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☆ Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats
▼ + stars: | 2024-02-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Piracy off the coast of Somalia had been on the decline in recent years after peaking in 2011 when Somali pirates launched 212 attacks. A 2013 World Bank study, still widelt cited today, estimated that piracy cost the global economy around $18 billion annually. The pirates have also been attacking fishing vessels, mostly Iranian, as well as many other small boats such as skiffs. Ocean piracy is rising across the worldData from 2023 shows that by many key measures, piracy is on the rise in key global shipping lanes. There were 120 incidents of maritime piracy and armed robbery against ships reported in 2023, compared to 115 in 2022, according to the annual Piracy and Armed Robbery Report of the ICC International Maritime Bureau (IMB).

Persons: Abuukar Mohamed Muhidin, Dan Mueller Organizations: Puntland Maritime Police Forces, Getty Images, Royal United Services Institute, United Nations Security Council, European Union Naval Force, UNSC, Eastern, Chamber of Shipping, ICC International Maritime Bureau, International Maritime Organization, CNBC Locations: PUNTLAND, SOMALIA, Puntland, Somalia, Anadolu, Africa, Horn of Africa, U.S, Eastern Region, Djibouti

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Red Sea supply chain inflation may be peaking already, new trade data suggests
▼ + stars: | 2024-01-31 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

It tells CNBC that rates on ocean routes from Asia to Europe and the Mediterranean are beginning to decline, but for U.S.-bound trade, prices are still climbing. Rates for cargo headed to the U.S. are still risingBut for U.S companies, while some have negotiating leverage, shipping rates are not seeing any reprieve. According to Sand, rates for the trade route from the Far East to the U.S. East Coast are still heading higher. "Everyone is accusing everyone at the moment, which is normal during situations when there is so much uncertainty in the market," Sand said. "Ocean freight carriers did not invent this crisis and it takes time for them to put in new shipping networks to deal with the disruption caused by diverting away from the Suez Canal."

Persons: February's GRIs, Emily Stausbøll, Peter Sand, Sand Organizations: CNBC, Logistics, U.S . Locations: Xeneta, Asia, Europe, North Europe, Sand, U.S . East Coast, Suez

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

☆ As more tankers divert from Suez Canal, there's a 'sea change' in way Europe is buying crude
▼ + stars: | 2024-01-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Al HUDAYDAH, YEMEN - JULY 17: Yemen's replacement oil tanker Nautica floats over its arrival to Al Hudaydah port in the Red Sea on July 17, 2023 in Hudaydah, Yemen. (Photo by Mohammed Hamoud/Getty Images)Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. They would rather go around the Cape of Good Hope versus taking a chance through the Red Sea." LNG vessels travel faster than oil tankers because they are lighter and they can sail up to 21 knots versus the 12-13 knots for crude tankers. Before the Red Sea disruptions, a tanker from Jamnagar, India to Rotterdam, Netherlands would have taken 24 days.

Persons: Al, Mohammed Hamoud, Rea, Viktor Katona, Good Hope, It's, Katona Organizations: United Nations, Europe, U.S, Good Locations: Al HUDAYDAH, YEMEN, Al Hudaydah, Hudaydah, Yemen, Sana'a, Europe, Suez, Brazil, Africa's, Good, Israel, Jamnagar, India, Rotterdam, Netherlands, Basrah, Iraq, Milazzo, Sicily

☆ Air freight volumes soar as Red Sea delays, risks make more big retailers, auto companies nervous
▼ + stars: | 2024-01-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

HANGZHOU, CHINA - APRIL 6, 2023 - A Cargo plane of Maersk AIR Cargo is seen at Hangzhou Xiaoshan International Airport in Hangzhou, Zhejiang province, China, April 6, 2023. The current spike in use of air freight is primarily in cargo volumes bound for Europe, as more companies avoid the longer Red Sea diversions around Africa's Cape of Good Hope, according to Xeneta, a leading ocean and air freight rate benchmarking platforms. Air freight tends to be "quieter" in the last week of December and the first week of January, according to Niall van de Wouw, chief air freight officer for Xeneta. "If the Rea Sea crisis continues, you'll have more and more companies getting nervous," van de Wouw said. Xeneta data shows that air cargo volumes on the major apparel route from Vietnam to Europe spiked 62% in the week ending January 14 — 6% higher than 2023's peak week in October.

