Newsletter – January 29, 2024

AIR FREIGHT UPDATES

US carriers see cargo revenues slide in 2023
aircargonews.net
The big three US airlines saw their cargo revenues decline last year as rates and volumes came under pressure.
United Airlines – the largest of the three in terms of cargo volumes – registered a 31.1% year-on-year decline in cargo revenues in 2023 to $1.5bn. Read more here.

January air cargo volumes “significantly up” on last year
aircargonews.net
Worldwide air cargo demand in January remains “significantly up” on a year ago with improvements across nearly all the main regions, according to the latest figures from data provider WorldACD.
Figures from the company show that in the two weeks running to January 21, air cargo demand levels are up 5% compared with the same period last year. Read more here.

OCEAN FREIGHT UPDATES

Rates boom and alliance shake-up strengthen objections to HMM sale
theloadstar.com
It appears that the Red Sea crisis and Hapag-Lloyd’s imminent break from THE Alliance are adding weight to calls for HMM’s sale to South Korean poultry processor Harim Group to be delayed.
Last month, HMM’s largest shareholders, state-controlled Korea Development Bank (KDB) and Korea Ocean Business Corp (KOBC), chose a consortium of Harim and PE firm JKL Partners as the preferred bidder for the carrier. Read more here.

CANADA BUSINESS – GOVERNMENT UPDATES

CIFFA Writes to Prime Minister About ‘Disturbing Developments’
ciffa.com
CIFFA wrote to Prime Minister Justin Trudeau to acquaint him with some disturbing developments concerning international shipping and their impacts on Canada’s economy, and asking the government to take immediate decisions to avoid a serious economic situation. Read the letter here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

Tonne-miles leap as shipping battles peak disruption
splash247.com
Shipping is facing peak disruption at present as it takes evasive action in the Red and Black Seas as well as shunning the parched Panama Canal.
The average haul of global seaborne trade increased last year from 4,943 to 5,036 miles, the third largest annual increase this century and six times times the average, new data from Clarksons Research shows. Read more here.

Angry importers hit by delivery delays and rising costs, but rates are softening
theloadstar.com
European importers are facing delays in receiving product from Asia of up to a month, while freight costs have trebled.
Nevertheless, there is some welcome relief for shippers as freight rates start to come off the boil. Read more here (login required).