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☆ Freight Operators’ Peak Shipping Season Is Crumbling
  + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com   time to read: +7 min
The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.
☆ Freight Operators’ Peak Shipping Season is Crumbling
  + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com   time to read: +6 min
The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas.
☆ Delta Air invests $60 mln, takes stake in air taxi startup Joby Aviation
  + stars: | 2022-10-11 | by ( David Shepardson | ) www.reuters.com   time to read: +3 min
The Joby Aviation logo is seen outside of the New York Stock Exchange (NYSE) ahead of their listing in Manhattan, New York City, U.S., August 11, 2021. REUTERS/Andrew KellyWASHINGTON, Oct 11 (Reuters) - Delta Air Lines (DAL.N) said Tuesday it invested $60 million in air taxi startup Joby Aviation (JOBY.N) for a 2% equity stake, in a partnership that will initially offer passengers air taxi transport to and from airports in New York and Los Angeles. Joby has said it plans to launch air taxi service in 2024. Delta does not plan, however, to operate Joby aircraft, Bastian said. He said he hopes at some point the air taxis will be able to land on the tarmac to speed journeys.
☆ Elon Musk announces Tesla Semi production after Twitter deal returns
  + stars: | 2022-10-07 | by ( Matt Mcfarland | ) edition.cnn.com   time to read: +3 min
Washington, DC CNN —Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Tesla first announced the Semi in November 2017 and production was said to begin in 2019. Musk, the world’s richest man, has sold about $15 billion in Tesla stock this year, but it’s still not clear if Musk has sufficient liquid funds to close the Twitter deal. Musk, who has received commitments for debt and equity financing, may need to sell additional shares of Tesla to finance the purchase. Tesla shares fell roughly 5% in trading Friday morning.
☆ London Tube staff plan strike next month, says union
  + stars: | 2022-07-26 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Union Jack flags and signs are seen outside Oxford Circus underground station on the first day of national rail strike, in London, Britain June 21, 2022. REUTERS/John SibleyLONDON, July 26 (Reuters) - London underground rail staff plan to strike on Aug. 19 over jobs and pensions, the RMT union said on Tuesday, in the latest industrial dispute that could disruptBritain's transport services. "Unless there can be assurances made about jobs, pensions and detrimental changes to working conditions, then our strike on August 19 will go ahead," RMT general secretary Mick Lynch said. The union said Transport for London (TfL) had failed to engage in talks about safeguarding jobs and pensions. Reporting by Sachin Ravikumar; editing by Michael HoldenOur Standards: The Thomson Reuters Trust Principles.
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