Rates Remain Elevated Ahead of Contract Season

Crew abandons ship after Red Sea missile attack, despite US fight-back
The crew abandoned ship after a missile attack on general cargo vessel Rubymar last night, some 35 miles from the Yemen coast, despite US naval strikes over the weekend which were claimed to have reduced Houthi capabilities.
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India renews open sky policy for foreign air cargo carriers
In a significant move, India has liberalised its aviation policy to permit foreign cargo airlines to operate out of all its international airports – a mandate lasting three years.
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West Coast leads latest surge in US container imports
The start of 2024 is bringing with it significant growth in volumes at top U.S. ports. January witnessed a 9.2% year-over-year increase in inbound containers. This rise represents the latest reading in four consecutive months of growth, a beacon of positive momentum after a challenging period dominated by the post-pandemic downturn.
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Praying for rain as record lows loom for Panama Canal and Amazon
Water levels in the Gatun Lake – the man-made reservoir which dictates the navigability of the Panama Canal – are again sinking below the 80ft (24.3 metre) threshold and looking set to pass the record low levels seen last year.
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The Inland Empire’s once-unstoppable warehousing industry falls into a slump
For years the growth of warehousing in the Inland Empire was relentless. At the confluence of port-bound freeways and rail spurs along the eastern edge of Los Angeles’ sprawl, box-like fulfillment centers popped up in business parks by the millions of square feet. They were an economic engine, a bringer of jobs, a shortener of commutes, and a workhorse during the pandemic.
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Rise of fast-fashion Shein, Temu roils global air cargo industry
NEW YORK/SHANGHAI, Feb 21 (Reuters) – The rapid rise of fast-fashion e-commerce retailers such as Shein and Temu is upending the global air cargo industry, as they increasingly vie for limited air-cargo space to woo consumers with rapid transit times, more than ten industry sources said.
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Asia gateways scramble as Gemini alliance plans big shift to feeder port network
Gemini Cooperation, the Maersk/Hapag-Lloyd alliance due to launch next February, is set to downgrade some of the carriers’ current key cargo gateways in Asia to feeder ports under its proposed “hub-and-spoke” network linking Asia with Europe, the Mediterranean and North America.
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Panama Canal revenues up 14.9% in 2023 despite transit restrictions
In 2023 the Panama Canal’s revenues increased by 14.9% to $4.97 billion despite handling less cargo due to draught and transits restrictions caused by drought.
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FMC rules for truckers in chassis dispute with ocean carriers
The US Federal Maritime Commission (FMC) has ordered ocean carriers to stop mandating that cargo owners and their truckers use specific chassis on merchant haulage business, a decision that could shake up how containers are transported in the US.
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Air Force runs trials with autonomous cargo planes
Autonomous electric cargo plane builder Pyka this week delivered the first unit in a fleet of three Pyka Pelican Cargo aircraft on lease to AFWERX, the innovation arm of the Department of Air Force (DAF) and a directorate within the Air Force Research Laboratory.
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