Newsletter – September 27, 2022
AIR FREIGHT UPDATES
ICAO Assembly: Outlining The Future Of Sustainable Aviation
The whole world of international aviation has been waiting for the 41st Assembly of the United Nation’s aviation body ICAO this fall. Starting on Tuesday, the session, held at the ICAO headquarters in Montreal, Canada, will go on until October 7. Amid global uncertainty and discord, the delegates, under the guidance of Secretary General Juan Carlos Salazar, will attempt to unite over a long-term aspirational climate target. Read more here.
MSC takes to the skies
Mediterranean Shipping Co (MSC), the world’s largest containerline, has joined its peers at the top of the liner rankings by going into the aviation business.
The Geneva-headquartered firm has debuted MSC Air Cargo, something that will take to the skies from early next year in response to customer demand, MSC said. The Aponte family firm had earlier this year also lodged a bid with Lufthansa to take over ITA, the Italian airline formerly known as Alitalia. The bid was rejected late last month. Read more here.
OCEAN FREIGHT UPDATES
Felixstowe’s next strike starts
Around 1,900 staff have gone back on strike at the UK’s largest port, Felixstowe, from today for another eight days as a bitter pay dispute with Hutchison Ports shows no sign of a breakthrough.
A previous eight-day strike action last month brought the port, which handles more than 40% of Britain’s boxes, to a standstill. Read more here.
Singapore: The view from the top
The two leading maritime hub reports – one compiled by DNV and Menon Economics, and the other by the Baltic Exchange and Xinhua – both crowned Singapore again as the world’s top shipping city, an annual event that is becoming a ritual, so secure and far ahead is this Southeast Asian enclave when it comes to shipping prowess. Read more here.
Shippers now have the edge when it comes to contract renewal, says Drewry
Shippers will be back on the front foot when the 2023 contract negotiations begin, but a leading maritime consultant is advising BCOs not to “seek revenge” by excluding carriers that have ’treated them badly’. Read more here (login required). Read more here.
GROUND AND RAIL FREIGHT UPDATES
US trucking forced into low gear as shippers use breathing space to cut costs
Despite an improvement in August, US trucking firms are in for a slow ride as economic conditions weaken.
Meanwhile, shippers are using the breathing space to optimise networks and reduce costs, although not in a push to reduce rates to pre-pandemic levels. Read more here.
GROUND AND RAIL FREIGHT UPDATES
Global execs say brace for a recession
A majority of senior business executives believe there will be a recession in 2023, and a third of them think we are already in one.
A new International Data Corporation (IDC) survey of senior business executives from around the world found that 59 percent believe there will be a recession in the coming year. Moreover, nearly 30 percent of those who believe a recession will occur also believe that we are currently in a recession with another 26 percent expecting a recession to begin in the second half of 2022. Read more here.