September 19, 2022
Download and read the latest on Operations and Carrier updates.
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At Crane Worldwide Logistics, we are equipped to navigate the changes to best support our clients. We will continue to monitor the situation globally to keep you informed.
To see our previous updates, please visit our COVID-19 Resource Center. Follow this link for the latest on Brexit.
All our facilities and warehouses are operational. We have space, and ground transportation options globally, book air charters and fill space on ocean carriers.
Ocean Freight | September updates
- Global container shipping turned a corner in the second quarter of 2022 according to the findings of the latest Quarterly Review of the market produced by MDS Transmodal and Global Shippers Forum (GSF).
- A tentative agreement has been reached between key unions and the National Carriers Conference Committee representing the U.S. railroads, avoiding a work stoppage that would have begun on September 16. The U.S. Class One railroad has been negotiating with the Railroad Labor Unions since January 2020. The U.S. operations of the Class I railroads are working to resume operations "immediately" now that a deal has been reached to avoid a strike by union members. If a nationwide rail strike had occurred, it would have been the first in more than 30 years at the cost of USD 2 billion in lost economic output every day.
- Schedule reliability keeps trending upwards. July's 2022 schedule reliability reached 40.5%, which is a 5% increase compared with July 2021.
- The average delay for LATE vessel arrivals has been dropping sharply for the past few months. In July 2022, the average delay dropped by 0.09% compared to June 2022. Moreover, this is the second time since April 2019 that the average delay has improved Y/Y, dropping 0.71% compared to July 2021.
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Road Freight | September updates
- Last week during meetings with a large consumer products client, we discussed TL, LTL, and intermodal "Current State." This shipper completed its reefer bid in 1Q and saw high-single-digit rate increases yearly. However, it recently completed its dry van TL and intermodal bid and locked in single-digit rate reductions year over year. While this shipper has seen capacity materially loosen over the summer, and his dry van rates were bid below the market, he doesn't plan to renegotiate his primary reefer bid before it expires early next year.
- An industry analyst interviewed a large 3PL, and the following are the highlights from that discussion. This 3PL recently completed a bi-annual bid, and rates dropped over 10% from a bid earlier in the year and almost 20% year over year. This bid seems more like an outlier, with other bids seeing more rate stability.
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Air Freight | September updates
- Seasonally adjusted cargo tonne-kilometers (CTKs) faltered in July with a 2.3% contraction compared with June, which was flat from May. Compared with a year ago, July CTKs were 9.7% lower, a weakening from the 6.7% decline in June. Available cargo tonne-kilometers (ACTKs) increased by 3.6% year-on-year (YoY), putting downward pressure on load factors in July.
- Latin America was the only region showing a YoY increase in air cargo traffic in July, of 9.2% YoY. After two consecutive solid monthly increases for Asia Pacific CTKs, they fell by 9.0% YoY in July. However, pent-up demand generated during the latest Omicron-related lockdowns should prevent notable volume declines, at least in the near term.
- IATA Jet Fuel Price Monitor shows the jet fuel price for the week ending September 9th was up 73.4% compared with a year ago at $139.5/bbl. The jet fuel price average for 2022 (year to date) is $143.0/bbl. The impact of jet fuel price developments on 2022’s industry total fuel bill is $133.3bn.
- The largest decreases in jet fuel prices were seen in Asia & Oceania at -3.2% and Middle East & Africa at -3.0%.
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Commercial Air Operations Update
IATA released an information page listing airlines' status globally, free for all to access. Visit the IATA page here.
Charter Operations and Aircraft Availability
What charters do Crane Worldwide Logistics have available?
- Capacity is available for charters globally. Contact us for current rates and availability.
- If you have an opportunity, send us the details, and we can work on the current part charter capacity and pricing. Charter prices are based on current availability, and that could change rapidly. So, size and rates have been fluctuating over the past few days.
- Crane Worldwide Logistics must have a signed charter authorization from our client before signing the charter contract with the provider. Make sure you have someone standing by to sign agreements; capacity and rates change quickly.
- On all charters, funds must be received before they wheel up.