Air Freight

The report’s key metric, the PMI, came in at 52.8) a reading of 50 or higher indicates growth), for a 0.2% decrease compared to June’s 53.0, marking the 26th consecutive month of growth, at a slower rate, and also the 26th consecutive months of overall economic growth.

Rail carloads—at 1,157,555—fell 1.5%, or 17,970 carloads compared to June 2021. Intermodal containers and trailers—at 1,323,119—fell 4.6%, or 63,483 units, compared to June 2021.

Following a month that fell to its lowest level on record, the most recent edition of the Shippers Conditions Index (SCI), for the month of April (the most recent month for which data is available), which was issued by freight transportation consultancy FTR, jumped to its best reading going back to September 2020.

Air cargo markets still in flux.

Quarterly revenue—at $24.4 billion—was up 8% annually, and operating income—at $1.9 billion saw a 7% annual increase. Diluted earnings per share—at $6.87—rose 27% annually, topping Wall Street expectations of $6.86. For the full fiscal year, revenue came in at $93.5 billion, for an 11% annual gain, with operating income at $6.87 billion.

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Quarterly revenue—at $24.4 billion—saw a 6.4% annual gain, and adjusted earnings per share—at $3.05—marked a 10.1% annual gain, topping Wall Street expectations of $2.88 per share. Quarterly operating profit was up 17.6% to $3.3 billion.

The March inflation figure issued yesterday in the Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) showed yet another new high, rising 8.5% annually, and marking its biggest percentage gain going back to 1981. If this trend had not already been occurring then, yes, it would be surprising or cause some sort of head-fake, but that is not the case, as it is something we have been seeing, and dealing with for a while now. What’s more, the March tally...

Even with a strong recovery in revenue, the IATA maintains that air cargo did not meet its full growth potential last year. In the meantime, tight capacity, labor shortages, infrastructure shortfalls—and now the Russian invasion of Ukraine—continue to cloud the forecast in this vital sector.

A major part of this United States-based partnership centers around FedEx Express developing plans to test Elroy Air’s Chaparral autonomous air cargo system within FedEx Express’s middle-mile logistics operations and move shipments between sortation locations. The companies have been collaborating going back to January 2020.

FedEx Express, a subsidiary of Memphis-based global transportation and logistics services provider FedEx, said its international, day-definite e-commerce service—FedEx International Connect Plus (FICP)—has been made available to customers in 24 European countries with connections to 47 global markets.

Mike Short, president of Global Forwarding at C.H. Robinson, provided Logistics Management Group News Editor Jeff Berman with a detailed overview of the many issues shippers are facing, including the labor shortage, inflation, and mode selection, among many others.

Going back to when the fee was initially rolled out on October 25, POLA and POLB said that the ports have seen a cumulative 62% decline in the amount of aging cargo on their docks, a tally which has trended up going back to the initial announcement of this fee.

Taking another step to address what it labeled “supply chain vulnerabilities and congestion,” in tandem with addressing “the longer-term weakness in our nation’s supply chains,” coupled with decades of underinvestment, outsourcing, and offshoring, the White House announced this week it is rolling out a new initiative geared towards a digital infrastructure to connect the supply chain. Entitled the Freight Logistics Optimization Works (FLOW), the White House described it as an information sharing initiative to pilot key freight information exchange...