Newsletter – June 29, 2023

AIR FREIGHT UPDATES

Asia Pacific air cargo demand continued to suffer in May

aircargonews.net
Asia Pacific air cargo business in May continued to suffer from “subdued demand conditions, driven by weak business confidence levels”, according to the Association of Asia Pacific Airlines (AAPA).
Preliminary air cargo traffic figures for May showed that in freight tonne kilometres (FTK) terms, air cargo demand fell by 7% year on year in May. Offered capacity rose by 6%, leading to an 8.5 percentage point decline in the average international freight load factor to 60.1% for the month. Read more here

OCEAN FREIGHT UPDATES

BC union issues strike notice

worldcargonews.com
The strike notice follows the International Longshore and Warehouse Union Canada (ILWU Canada) voting for a strike position earlier this month. After the vote the ILWU Canada and the British Columbia Maritime Employers Association (BCMEA) kept negotiating, and mutually agreed that no 72-hour strike or lockout notice would be filed before June 21, 2023. That period has now passed, and the union has issued the required 72-hour notice of a strike to begin at 8.00am Pacific Time on Monday, 1 July. Read more here

CMA CGM finalises 10-ship haul at Yangzijiang

theloadstar.com
CMA CGM has settled on orders for 10 24,000 teu ships at Yangzijiang Shipbuilding, a month after The Loadstar reported that the French carrier was in serious negotiations with the Chinese shipbuilder.
While CMA CGM has not officially commented on the order, on Monday, Yangzijiang CEO Ren Letian announced that the shipbuilder had won orders for 10 LNG dual-fuelled 24,000 teu ships. These vessels, priced at around $250m each, are expected to be delivered between 2025 and 2026. Read more here (login required).

New milestone for MSC as it readies to surpass Maersk for owned box tonnage

splash247.com
Mediterranean Shipping Co (MSC) is about to achieve another milestone in its rise to the summit of the global container carrier league.
The Soren Toft-led liner is just three ship deliveries away from overhauling rival Maersk as the carrier with the largest owned box fleet in the world. Read more here

Thousands of ships targeted for engine retrofits

splash247.com
Engine manufacturers are eyeing a huge slice of new business as owners recognise the possibilities of retrofits.
This week’s news that Maersk will retrofit one of its ships to methanol dual-fuel has got others reassessing their assets. Read more here

Shipping faces fallout as China’s post-COVID rebound falls flat

freightwaves.com
A strong Chinese economy creates a virtuous cycle for ocean shipping. The manufacture of goods fills container ships and car carriers on the way out, and directly or indirectly drives demand for bulk commodities that fill bulkers and tankers on the way in.
Exports became even more important to China’s economy in recent years as COVID curbed domestic consumption and a credit crunch squeezed property development. Now, Western demand for Chinese containerized exports has dropped just as the post-COVID rebound in Chinese domestic spending is faltering. Read more here