With 13 of the top 20 container lines reporting combined losses of $2.5 billion in the first half alone, industry losses will likely range from $8 billion to $10 billion for the full year, according to Lars Jensen, CEO of SeaIntelligence Consulting.
Oil down 1 percent, pressured by glut, dollar, Nigeria outlook
Oil prices fell nearly 2 percent on Monday, snapping two consecutive days of gains, on caution over galloping Middle East crude output and a stronger dollar boosted by speculation of a U.S. rate hike by the year-end.
For-hire US truck tonnage rises at slowest pace so far this year
U.S. for-hire truck tonnage in July rose at the slowest pace of 2016 on a year-over-year basis as shippers’ high inventories dampen trucking demand, according to the American Trucking Associations. (This article requires registration at the Journal of Commerce. To access, please click on the above link.)
North American freight market decline continues in July
Shipment volumes were flat from the previous month, and expenditures were down just 0.6 percent, but both still remained well below 2015 levels, according to the latest Cass Freight Index Report.
AAR continues to rail against two-person crew rule
The Association of American Railroads has submitted comments to the Federal Railroad Administration once again urging the administration to withdraw its proposed mandate for two-person crews on railroads. The industry association’s comments were submitted in response to a July 15 public hearing on the proposed rule.
Shippers, railroads clash over switching proposal
U.S. federal rail regulators have proposed a new rule that would allow shippers without access to other transportation modes to request their freight be moved to a competing rail line. It’s a controversial proposition, one that shippers say will save millions and help them navigate the nation’s intermodal network, but railroads argue it will cost […]
Betting on demand, HUB to add 2,000 intermodal containers
HUB Group expects intermodal volumes to grow 2 to 4 percent this year, despite a 2 percent decline in consolidated intermodal volume in the second quarter. Bid awards and marketing initiatives pushed volumes up 1.5 percent in June, HUB said, reversing the decline in traffic. (This article requires registration at the Journal of Commerce. To […]
Economic Watch: Expect Increase In Retail Imports
Import cargo volume at the nation’s major retail container ports should see a small but significant increase this month as merchants stock up for the back-to-school season, then see a larger wave in late summer and fall for the holiday shopping season, according to the monthly Global Port Tracker report released July 12 by the […]
Health of US freight growth hinges on pace of inventory destocking
The state of U.S. freight growth in 2016 and beyond hangs on the fate of inventory that has been piling up for years and has proved difficult to draw down. There are signs that inventory destocking finally may be under way, after stockpiles peaked in 2015, as inventory carrying costs rise and consumer demand picks […]
Technology to Change Logistics Business, Says Report
U.S. business logistics costs rose at a slower rate last year as supply chain transparency continued to grow in importance, according to the the Council of Supply Chain Management Professionals’ Annual State of Logistics Report released June 21.