Radiant's Freight Market Update

This week: Russian missile strikes damage two ships in Ukraine’s Odesa port; An innovative breakthrough for powering reefer trucks; Critical need for Beirut airport and port to remain open.

Current Critical Industry Trends

Russian missile strikes damage two ships in Ukraine’s Odesa port. The attack has left two vessels severely damaged, resulting in one fatality and eight injuries. Marking the fourth vessel being damaged in Ukrainian port within nine days, the maritime operators are urged to strengthen their emergency protocol and ensure crew safety.

Ocean

Container spot rates ex-Asia continued to fall this week. Suspected rate hikes related to the ILA port strike were suspended before going into effect. Additionally, carriers are increasing blank sailings to prevent further congestion at US East coast ports.

Ports

Halifax thrives amid US East Coast Port strike. The recent ILA strike along the US East and Gulf coasts resulted in a noticeable surge in vessel traffic in Halifax, with 25 ships docking compared to 14 the previous week. Major Shipping carriers rerouted vessels to Canadian port to minimize delays.

Keelung Port’s Pier 20 crane collapsed on Monday, October 14. Video footage shows the crane falling to the ground and crushing multiple cargo containers. Thankfully, no injuries have been reported.

Trucking

An innovative breakthrough for powering reefer trucks combines lightweight thermal panels with solar panels installed on refrigerated trailers. This technology enables temperature-controlled shipments to move with minimal emissions.

Rail

CSX rail workers have won a settlement after being fired for raising safety concerns. Two employees were removed from their jobs, and ultimately, the whistleblowers were let go. The courts have been involved with similar cases against the railroad over the past few years.

Air

Groundbreaking move for Air Incheon as it obtains full membership in IATA, becoming the first cargo airline in the Republic of Korea to earn this certification. This milestone marks another step forward for Air Incheon as it aims to solidify its position in the global air cargo market.

Air Canada Pilots seal new agreement. Over 5,200 pilots have accepted a new four-year collective agreement, keeping them as highest paid pilots in Canada and improving work life balance. The agreement also allows Air Canada to expand & grow.

International

Critical need for Beirut airport and port to remain open. Residents and neighboring counties rely on these terminals for the import of essential goods like food and fuel. Local supply chains have been considerably impacted by ongoing attacks against the country.

Technology

The Coral Patula, a Dutch ethylene carrier, has made its debut as the first gas carrier equipped with wind technology. Featuring two VentoFoils on its deck, this vessel is expected to achieve fuel savings in the range of 5–10% per ship. A significant step towards achieving their net-zero emissions target.

Other

The FDA is offering Drug Supply Chain Security Act deadline extensions to drug manufacturers and distributors to prevent supply chain disruptions. The initiative aims to ensure that patients do not experience delays in receiving their medications. The current deadline is November 27, 2024.

Greece is heading to Antarctica for the first time ever. The research-focused expedition is a joint study with Bulgaria. Plans are in place to build a weather station in Antarctica, potentially next year.

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The Radiant Network's supply chain and logistics updates provide valuable insights on freight trends, customs regulations, global news, economics, tech, and more. The Radiant Network includes the brands Radiant World Trade Services, Radiant Global Logistics, Radiant Canada, Radiant Road & Rail, Adcom, Airgroup, SBA, and Distribution By Air.

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Radiant World Trade Services is a part of Radiant Logistics, Inc. (NYSE American: RLGT), a publicly traded third-party logistics company that provides technology-enabled global transportation and value-added logistics solutions to a diverse account base. They offer comprehensive services including freight forwarding, truck and rail brokerage, warehouse and distribution, customs brokerage, order fulfillment, inventory management, and technology services. Radiant has an extensive network of offices throughout North America and other key markets worldwide.