Persons: Maersk, Good Hope, Niall van de Wouw, van de Wouw, Van de Wouw Organizations: Maersk AIR Cargo, Hangzhou Xiaoshan International, Getty Locations: HANGZHOU, CHINA, Maersk, Hangzhou, Zhejiang province, China, Europe, Africa's, Good, Vietnam

☆ Red Sea attacks already bigger issue for supply chain than pandemic, maritime advisory warns
▼ + stars: | 2024-01-18 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The strikes are a response to attacks on the Red Sea, adding complexity to the regional conflict originating from Israel's Gaza war. With that exception, "This [the Red Sea crisis] is the largest single event – even larger than the early pandemic impact," Murphy said. Sea-Intelligence analyzed current vessel delays compared to delays over the last several years in a report for clients. A leading ocean supply chain advisory firm is warning that the disruptions to shipping from the Houthi rebel attacks in the Red Sea are already more damaging to the supply chain impact than the early Covid-19 pandemic. "Threats to Red Sea shipping are a threat to maritime commerce worldwide," said Steve Lamar, CEO of the American Apparel and Footwear Association.

Persons: Luis Boza, Alan Murphy, Murphy, Hope, Steve Lamar Organizations: Getty, Intelligence, MSC, Volvo, Michelin, Ikea, American Apparel and Footwear Association, Logistics, CNBC Locations: Lisbon, Portugal, U.S, Yemen, Red, Gaza, Suez, Good Hope, Europe, United States, Asia

☆ Fears of prolonged Red Sea shipping crisis fuel inflation fears, as oil, retail cargo delays rise
▼ + stars: | 2024-01-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

"If so, we expect the soaring freight rates and equipment shortage will continue till the third quarter," it advised clients. This would be on top of the revenue lost by diverted container vessels which are required to pay between $500,000-$600,000 per transit. "However, given the longer transit times vessels are experiencing, the market may face a shortage of empties across Asia until sailings normalize." Evelyn Fornes, Home Depot spokeswoman, said it is working with logistics carriers to find alternate routes to limit any impact from the Red Sea conflict. East Coast freight rates soar While freight rates for U.S. West Coast ports have yet to spike, freight rates for the East Coast and Gulf are up.

Persons: Folden, Shell, Jean, Charles Gordon, Nyttingnes, Torm, Euronav, Tom, Hafnia, Andy Lipow, Kuehn, Nagel, Ami Daniel, Goetz Alebrand, Stephen Schwarz, Paolo Montrone, Kuehn + Nagel, Alan Baer, Baer, Evelyn Fornes, Fornes, Lane Organizations: Galaxy, Houthis Media, Getty Images, Anadolu, Getty, U.S, Clarksons Securities, Honour Lane Shipping, Wall Street, Shell, Suez, Authority, Lipow Oil Associates, Logistics, CNBC, DHL Global, Asia Pacific, Kuehn, USA, Home, Costco, Walmart, Home Depot, Volvo, Michelin, Ikea, East, U.S . Locations: Iran, Yemen, Anadolu, Hafnia, Ardmore, Suez, Israel, Americas, Asia, Europe, Wells Fargo, Red, U.S, East Coast, U.S . West Coast, Gulf, East, West, West Coast

☆ Global shipping rates set to jump as carriers avoid the Red Sea amid Houthi attacks
▼ + stars: | 2024-01-10 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Freight prices are set to jump Monday, while longer transit times around Africa are disrupting and delaying deliveries of products. British clothing retailer Next recently warned of stock delays as a result of the longer ocean transit. "This creates strong motivations for ocean carrier(s) to increase rate(s) by establishing General Rate Increases (GRIs), Peak Season Surcharge (PSSs), and other contingency or emergency surcharges," the company said. "HLS warned Transpacific freight rates could spike to highs not seen since early 2022, with the Suez Canal route suspended, and the Panama Canal route restricted." Kuehne + Nagel analysts told CNBC that 419 vessels are currently being rerouted due to the Red Sea situation.

