Shippers oppose new act that would prevent lines from entering VSAs. Shipping lines and shippers are opposing the US Ocean Shipping Antitrust Enforcement Act (OSAEA) which they say will hit efficiency and increase costs, according to The Loadstar. OSAEA will prevent US lines from entering into vessel-sharing agreements (VSAs) and also seeks to repeal anti-trust exemptions for carriers. The Loadstar reports that the bill’s progress through Congress is only just beginning and there is a long way to go before it potentially passes.
World Bank predicts slowdown in trade growth. Trade growth is projected to slow over the next decade as a result of reductions in global economic growth, according to the World Bank. Trade growth through 2030 is expected to slow by 0.4 percentage points per year (relative to the previous decade), according to Maritime Executive. Rising interest rates, the ongoing invasion of Ukraine, and the COVID 19 pandemic have all contributed to slowing global economic growth.
Georgia Ports Authority invests in hybrid cranes to reduce costs and emissions. The Georgia Ports Authority (GPA) announced an investment of $170 million to acquire 55 state-of-the-art hybrid rubber-tired gantry cranes (RTGs) for the Port of Savannah’s Ocean Terminal. gCaptain reports that the investment will transform the terminal into a “cutting-edge all-container facility, enhancing its capacity to manage increased ship and cargo traffic while significantly reducing its environmental impact.” The hybrid cranes will operate primarily on electric battery power, utilizing diesel generators only to recharge their batteries, and will reduce fuel consumption by 47% – leading to over $1.6 million in fuel cost savings per year and 500,000 gallons of diesel annually across the Ocean Terminal fleet.
FMCSA denies TIA rate transparency rulemaking petition. A rulemaking petition by the Transportation Intermediaries Association (TIA) that aimed to remove a requirement that freight brokers disclose to carriers transaction records between brokers and shippers was denied by the Federal Motor Carrier Safety Administration last week. The denial was issued just one day after the FMCSA agreed to “initiate a formal rulemaking by two groups representing small-business truckers – the Owner-Operator Independent Drivers Association and the Small Business in Transportation Coalition (SBTC) – requesting that brokers be prohibited from denying carriers the ability to access such records,” according to FreightWaves. “After careful consideration, FMCSA has determined that TIA’s petition does not contain adequate justification to initiate rulemaking,” the agency said.
Railroads under scrutiny following derailments. Following a string of derailments and other issues, the railroad industry has found itself under political and regulatory scrutiny. This article from Bloomberg offers key readings and rundowns on rail industry happenings, as well as other freight sectors. Something to ease your mind about the derailments: studies show that in the U.S., derailments normally occur about 1,000 times per year, which is half the rate compared to 20 years ago.
Delta Cargo unveils cooling facility at JFK International Airport. This week, Delta Cargo unveiled its largest cooling facility at John F. Kennedy International Airport in New York. The facility will support cargo that requires temperature-sensitive handling and will serve as the main cold chain facility for pharmaceutical and healthcare products at the airport, as well as enable cargo shipping of perishable produce and fresh goods.
Transpacific airfreight rates rose in March. Transpacific airfreight rates increased in March, with the latest statistics from the Baltic Exchange Airfreight Index (BAI) showing that prices from Hong Kong to North America in March increased by 9% compared with February to $5.38 per kg. According to Aircargo News, Prices from China to the U.S. were also up by 7.8%.
Port of Antwerp launches world’s first hydrogen dual fuel straddle carrier. The Port of Antwerp-Bruges in Belgium is touting the world’s first hydrogen dual-fuel straddle carrier. The machine uses an engine developed by Compagnie Maritime Belge (CMB)’s clean technology division CMB.TECH and runs on a mix of hydrogen and diesel fuel. The dual-fuel technology will replace 70% of diesel consumption with hydrogen, with the eventual goal of 100% hydrogen injection, according to Splash247.
Gulf oil auction receives offer of $264 million. An auction for drilling rights in the Gulf of Mexico drew interest from oil industry giants who offered a combined $264 million for the rights. The auction, mandated by last year’s climate bill compromise, was the first in the Gulf in more than a year. A government analysis suggests that developing the leases for sale in public waters in the Gulf of Mexico could produce more than 1 billion barrels of oil and more than 4 trillion cubic feet of natural gas over 50 years.