[FFW News] Norfolk Southern finishes soil removal

Welcome back to Freight Weekly

Did you have a good Halloween? Boxy dressed up as a cardboard box… Ready for the never-ending Christmas and holiday music starting this month?🎄

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📈 BY THE NUMBERS: Important numbers impacting freight and logistics

⛽ Diesel: $4.454 gal (🔽from $4.545 last week) - Source: EIA

✈️ Air Cargo Index (Sep ‘23): 156.4 (🔼from 155.9 in Aug ‘23) - Source: FRED

🚢 Global Container Index: $1,094.94 - Source: Freightos

Logistics News for Nov. 2, 2023

🧹Norfolk Southern finishes East Palestine soil removal

Class I rail carrier Norfolk Southern has reportedly removed the final loads of soil contaminated by the controversial derailment event that took place in the Ohio village of East Palestine back in February. According to reports, more than 175k tons of soil had to be removed from the site, which resulted in 30 to 100 loads by truck per day since cleanup started many months ago. Norfolk Southern is still facing the backlash for the incident in February, namely by Ohio. Read….

🌱Senate holds hearing on climate change impacting supply chains

A few days ago, the U.S. Senate held a committee hearing on how climate change impacts supply chains across the United States and the world. One lawmaker cited data that climate change disruptions on supply chains could cost companies upward of $120 billion by as soon as the 2026 fiscal year. More…

🙃New House Speaker selected as government shutdown fight still looms

After an unprecedented showdown between hard-right factions in the House GOP, the House of Representatives has selected a new Speaker of the House. The man with the job is Mike Johnson, a relatively unknown two-termer from Louisiana with hard-right and socially conservative credentials that make even the most moderate and liberal lawmakers squirm with uncertainty. Now, he is preparing to take on the government shutdown fight that would impact much of the transportation industry’s regulatory apparatus. Johnson wants funding till January, leading Goldman Sachs to no longer get antsy about a shutdown. However, the investment bank still sees a shutdown in early 2024. Read 1, 2, 3…

🔕Panama Canal Authority to slash transit capacity once again

After one of the driest October months on record, the Panama Canal Authority said that ocean carriers, shippers, and value chains now must prepare for yet another slashing on transit capacity moving into November. The water required to transit ships through the canal’s locks is extensive. This trend continues as climate change and warmer, drier weather impacts the canal. Read here…

😱…we missed this last week…😱

💲Federal Maritime Commission hands down $3 million in fines

Sourcing Journal tells us that the Federal Maritime Commission has handed down a whopping $3 million in fines to ocean carriers for violating D&D rules. This crackdown comes as the commission can now flex expanded power. Here…

☕Interesting morning coffee reads…☕

• “UAW Tells Other Unions to Align Contracts to Set Up Possible National General Strike in 2028” - 404 Media

• “September Container Volume Shows Ports on Rebound” - Transport Topics

• “Fed Signals Yield Rise Reduces Need to Hike, But Door Still Open” - Bloomberg

• “The Radical Reshaping of Global Trade” - Harvard Business Review

• “The World’s Best Import Markets for Gingerbread, Sweet Biscuit, and Waffle” - Global Trade

Compiled by Michael McGrady – news analyst and writer.

Do you have a tip? Feedback? Email him – [email protected]