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The quick fix UPS had hoped for in its takeover of TNT Express has not been forthcoming. The EU Commission has doubts about the merger, and is expected to issue a “statement of objections” next week. UPS will need to offer more concessions to get the deal approved, according to this FT article. (As the FT is behind a pay wall, you will need to go via CNN, and click on the ‘EU set to deal UPS blow over TNT’ link, under press releases.)
Meanwhile, Fedex believes that modal shift is permanent rather than cyclical – and so will attempt to boost profit by $1.7 billion through cost cutting. Fedex Express and Fedex Services will see the toughest cuts, said Fred Smith, while several thousand employees are expected to take a voluntary buyout.
MSC Aries now bound for Iran, and crisis will be 'a catalyst for higher rates'
Urgent call for breakdown of cargo onboard as General Average declared on Dali
Hong Kong drops out of world's top 10 busiest container ports
Iranian troops seize MSC box ship while Somali pirates net $5m ransom for bulker
Flexport is 'back on track' – now it needs to start growing again
Bottlenecks and price hikes as airlines now avoid Iran airspace
'Slow season' and ocean network stabilisation easing pressure on rates
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