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...“It is well established that the increased freight rates and service deterioration witnessed during the pandemic were the temporary result of extraordinary market forces,” they wrote....
...“Obviously [the IMO] wanted to stick to a formula that impacted everybody — whether cargo carriers, chemical carriers, all the different divisions of shipping — but the one thing they didn’t take into account...
...Sterling fell 0.3 per cent to trade at $1.2333, its weakest level since mid-November....
...But it added that it was “facing additional surcharges from carriers in relation to the longer shipping routes being taken”....
...First, when rates dropped sharply, freight partners did in some cases renegotiate contracted rates down, meaning that upward renegotiations could be possible in the current scenario (carriers may ask for...
...Chinese companies have increased exports because of overcapacity in their domestic factories, and have no alternatives to using sea freight....
...freight data provider TAC Index....
...Last year’s drop in Hong Kong throughput was due to factors including “improved capacity and capability of terminals in Guangzhou and Shenzhen”, which allow carriers to bypass the territory, Hadland added...
...Air and land freight can’t make up the difference....
...French shipping group CMA CGM and carrier Air France-KLM are scrapping an air cargo partnership after struggling to get US approval to operate North American routes and deliver on the project’s promise in...
...To circumvent the blockades, Serhiy Derkach, Ukraine’s deputy minister for infrastructure, told public broadcaster Suspilne that freight carriers should re-register at some of the other dozen entry and exit...
...Sennder, a freight forwarder matching shippers and carriers, helps minimise the number of trucks returning to their base empty....
...While Chinese officials have called the concerns “entirely paranoia”, it’s worth noting that many of the world’s ports, freight carriers and forwarders, as well as some terminals in the US, use a Chinese...
...As for the shipping industry, freight carriers have excess capacity given that the post-Covid demand surge has dissipated and new ships are being launched....
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...But when freight rates rose to record highs during the pandemic, profits soared, infuriating customers who faced severe delays importing and exporting goods through congested ports....
...The most superficially similar previous incident in the US to the Francis Scott Key Bridge disaster took place in 1980, when the bulk carrier Summit Venture went off course and collided with the Sunshine...
...Cargill’s head of ocean transport has called on the shipping industry to give wind power a chance in its efforts to decarbonise, as one of the world’s largest marine freight operators prepares to test the...
...Tonne mileage, a measure of freight transportation output, rose by almost 10 per cent and 8 per cent for crude and product carriers respectively in the first half of this year, according to data from trade...
...China continues to enjoy a substantial lead in the capacity of its freight infrastructure....
...But what we’ve seen over the past few days, with Iran-backed Houthi rebels from Yemen attacking ships in the straits between the Red Sea and the Gulf of Aden and the world’s biggest freight carriers suspending...
...Yellow’s bankruptcy could also have an impact on the domestic supply chain, driving up freight prices for customers as one of the industry’s lower-cost carriers exits the market....
...Carriers have benefited from a resurgence in demand to carry both passengers and freight at a time when fleet growth has been constrained by production difficulties at Boeing and Airbus....
...“You couldn’t find two carriers that were more different.”...
...Freight rates have also been pushed higher by the disruption, posing an extra problem for the global shipping industry, a bellwether of global trade, following a boom fuelled by the Covid-19 pandemic....
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