The European Union’s ban on Russian fuel imports is likely to actually increase the world’s need for oil tankers, according to vessel owner Torm A/S.

The ocean freight industry is greatly in need of a way to automate and digitize the contracting process — and so is every other stage of the supply chain, says Matt Marshall, senior vice president with NYSHEX.

Consumer-electronics retailer Best Buy added to the mounting signs of ample capacity and receding freight rates, with a note that transportation markets are “stabilizing and moderating” heading into the fall peak season.

The trucking industry is still far from solving some of its deepest challenges since the pandemic, such as the shortage of intermodal chassis in circulation. 

Average container prices halved from August 2021; leasing rates declined by 17% from June to July this year. Further, China to Canada one-way leasing rates decline at the highest rate by 49 per cent as compared to China to any other country.

Europe’s energy crisis is unleashing a global battle over liquefied natural-gas (LNG) tankers, with rates to charter the specialized ships jumping to record highs.

On this episode, we learn how carriers can improve their service record through the use of data analytics and an unprecedented level of visibility. The answer lies in the application of artificial intelligence and machine learning.

July saw another “outstanding” month for cargo volumes at the Port of Los Angeles and wait times were down, said port executive director Gene Seroka, while noting that exports had continued to decline for three years.  

China is resuming its military drills in the region following the surprise arrival of a new delegation of U.S. lawmakers, apparently aimed at demonstrating Beijing’s ability to mount a blockade of Taiwan.

A key measure of wholesale costs shows U.S. suppliers raised prices in July at the slowest annual pace since last fall, adding to signs that the rapid growth in production expenses that has helped fuel consumer inflation is easing.