Latest news with #OceanNetworkExpress
Fibre2Fashion
01-05-2025
- Business
- Fibre2Fashion
US' ILWU slams tariffs as 'economic war on workers' amid tariff war
International Longshore and Warehouse Union (ILWU) has strongly condemned the Trump administration's newly imposed tariffs, calling them a direct attack on the American working class. In a sharp rebuke, the union warned that the tariffs—described as reckless and shortsighted—are harming key economic sectors. Condemning the tariffs, ILWU said, 'Tariffs are taxes. These and other reckless, shortsighted policies have begun to devastate American workers, harm critical sectors of the economy, and line the pockets of the ultra-wealthy at the expense of hardworking families. The tariffs have also sown distrust among our allies and inflamed geopolitical tensions. These tariffs are nothing more than a direct attack on the working class and should be opposed outright.' The ILWU has strongly condemned the US tariffs on Chinese importsâ€'now at 145 per centâ€'calling them an economic assault on working families. It warned of job losses, rising costs, and worsening inequality. Highlighting Ocean Network Express cancelling a shipping route and surging construction costs, the union argued tariffs do little to balance trade but instead burden consumers. US' imposition of tariffs on China instigated a de facto trade war, with the former imposing a staggering 145 per cent tariff on all Chinese imports and China retaliating with a 125 per cent tariff on all US imports. Hundreds of thousands of jobs are either directly or indirectly tied to global trade. Escalating trade tensions and tariff measures between the United States and China—the world's two largest economies—pose a serious threat to employment within the global supply chain, the ILWU said in a press release. Citing a recent example, the ILWU highlighted that Ocean Network Express cancelled one of its shipping routes last week in direct response to the imposed tariffs. In addition, the broader ripple effects—such as surging fuel prices and escalating costs of construction materials—have already resulted in workforce reductions, as American businesses grapple with the mounting pressures of an increasingly volatile trade environment. According to some economic estimates, families will be forced to pay $1,600 more per year on basic goods and services due to these tariffs. 'Everyone knows that the United States is currently in a housing crisis, with sky-high rents and homeownership completely out of reach for millions of Americans. Tariffs that increase the costs of construction will only accelerate this crisis,' added the release. The union argued that despite official claims, experience shows that the burden of tariffs is ultimately borne by American workers. Referencing the US-China trade actions of 2018 and 2019, the ILWU noted that those tariffs failed to significantly alter the trade balance between the two nations. Instead, they led to higher import costs, which were passed on to US consumers. 'Corporations and foreign countries will pass on costs to consumers while they continue to rake in record profits. Meanwhile, families struggling to get by are being hit with higher grocery bills, unaffordable car payments, and soaring costs for everyday necessities,' said ILWU. Labelling it a false 'America First' strategy, the union said the tariffs will destroy jobs, raise costs, and fuel instability. Instead, it called for fair trade policies that prioritise workers, protect union jobs, and ensure economic justice—not policies driven by political whims. Fibre2Fashion News Desk (SG)
Yahoo
28-04-2025
- Business
- Yahoo
Longshore union blasts Trump tariffs, warns of massive job losses
Calling President Donald Trump's trade policies 'reckless' and 'shortsighted,' the West Coast dockworkers union is warning that U.S. tariffs will lead to massive job losses and higher prices for working-class Americans. 'The International Longshore and Warehouse Union (ILWU) unequivocally condemns the recent tariffs that the Trump administration has imposed,' the union said in a statement. 'Tariffs are taxes. These and other reckless, shortsighted policies have begun to devastate American workers, harm critical sectors of the economy, and line the pockets of the ultra-wealthy at the expense of hardworking families. The tariffs have also sown distrust among our allies and inflamed geopolitical tensions. These tariffs are nothing more than a direct attack on the working class and should be opposed outright.' West Coast ports are seeing a sharp decline in containerized imports from China, where reciprocal tariffs have all but stopped commerce between the former trading partners. 'Hundreds of thousands of jobs are dependent on or connected to global trade. Constricted trade between the world's two largest economies could lead to devastating job losses for workers employed in the global supply chain,' the union said. It pointed to a recent move by Ocean Network Express further delaying resumption of its PS5 trans-Pacific West Coast service scheduled for May, and said '[i]ndirect effects of these tariffs, like rising fuel costs and increased costs of construction materials, have already led to layoffs as American businesses struggle to adapt.' The ILWU counts 42,000 members in the U.S. and Canada. 'Despite claims to the contrary, recent history indicates that the cost of these tariffs will be passed on to the American worker. In 2018 and 2019, when the U.S. imposed tariffs on Chinese imports, those tariffs did not meaningfully change the balance of U.S.-China trade. Instead, the import prices were passed onto U.S. consumers. It is clear that corporations and foreign countries will pass on costs to consumers while they continue to rake in record profits. Meanwhile, families struggling to get by are being hit with higher grocery bills, unaffordable car payments, and soaring costs for everyday necessities. 'These tariffs are nothing less than an economic war on working people.' The union criticized the Trump administration's 'America First' approach as 'haphazard' and 'destructive,' and 'a trade policy in name only.' 'The reality is clear: these tariffs don't put 'America First' — they put American working people last. They will kill jobs, raise costs, and fuel economic instability that will ripple through every community in this country. 'We demand fair trade policies that put working class Americans first, protect jobs, and reduce taxes on the American people, not trade policies dictated by a president's whims. 'We call on every worker, every union, and every person who believes in economic justice to stand with us against these Trump tariffs.' Find more articles by Stuart Chirls here.'No way' US can recoup lost China container imports: Analyst Drewry: Global container volumes to drop 1% on Trump tariffs Chief negotiator on union longshore pact to lead USMX Trans-Pacific container rates stable as trade war rages The post Longshore union blasts Trump tariffs, warns of massive job losses appeared first on FreightWaves.
