[FFW News] Maersk Tanks on Earnings Guide

Welcome back to Freight Weekly!

This week’s newsletter is brought to you by the FFS Load Board. TODAY, right now, shippers need quotes on the following loads:

🚢Sea bulk/Livestock - Sheep and cattle: Tanzania to Libya

🚢Reefer container/18,500 kg of frozen squid: Long Beach, CA, to Tunis, Tunisia

🚚🚢LTL/Roofing supplies, 1,300 lbs.: New Jersey, USA, to Santos, SP, Brazil

🚚 LTL / Dental Chair & accessories: Boonville, MO to Miami, FL

To learn more, visit our website.

📈 BY THE NUMBERS

⛽ Diesel: $3.899 gal (🔼from $3.867 last week) - EIA

✈️ Air Cargo Index (Dec ‘23): 185.7 (🔼from 173.6 in Nov ‘23) - FRED

🚢 Global Container Index: $3,393.20 (⬇️from $3,411 on 2/1) - Freightos

Logistics News for February 8, 2024

🚢 Maersk Down 15% Premarket on Earnings Guide: Maersk CEO Vincent Clerc cautioned that the Red Sea crisis will not abate the oversupply in the container shipping space. “While the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure…”

🛡️New Red Sea Guidance for Vessels: Maritime organizations have issued new guidance on navigating the Houthi crisis, including reporting attacks to the U.S. and EU coalition forces, and adopting BMP5 anti-piracy measures (but avoiding armed guards). The guidance cautions that turning off a vessel’s AIS has not proven effective at stopping attacks. Follow Boxy on twitter for daily Red Sea ADHD updates.

✈️Amazon air cargo carrier pilots nearing strike: Pilots for Amazon’s largest air carrier are nearing a strike. The company, Air Transport International (ATI), and its union are stalled on contract talks. Such an interruption in transit could negatively impact ATI and Amazon Prime Air operations needed for the successful delivery of thousands of products ranging from average household goods to high-priced electronics. More at Sourcing Journal and Freight Waves.

💰Yellow pays back COVID-era loan: The bankruptcy estate of LTL carrier Yellow has repaid a bailout loan from U.S. government for COVID-19 relief during the pandemic—about $851 million.

🔥Panama Canal to hold off on transit restrictions until April: Despite snarled vessel traffic due to low water levels, the Panama Canal Authority (ACP) will hold off on levying transit restrictions until April 2024. The ACP and canal are crucial now more than ever, given Red Sea drama.

BREAKING: FMCSA planning new study on sexual harassment, assault in trucking

OVER AT THE FED: Kugler wants to see further slowdown in inflation before Fed cuts interest rates

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