people, and hit the world’s largest production centre for semiconductors. Read more here (login required).

OCEAN FREIGHT UPDATES

Baltimore: liners rerouting, but automotive supply chains will be hardest hit
theloadstar.com
MSC, Maersk and Zim are the three carriers most exposed to the supply chain disruption stemming from the collapsed bridge at Baltimore, according to analysis from S&P Global Market Intelligence.
It shows that the three carriers collectively represent nearly three-quarters of Baltimore’s container import traffic: in the 12 months to the end of February, MSC accounted for 31.5%, with 145,734 teu; Maersk, 21.8%, with 100,800 teu; and Zim 19.8%. Read more here (login required).

Trans-Pacific container rates plunge again
freightwaves.com
Eastbound trans-Pacific ocean container spot rates plunged again this week as container ship capacity on the trade lane recovers and volumes reset at a lower level than they were pre-Lunar New Year.
The Freightos Baltic Daily Index spot rate for China to the West Coast of North America fell from $3,620 per forty-foot equivalent unit to $2,976 per FEU this week, a drop of 17.8%. The rate has come down more than 36% since March 1 as steamship line networks have adjusted and capacity has loosened during the Red Sea crisis. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

Canada likely to avoid recession, begin recovering in second half of 2024: Deloitte
bnnbloomberg.ca
Canada looks set to dodge a recession despite the ongoing downward pressure from higher interest rates, Deloitte Canada said in its economic outlook report.
A number of worrisome trends are still weighing on the economy, Deloitte said, including sticky inflation, rising business insolvencies and increasing mortgage delinquencies. Read more here.