The Loadstar

CNBC: Trump declares victory as presidential race has yet to be called

LoadstarEditorial — Wed, 06 Nov 2024 07:40:36 +0000

CNBC reports:
Donald Trump declared victory in the presidential election early Wednesday morning, as the Republican led Kamala Harris in projected Electoral College votes in the presidential election.
Neither Trump nor Harris has secured the 270 votes Electoral College needed to win the White House…
To read the full post, please click here.
(Editor’s note: looks like it’s a done deal indeed… 267 Trump vs 214 Harris at the moment…)

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SCD: FedEx rolls out rate discounts through Pitney Bowes, Auctane platforms

LoadstarEditorial — Wed, 06 Nov 2024 07:24:47 +0000

SUPPLY CHAIN DIVE reports:
The discounts, via FedEx Platform Account agreements, apply to shipping options across FedEx’s full service portfolio. The announcements didn’t disclose the full extent of the reductions, but Pitney Bowes previously said that customers could see FedEx discounts of up to 90% through ShipAccel.
Discounts provided within shipping platforms — which UPS and the U.S. Postal Service offer as well — are particularly useful for small and medium-sized businesses. These companies would otherwise have to negotiate ...

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Seven-week strike at Boeing finally ends

Alex Lennane — Tue, 05 Nov 2024 13:41:37 +0000

The seven-week strike at Boeing, that has exacerbated its already challenging production schedules, has finally come to a close. While airlines will be relieved, not everyone is happy, reports AP. “We were threatened by a company that was crippled, dying, bleeding on the ground, and us as one of the biggest unions in the country couldn’t even extract two-thirds of our demands from them. This is humiliating,” said one worker.
Nevertheless, ...

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DFDS to launch first Egypt-Italy ferry service for a decade

Gavin van Marle — Tue, 05 Nov 2024 13:39:27 +0000

DFDS has shown its intent to expand its Mediterranean market share, today unveiling a new weekly ferry service between its growing Italian hub of Trieste and the Egyptian port of Damietta.
The move represents the Danish operator’s first foray into the Egyptian market and comes just days after it cancelled its €500m purchase of the international network of Turkish transport group Ekol Logistics.
It is also the first direct ferry connection between ...

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Typhoon Kong-ray creates congestion at Shanghai, Ningbo and Kaohsiung

Martina Li in Taiwan — Tue, 05 Nov 2024 13:31:51 +0000

Asian container ports Shanghai, Ningbo and Kaohisung are working through congestion after Typhoon Kong-Rey blew through last week.
And Kong-rey, which made landfall in Taiwan on Thursday, was the strongest typhoon to lash Taiwan since 1996.
According to EconDB, Kaohsiung, the island’s main container port, is experiencing 100% delays for all incoming box ships, which amount to 69 over the next seven days.
ONE’s vessel schedule shows the 1,100 teu Contship Era arrived in ...

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Electronic negotiable cargo documents – the UN’s solution

LoadstarEditorial — Tue, 05 Nov 2024 13:30:35 +0000

In 2019, the UNCITRAL secretariat began to work on an international instrument on negotiable cargo documents, in order to open up opportunities for trade finance and facilitate international trade. TT Club explains the key issues of importance that are to be considered and still to be resolved.
It is envisaged that the instrument could apply to any mode of transport in a multimodal or unimodal context. Currently, negotiable bills are only ...

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Houthis earn $2bn a year from Red Sea protection racket

Gavin van Marle — Tue, 05 Nov 2024 13:23:51 +0000

If you harbour any hope that the Red Sea crisis might come to an end soon, The Loadstar respectfully suggests you should abandon it, as this extraordinary report in the Maritime Executive claims the Yemini militia group is earning around $180m a month in tolls from shipowners to not attack their vessels as they pass the Bab Al-Mandeb straits. The source of the article is a 537-page report from the ...

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DHL lowers profit expectations after weaker-than-expected Q3

Alexander Whiteman — Tue, 05 Nov 2024 13:20:06 +0000

DHL singled out its Global Forwarding division for a weaker-than-expected third quarter, and confirmed it was lowering its profit forecast for the year.
Despite growing group revenues, up 6.2% year on year over the three month period to October, at €20.6bn $22.4bn), DHL was only able to translate this into a barely noticeable 0.1% uptick in profits, to €1.37bn, failing to eat into the 14.2% year-to-date decline in EBIT of €4bn.
Chief ...

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Forward Air – unfixable?

Alessandro Pasetti — Tue, 05 Nov 2024 13:17:27 +0000

The last time I looked at the Forward Air (FWRD) story in mid-October, waiting for Q3 24 numbers to be released, I was so focused on possible divestments – as previously promised* – by year-end, that I wrongly stated the company wasn’t guiding the market for Ebitda this year.
(*Conf call in May – when the new CEO had just started – then-FWRD CFO Rebecca Garbrick said – emphasis in bold ...

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Ripples from standstill at strike-bound Canadian ports could spread inland

Charlotte Goldstone — Tue, 05 Nov 2024 13:03:50 +0000

Turmoil persists at Canada’s ports, with warnings that this could lead to spikes in road and rail freight, and congestion at ‘Plan-B’ US west coast gateways.
Yesterday, the International Longshore and Warehouse Union Ship & Dock Foremen Local 514 began an industry-wide, open-ended strike against all BC Maritime Employers Association (BCMEA) member companies.
The association issued a coast-wide lockout notice in response, effectively shutting down the principal ports of Vancouver ...

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