Air freight rates expected to spike as Iran war escalates
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MSC has suspended all bookings for worldwide cargo to the Middle East region until further notice, citing crew safety concerns amid the escalating Iran conflict.
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Global air cargo capacity is down 18% as airlines suspend flights and reroute around the conflict zone, with industry experts warning of significant rate spikes on Asia-Europe lanes.
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The U.S.-flagged tanker Stena Imperative was struck by projectiles at the Port of Bahrain, marking the first U.S. merchant ship to come under fire in the Iran war.
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Canada-based Cargojet is offsetting a 50% decline in Chinese e-commerce shipments by expanding its charter business with UPS and FedEx following the grounding of MD-11 aircraft.
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New Berkshire Hathaway CEO Greg Abel called on BNSF to close its operating-ratio gap with rival Class I railroads in his first annual shareholder letter.
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Courtesy of S&P Global Market Intelligence
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