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April 3, 2023

Supply Chain Snapshots - News of the Week (April 3, 2023)

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Monday, April 3, 2023

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1. Cargo Theft, Led by Food and Beverage, Is Surging Across the U.S.

(Read more on CNBC)

Food and beverage cargo theft incidents have spiked, seeing a 50% year over year increase through February, with an average loss of $214,000. Major inland cities with high population density and robust rail infrastructure like Chicago, Memphis, and Houston as well as more common port locations like Los Angeles/Long Beach are seeing increased rates of cargo theft.

2. MSC Joins Carriers Ending Demurrage Billing When US Terminals Are Closed

(Read more on Journal of Commerce)

MSC has joined HMM and Maersk in announcing that they will cease charging demurrage fees for any day a U.S. terminal is closed (OOCL already refrained from such charges). The recent announcements come as the U.S. Federal Maritime Commission is finalizing their rulemaking processes around detention and demurrage fees charged to consignees and their drayage representatives.

3. Investors With ONE Complete Acquisition of Seaspan’s Parent Atlas Corp

(Read more on The Maritime Executive)

Atlas Corp., the parent company of Seaspan—the largest independent containership lessor by capacity—has been acquired by a consortium of investors led by current board chairman David Sokol and Canadian investment group Fairfax Financial Holdings, Ltd. According to a statement from management, taking the company private will allow them to focus on their fleet expansion and long-term business strategy without needing to maintain a strict focus on quarterly earnings.

4. European Shippers Sign Up for Waterborne Biofuel Initiative

(Read more on Journal of Commerce)

Seventeen European shippers, led by Dutch multimodal operator Samskip, have signed on to the “Switch to Zero” campaign by the Port of Rotterdam Authority and GoodShipping. The Renewable Energy Directive (RED II) mandates that 32% of all energy usage in the EU, including at least 14% of all energy in road and rail transport fuels, must come from renewable sources such as biofuels. Flexport also partners with GoodShipping to enable our customers to work toward carbon neutrality via the Impact Dashboard, part of the Flexport platform.

5. A key inflation gauge tracked by the Fed slowed in February

(Read more on AP)

The Consumer Price Index rose 0.3% in February, which is less than expected. Core inflation, which strips out food and energy prices, decreased to 5.5% from 5.6%, the lowest since late 2021. This is encouraging news for policymakers, as it indicates that inflation may be stabilizing after a period of rapid growth. According to Flexport’s Chief Economist Phil Levy, “You look at this report and think, we’ve got to keep applying the brakes.”

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