Welcome Back to Freight Forwarding Weekly!
For shippers, by an anthropomorphic shipping container (and a human named Michael).
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📈 BY THE NUMBERS
⛽ Diesel: $4.622 / gal (⬆️ from $4.604 last week) – Source: EIA (more below)
✈️ Air Cargo Index (Dec ‘22): 199.9 (⬆️ from 192.4 in Nov ‘22) – Source: FRED
🚢 Global Container Index: $2,214 (⬆️ from $2,178 last week) – Source: Freightos
🌍🌎🌏TOP NEWS HEADLINES from this week: DIESEL CLIMBING
💲Jan. 30 EIA diesel prices went up in the third price jump in 2023
According to the U.S. Energy Information Administration, on-highway diesel prices have jumped for the third time in the new year. Transport Topics notes the national average price for diesel nudged upward by 1.8 cents for a total of $4.622 per gallon. Jan. 30 marks are only the third increase in the past 12 weeks. All three of the price increases occurred in the brand-new year.
🌱CMA CGM launches fund to support industry decarbonization
French shipping giant CMA CGM Group is calling for proposals that will help to speed up the transition to a low-carbon shipping industry. The projects should focus on concrete solutions to reduce emissions from all aspects of the shipping industry. A fund worth over €200 million for all companies operating in the maritime industry in mainland France and throughout the French overseas territories. This will accelerate decarbonization in an industry that impacts global trade.
🚚U.S.-Mexico trade portal at Laredo processed most agricultural trade in 2022
The Laredo customs district administered by U.S. Customs and Border Protection and the Port of Entries operated in that district account for the majority of agricultural trade between Jan-Oct 2022. A report by the Foreign Agricultural Service indicates that Laredo handled 49 percent of the U.S. ag exports to Mexico and 52 percent of the ag imports from Mexico to the U.S. during the first 10 months of 2022. This volume is notable for the Laredo customs district, but Nogales is still the single largest port of entry for produce between the U.S. and Mexico – 30 percent.
🚆BNSF announces $3.96 billion for network infrastructure upgrades
BNSF announced that Class I rail operator will invest $3.96 billion in 2023 to improve service through infrastructure upgrades and various efficiency projects throughout the carrier network. The funding is to mitigate service interruptions caused by outdated rail network infrastructure.
⚠️Other stores we’re reading…⚠️
- “Eurozone Inflation Slows Sharply as Energy Costs Continue to Ease” – NY Times
- “Fed expected to slow rate hiking to a quarter point…” – CNBC.com
- “China accuses Washington of abusing export controls” – Associated Press
- “New York Gasoline Shortage Brews on Fallout From EU’s Russia Ban” – Bloomberg
- “How Electric Transportation Is Impacting The Trucking Industry” – Forbes
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The current edition of our newsletter was written by Michael M., Freight Forwarding Weekly’s chief news analyst. Do you have a tip or do you want us to cover something? Tell us by replying.