Persons: Jon Gold, HLS, Good Hope, Kuehne, Nagel, Franziska Bietke, Mark Rhodes, Rhodes Organizations: Lane Shipping, Ikea, National Retail Federation, CNBC, MSC, U.S ., East, U.S . Shipping Act, Federal Maritime Commission, Kuehne, Logistics, Crane Worldwide Logistics, CNBC PRO Locations: Suez, Ismailia, Egypt, Iran, Red, Africa, Asia, British, West Coast, Panama, U.S . West Coast, East Coast, Gulf of Mexico, South Africa's, Good, Project44, Europe

☆ Biden administration announces new logistics plan to support U.S. supply chain
▼ + stars: | 2023-11-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration announces new logistics plan to support U.S. supply chainCNBC's Lori Ann LaRocco breaks down the Biden adminsitration's new cross-agency initiative to support the U.S. supply chain.

Persons: Lori Ann LaRocco Organizations: Biden

☆ Treasury Department's hunt for Russian oil sanction violators on the seas is intensifying
▼ + stars: | 2023-11-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

"Management of all the Sovcomflot ships was transferred to Sun Ship Management in March/April 2022 when their offices in Europe were closed. 30 ship owners targeted in new Treasury probeThis is just one example of the murkiness within the Russian oil trade. There are grey areas in the U.S. government's Russian oil guidelines, though the efforts can ultimately lead maritime investigators to the truth. In the U.S. Treasury's "Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil," ship owners are under a Tier 2 category. This document could provide a "safe harbor" for ship owners who are relying on that customer's "attestation" to comply with sanctions.

Persons: Wally Adeyemo, Matthew Wright, Wright, it's, hasn't, They're, shipowners, Andy Lipow, Lipow, Brent Organizations: Windward, U.S . Department, Foreign Assets Control, Treasury, Shipping, Coalition, Ukraine, United, Kazan Shipping Incorporated's, Progress Shipping Company, CNBC, Sovcomflot, Management, Sun Ship Management, Maritime Services, Ship, Lipow Oil Associates, U.S . Treasury, European Union, AIS Locations: Morocco, Price, United Arab Emirates, Kazan, Kazan Shipping Incorporated's Kazan, UAE, Europe, U.S, Asia, Ukraine, Hong Kong, China, India

☆ As Biden and Xi meet, Asian manufacturing slowdown returns to a 2020 low, led by a softer China
▼ + stars: | 2023-11-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

The GEP Global Supply Chain Volatility Index, produced by S&P Global and GEP, tracks supply chain orders which show rising spare supplier capacity as a result of a pullback in global demand. As President Biden meets with Chinese President Xi Jinping in San Francisco, the Asian manufacturing sector is experiencing a slowdown not seen since the 2020 peak of the Covid pandemic. The GEP index shows a depressed level of demand for raw materials, components, and commodities since manufacturing orders are down. A negative meeting would signal that firms may need to act faster to get in front of an evolving and changing U.S.-China relationship by adjusting their supply chain strategies." The NRF continues to call on the Biden Administration to restart a dialogue with China about the tariffs and ultimately remove them.

Persons: Biden, Xi Jinping, John Piatek, Piatek, Xi, Jon Gold Organizations: P, GEP's, International Monetary Fund, CNBC, Chain Survey, GEP, U.S, Biden, China, National Retail Federation, Biden Administration Locations: U.S, San Francisco, China, North America

☆ Australian ports operator back up after cyberattack
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralian ports operator back up after cyberattackDP World, one of Australia's biggest port operators, resumed activities after a massive hack roiled the company for three days. CNBC's Lori Ann Larocco reports.

Persons: CNBC's Lori Ann Larocco

☆ Australian ports resume operations following cyberattack disruption
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralian ports resume operations following cyberattack disruptionCNBC’s Lori Ann LaRocco joins 'Power Lunch' to discuss the cyberattack on DP World Australia.

Persons: Lori Ann LaRocco Organizations: DP

☆ The global freight recession will continue in 2024: CNBC Supply Chain Survey
▼ + stars: | 2023-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowThe global shipping industry has been mired in a freight recession this year and the challenging economic conditions will continue into 2024, according to a new CNBC Supply Chain Survey. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. "Without more freight moving, 2024, and potentially 2025, will continue to see soft pricing as capacity outstrips demand," he said. Freight trucking will remain soft Trucking companies get paid per load, and low expectations for orders imply potentially lower revenue this holiday season. A slightly better second half 2024 outlook The survey shows expectations for a slight turnaround in freight volume in the second half of 2024.

