Newsletter – March 9, 2023

AIR FREIGHT UPDATES

More signs of some improvement in air cargo

aircargonews.net
More reports have emerged this week suggesting that there might be a slight improvement in the air cargo market led by the ramping up of production in China.
In its latest weekly market report, data provider TAC Index pointed out that the overall Baltic Air Freight Index covering prices by forwarders rose 3.5% in the week to March 6. Read more here.

France seeks to cancel 20% of March 9-10 flights at Paris-Charles de Gaulle Airport

ajot.com
France’s DGAC civil aviation authority has asked airlines to cancel 20% of flights at Paris-Charles de Gaulle airport on Thursday and Friday.
Airlines are expected to further reduce flights this week as unions continue to protest against government pension reforms. Up to 30% of flights at France’s smaller airports, including Paris-Orly and those in Lyon and Toulouse, may be cut as well, according to a statement. Read more here.

IATA: January demand remains muted as economic constraints continue

aircargonew.net
Economic constraints have continued to take their toll on industry demand as January became the 11th month in a row that air cargo volumes declined, according to IATA.
Global demand, measured in cargo tonne-kilometers (CTKs), fell 14.9% year on year, said the industry body. Read more here.

OCEAN FREIGHT UPDATES

OOCL vessel has near-miss in Panama Canal as new charges come in

theloadstar.com
An OOCL vessel involved in a near-miss incident while under tow through the Panama Canal may face a ‘disruption charge’, a new tariff which came into force this year.
The Panama Canal Authority (ACP) introduced the controversial new charge for vessels disrupting canal operations, and it varies by ship size, the largest neopanamax vessels facing a $250,000 fee in the event of a serious incident. Read more here (login required),

Imports sink again as wholesale inventories remain bloated

freightwaves.com
February is typically a bad month for U.S. imports. This February was particularly rough, as the effect of the early Lunar New Year holiday collided with a giant U.S. inventory overhang.
Signals are mixed on where imports go from here.
The National Retail Federation (NRF) believes a moderate rebound in imports is around the corner. But new Census Bureau data on January wholesale inventory-to-sales ratios implies more trouble ahead. Read more here.

GROUND FREIGHT UPDATES

Uber Freight may be on the way to stand-alone company

freightwaves.com
When questions were raised in the past about whether Uber Freight fit into the broader value proposition of the Uber parent, those questions were answered by such bold steps as taking on more than $1 billion in outside investments to propel growth or by buying Transplace, merging upstream and downstream parts of the supply chain. Read more here.