News
- CIFFA News: February 11
- 2/11/2010
- Air Updates
• Air Canada Reports 2009 Fourth Quarter And Full Year Results
Air Canada reported Wednesday a reduced operating loss of $83 million in the fourth quarter of 2009 compared to an operating loss of $146 million in the fourth quarter of 2008, an improvement of $63 million. While the fourth quarter continued to reflect a challenging revenue environment, Air Canada's year over year declines in passenger and cargo revenues showed a more favourable trend than what was experienced in the first three quarters of 2009. Earnings before interest, taxes, depreciation, amortization and aircraft rent (EBITDAR) of $167 million increased $59 million from the same quarter in 2008. Air Canada reported a net loss of $56 million in the fourth quarter of 2009 which included gains on foreign exchange of $108 million. Full financial results here:
Ocean Updates
• OOCL General Rate Increase to Apply on China to Canada Lane From March 15
OOCL will implement a general rate increase for all dry and reefer cargoes leaving Hong Kong, Macau and South China for shipment to Canada. Based on cargo receiving date, the GRI will take effect March 15. The increases for cargo going to Toronto or Montreal will be $400 per 20-foot container, $500 per 40-foot container, $565 per 40-foot high cube and $635 per 45-foot high cube. For local and door cargo bound to Vancouver, rates will increase $320 per TEU, $400 per FEU, $450 per 40-foot HQ and $505 per 45-foot HQ.
• Evergreen Hikes Westbound Trans-Atlantic Rates
Evergreen Line on Monday announced a two-tier rate increase on the westbound trans-Atlantic trade in similar increments that will take effect on July 1 and October 1. The carrier said the increases apply to all cargo and commodities, including reefers and special equipment. The new increases by Evergreen come on top of the similar increases it announced last October and which take effect on April 1. Those increases, which remain in place, are $350 per 20-foot container and $450 per 40-foot container and high-cube container. Evergreen's July 1 increases are $350 per TEU and $450 per FEU and high-cube container. The Oct. 1 increases are in the same amount, $350 per TEU and $450 per FEU and high-cube container
• Trans-Pacific Spot Rate Stops Rising
The steep rise in the Drewry Container Rate Benchmark for shipping a 40-foot container from Hong Kong to Los Angeles came to an end in the week ended Feb. 8 as the rate settled at the same level as in the week ended Feb. 1 reports “JOC Online”. The average spot rate on Feb. 8 was $2,012, the same as in the previous week, but 41.2 percent higher than the spot rate in the sixth week of 2009. In the week ended Feb. 1, the Drewry average spot rate jumped 20.5 percent over the previous week. It appears that shippers’ frantic rush to secure vessel space before the Lunar New Year starts on Feb. 14 is over. Many Chinese factories will shut down for a week for the New Year as workers return to their homes for the holiday.
Carriers have cut so much capacity out of the trans-Pacific trade that vessel space was in short supply in the weeks leading up the New Year. The 15 carriers that belong to the Transpacific Stabilization Agreement had implemented a $400 per FEU emergency increase in rates under their annual contracts with shippers, but they have been able to increase spot rates by more than double the TSA’s guideline as shippers scrambled to find scarce vessel space. Drewry compiles the index of spot rates from data it collects from non-vessel-operating common carriers in Hong Kong. The amount of cargo shipped under spot rates accounts for only a small portion of the eastbound trans-Pacific trade, but the spot rates have taken on increasing significance in the last year as a barometer of the trade and were a significant factor in lowering the rates that shippers were able to negotiate in the 2009-2010 contracts that were concluded last spring.
Canadian - Business - Government
• Canadian International Merchandise Trade December 2009
Canada's merchandise exports and imports both advanced in December on the strength of automotive products. Exports rose 1.7% and imports increased 1.8%. As a result, Canada's trade deficit with the world widened to $246 million in December from $201 million in November. Exports grew to $32.2 billion in December from $31.7 billion in November. This fourth consecutive monthly gain was due to a 2.1% increase in volumes, while prices fell 0.4%. Automotive products were responsible for nearly two-thirds of the growth, and were followed by machinery and equipment and energy products. Exports of industrial goods and materials declined in December. Since May, with the exception of August, exports have been on the rise. However, the export value for December 2009 remained 8.0% below the value recorded in December 2008.
Imports increased to $32.4 billion in December from $31.9 billion in November, the result of volumes rising 1.1% and prices increasing 0.7%. For the second consecutive month, automotive products led the gain, representing more than half the growth in imports in December. Industrial goods and materials and energy products also increased, while machinery and equipment decreased during the month.
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