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📈 BY THE NUMBERS: Important numbers impacting freight and logistics
⛽ Diesel: $4.604 / gal (⬆️ from $4.524 last week) – Source: EIA
✈️ Air Cargo Index: 199.9 (⬆️ from 192.4 in November ‘22) – Source: FRED
🚢 Global Container Index: $2,178 (⬇️ from $2,238 last week) – Source: Freightos
🌍🌎🌏TOP NEWS HEADLINES
🥳Charleston sets new cargo record in 2022 // records across the board
The largest cargo terminal in South Carolina, the Port of Charleston, reports that it processed 2.8 million TEUs in 2022. This is a record volume, placing Charleston among other East and Gulf coast ports that also reported record cargo volumes in 2022. The South Carolina Ports Authority reports that last year’s volume marked an increase of 1.5 percent over the previous volumes in 2021. SC Ports, in total, moved more than 1.5 million pier containers in 2022 – a 1% increase from 2021.
SO WHAT: This confirms that cargo volumes continue to shift away from the typical meccas of cargo in the U.S. found in California and New York. The increased volumes across the country also indicates that forwarding volumes are increasing by regions.
Read SC Ports Authority’s statement
The Georgia Ports Authority also reported record volumes at the Port of Savannah. Port of Savannah processed 5.9 million TEUs in 2022 for an increase of 5 percent from 2021. Port Houston similarly announced that 2022 was a record with a total of 3.9 million TEUs handled.
Georgia Ports Authority statement // Port Houston statement
🚛 Uber Freight cuts 150 jobs – 3 percent of its workforce
Uber Freight announced that it is cutting 3 percent of its workforce which translates to about 150 jobs at the business unit. The layoffs affect the division’s digital brokerage team. Uber launched the freight unit in 2017 with the belief that trucking companies could benefit from the company’s ride-hailing scheme. The unit has booked $1.8 billion in revenue in Q3 2022 alone. That is 336 percent year over year. The Uber Freight layoffs are noteworthy given the high volume of cargo.
🛤️ JB Hunt Intremodal expects rail rebound in 2023
Intermodal rail giant JB Hunt expects a rebound in 2023, despite headwinds shippers face as they remain wary on rail service. Despite a set of adversities posed by months of unreliable rail service and a decrease in customer demand, JB Hunt aims to expand the intermodal segment in partnership with BNSF during the Q4 of the year, with a 1 percent reduction year-over-year.
🌐International Chamber of Shipping releases diversity toolkit
The International Chamber of Shipping (ICS) recently announced that it has published its toolkit to promote diversity and inclusion in the maritime industry. Guy Platten, secretary general of the International Chamber of Shipping, notes that effective implementation of diversity and inclusion policies “can help shipping companies to recruit from a larger pool of people, retain skilled staff for longer and motivate them more effectively…and.. improve relationships with customers.” The intent of the ICS D&I toolkit is to provide resources to bridge the gap between global cultures.
⚠️Other stories we’re reading…⚠️
- “US-China Trade Is Close to a Record, Defying Talk of Decoupling” – Bloomberg
- “Shipping Calls on EU for FuelEU Incentives and Consistency” – Maritime Executive
- “How much should interest rates keep rising? Feds disagree” – Marketplace.org
- “Foreign Shipping Lines To Put A Full Stop To Pakistan Services” – Marine Insight
- “Mærsk & MSC end alliance…” – Financial Times
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The current edition of our newsletter was written by Michael M., Freight Forwarding Weekly’s chief news analyst. Do you have a tip or do you want us to cover something?