📦 Early Freight Orders for Peak Season Show Modest Uptick - Results from CNBC Supply Chain SurveyRead post
- CNBC's recent Supply Chain Survey indicates a slight increase in early freight orders for the upcoming peak season. The survey involved contributions from multiple organizations, including the National Retail Federation, American Apparel and Footwear Association, C.H. Robinson, OL USA, and Uber Freight.
- According to the results, no drastic increase in consumer spending is expected. Trade is seen as a fluid component that can be effectively managed with proper planning, and good logistics managers are expected to have their plans and backup strategies ready for execution.
- Personal opinions varied within the logistics industry, with some expecting consumer hesitation due to uncertainty, while others predict a traditional, heavy-volume retail peak season, especially on the West Coast. The role of intermodal transportation also seems promising due to its cost-efficiency and sustainability.
🚛 Midwestern Trucking Company's Pivotal Role in Taylor Swift’s Tour TransportationRead post
- CFI, a mid-sized trucking company in Joplin, Missouri, was hired to transport equipment for Taylor Swift’s Eras Tour to Mexico City, indicating the significant role logistics plays in global events.
- The trucking company, a subsidiary of Heartland Express, was selected due to its specialization in cross-border freight and partnerships with C-TPAT carriers. C-TPAT certification improves security measures, making border crossings more efficient.
- The operation required immense coordination and teamwork, with 51 trucks and drivers, security personnel, and a team of dispatchers, planners, operation managers, and directors involved in the task.
🚀 PDR Expands Logistics Expertise in North Texas with a New Facility - dallasinnovates.comRead post
- Logistics and warehousing services provider, Packaging Distribution Resources (PDR), is opening a new 56,000-square-foot facility in Dallas-Fort Worth.
- This marks a milestone for the New Jersey-based company as it celebrates its 20th anniversary and expands its nationwide presence. After the expansion, PDR's total facilities will cover more than 600,000 square feet across the U.S.
- The company focuses on supporting Consumer Packaged Goods (CPG) companies across retail, direct marketing, and e-commerce, serving various industries such as nutritional supplements, beauty and personal care, home goods, and more.
📈 Ocean Container Rates Surge by 30% Within Two WeeksRead post
- Spot ocean container rates rose by 11% this week to $3,511 per 40-foot container, according to Drewry's analysis. This comes after last week's 16% average increase.
- Rates are currently 147% higher than the pre-pandemic 2019 average. All trade routes witnessed rate growth, with significant increases from Shanghai to Los Angeles and Shanghai to New York.
- Global freight intelligence platform Xeneta attributed this rising trend to increased demand and pressure on shipping capacity due to the situation in the Red Sea, along with the residual effects of the pandemic-induced port congestion and limited capacity.
🚄 Intermodal rail and private fleets absorbing US freight growth, according to Cass reportRead post
- The report suggests that US freight growth is being absorbed by intermodal rail and private fleets.
- The overall demand for freight transportation continues to grow, driving rate increases across all modes due to capacity constraints.
- This highlights the importance of diversification in freight transportation strategies, indicating the benefits of leveraging multiple modes to manage costs and ensure on-time delivery.
⚖ MUR Shipping BV Vs RTI Ltd: UK's Supreme Court Upholds AppealRead post
- UK's Supreme Court has ruled in favor of MUR Shipping in its dispute with RTI Ltd, stating that 'reasonable endeavours' provisions in force majeure clauses do not obligate parties to accept noncontractual performance.
- The court dispute centered around a force majeure notice issued by MUR after the US OFAC added majority owners of RTI to its sanctions list. This lead to RTI being unable to pay in US dollars as per their contract, thereby triggering the notice. RTI proposed payment in euros instead.
- The Supreme Court disagreed with the Court of Appeal's judgement that MUR should accept noncontractual performance (payment in euros), stating it violated contractual freedom and added unnecessary legal and factual uncertainty.
📈 Sony Group and The Container Store Rise: Market Update 5/14/2024Read post
- Sony Group and The Container Store reported substantial price changes. Sony Corp., The electronics and media company, registered a surge in profit during its last quarter.
- The Container Store Group, the storage products retailer, beat analysts' fourth-quarter earnings forecasts.
- Alibaba Group Holding and Smart Sand Inc. had a downturn, the online retailer's and sand supply and services company's first-quarter earnings fell short of Wall Street forecasts respectively.
🔄 Big Y's Leadership Change Impacts Distribution and Logistics Read post
- Big Y Foods has announced a change in its executive team, with Stephen M. Creed, the vice president of distribution and logistics retiring, and Eric A. Swensen taking over the role.
- Creed transformed Big Y’s distribution division with improvements such as a new warehouse management system, improved communications, and establishing strategic partnerships for efficient and timely fresh foods delivery.
- Swensen, who has 39 years of industry experience, is tasked with the mission of innovation and future growth of Big Y’s self-distribution, with a focus on fresh and local products.
🏭 Suffolk logistics facility purchased for $50.5MRead post
- Ashley Capital, a New York-based industrial real estate company, sold a logistics facility in Suffolk, Virginia to InLight Real Estate Partners for $50.5M.
- Currently, the 707,000-square-foot Bridgeway Business Center is fully leased with five tenants, including Newport News-based Huntington Ingalls Industries, United Parcel Service, Georgia-based Coastal Logistics Group, the Virginia Department of General Services, and Louisiana-based Dupré Logistics.
- InLight, an investment and development firm that focuses on industrial and logistics real estate, plans to make improvements to the business center.