Following huge hikes in FAK rates over the past 18 months, as oil prices surge, shippers now face significant increases in bunker surcharges . The price of Rotterdam-sourced low-sulphur fuel oil (LSFO) jumped yesterday by $14.50 per tonne, to $573.50, with the cost of heavy fuel oil (HFO) increasing by $13, to...
Maersk has recorded the best quarter in its history, reporting a net profit of $2.7bn for the first three months of the year, compared with $209m for Q1 20. The Danish transport and logistics group attributed “around $2bn” of the result to the “extraordinary market conditions”. And Maersk’s profit for the period could...
Australia’s freight associations have called for a ‘FMC-style’ federal regulator to oversee foreign-owned shipping lines and their “overseas masters”. The Freight & Trade Alliance (F&TA) and Australian Peak Shippers Association say serious disruption to international supply chains is jeopardising access to markets for importers and exporters. F&TA director Paul Zalai said: “Market forces...
Shippers are bracing for a further broadside of rate increases in June across multiple trades, as ocean carriers beef up profits ahead of the peak season. After a period of stability, following hikes of up to 200% in the second half of last year, transpacific carriers are rolling out a raft of...
North American railroads recorded a mostly positive first quarter in intermodal, with CN, CSX and Union Pacific all growing – but at Canadian Pacific, the picture was more muted. Chief executive of CN JJ Reust, announcing the 14% growth of intermodal revenue, claimed the company was destined to become the “premier railway...
Delta Airlines last year achieved the unenviable distinction of being one of the very few major carriers to see cargo revenues plummet – despite a global average rise in air freight rates of a whopping 75%. Period Q1 2020 Q2 20 Q3 20...
Even post-pandemic surging demand for cross-border e-commerce will see freighters dominating air cargo, according to Cainiao. The Alibaba logistics unit launched its latest freighter route this week: a direct charter flight between Singapore and China’s Hainan Island five times a week. Home to increasingly popular domestic/tourist destinations of Sanya and Haikou, Hainan is...
It’s big news that will shock no one. Some two years after DSV leapt into the list of forwarding superstars with its bold acquisition of Panalpina, it is now adding some $4bn to annual revenues with the acquisition of Agility’s Global Integrated Logistics (GIL). It’s a new twist in an old tale:...
Container freight indices are on the rise again, but even at their highly elevated levels they mask the true cost of shipping. For example, the Freightos Baltic Index (FBX) North European component jumped by 6% this week, to $7,791 per 40 ft – a huge 450% increase on the rate a year...
Money clearly means power and air cargo, finally, has won its moment in the sun, a rare gift from Covid-19. Authorities are now starting to consider the industry’s needs and how various challenges can be overcome, just as IATA publishes data showing that air cargo will this year account for one-third of...
