Newsletter – February 8, 2024

AIR FREIGHT UPDATES

Lufthansa Cargo recovers after strike action
aircargonews.net
Lufthansa Cargo’s operations at Frankfurt and Munich airports were recovering this morning after a strike by ground staff lasting over 24 hours came to an end.
Ground staff at Deutsche Lufthansa AG, Lufthansa Technik and Lufthansa Cargo undertook strike action organised by trade union Ver.di from 4am CET on Wednesday February 7 until 7.10am on Thursday February 8. Read more here.

OCEAN FREIGHT UPDATES

Revised carrier schedules bedding-in, say shippers, but they see trouble ahead
theloadstar.com
Amid continuing attacks on commercial shipping by Houthi rebels, scheduling issues caused by re-routing of services away from the Suez Canal and around the Cape of Good Hope (CGH) have begun to stabilise.
According to UK Maritime Trade Operations (UKMTO), a UK-owned ship was fired on at just after midnight yesterday, just west of Yemen’s Hodeidah port. Read more here (login required).

Tanker transits plunge 20% in Red Sea: Lloyd’s List
freightwaves.com
New data from Lloyd’s List Intelligence shows an acceleration of tankers diverting away from the Red Sea. Since Jan. 12, when the first of three U.S.-led military strikes began on Houthi land targets, more than 106 tankers have changed routes to avoid the area.
Lloyd’s List is tracking the rapid drop in transits of tankers and bulk vessels through the Gulf of Aden and the Red Sea. Read more here.

Despite economic worries, more containers flow from China to US
freightwaves.com
There’s a seeming contradiction in the macroeconomic and trade data coming out of China these days: Despite contracting industrial activity, low consumer confidence and a worsening stock market rout, China is currently sending the highest volume of ocean container freight to the United States since May 2022. Read more here.

CMA CGM applies new overweight surcharges from India
container-news.com
Marseille-headquartered box line CMA CGM has announced a new overweight surcharge (OWS) effective from 7 February 2024 until further notice.
The surcharge applies to cargo originating from Indian ports such as Nhava Sheva, Mundra, Tuticorin, Hazira, Cochin, and Mangalore, and destined for ports in the Indian Ocean region, including Tamatave, Tulear, and Ehoala in Madagascar, Port Louis in Mauritius, Maputo in Mozambique, and Pointe des Galets in Reunion. Read more here.

INTERNATIONAL BUSSINESS – GOVERNMENT UPDATES

US trade deficit narrowed last year by the most since 2009
ajot.com
The US trade deficit narrowed last year by the most since 2009 as the value of imported goods declined and the services surplus increased.
The annual trade shortfall shrank nearly 19% to $773.4 billion from a record in 2022, Commerce Department data showed Wednesday. In December, the deficit in goods and services trade widened slightly from the prior month to $62.2 billion. The figures aren’t adjusted for inflation. Read more here.