A robust, proactive, and responsive security system is essential to reduce cargo theft risks effectively. Leading the charge in these solutions is remote live video monitoring. Learn more here.
In the latest episode of "The Freight Caviar Podcast", we sit down with Danny Frisco, CEO & Co-Founder at Rapido Solutions Group. He discusses the advantages and disadvantages of outsourcing and Rapido's future growth plans.
Plus, an EV maker partners with Ryder to test a hybrid diesel system, HappyRobot releases an AI update for brokers, and load board traffic declines over the past 3 months.
n a significant shift for the logistics sector, A.P. Moller-Maersk, a leading indicator of global trade health, is set to reduce its workforce by over 10,000 positions as it navigates through post-pandemic market adjustments and a noticeable downturn in seaborne trade. With a third-quarter profit drop to $521 million from $8.88 billion the previous year, Maersk's decision underscores the broader industry's struggle with overcapacity and plummeting freight rates—a staggering 58% decline year-over-year.
The end of the cargo boom has led to a surplus of ships and a decline in big-ticket item shipments, which has not only affected Maersk but also led to a slide in shares for industry players such as Hapag Lloyd. The Ocean division, traditionally a profit-maker, posted a quarterly loss for the first time in years. This stark reversal from pandemic-driven highs has prompted Maersk to aim for savings of $600 million in the coming year, partly through workforce reductions, signaling a "reset of the baseline," as CEO Vincent Clerc put it, rather than a temporary cutback.
Amidst this backdrop, the 2M alliance with MSC has been halted, and with container demand projected to grow by just 2% against a fleet growth of 6%, the industry braces for a continued glut of ships.
Analysts predict a challenging 2024, with an overhang lasting well into 2025.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
Freight markets show slow recovery signs, but challenges persist. Dive into the latest tonnage, load-to-truck ratios, and order data shaping the trucking industry.
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