Kuehne+Nagel operating profit cut 50% in 2023

Global logistics powerhouse Kuehne+Nagel suffered substantial revenue and profit erosion in 2023, including the final quarter, as excess air and ocean capacity combined with a post-COVID slow down in trade lowered rate levels, hurting bottom lines across the freight transportation sector.

Executives said they are seeing some stabilization in demand , but don’t expect a huge improvement this year. 

In conjunction with Friday’s quarterly results, Kuehne+Nagel announced an agreement to acquire City...

https://www.freightwaves.com/news/kuehnenagel-operating-profit-cut-50-in-2023

Red sea disruptions among critical supply chain risks in 2024

By Glenn Riggs, Chief Strategy Officer of Odyssey Logistics

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

The continued fragility of the post-pandemic supply chain has been brought into high relief by recent disruptions. Perhaps most prominent in the public imagination: Houthi attacks on merchant ships in the Red Sea have led to the diversion of over $80 billion in cargo, leading to massive logistics efforts...

https://www.freightwaves.com/news/red-sea-disruptions-among-critical-supply-chain-risks-in-2024

Restocking boosts January US port activity

The past few years have brought plenty of questions as to whether the COVID-19 pandemic changed supply chains permanently or, once constraints eased, if supply chains would return to pre-pandemic patterns. Those answers are starting to reveal themselves as the ports release January figures.

The biggest East Coast port, the Port of New York and New Jersey, retained its place as the second-busiest port in the country in terms of loaded imports, only surpassed by the Port of Los Angeles.

On...

https://www.freightwaves.com/news/restocking-boosts-january-us-port-activity

Texas, Louisiana ports’ January cargo volumes a mixed bag

Cargo flow was up at ports in Houston and New Orleans, but freight movements slowed slightly in Corpus Christi, Texas, due to lower exports of oil and petroleum in January. 

Port Houston container shipments up 4% in January

Container movements started off the year on high note at Port Houston, with the port handling 332,961 twenty-foot equivalent units in January, a 4% year-over-year (y/y) increase compared to 2023.

Officials said total container imports exceeded any January on record at the...

https://www.freightwaves.com/news/texas-louisiana-ports-january-cargo-volumes-a-mixed-bag

Amazon’s return of leased cargo jets hurts ATSG profit

Less leasing demand for freighter aircraft significantly contributed to a 12% reduction in adjusted core operating profit at Air Transport Services Group during 2023, including a 20% decline in the fourth quarter, and to management’s decision to further slash the budget for investment in new equipment. 

Lower revenue and higher costs for ATSG’s transportation segment, especially passenger airline Omni International, also weighed on earnings.

The cargo-oriented aviation company gave a sober...

https://www.freightwaves.com/news/amazons-return-of-leased-cargo-jets-hurts-atsg-profit

CBNC supply chain reporter, daughter pen book on family histories of slaves

A new book published in February and co-written by global supply chain reporter and author Lori Ann LaRocco and her daughter Abby Wallace traces the ancestry of four enslaved Black families and their stories and experiences.

“Embracing Your Past to Empower Your Future” was inspired by a trip the authors took to Mount Vernon, the home of George Washington; Monticello, the home of Thomas Jefferson; and Montpelier, the home of James Madison.

While at Monticello, the mother and daughter learned about...

https://www.freightwaves.com/news/cbnc-supply-chain-reporter-daughter-pen-book-on-family-histories-of-slaves

Freightos loses $19M, eyes profit breakthrough in late 2026

Freightos, a neutral sales platform for international air and ocean shipments, expects to make its first profit in the fourth quarter of 2026, company leadership said Monday after posting an adjusted loss of $19 million for 2023.

The results follow losses of $14.6 million and $12.4 million in 2022 and 2021, respectively. In July, Freightos laid off 13% of its staff, or about 50 people, and implemented other cost controls.

Jerusalem-based Freightos estimated it will narrow losses to about $14.5...

https://www.freightwaves.com/news/freightos-loses-19m-eyes-profit-breakthrough-in-late-2026

OpenTug raises $3.1M to grow marine operator network

Marine logistics software provider OpenTug announced Friday it has raised $3.1 million in a seed round led by Entrada Ventures with participation by SpringTime Ventures and Stout Street Capital to enhance its technology, expand its sales initiatives and grow its network of United States marine operators.

Since its founding in 2019, the company has raised $3.15 million, including an initial seed round led by SeaChange Fund in 2023. Its most recent round has valued the company at $10.1 million,...

https://www.freightwaves.com/news/opentug-raises-3-1m-to-grow-marine-operator-network

Is Wall Street warming back up to containership line Zim?

For nearly two years, capital markets have punished Zim, the Israeli containership line whose fleet is the 10th-largest on the ocean. Zim’s model, which involves operating a subscale, highly chartered fleet of smaller vessels almost wholly exposed to the spot market, took a beating when collapsing spot rates collided with its high COVID-era lease expenses. The stock peaked at $84.50 per share on March 18, 2022, and took a series of nosedives before finally bottoming at $6.59 on Nov. 28, 2023.

Bu...

https://www.freightwaves.com/news/is-wall-street-warming-back-up-to-containership-line-zim

25% more containers out of LA/Long Beach ports possible: ITS Logistics

U.S. consumers are not as eager right now to open their wallets to purchase a lot, but that does not mean anticipated lower volumes cannot create any logistical hiccups. They still can.

Shippers are taking advantage of the longer transit around the Cape of Good Hope and the wait at the Panama Canal due to water restrictions. They don’t need the products, and they are more than happy to have their containers on the water and not racking up warehouse bills.

But while this present strategy is good,...

https://www.freightwaves.com/news/25-more-containers-out-of-la-long-beach-ports-possible-its-logistics

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