“The ships are 100% full. The containers are 100% full. You can’t get a container built. You can’t pick up a ship from the spot market. The whole container-shipping cycle is at absolutely full pelt,” exclaimed Jeremy Nixon, CEO of Ocean Network Express (ONE), the world’s sixth-largest container line. October’s ocean container market is “unbelievable,” […]
The third-ranking Democrat in the House of Representatives is asking four cargo airlines to return more than $630 million they received in emergency funding to keep workers from losing their jobs during the coronavirus pandemic, saying they aren’t entitled to the money because cargo business is roaring. South Carolina Rep. James Clyburn, the majority whip […]
The AAR reported on Oct. 14, 2020—40 years to the day that President Jimmy Carter signed Staggers into Law— that for the week ending Oct. 10, 2020, total U.S. rail traffic was 520,452 carloads and intermodal units, up 1.9% compared with the same week last year. Total carloads were 230,964, down 5.2% compared with the same […]
The amount of available drayage capacity in the market to handle container movements has dwindled in recent months due to a combination of factors. Those include a quick rebound in volume at ports and inland rail terminals, a slowdown in shippers unloading and returning containers, and drivers exiting the industry during the COVID-19 pandemic. The […]
As capacity tightens in the trucking industry, some carriers are beginning to announce pay hikes. While the frequency of these increases are not yet nearing the rapid pace of hikes the industry saw during the busy year of 2018, some industry watchers said they would not be surprised to see more jumps. “I’ve seen a […]
The limited passenger service worldwide is keeping a lid on airfreight volumes, which should be growing faster based on strong global manufacturing activity and retail sales as the world adjusts to the coronavirus. The International Air Transport Association reported this week that air cargo demand in August improved nearly two points from July, but was […]
Intermodal freight operators entered the year expecting modest gains over a somewhat lackluster 2019 in which the industry handled some 13.7 million rail container units. Then the Covid-19 pandemic hit. Businesses shut their doors and sent employees to work from home. Consumers sheltered in place, unemployment skyrocketed, and the economy contracted to levels not seen […]
The expectation for truckload (TL) contractual rates to increase by double digits in 2021 is growing. In a Wednesday note to clients, UBS (NYSE: UBS) transportation equities analyst Tom Wadewitz outlined the fundamentals supporting this projection. “The current extreme tightness in the TL spot market plus a constructive outlook on freight point to double-digit rate […]
U.S. rail traffic on a weekly basis was mixed for the week that ended last Saturday, according to the Association of American Railroads. Intermodal volumes were up but carloads were down. The U.S. freight railroads originated 294,144 intermodal containers and trailers last week, a 5.5% increase from the same period in 2019. But carloads were […]
No one predicted a U.S. import surge in the middle of a pandemic — but it’s happening. The big question now is: How long can this last? The answer has key implications for ocean spot freight rates and contract renewals, port throughput, and landside volumes for trucking and rail. Investment bank Jefferies issued an exceptionally […]
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