Newsletter – September 26, 2023
AIR FREIGHT UPDATES
More signs of a ‘firmer’ air cargo market
There were further signs that the air cargo market was firming up last week after more than a year of demand declines.
The latest weekly figures from data provider TAC Index show that the overall BAI airfreight rate index last week increased by 4.8% on the previous seven days. Read more here
Rush for e-commerce capacity could trigger airfreight rate rise
TAC Index said this morning there was a “distinctly firmer tone” in airfreight, as product launches trigger bookings and e-commerce continues to rise.
Rates out of China before Golden Week saw TAC’s Hong Kong outbound index rise 2.1% on the week before, while ex-Shanghai rose 5.9%. TAC also noted a jump in rates out of Vietnam, something other market watchers have spotted. Read more here (login required).
OCEAN FREIGHT UPDATES
CIFFA Writes to Minister of Labour Regarding Negotiations at Port of Montreal
CIFFA was notified yesterday that the executive committee of CUPE 375 sent a Notice of Dispute to the Minister of Labour after only one meeting with the Montreal Port Authority at which initial demands were exchanged.
As a result of this action, CIFFA sent a letter to Labour Minister Seamus O’Regan seeking government engagement and assistance.
CIFFA has asked the minister and his department “to do everything possible to ensure the continued reliability of port services in Montreal.”
GROUND AND AIR FREIGHT UPDATES
Fear of new landslide keeps vital Alpine rail freight link closed
Rail freight traffic between France and Italy via Modane remains at a standstill after the major landslide in the Maurienne Valley several weeks ago, and no resumption is expected before the end of next month. Read more here (login required).
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Auto strike goes up a notch but supply chains yet to feel major impact
The strike called by the United Auto Workers (UAW) against the Big Three US car-makers went up a notch last Friday, as the union targeted spare parts centres serving General Motors and Stellantis. So far there have been some hiccups in supply chains, but logistics providers are still waiting to see a major impact. Read more here (login required).