[FFW News] Air cargo volumes climb

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Government shutdown averted. Air cargo volumes see a spike.

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📈 BY THE NUMBERS: Important numbers impacting freight and logistics

⛽ Diesel: $4.593 gal (🔼from $4.586 last week) - Source: EIA

✈️ Air Cargo Index (Aug ‘23): 157.9 (🔽from $166.2 in July ‘23) - Source: FRED

🚢 Global Container Index: $1,176.35 - Source: Freightos

Logistics News for Oct. 4, 2023

✈️Air cargo volumes climb for the first time since Feb 2022

For the first time in 19 months, international air cargo volumes have climbed slightly. According to the International Air Transport Association in Geneva, global demand, measured in cargo tonne-kilometers, increased by 1.5 percent compared to August 2022 levels (2% for international operations), YOY. More…

🚚Drama in Congress as FY 2024 DOT funding considered

At the time of this writing, House Speaker Kevin McCarthy (R-CA) was ousted by far-right hardliners in the Republican Party. This comes shortly after the divided Congress adopted a short-term funding bill to avert a government shutdown for 45 days. During this time, a funding bill for the Department of Transportation for Fiscal Year 2024 is necessary. Floor debate is scheduled for Oct. 9. Read more…

💵Yellow Freight employees struggle to find work

Yellow Freight’s bankruptcy has led to dozens of former employees and truck drivers struggling to find work. More than 30,000 people lost their jobs, with a majority of these positions being represented by a labor union. Union shops are rare for the trucking industry. Though truck drivers are in high demand, former Yellow drivers are still having a tough time finding new work. More words here

📦Holiday hiring targets being met by Amazon and DHL eCommerce

Amazon and DHL eCommerce both announced that they are starting to meet holiday season hiring targets. The U.S. Postal Service, however, and fulfillment provider Radial are remaining flat in hiring marks. UPS intends to hire well over 100,000 people this season. Target’s retail supply chain enterprise also expects to hire over 100,000 people. Logistics provider Geodis intends to hire 3,000. More…

✊🏼ILWU dockworkers union files for Chapter 11 bankruptcy protection

Over the weekend, the national International Longshore and Warehouse Union filed for Chapter 11 bankruptcy protection. The extremely powerful labor group is trying to resolve pending litigation between the Oregon division of the Int’l Container Terminal Service Inc. firm in Oregon. The union assets-liabilities in the range of $1 mil to $10 mil, according to filings in a San Francisco court. Read…

🪜Saudi Arabia’s maritime segment climbs internationally

The maritime industry for the Kingdom of Saudi Arabia has jumped in a global maritime index administered by the United Nations Conference on Trade and Development. The uptick reflects Mawani, the Saudi Ports Authority, taking a progressive and expansive approach to competitive capabilities. More info…

🌐International Headlines to Read🌐

• “Shipping industry has no easy path towards decarbonization, UN agency says” - Reuters

• “The Mississippi River is reaching historic highs and lows — forcing the shipping industry to adapt” - NPR Kansas City

• “As the Shipping Industry Goes Green, a Cargo Ship Gets Fitted with 'Sails'“ - Government Technology

• “Turkey’s annual inflation exceeds 61% in September” - Al-Monitor

Compiled by Michael McGrady – news analyst and writer.

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