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Newsletter – August 27, 2018
AIR FREIGHT UPDATES
Air China targets private money for $1.5 billion cargo ventureajot.comAir China Ltd.’s parent is seeking private money for an air-cargo and logistics venture with plnned total investment of 10 billion yuan ($1.5 billion) as part of Beijing’s mandate for state-owned firms to diversify their ownership. Read more here.
OCEAN FREIGHT UPDATES
Maersk Cuts Profit Forecast as Shipping Slump Deepenswsj.comA.P. Moeller-Maersk AMKBY 3.26% A/S, the world’s biggest cargo carrier, warned Tuesday its earnings would be weaker than expected this year due to rising fuel prices, soft freight rates and escalating trade tensions. Read more here (login required).
Port of Auckland closes container terminal after major accidentsplash247.comPort of Auckland has temporarily closed its container terminal after a port worker was severely injured after a straddle carrier he was operating overturned…. Read more here.
Port of Los Angeles cuts pollutionamericanshipper.comThe Port of Los Angeles says it has met goals to reduce air pollution ahead of schedule even as cargo volumes reached an all-time high of 9.3 million TEUs last year.“Emissions of nitrogen oxides, a key component of smog, are down an unprecedented 60 percent compared to 2005 emissions levels,” the port said. Read more here.
GROUND AND RAIL FREIGHT UPDATES
Trucking’s Tight Capacity Squeezes U.S. Businesseswsj.comEmpty trucks are so hard to come by right now that Dean Foods Co. DF -0.26% , one of North America’s largest milk suppliers, cut its full-year earnings outlook in part because it simply can’t move its goods for anything close to what it expected to pay this year. Read more here (login required).
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
China defends ‘New Silk Road’ against debt complaintsabcnews.comChinese officials on Monday defended Beijing’s initiative to build a “New Silk Road” of railways and other infrastructure across Asia against complaints it leaves host countries with too much debt after Malaysia cancelled two high-profile projects. Read more here.