Persons: Robinson, Kuehne, Nagel, Zhang Jingang, Alan Baer, Noah Hoffman, Jeff Bezos, Uber, Tim Robertson, Robertson, Brian Bourke Organizations: CNBC Supply Chain Survey, CNBC, Chain Survey, SEKO Logistics, DHL Global, USA, ITS Logistics, Getty, Logistics, C.H, Surface Transportation, Convoy, Tank Transport Locations: Qingdao, Shandong province, China

☆ The Panama Canal drought crisis is intensifying
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Panama Canal drought crisis is intensifyingDrought conditions that have plagued the Panama Canal amid the worst El Nino in recent history are expected to result in drastic vessel traffic cuts in the coming months.

Organizations: El Nino Locations: Panama

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ The worldwide freight recession will continue in 2024
▼ + stars: | 2023-11-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe worldwide freight recession will continue in 2024The freight sector has seen plummeting container prices and a wave of trucking bankruptcies. In 2024, the situation may improve, but only a little, according to a new CNBC Supply Chain Survey. CNBC's Lori Ann Larocco reports.

Persons: CNBC's Lori Ann Larocco Organizations: CNBC Supply Chain Survey

☆ Panama Canal drought hits new crisis level with nearly half of vessel traffic targeted for cuts
▼ + stars: | 2023-11-03 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

PANAMA CITY, PANAMA - SEPTEMBER 22: The container ship Maersk Bogor is guided by a tugboat as it prepares to enter the Miraflores locks while transiting the Panama Canal on September 22, 2023 in Panama City, Panama. The Panama Canal Authority is continuing to restrict the number of vessels that pass through the Panama Canal locks as drought has caused water levels at Gatun Lake to drop. Over one hundred ships are waiting to transit the canal and the backup could delay goods heading to the United States for the holiday season. The Panama Canal is popular for East Coast trade because it is faster than other options. Traveling through the Panama Canal takes only 35 days.

Persons: Justin Sullivan, Adil Ashiq, Alan Baer, Baer, Jon Davis, Davis, Ashiq, Paul Brashier Organizations: PANAMA CITY, The Panama Canal, Port, CNBC Supply Chain, Panama Canal Authority, East, Panama Canal, MarineTraffic, USA, CNBC, U.S, ITS Logistics Locations: PANAMA, Bogor, Miraflores, Panama, Panama City, The Panama, Colon, Caribbean, United States, Cape Horn, South America, East, Charleston, El Nino, East Coast, Shenzhen, China, Miami , Florida, Suez, North America, U.S, West Coast, Asia, Gulf

☆ Israel-Hamas war rocket attacks are leading oil tankers to make unusual moves near ports
▼ + stars: | 2023-10-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Giant gantry cranes and tracks in a container port, viewed from a moored cruise ship in Ashdod, Israel. The moves to evade detection come as shipping lines are also being advised to wait further offshore with rocket attacks reported at the ports of Ashdod and Eilat in Israel. Israel has closed the Port of Ashkelon, the country's biggest oil-importing port, because of rocket attacks. "This suggests that container lines are avoiding the Port of Ashdod, and potentially relying more on the Port of Haifa instead," Woitzik said. The ports of Ashdod and Haifa are the key ports for food imports.

Persons: There's, Homayoun Falakshahi, Ambrey, Falakshahi, Port, Mirko Woitzik, Woitzik, majeure Organizations: Getty, AIS, Israel, CNBC, tanker Sea Galaxy, Port, ICL Group, ICL, Rockets, Army, Evergreen Locations: Ashdod, Israel, Eilat, Port, Port of Haifa, Ashkelon, Haifa, Kpler, Gaza, Suez, Aqaba

☆ Prepare for 'stalling and divergent' global growth in 2024, UN trade arm warns
▼ + stars: | 2023-10-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +1 min

Prepare for "stalling and divergent" global growth next year, according to a new forecast issued by the United Nations. Global economic growth will rise slightly, from 2.4% in 2023 to 2.5% in 2024, according to the UN's Trade and Development Report, but the world economy is in a precarious position, Richard Kozul-Wright, UNCTAD, Director, Division on Globalization and Development Strategies Division, tells CNBC. "The global economy is pretty weak and I consider the projection to be an optimistic call," he said. Even with these concerns, he noted that the U.S. economy continues to be the best-performing amongst the developing countries. "I know there are growing voices of the 'R word' for the U.S. next year, but we are not saying recession yet.

