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...
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...
The world’s clothing factory, Bangladesh, today announced an ‘all-closed’ week-long lockdown, starting on Wednesday. It includes all factories, transport and shops, and will create uproar among the country’s export-oriented industry. Only the emergency services will remain open, and the movement of people will be severely restricted in a bid to stop the spread...
Air, sea-air and rail freight demand is expected to rise significantly on Asia-Europe lanes as shippers try to avoid the chaos from the blocking of the Suez Canal by the Ever Given. “Increased air freight demand is almost unavoidable,” said one European forwarder. “Even if the vessel was salvaged today there would...
Container spot rates from Asia may have eased slightly from their record highs, post-Chinese new year, but rates for backhaul and secondary trades continue to head north. According to today’s Freightos Baltic Index (FBX), the spot rate for North Europe is $7,684 per 40ft, down from more than $8,000 at the beginning...
UK chancellor Rishi Sunak caught industry offguard today, revealing eight winning bids for UK freeport status as he announced the Budget. East Midlands Airport, Felixstowe, Humber, Liverpool, Plymouth, Solent, Teesside and Thames were all awarded freeport status, amid expectations that the first one will be online by the end of the year. Mr...
Six global forwarders will ultimately determine the rates paid to airlines by Unicef for vaccine distribution. Yesterday, 16 airlines announced they had signed MoUs with Unicef to support its global vaccination plan. The agreements, which last five years, do not include pricing, according to the UN children’s organisation. “Pricing is outside the scope of...
It didn’t take long for privately-owned Dachser, a German 3PL with about €5.5bn of annual revenues, to change direction in 2021 after recent changes in its executive team. “With [Bernhard] Simon gone [operationally], the man who didn’t need advice from anybody, Dachser readies for a new adventure,” one source said. Simon is...
Sources have indicated that ECU Worldwide is currently undergoing a cyber attack. The company has not officially confirmed the nature of the problem, but one staff member told The Loadstar that all the systems are down. “It’s global, and it’s been problematic for a couple of days. None of us can connect,”...
