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Dalian is the latest port city in China to detect the Omicron variant, as forwarders warn of more shipping delays in the countdown to Chinese New Year. So far, there has been no impact on Dalian’s port operations, but the outbreak is reportedly growing at nearby Tianjin, under lockdown and where car...
REUTERS reports: – Chairman Antonio Horta-Osorio apologies for personal actions – Quits within one year after taking charge – Bank appoints former UBS executive Axel Lehmann as chairman – Credit Suisse announced big revamp in November Credit Suisse Chairman Antonio Horta-Osorio has quit following an internal probe into his personal conduct, including breaches of COVID-19 rules,...
As a harbinger of spectacular results from the liner industry for the final quarter of 2021, on the back of an 80% average rate increase and a new record for quarterly earnings, Maersk has again upgraded its full-year guidance. Based on preliminary results, the Danish shipping company said today it expected to...
South Korea’s Ministry of Land, Infrastructure and Transport (MOLIT) is taking urgent action to deliver over 200,000 stranded parcels resulting from a prolonged strike by subcontracted couriers of the country’s largest logistics company, CJ Logistics. Around 1,700 workers hired by the sub-contractors have refused to work since 28 December, claiming their wage...
TRANSPORT INTELLIGENCE‘s Thomas Cullen writes: The United States Government has embarked on an apparently huge programme of infrastructure investment and logistics infrastructure is high on the list of targets for expenditure. It is now attempting to implement some of the ideas for investment. American President Joe Biden’s fiscal policies may be controversial in the...
THE GUARDIAN reports: The price of goods and services in the US continue to rise at rates unseen in decades, jumping 7% in December compared to the same month last year – the seventh consecutive month in which inflation has topped 5%. The news represents a blow to the Biden administration and the...
The port of Long Beach is the winner in the first round of funding from Washington for port and marine infrastructure development since President Biden signed the $1.2 trn infrastructure bill in November. The California port has garnered a $52.3m grant, which will go towards its Pier B rail project. Improvements to transport...
The US Federal Maritime Commission’s investigation into carrier detention & demurrage (D&D) charges could be supercharged following a complaint by specialist drayage firm Orange Avenue Express (OAE), in what could become an industry test case. Lori Fellmer, second vice-chairman of the National Industrial Transportation League (NITL) and VP of logistics and carrier...
Volume shippers offered new long-term fixed-rate contracts by container lines are, nevertheless, still keen to keep a foot in the door of the spot market. The extreme volatility of the spot market saw many shippers get their fingers badly burned over the past 18 months as rates were turbocharged by supply constraints...
Property giants are scooping up logistics portfolios in anticipation of continuing clamour for warehouse capacity in a booming market fuelled by e-commerce. CBRE Group, the world’s biggest industrial real estate player, is leading the charge with the $4.9bn acquisition of the logistics portfolio of Hillwood Investment Properties. The move, announced on Tuesday, was...