Persons: Richard Kozul, Wright Organizations: United Nations, UN's Trade, Wright, UNCTAD, Globalization, CNBC, UN, UAW, U.S Locations: U.S

☆ 'This is going to get worse before it gets better': Panama Canal pileup due to drought reaches 154 vessels
▼ + stars: | 2023-08-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

A ship navigates through the Panama Canal in the area near the Americas' Bridge in Panama City on April 24, 2023. The Panama Canal is a critical trade link for U.S. shippers heading to Gulf and East Coast ports. The U.S. is the largest user of the Panama Canal, with total U.S. commodity export and import containers representing about 73% of Panama Canal traffic. The massive pileup is a result of water conservation measures the Panama Canal Authority deployed in late July due to drought. West Coast ports saw a decrease of 38.3% in July trade, and top East and Gulf Coast ports processed an increase of 46.4%.

Persons: Luis Acosta, Max, Adil Ashiq, Ricaurte Vásquez Morales, Ashiq, Descartes, Stephen Lamar Organizations: Afp, Getty, Panama Canal Authority, Labs, Planet Labs, PCA, Port, MarineTraffic, American Apparel & Footwear Association Locations: Panama, Americas, Panama City, Gulf, East Coast, U.S, Pacific, Port of Balboa, Port of Savannah, North America, Gatun, Coast, West Coast

☆ New tentative labor deal reached in Canadian port negotiations
▼ + stars: | 2023-07-31 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

The International Longshore and Warehouse Union of Canada (ILWU) and the British Columbia Maritime Employers Association (BCMEA) late Sunday announced a tentative labor agreement. Canadian Labor Minister Seamus O'Regan commented Monday morning on the announcement of another tentative deal. This latest tentative deal does not mean the uncertainty is over. The first tentative labor deal was rejected by the union body in a two-day vote last week. A 14-day strike has led to more than 16 canceled sailings to the Canadian ports, according to maritime intelligence company, eeSea.

Persons: Rob Ashton, Ashton, Seamus O'Regan, Berkshire Hathaway, John Brooks, Brooks Organizations: Warehouse Union of Canada, British Columbia Maritime Employers Association, Sunday, Canada Industrial Relations, ILWU, Canadian Labor, Canadian, Canadian Pacific Kansas City, Canadian National Railway, U.S, BNSF, Union Pacific, Norfolk Southern, CSX, Pacific Kansas City Locations: Burrard, North Vancouver, British, ILWU Canada, Canadian Pacific, U.S, Berkshire, East, Pacific Kansas

☆ Construction CEO on labor shortages, project delays and a greater role for technology
▼ + stars: | 2023-07-29 | by ( Lori Ann Larocco | Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConstruction CEO on labor shortages, project delays and a greater role for technologyMaria Davidson, the founder and CEO of materials management company Kojo, joins CNBC's Lori Ann LaRocco to discuss the adoption of new technology in the construction industry at a time of labor shortages.

Persons: Maria Davidson, Lori Ann LaRocco

☆ Dock workers at key Canadian ports reject labor deal, creating further trade uncertainty
▼ + stars: | 2023-07-29 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesOverseas trade entering North America through key ports on Canada's West Coast faces more uncertainty after dock workers rejected a tentative labor deal late Friday. Canadian Minister of Labor Seamus O'Reagan, in a Twitter post Saturday, said ports in British Columbia need stability after the 14 days of strikes. "The vessel was delayed by several weeks and now the rail-bound containers sit at the Ports of Vancouver and Prince Rupert." For the third week in a row, rail traffic from Canada into the U.S. is down following the on-again, off-again western Canadian ports strike. The first two weeks of the labor strike prevented over 80% of rail trade from entering the United States.

Persons: Rob Ashton, BCMEA, ILWU, Labor Seamus O'Reagan, O'Reagan, Paul Brashier, Vancouver and Prince Rupert, Steve Lamar, AAFA Organizations: Global, Bloomberg, Getty Images Overseas, Warehouse Union of Canada, British Columbia Maritime Employers Association, Labor, . Trade, U.S ., ITS Logistics, American Apparel and Footwear Association Locations: Vancouver Harbour, Vancouver , British Columbia, Canada, North America, Coast, British, ILWU Canada, British Columbia, U.S . West Coast, Vancouver, U.S, United States

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