Global maritime trade rose 2.4% in 2023 to 12.3 billion tons. According to the Review of Maritime Transport 2024 released by the United Nations Trade and Development (UNCTAD), shipping volumes are forecasted to grow 2% in 2024, with annual increases averaging 2.4% expected through 2029. However, the report warned that high freight costs and geopolitical
The U.S. government is awarding US$3 billion in investments to strengthen the country’s port infrastructure, boost jobs, and reduce pollution at 55 ports across 27 states and territories. The US$3 billion investment will fund “… battery-electric and hydrogen-powered human-operated and human-maintained equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives,
Drewry reports that three million TEUs of new shipping capacity expected in 2025 will not ease the challenges shippers face as disruptions and rising costs are expected to keep freight rates high. Drewry analyzed scenarios with and without potential U.S. East Coast port strikes in January. In both cases, rates are expected to climb. Philip
Airlines are increasing capacity on Asia Pacific-North America routes as the disruptions from China’s Golden Week eases and preparations for the Christmas rush begin. The U.S. National Retail Federation (NRF) expects holiday spending to rise between 2.5% and 3.5% compared to last year, with e-commerce projected to grow between 8% and 9%, reaching $297.9 billion.
As dock workers announced a 24-hour strike starting Sunday, 27 October at 7 am, Montreal’s port faces another wave of disruption. The Maritime Employers Association (MEA) has warned that the strike’s impact will extend beyond the one-day stoppage. “We recall that the strike called on 30 September by the union paralyzed operations for three days
Tim Power, MD of Drewry Shipping Consultants, told delegates at the World Ports Conference in Hamburg that new regulations to decarbonize shipping could severely impact deep-sea shipping sectors. He cited a prediction by class society DNV that container shipping operating costs could double due to decarbonization costs. He suggested that in some cases, it could
The Port of Montreal has warned shippers that an overtime strike by union dockworkers at the Port of Montreal could shut down cargo operations across its four main international terminals. Canada’s Labor Minister, Steve MacKinnon, has proposed appointing a special mediator to restart negotiations and implementing a 90-day cooling-off period during which the longshore union,
According to Lars Jensen, CEO of Vespucci Maritime, the U.S. East and Gulf Coast port strike that took place in early October, will reduce capacity on certain trade routes and could disrupt cargo frontloading ahead of another potential work stoppage in January. Although the strike was brief, Jensen warned that its ripple effects will continue
According to the International Air Transport Association (IATA), global air cargo demand rose by 11.4% year-over-year (y/y) in August. Cargo capacity grew by 6.2% y/y, driven by a 10.9% rise in international belly capacity. Despite record capacity levels and lower fuel costs, yields rose by 11.7% y/y and is 46% above pre-pandemic levels. Willie Walsh,
U.S. East and Gulf Coast ports reopened Friday, October 4, after a three-day work stoppage. The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) agreed to extend the master contract until January 15, 2025, and will continue negotiating other unresolved matters. Port leaders said minimal disruptions are expected as they work through
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