After long wait, Air Canada gets relief package from government

A white Air Canada jet with blue tail taxis in front of large aircraft hangar.

The government of Canada on Monday agreed to a bailout package for Air Canada (TSX: AC), the nation’s largest airline, that includes a combination of low-interest loans and equity. The move comes one year after the U.S. came to the aid of domestic airlines facing a catastrophic loss of business because of the coronavirus pandemic and months of pleading from industry and labor for help to preserve the aviation sector.

The government will take a CA$500 million ($386.2 million) stake in Air Canada...

Rising jet fuel price puts extra pressure on airfreight sector

A gray Qatar Airways jet being refueled by a truck.

The rising price of jet fuel this year is further burdening companies with airfreight shipments and could reduce limited capacity if passenger airlines opt to scuttle cargo-only flights temporarily operated since the start of the pandemic, industry officials say.

The average price for jet fuel closed Friday at $66.90 per barrel or $1.59 per gallon, more than double the cost (70 cents a gallon) to refuel an aircraft 12 months ago and nearly as expensive as before the global crisis, according to...

Partial strike at Port of Montreal as union, employers dig in

A container ship docked at the Port of Montreal, where longshoremen are set to begin a partial strike.

Longshoremen at the Port of Montreal are set to begin a partial strike on Tuesday after their employers moved to suspend guaranteed minimum pay in response to an 11% plunge in cargo volumes.

The Canadian Union of Public Employees Local 375 stopped short of calling a full-blown strike at Canada’s second busiest port. Longshoremen won’t work overtime on weekdays or at all on the weekends, but will handle containers related to the pandemic and provide grain offloading services.  

The union’s move...

Container shipping is about to report blockbuster Q1 earnings

container shipping

Listed container-ship owners and operators won’t report final Q1 results for another month, but three early disclosures give a taste of what’s to come. The signals are flashing bright green.

Taiwan-listed Evergreen just posted record-breaking monthly operating revenues for March, while Oslo, Norway-listed MPC Containers revised its outlook upward and Hong Kong-listed COSCO Shipping announced preliminary results that dwarfed analysts expectations.

The first quarter is shaping up to be much better...

FreightWaves Flashback: Advance on the new Silk Road

FreightWaves Classics articles look at various aspects of the transportation industry’s history. If there are topics that you think would be of interest, please send them to [email protected]

The many industries that make up the world of freight have undergone tremendous change over the past several decades. Each week, FreightWaves explores the archives of American Shipper’s nearly 70-year-old collection of shipping and maritime publications to showcase interesting freight stories of...

Could container shipping rates stay this red-hot until 2022?

container rates

Container-shipping spot rates keep bouncing around at stratospheric heights — and show zero signs of sliding back to earth. On some trade lanes, they’re still ascending. Case in point: The formerly sleepy Europe-U.S. trans-Atlantic route just spiked.

With fallout from the Ever Given accident in the Suez Canal expected to cut container and vessel availability, the “when will this end?” chatter is starting to fixate less on the second half of 2021 and more on 2022.  

This is the season — in a...

DHL adds airfreight capacity to Asia-Pacific network

A bright mustard-yellow plane in the foreground, nose shot only, and a white cargo jet in the background at an airport.

DHL Express has added two large freighters to its fleet to bolster service between the Asia-Pacific and the U.S. and Europe, in response to “exponential” growth in shipment volume.

The parcel carrier said Friday the two Boeing 777 aircraft will be operated by Michigan-based Kalitta Air and AeroLogic, the joint venture cargo airline of DHL (DXE: DPW) and Lufthansa Cargo (DXE: LHA).

The combined flights will offer almost 2,350 additional tons of capacity every week (nearly three-quarters from...

Light at end of the tunnel for battered tanker trade?

tanker rates

OPEC+ shocked the market in early March by keeping production cuts in place. Definitely not what the tanker industry wanted to hear. In typical fashion, it was spun as good news for shipping: Spot-rate pressure would be even worse in the near term, but the pain would end quicker as oil inventories drew down faster.

OPEC+ surprised the market yet again in early April — this time by finally agreeing to increase production. This is what tanker owners had been hoping and expecting to hear four weeks...

Port of Long Beach smashes container records in March

A large magenta colored ship with containers sails into port on a sunny day.

A record number of ocean containers crossed the docks at the Port of Long Beach in March, further underscoring that there will be no slow season this year at U.S. ports. Earlier this week, the Port of Charleston reported record results for March. 

The Long Beach port authority on Thursday said its terminals handled 840,387 twenty-foot equivalent units last month, surpassing the previous high of 815,885 TEUs set in December. March is normally one of the slowest months for maritime trade, as...

Air cargo gone wild: 9% growth in February

A tractor pulls a cargo pallet.

The international air cargo market has been on fire since last summer and the blaze is getting bigger, new figures show. The only thing dampening growth is a lack of capacity related to the severe pullback in international passenger flights.

February air shipment volumes increased 9% compared to the same month in 2019, according to data released Wednesday by the International Air Transport Association. Demand for air transport is so strong that it has returned to elevated levels last seen before...

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