Newsletter: March 10, 2022

AIR FREIGHT UPDATES

Airlines begin to cut flying as they grapple with fuel costs

ajot.com
U.S. airlines have begun paring flight plans due to soaring fuel prices, underscoring the speed at which Russia’s attack on Ukraine has upended the industry and jeopardized a hoped-for rebound this year.
Alaska Air Group Inc. will trim flying by as much as 5% in the first half in response to “the sharp rise in fuel costs,” according to a regulatory filing Tuesday. Read more here. 

Air freight “turned upside down” as capacity slumps and rates climb

theloadstar.com
Air freight capacity has indeed shrunk, according to the first data following Russia’s invasion of Ukraine, and the consequent restrictions on Russian and other airlines. North East Asia – Europe capacity has shrunk by up to 22% in the last week, compared with the week before. Read more here. 

Air cargo saw a ‘soft patch’ in January, says IATA

theloadstar.com
January feels like a very long time ago. Nevertheless, IATA has released its results for the month in its normal less-than-timely fashion. As expected, January saw the pace slow “quite markedly from December”. It cited weaker economic drivers and operational disruptions. Cargo ton kilometres saw the greatest month-on-month fall since April 2020. But we can expect some notable changes following the outbreak of war in eastern Europe, it added. Read more here (login required).

OCEAN FREIGHT UPDATES

Skipped ports damage economic recovery, says latest report

theloadstar.com
The expected rebound in some economies is being stymied by missed calls at some ports, according to the latest report from consultants MDS Transmodal, commissioned by the Global Shippers’ Forum (GSF). Read more here (login required).

Fire breaks out near Hong Kong container terminal

splash247.com
A fire broke out in the vicinity of Kwai Chung container terminal 7 in Hong Kong, sending plumes of thick smoke into the air.
The incident occurred after some styrofoam boxes and various other items caught fire in an open area, with the blaze also spreading to nearby trees near the West Kowloon Refuse Transfer Station on Hing Wah Street West at around 10.20 hrs local time on Thursday. Read more here.  

Zim results ‘take the lead’ among box lines, while it promises to serve forwarders

theloadstar.com
It will come as little surprise to The Loadstar readers that Israeli carrier Zim yesterday reported a set of bumper annual results for 2021.
It was today labelled by Loadstar Premium as “breaking all records and taking the lead among the best T&L performers ever, on all fronts, in the past 12 months”. Read more here (login required).

CANADA BUSINESS – GOVERNMENT UPDATES

MSC container ship adrift enroute to Montreal

insidelogistics.ca
The Canadian Coast Guard says the MSC Kim is adrift off the west coast of Newfoundland.
The agency said in an email Wednesday the 265-metre-long containership reported engine problems and the vessel was approximately 92 kilometres from Port au Port, N.L. Read more here. 

Weekend snowstorm to slam Northeast

freightwaves.com
A low-pressure system will track from the southern U.S. toward the Northeast on Friday. At the same time, a strong cold front will approach from the Midwest and Plains. Along the way, these systems will intensify, producing rain that will change to heavy snow Friday night and Saturday, fading by Saturday night. Read more here.