M. Holland’s latest logistics outlook examines current challenges and industry trends that are impacting shipping, trucking and rail. Although the plastics industry is faring a little better than earlier this year, M. Holland’s experts predict disruption to continue well into 2023. Click here to read the full outlook for the remainder of 2022.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Oil prices slumped about 2% Thursday on worries that rising U.S. interest rates will weaken fuel demand. After surging the first five months of the year, crude has been in retreat, with losses deepening in the summer trading months.
In mid-morning trading today, WTI futures were down 0.9% at $91.66/bbl, Brent was down 0.5% at $98.84/bbl, and U.S. natural gas was up 1.1% at $9.48/MMBtu.
Texas is preparing to block banks and other financial firms from doing business in the state over their perceived lack of support for fossil fuels, the state comptroller said Thursday.
British energy executives say the country could see mass civil unrest if surging energy costs leave households unable to pay heating and electricity bills this winter. Officials raised a price cap on energy fees Thursday that could end up tripling monthly bills.
Kosovo, a Balkan nation in Southeast Europe, is the continent’s first to see rolling blackouts amid rising energy shortages.
China’s oil imports from Russia surged more than 50% from April to May, according to analyst firm Bimco.
Truck protests and other snarls led to a sharp drop in throughput at the Port of Oakland in July, with loaded container volumes falling 28% compared with a year ago.
Maersk is dropping plans for China International Marine Containers to take over its refrigerated container-making unit after U.S. regulators questioned the $1 billion deal over antitrust grounds, saying it would have consolidated control of 90% of the world’s supply of cold-storage boxes.
Earnings for very large crude carriers (VLCCs) have been climbing since June on strong growth in vessel demand. Tonnage rates rose by $65,000 per day from early June to mid-August, new data shows.
GM’s electric vehicle (EV) sales were steadily ramping up from 2017 before exploding in 2020 and 2021, new data shows. The automaker is now fourth in global EV sales:
The U.S. reported 90,675 new COVID-19 infections and 389 virus fatalities Thursday.
Almost 40% of COVID-19 hospitalizations this spring were of vaccinated and boosted people, highlighting the success of Omicron subvariants in evading immunity.
COVID-19 hospitalization rates in children under age 4 are up fivefold since the spring, according to the CDC.
Fewer than 2% of infants and toddlers in New York City are fully vaccinated against COVID-19, as demand levels remain exceptionally low.
Pfizer’s COVID-19 antiviral pill appears to provide little or no benefit to young adults but is effective in reducing the risk of hospitalization and death in older populations, according to new research.
Long-COVID is costing Americans an estimated $170 billion annually in lost wages, according to the Brookings Institution.
A Florida county started the fall school year with a shortage of over 600 teachers, up threefold from last year, emblematic of the U.S.’s widespread teacher shortage brought on by pandemic pressures.
U.S. corporate profit margins — as measured by after-tax profits as a share of gross value added — improved in the second quarter to 15.5%, the highest level since 1950, as firms managed to pass on rising costs to consumers.
The number of 18- to 24-year-olds out of the labor market rose by 118,000 from a year ago to 447,000 in the second quarter, the highest level of the pandemic.
The average U.S. mortgage rate climbed to 5.5% this week, nearly double the same time last year, according to Freddie Mac.
Home Partners of America, the single-family landlord owned by Blackstone Inc., plans to stop buying homes in 38 U.S. cities, becoming the latest institutional investor to back away from an overheated housing market.
In the latest news from second-quarter earnings season:
Dell reported its slowest quarterly revenue growth in 1.5 years after taking hits from a surge in the U.S. dollar and COVID-19 flare-ups in China, its second-largest market. The firm joined rivals in predicting slumping PC sales this year following a two-year pandemic boom.
British construction activity dipped 1.4% in June in the sharpest decline so far this year, according to building suppliers.
German business sentiment in August fell to its lowest reading in two years amid high uncertainty caused by Russia’s invasion of Ukraine, according to the widely tracked Ifo institute’s survey.
Beijing announced over $1 trillion of government funding for construction projects in recent months, potentially giving a boost to the nation’s flagging economy, economists say.
Toronto-Dominion Bank, Canada’s second-largest lender, posted better-than-expected quarterly results Thursday but warned that the U.S. and Canada will see slower economic growth in 2022 due to higher interest rates.
Norwegian Air saw net profit rise to $129.5 billion in the second quarter on rebounding travel demand but said surging energy costs will dent its earnings for the full year.
Sony is raising the price of its PlayStation 5 console by as much as 20% in some markets to reflect rising costs, the firm said.
Global spending on technology, which includes cloud services, is expected to rise about 3% this year, well below the 10% annual growth rate of 2021 and the 7% gain from 2020, according to research firm Gartner.
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