Monthly Archives for July 2023

Western Canada port operations normal as next union contract vote looms Negotiators for ILWU Canada and waterfront employers reached a second tentative contract agreement late Sunday after the union’s membership rejected an initial deal that had been struck last week. Western Canada port operations normal as next union contract vote looms Journal of Commerce

TForce Freight employees ratify five-year contract with Teamsters US shippers gained some security in the LTL market as Teamsters at TForce approved a new contract with the LTL carrier. TForce Freight employees ratify five-year contract with Teamsters Journal of Commerce

Yellow’s collapse already pushing LTL rates higher as capacity tightens The third-largest less-than-truckload provider in the US stopped operations Sunday, cutting into industrywide excess capacity and increasing pressure on pricing for LTL shipments.  Yellow’s collapse already pushing LTL rates higher as capacity tightens Journal of Commerce

ONE reports sharp drop in fiscal Q1 profitability as rates, demand fall The financial results of the Singapore-based carrier reflect a return to a more normal container shipping market, albeit one characterized by weak demand from inflation-hit destination markets. ONE reports sharp drop in fiscal Q1 profitability as rates, demand fall Journal of Commerce

ILWU Canada’s contract rejection thrusts BC ports in limbo The membership of the International Longshore Warehouse Union Canada has rejected a four-year contract at the ports of Vancouver and Prince Rupert, which employers say would have included a 19.2%. compounded wage increase. ILWU Canada’s contract rejection thrusts BC ports in limbo Journal of Commerce

Court denies SC Ports appeal of Leatherman ruling The latest decision upheld an initial ruling by the National Labor Relations Board that allowed the International Longshoremen’s Association to sue ocean carriers that called Charleston’s Leatherman terminal. Court denies SC Ports appeal of Leatherman ruling Journal of Commerce

Non-union layoffs edge Yellow closer to collapse Word of layoffs among non-union staff at Yellow spread Friday, and shippers report less-than-truckload (LTL) pricing is already moving higher in anticipation of a shutdown of the third-largest US LTL carrier. Non-union layoffs edge Yellow closer to collapse Journal of Commerce

CMA CGM reports .3 billion Q2 profit despite flat volume “Normalizing” container shipping market conditions slashed more than $6 billion from CMA CGM’s quarterly earnings compared with an overheated 2022, but the carrier remains in a healthy financial position. CMA CGM reports .3 billion Q2 profit despite flat volume Journal of Commerce

‘Normalizing’ market slashes billion off CMA CGM earnings in Q2 Despite deteriorating market conditions in the container shipping industry having a significant negative impact on its profitability, CMA CGM remains in a healthy financial position. ‘Normalizing’ market slashes billion off CMA CGM earnings in Q2 Journal of Commerce

Long-term chartered air freight capacity depressing market: DSV Forwarders in 2021 signed long-term air cargo charters to meet rising demand for air freight resulting from an overheated ocean market, and some of those charter deals are still in place despite a widespread demand slowdown. Long-term chartered air freight capacity depressing market: DSV Journal of Commerce