China’s devaluation of the yuan may not kick off a currency war around the world, but it’s already triggered similar moves in Asia, and that’s potentially great news for U.S. retailers, the dominant importers of U.S. containerized products such as apparel, footwear and furniture.
China Southern Airlines reported a stunning first half with cargo volume rising 10 percent overall and belly hold freight growing 27.6 percent compared to the first half of last year.
Trading in shares of the Hong Kong and Shanghai-listed subsidiaries of China’s two largest shipping lines, Cosco and China Shipping, will remain suspended for another week closed-door talks on what is believed to be merger discussions continue.
Strong passenger demand among airlines is working against air cargo as it drives up capacity that cargo divisions are unable to fill in a weak air freight environment and creates strong downward pressure on rates.
The South American container port of Santos notched up a treble dose of good news this week, announcing construction on a new access roads, an outer ring road and emergency dredging that will ease delays and free up the flow of containers in and out of the busy port.
South Florida ports are readying themselves for gale force winds and a downpour of rain as Tropical Storm Erika prepares to make landfall in the Sunshine State this Monday.
Demand for transportation and warehouse workers remained strong in June, as the economy grew faster than expected. U.S. data show employers kept more of the workers they hired as well.
Hutchison Ports Australia and the Maritime Union of Australia agreed Friday to return to the negotiating table, preventing a looming court action and paving the way to an end of a bitter fight over layoffs at Hutchinson’s Brisbane and Sydney terminals.
The California Trucking Association tied its support of truck appointments at Los Angeles-Long Beach container terminals to creation of port-wide metrics to gauge the appointments’ effectiveness.
Weak Asian demand pulled down cargo traffic at Amsterdam Airport Schiphol in the first six months of the year, another sign of how China’s slowing economy is curbing shipments of high-value products such as electronics and auto parts.
A senior transportation official in Tianjin, China was found dead Wednesday after falling from his office.
The return of company founder C.L. Werner as chairman and CEO will help the fifth-largest U.S. truckload carrier map a long-term route, as president and COO Derek Leathers is groomed for a bigger role.
When China devalued its currency in mid-August after a 10-year run-up against the dollar, the People’s Bank of China described the move as a natural step toward the creation of a market dominated Chinese exchange rate. No one in the market — not importers, exporters, manufacturers, investors or analysts — bought the message. Global stocks and commodity markets sold off at an astonishing rate, triggered by fears that China could launch a prolonged currency war that would boost its own exports at the expense of those it buys from, including the U.S.