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At Nu-Era Logistics, we’re committed to providing the Service You Deserve.
Here’s what you need to know this week.

Week of June 9th

Canadian Ports – Average Dwell Times

Prince Rupert - 

6-9 Days

Vancouver - 

5-8 Days

Montreal - 

12-15 Days

Halifax - 

4-7 Days

Current FCA Fuel Surcharge

Canadian Domestic FSC

LTL: 14.7% 

Canadian Domestic FSC

FTL: 34.5% 

Crossborder FSC

LTL: 15.9% 

Crossborder FSC

FTL: 37.5%

Photo source: Sascha Hormel Via Pexels

More Sales, Less Sailing 

The choppy waters of international ocean shipping are persisting and in some cases getting worse. From shutdowns at key Chinese ports to unprecedented demand, the scene for anyone involved in ocean shipping is grim, except maybe for ocean carriers. Despite increasingly frequent blank sailings and shortages in equipment, some shippers are making money hand over fist on short-term rate increases.  A perfect example of this is a recent report of a freight forwarder paying $135,000/day for a short term charter ship with a capacity of  5,060 TEU's. However, in one of the most difficult chicken & the egg situations for global shipping, due to the issues in global supply chains the supply of newbuild shipping equipment may also be delayed, further prolonging the broader global delays caused by capacity shortages. 

Photo Source: Freight Waves

COVID Relief Funding Misuse Probe

Congress is expanding its inquiry into Yellow Corp's use of a government COVID loan due to suspicions of intelligibility and misuse. The company received $700 million through the CAREs act, which was meant to support companies critical to maintaining US national security. The main area of investigation is exactly how much work the company actually did for the Department of Defense and whether that amount justified the loan. Congress is also suspicious of a $600 million loan the company had also received from a group led by Appolo Global Management LLC. 

Read More HERE

Photo via CBC

G7 Move Toward Corporate Tax Deal 

The nations of the G7 took a big step this week in establishing a global tax floor for corporations. Canadian finance minister Chrystia Freeland said this weekend that although an agreement has not yet been reached, the G7 is taking steps towards setting a global 15% tax rate for all corporations regardless of the country they reside in. The announcement does signal that it may soon be harder for companies to dodge high tax rates in countries like Canada, though this proposal does not come without its detractors. Many point out that it may be difficult to get smaller countries or even other groups of countries like the G20 or the OECD to get on board with the deal. As well, within countries, some, like Canadian opposition leader Erin O'Toole argue that staking national tax rates on international agreements results in a loss of a certain degree of national sovereignty. 

Read more about the announcement HERE

Ocean Freight Summary 

Service Description    Country     Via   Est. Transit Time (days) 
       
LCL: FOB Shanghai to Toronto China Prince Rupert  27
LCL: FOB Shenzhen to Toronto China  Vancouver 26
LCL: FOB Ningbo to Toronto China Prince Rupert 28
LCL: FOB Qingdao to Toronto China Prince Rupert 37
LCL: FOB Xiamen to Toronto China Vancouver 28
LCL: FOB Guangzhou via Shenzhen to Toronto China Guangzhou     26    
LCL: FOB Hong Kong to Toronto Hong Kong   Hong Kong 28
LCL: FOB Kaohsiung/Keelung to Toronto Taiwan Vancouver 27
LCL: FOB Ho Chi Minh to Toronto Vietnam Vancouver 30
LCL: FOB Genova to Toronto Italy Montreal 21
LCL: FOB Hamburg to Toronto Germany Montreal 19
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