Newsletter – October 2, 2020

  • 02

    Oct

    Newsletter – October 2, 2020
    AIR FREIGHT UPDATES
    Air Canada Ordering Rapid COVID-19 Testing Kits

    simpleflying.com

    Air Canada is in the process of placing an order for 25,000 rapid COVID-19 testing kits. The tests can provide results within minutes. The airline had previously partnered with McMaster Health Labs (MHL) and the Greater Toronto Airports Authority (GTAA) to study the effectiveness of the kits when diagnosing COVID-19 in passengers.  Read more here.

    OCEAN FREIGHT UPDATES
    Middle East and India rates set to rise again
    Container-news.com
    Hapag Lloyd has decided to implement higher charges from Middle East and Indian Subcontinent to various destinations from mid-October and November.
    In particular, the German carrier will apply a general rate increase (GRI) from these regions to the US and Canada for all dry, reefer, non-operating reefer, tank, flat rack and open-top containers, effective from 1 November. Read more here.
    FMC extends coronavirus-related service contract filing flexibility
    freightwaves.com
    The U.S. Federal Maritime Commission (FMC) on Thursday afternoon voted to extend an order that allows service contracts to be filed up to 30 days after they take effect to provide relief to shippers, freight forwarders and consolidators, and ocean container carriers impacted by the coronavirus pandemic.
    The initial order, which the FMC approved on April 27, had been scheduled to expire Dec. 31. However, the commission approval of the order’s extension will provide the ocean container shipping industry flexibility going into the spring contract negotiation period.  Read more here.
    PMA report warns U.S. West Coast Ports could lose up to 45% of intermodal imports to B.C. ports by 2030
    ajot.com
    A Mercator study commissioned by the Pacific Maritime Association (PMA) warns that high U.S. rail costs and other factors could cause U.S. West Coast (USWC) ports to lose between 15% to 45% of intermodal import business to British Columbia (BC) ports by 2030. Read more here.
    US import bonanza could extend into 2021 on ‘record’ restocking
    freightwaves.com
    No one predicted a U.S. import surge in the middle of a pandemic — but it’s happening. The big question now is: How long can this last? The answer has key implications for ocean spot freight rates and contract renewals, port throughput, and landside volumes for trucking and rail.
    Investment bank Jefferies issued an exceptionally bullish report on Wednesday implying that import flows should remain heavy all the way into 2021. Inventory restocking isn’t about to peter out. It’s just getting started, according to Jefferies. Read more here.
    INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
    The global economic recovery has slowed from a bounce to a grind
    bloomberg.ca
    The best is already over for a global economic recovery that started off at a sprint and is turning into a slog.
    That’s the warning from Wall Street economists heading into the final months of a traumatic year. Some US$20 trillion of stimulus from governments and central banks has pulled the world’s economies most of the way back to pre-pandemic levels. But for multiple reasons, the last stretch is set to be the hardest. Read more here.
    Commentary: How AI, machine learning are streamlining workflows in freight forwarding, customs brokerage
    freightwaves.com
    The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.
    In this installment of the AI in Supply Chain series (#AIinSupplyChain) we explore how AI is being used to help freight forwarders and customs brokers manage their workflows more efficiently. Read more here.
    China adds three areas to its expanding list of free trade zones
    Caixinglobal.com
    CHINA has decided to set up three new free trade zones (FTZs) as part of efforts to attract foreign investment and boost trade, reports Caixin.
    The State Council, China’s cabinet, has announced a plan to further expand the FTZ programme, adding zones in Beijing, Central China’s Hunan province and the eastern province of Anhui. The plan also involves expanding an existing FTZ in the eastern province of Zhejiang, and will bring the country’s total number of FTZs to 21. Read more here.

    Comments are closed.