Global Freight
Shipping Insurers Back Off of Russia-Ukraine Trade
A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia’s war in Ukraine, a further sign of the industry’s growing concerns about losses stemming from the conflict.
FedEx Profit Tops Estimates as Higher Prices Offset Decline in Shipments
FedEx Corp. on Dec. 20 reported fiscal-year, second-quarter income that beat Wall Street expectations and revenue that fell below expectations.
Union Pacific Puts Shipping Limits on Hold
Union Pacific says it will stop imposing temporary limits on certain businesses’ shipments while it reviews the policy that federal regulators and shippers criticized at a hearing in mid-December.
Union Pacific’s Embargoes Generate Complaints From Shippers
Federal regulators and shippers are questioning Union Pacific’s decision to temporarily limit some businesses’ shipments as part of its effort to clear up congestion across the railroad.
Shippers Decry ‘Notoriously Difficult’ Railroads at Hearing
Shippers urged the U.S. railroad regulator to create more competition in the industry during hearings in which Union Pacific Corp. was called to explain a spike in service restrictions.
Global Trade Surges to $32 Trillion Record in 2022, U.N. Says
The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a U.N. report that signaled a slowdown heading into 2023.
Maersk CEO Soren Skou Leaves, Will Be Replaced by Vincent Clerc
A.P. Moller-Maersk A/S CEO Soren Skou will step down and will be replaced by Vincent Clerc, the current head of the transport giant’s ocean and logistics business.
Consumers Enjoy Tentative Relief as Supply Chains Unclog
The supply backlogs of the past two years — and the delays, shortages and outrageous prices that came with them — have improved dramatically since summer.
Savannah Port Terminal to Get $410 Million Upgrade Amid Big Growth
The Port of Savannah plans a $410 million overhaul of one of its sprawling terminals to make room for loading and unloading larger ships while focusing its business almost exclusively on cargo shipped in containers.
3PLs Make Debut on Global Freight 50
While the worst of the global supply chain snarls brought on by the COVID-19 pandemic now appear to be in the rearview mirror, it’s still not business as usual for international freight.