NEWSLETTER NOVEMBER 28, 2022
AIR FREIGHT UPDATES
Hello Beluga: Airbus Super Transporter Flies To Mumbai For The First Time
Mumbai airport welcomed the Airbus Beluga for the first time earlier this week, leaving airport workers, passengers, and plane spotters amazed. The super transporter is popular among avgeeks due to its unusual shape and size and often turns heads wherever it lands. Read more here.
China’s Ezhou Huahu Airport launches first all-cargo air route
China’s Ezhou Huahu Airport has launched its first all-cargo air route, linking Ezhou with Shenzhen in south China’s Guangdong Province.
The Ezhou Huahu Airport in the city of Ezhou, central China’s Hubei Province, claims to also be the first “professional cargo hub” airport in Asia and the fourth of its kind in the world, said China’s state press agency, Xinhua. Read more here.
OCEAN FREIGHT UPDATES
Record blankings as freight rates threaten a hard landing for box lines
The unrelenting decline in container freight rates from Asia, caused by a collapse in demand, is compelling ocean carriers to blank more sailings than ever before as vessel utilisation hits new lows.
Drewry’s WCI Asia-North Europe component slumped a further 18% this week, to $2,192 per 40ft and is down 75% since August. Read more here (login required).
Liner shipping on course to smash last year’s record profits by 50%
Despite myriad doom and gloom headlines based on rapidly declining spot rates, an influential container expert is forecasting liner shipping will post a full-year net profit of $223.4bn, a 50.6% improvement over the record profits made last year. Read more here.
GROUND AND RAIL FREIGHT UPDATES
South Korea’s striking truckers face back-to-work order if talks fail
South Korea’s government failed to reach a deal with thousands of unionised truckers in the first round of talks on Monday, the fifth day of a mass walkout that has disrupted logistics and crippled several key industries in the country.
The truckers are demanding the government extend and expand a system calculating minimum wages based on operating costs that is due to expire by the end of the year. The unions are calling for the so-called safe rates, which currently apply to the haulage of bulk cement and containers, to be made permanent and coverage extended to all vehicle and freight types. Read more here.
Extreme weather fund to address rail infrastructure
Transport Canada has called for proposals to improve and rehabilitate rail lines affected by extreme weather.
The first call for proposals for the Climate Change and Adaptation to Extreme Weather Infrastructure initiative under Transport Canada’s Rail Safety Improvement Program was made on November 24. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Shipping braces as largest uprising since Tiananmen Square rips across China
The largest protests seen in China since the Tiananmen Square massacre of 1989 have spooked financial and commodity markets today.
Both the Hong Kong and Shanghai stock markets closed down on Monday while the prices of key commodities including oil came under pressure. Read more here.