Supply Chain Snapshots - News of the Week (April 24, 2023)
1. ILWU, PMA Reach Tentative Deal on ‘Certain Key Issues’
(Read more at Supply Chain Dive)
The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) have reached a tentative agreement on “certain key issues,” though ILWU did not specify which issues. This is the first publicly announced deal since July, when a tentative agreement was reached regarding the maintenance of health benefits. Several key issues remain unresolved, with the ILWU reiterating that talks are ongoing.
2. Air Cargo Operators Still Feel ‘Hangover From the 2021 Party’
(Read more at FreightWaves)
With so many conflicting economic signals and other variables impacting supply and demand, industry professionals are hard-pressed to say whether things have normalized or if they will improve later this year. New data shows air shipping volumes and rates deteriorated faster in the first half of April than in recent weeks, which may upset the narrative that the market has finally stabilized and will slowly gather steam heading towards the fall. Michigan State University’s Jason Miller isn’t optimistic because companies are still over-inventoried and cautions that “2023 is the hangover from the 2021 party.”
3. Toronto Airport Gold Heist: Police Say C$20m of Valuables Stolen
(Read more on BBC)
Police are investigating a massive heist of gold from a storage facility adjacent to Toronto Pearson International Airport. The theft took place on Monday, April 17 from a cargo holding facility adjacent to the airport grounds. As the investigation is ongoing, police are only releasing preliminary information at this time, like the total haul being worth an estimated C$20 million, making this one of the biggest heists in Canadian history.
4. US Import Gain Means Flexport Sees No Recession for Some Months
(Read more on Bloomberg)
The latest forecasts released by Flexport Research show a steady increase in consumption, among other signs that recession isn’t as imminent as previously thought. “A recession may well be on the way, but from the latest data, we’re not seeing it arriving in the next few months,” said Phil Levy, Flexport chief economist. At the same time, the U.S. domestic trucking industry showed the largest decline in tonnage hauled since the beginning of the pandemic, as the truck tonnage index fell 5.4% in March over February.
5. [Podcast] What Are Responsible Supply Chains and What Role Does Trust, Transparency and Technology Play in Achieving Them?
In this latest episode of Zero100’s “Radical Reinvention” podcast, Zero100 Co-Founder Kevin O'Marah is joined by: Dave Clark, CEO of Flexport, Anne-Laure Descours, Chief Sourcing Officer at PUMA, and Reginaldo Ecclissato, Chief Business Operations and Supply Chain Officer at Unilever. The discussion is a deep dive into responsible supply chains and the role that trust, transparency and technology play in achieving them—as Dave says, “I don't think you can be in the supply chain anymore without waking up and thinking about your impact on people and the planet.”
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