Newsletter – August 1, 2023

OCEAN FREIGHT UPDATES

Port of Vancouver Operations Update – July 31

ciffa.com
The ILWU will meet with membership at 0800 PT on Wednesday, August 2, to recommend the terms of settlement of the tentative agreement reached with the BCMEA. ILWU labour will return to work effective 1630 PT on August 2. Voting by ILWU membership is anticipated to occur on Thursday, August 3 and Friday, August 4. Regular operations at the port continue and recovery plans remain in effect.

The MPA Announces the Departure of It’s President & CEO

port-montreal.com
Montreal, Monday, July 31— The Montreal Port Authority (MPA) announces that its President and CEO, Martin Imbleau, will be stepping down on September 8, 2023, to take on a new challenge.
“I would like to thank Martin for his vision, creativity and ability to unite our partners around common objectives, as demonstrated by the ambitious 2023–2027 MPA strategic plan, which was developed in collaboration with all our stakeholders,” said Nathalie Pilon, Chair of the MPA Board of Directors. Read more here.

ONE eyes network downsize as soft demand sends profits tumbling

theloadstar.com
The rate of diminishing ocean carrier profitability is accelerating as east-west tradelanes continue to suffer from soft demand resulting in stubbornly low freight rates.
Japanese ocean carrier ONE saw its net profit more than halve to $513m between April and June (its Q1), compared with the first three months of the year. Read more here (login required).

Container lines hope for intra-Asia boost as ex-India rates continue slide

theloadstar.com
Container lines – predominantly those operating on China-India trades – are cementing their networks to prepare for a potential intra-Asia market resurgence.
But there seems no respite in sight from the rate slide they have seen across all trades out of India over the past year. Read more here.

GROUND AND RAIL FREIGHT UPDATES

CPKC using ‘self-help’ strategies to recover $80M lost in Canadian ports strike

freightwaves.com
The work stoppage by members of the International Longshore and Warehouse Union at Canadian West Coast ports may have cost Canadian Pacific Kansas City $80 million in lost revenue, executives said during the railway’s second-quarter earnings call.
CPKC will “work hard to claw back” that lost revenue over the remainder of the third quarter and in the fourth quarter, Chief Marketing Officer John Brooks told investors on the Thursday afternoon call. Read more here.