Newsletter – June 3, 2022

AIR FREIGHT UPDATES

Airfreight rates pick up in May despite demand declines

aircargonews.net
Airfreight rates on major east-west trades continued to increase on a year ago in May despite analyst figures showing demand declines over the last few months.
The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates from Hong Kong to North America in May increased by 21.7% year on year to $9.69 per kg, while they up 1.2% compared with April. Read more here.

Many Of Russia’s Aircraft Banned From Flying In China

simpleflying.com
Following Putin’s invasion of Ukraine in February of this year, the US and the EU enacted wide-ranging sanctions on Russia. As a result of these sanctions, Western aircraft leasing companies and aerospace firms are no longer allowed to do business with the country or its airlines. Read more here.

OCEAN FREIGHT UPDATES

California Ports Prepare for Cargo Surge as Shanghai Reopens

gcaptain.com
June 2 (Reuters) – California port leaders expect imports to rise as Shanghai, home to the world’s busiest seaport, emerges from a two-month COVID-19 lockdown.
The question is whether that release of pent-up goods will again swamp West Coast ports that have recently emerged from the pandemic’s massive cargo wave, they and other experts said.  Read more here.

Ports get ‘much needed respite’ as container-ship traffic jam eases 

freightwaves.com
It could be the relative calm before the peak-season, post-Shanghai-lockdown storm. Or it could be the final unwinding of COVID-era congestion as inflation takes hold. What happens next is still highly uncertain. But as of now, U.S. port queue numbers remain down from highs.
“This appears to be a much needed respite for some ports that have seen significant delays over the course of the year to date,” said S&P Global Commodity Insights. Read more here.

Shipping agents threaten to stop carrying cargoes to and from Sri Lanka

container-news.com
Shipping agents in Sri Lanka have warned that shipping lines could stop accepting import and export cargo to and from Sri Lanka as they are failing to remit freight charges due to the ongoing severe foreign currency crises in the island nation.
The local agents told the Shipping and Aviation Minister, Nimal Siripala de Silva, that they have reportedly failed to remit US$70 million in freight costs to the shipping lines during the last several months. Read more here.

GROUND AND RAIL FREIGHT UPDATES

Truck transportation jobs climb again; warehouse hiring maintains breakneck speed

freightwaves.com
Trucking executives may complain loudly about how hard it is to hire staff members, but it’s getting done.
The employment report released Friday by the Bureau of Labor Statistics showed that for the third time in the last four months, the truck transportation category in May added a double-digit number of seasonally adjusted jobs.  Read more here.