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Supply Chain Snapshots - News of the Week (May 1, 2023)

Monday, May 1, 2023

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Growing Freight Fraud is Peeling Millions From the U.S. Shipping Market

(Read more on The Wall Street Journal)

Double-brokering is on the rise. The most common variant involves what looks like a legitimate broker bidding on a shipment, then turning around and reposting it, leaving the original shipper on the hook for that payment as well as the initial payout to the fraudulent entity. The move to online booking systems for truck freight, combined with the current down market, has led to an increasing rate of this, and other forms of freight fraud.

Greywing’s New SeaGPT Solves Email Overwhelm for Maritime Crew Managers

(Read More on Yahoo News)

Greywing, a Singapore-based maritime intelligence platform (backed by investors like Y Combinator and Flexport), has announced the release of seaGPT—an AI chatbot for maritime crew masters. Running in the background, seaGPT takes advantage of Greywing’s proprietary database and integration with more than 18,000 ports around the world to expedite the on- and off-boarding of crew members.

Box Shipment Trends Their Worst Since Depths of Great Financial Crisis

(Read More on FreightWaves)

Packing box demand is considered a top indicator of overall goods demand, alongside trucking. Q1 results from Packaging Corp., the third largest box manufacturer in the U.S., indicate that shipments were down nearly 13%. That’s on par with the drop they saw at the height of the financial crisis of 2008. The company says they’re expecting to see an increase in Q2, but offered no further comment.

Here’s How Supply Chains Are Being Reshaped for a New Era of Global Trade

(Read More on The Wall Street Journal)

The global supply chain may be out from under the bulk of disruptions brought on by the COVID pandemic, but that doesn’t mean everything can, or should, return to ‘normal.’ The companies that take this time to put into action the lessons they learned over the last three years are the ones setting themselves up for long-term success. Supply chain resiliency, diversification (of suppliers, partners, routes, etc.), and sustainability are the key focus areas shippers should be looking to sort out through the back half of 2023.

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