Where’s the peak?
It should be peak season, but thanks to a lack of demand, freight operators aren’t experiencing a typical year. As concerns about a steep downturn continue, the market has no hope of enjoying the huge profits of the last few years.
Instead, the author of the Global Port Tracker report says, “The growth in U.S. import volume has run out of steam.”
Click to Read the full article: https://www.wsj.com/articles/freight-operators-peak-shipping-season-is-crumbling-11666118281?mod=djemlogistics_h
After a bleak few months, there’s a glimmer of light in the news regarding US imports.
Following a steep decline in volume for September—the biggest since lockdowns went into effect in 2020—data released earlier this month shows that things may have stabilized. They haven’t gotten better; they just didn’t get any worse.
Click to Read the full article: https://www.freightwaves.com/news/after-steep-september-slide-us-imports-stabilize-in-october
With market demand on hold, rates for containers from Asia continue to drop, with many services on the transpacific route getting canceled. This has some in the industry wondering how low they’ll go before reaching a new normal.
Not that long ago carriers were riding high, but many are starting to feel the pinch. As for newer carriers who joined the fray when times were good, many will have a tough time riding this out.
Click to Read the full article: https://splash247.com/carriers-under-pressure-to-take-more-decisive-action-to-stem-declines/
Negotiations between U.S. West Coast ports and the union representing their dockworkers are facing new hurdles.
Earlier this month, Mediterranean Shipping Co. filed a motion with the National Labor Relations Board. Their issue? They want SSA Marine to assign tasks at Seattle’s Terminal 5 to the ILWU. But the International Association of Machinists and Aerospace Workers says the job is theirs.
Click to Read the full article: https://www.supplychainbrain.com/articles/35983-shipping-giants-clash-on-west-coast-labor-dispute-as-contract-talks-drag
The European Union’s sanctions against Moscow have resulted in an 85% drop in container throughput at the Port of St. Petersburg this year. Russia saw 24% fewer goods imported per month when compared to 2021 according to trade indicators from the Kiel Institute for the World Economy in Germany.
This has resulted in China becoming Russia’s most important trading partner. They increased export to Russia by 23% in comparison to 2021, in contrast to the EU, which exported 43% fewer goods to Russia.
Click to Read the full article: https://www.bloomberg.com/news/newsletters/2022-11-08/supply-chain-latest-how-war-is-rerouting-russia-s-trade-lanes
