The spate of cancellations in October marks a sharp reversal from a few months ago, when shipping lines commanded premium prices and booked record profits.

The Jacksonville port, the state’s largest commercial cargo port, joined Port Tampa Bay in moving to halt all operations and restricting inbound trucks to only essential business.

Mediterranean Shipping Co., the world’s largest shipping line by capacity, is bringing in four Boeing 777-200 freighters to anchor its new MSC Air Cargo operation.

A congressional advisory body is urging legislators to strengthen U.S. defenses against China’s growing control of digital information related to global shipping and cargo, warning it could undermine national security and businesses.

The recently enacted Ocean Shipping Reform Act of 2022 gave the U.S. Federal Maritime Commission stronger oversight of how ocean carriers and marine terminals treat shippers. Now, FMC is being called on to wield some of that power.

The European Union’s ban on Russian fuel imports is likely to actually increase the world’s need for oil tankers, according to vessel owner Torm A/S.

The ocean freight industry is greatly in need of a way to automate and digitize the contracting process — and so is every other stage of the supply chain, says Matt Marshall, senior vice president with NYSHEX.

Consumer-electronics retailer Best Buy added to the mounting signs of ample capacity and receding freight rates, with a note that transportation markets are “stabilizing and moderating” heading into the fall peak season.

The trucking industry is still far from solving some of its deepest challenges since the pandemic, such as the shortage of intermodal chassis in circulation. 

Average container prices halved from August 2021; leasing rates declined by 17% from June to July this year. Further, China to Canada one-way leasing rates decline at the highest rate by 49 per cent as compared to China to any other country.