Conditions in the truckload freight market weakened slightly in June but stayed positive, showing that core freight dynamics improved for trucking companies during the month, according to a report from transportation analysis firm FTR. That conclusion comes as FTR’s Trucking Conditions Index for June stayed in positive territory in June, although it weakened to 0.95 from May’s 2.24 reading. The report predicted a general improvement in market conditions for carriers, but Bloomington, Indiana-based FTR warned that its index could see both positive and negative readings in the coming months before turning consistently positive by the end of this year.
Canadian National in a service notice said its embargo of hazardous items originating from the U.S. began Monday, 10 days ahead of possible strike actions. It will begin additional embargoes Thursday of shipments originating in Canada and destined for points around Canada or to the U.S. and Mexico, according to the notice.
According to the latest Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, monthly inbound cargo volume at major US container ports is projected to reach “near-record” levels this month as retailers rush to import merchandise ahead of a potential strike at East Coast and Gulf Coast ports. The surge comes as contract negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance have stalled, with the current agreement set to expire on September 30. The ILA has threatened to strike if a new contract is not reached by then. The potential strike compounds existing supply chain challenges, including ongoing attacks on commercial vessels in the Red Sea, which have led to increased shipping times, costs, equipment shortages, and congestion in Asian ports.
The total damage and economic loss from Hurricane Debby in the United States is $28 billion, according to a preliminary estimate from forecasting firm AccuWeather. That calculation includes damage to property, job and wage losses, crops, infrastructure damage, interruption of the supply chain, auxiliary business losses and airport closures as well as flight delays. The estimate also accounts for the costs of evacuations, relocations, emergency management and the government expenses for and cleanup operations and the long-term effects on business logistics, transportation and tourism. In comparison, AccuWeather says that Hurricane Beryl brought $28-32 billion in total damage and economic loss in July. Last year Hurricane Idalia, which made landfall into the Big Bend of Florida, caused $18-20 billion in total damage and economic loss. Hurricane Ian, in 2022, caused $180-210 billion. Hurricane Florence, another prolific rainmaker for the Southeast and Middle Atlantic, caused $50-60 billion in damage in 2018.
That’s all for this week, and that’s a wrap for me. It’s been a privilege bringing you the logistics news for the last 10+ years. Enjoy the weekend and my final song of the week, Don’t You Forget About Me by the Simple Minds.
The post This Week in Logistics News (August 10 – 16) appeared first on Logistics Viewpoints.