Yahoo
24-03-2025
- Business
- Yahoo
Major companies sign groundbreaking deal that could change how products are delivered: 'An important step'
An agreement between two major transportation companies could forge a cleaner future for global trade, all while ensuring our supply chains keep running smoothly. On Feb. 18, Japanese shipping company Ocean Network Express (ONE) announced it is teaming up with freight forwarder Yusen Logistics to provide greener shipping options. As part of the deal, ONE will use a sustainable biofuel for propulsion during marine transportation, slashing well-to-wake carbon pollution by as much as 84% compared to Very Low Sulphur Fuel Oil. In turn, Yusen will offer this shipping option to its business customers, giving them a clear path toward reducing value chain pollution — which frequently accounts for the bulk of an organization's planet-warming pollution, according to the Environmental Protection Agency. Gilberto Santos, ONE's senior vice president of global commercial and service management, called the partnership with Yusen "an important step" toward increasing green shipping solutions in Asia, "offering customers the flexibility to reduce their supply chain emissions while maintaining the reliability they expect from ONE," per the release. Overall, the collaboration should be a game-changing tool in a shipping industry that moves roughly 80% of global goods, per Statista, making it a crucial sector to clean up to bring our ecosystems back into balance and limit the worst effects of rising global temperatures, including increasingly intense extreme weather and more favorable conditions for disease spread. Other green shipping developments include the launch of a carbon-negative waste-derived biofuel, meaning the fuel removes more carbon from the air than it produces when burned, according to Energy Policy. A battery-electric container ship has also passed its trial period in China. "We are very pleased to sign an agreement with ONE as the first logistics company in Asia and aim to build a more sustainable future through the provision of eco-friendly shipping solutions together," said Kohei Omura, Yusen's head of ocean freight forwarding group, per the release. "Together, we are advancing our shared commitment to sustainable shipping and supporting the industry's decarbonization goals," Santos added. What should America do to fight plastic pollution? Stricter regulations on companies Better recycling More bans on single-use items All of the above Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
03-03-2025
- Business
- Yahoo
After bouyant year, CMA CGM sees ‘unprecedented uncertainty' in 2025
Red Sea diversions and tariff fears boosted container carrier CMA CGM results in 2024, but the company sees a less clear outlook this year. The world's third-largest liner operator reported full-year revenue of $55.5 billion in 2024, up 18% y/y. Earnings before interest, taxes, depreciation and amortization was $13.4 billion, with an EBITDA margin of 24.2%. Net income for the privately held company was $5.71 billion, up 2.07% y/y. Revenue from container shipping was $36.5 billion, ahead 16.2% from 2023. EBITDA soared to $11.24 billion, up 51.9%. EBITDA margin was 7.2 points better at 30.8%, which compares to 31.2% for competitors Ocean Network Express, 24.6% for Maersk (OTC: AMKBY) and 24.2% for Hapag-Lloyd. CMA CGM with Cosco Shipping of China, Taiwan's Evergreen, and OOCL of Hong Kong operates in the capacity-sharing Ocean Alliance, which has been extended until 2032. In an earnings call reported by Bloomberg, company executives said that the effect of U.S. tariffs on Chinese imports could be mitigated by the shift of supply chains to other regions. CMA CGM's global twenty-foot equivalent unit volume climbed 7.8% to 23.57 million TEUs, ahead of overall market growth of 6.2%. Logistics revenue totaled $18.4 billion, a 20.9% increase from 2023. The ocean shipping industry is also facing substantial proposed U.S. charges on Chinese-made vessels, which could have substantial effects on the Ocean Alliance's operations. 'Our group has delivered strong results this year, driven by our shipping activities. Our logistics business has also performed well, supported by the strategic investments made in recent years' said Rodolphe Saadé, chairman and chief executive whose family controls the Marseilles, France-based company, in an earnings release. 'In 2025, in a context of heightened geopolitical tensions and unprecedented uncertainty, our group will continue to strengthen its position with an expanding low-carbon fleet, state-of-the-art infrastructure, and a workforce trained to tackle the challenges ahead. With these solid foundations, I am confident in our ability to adapt and continue delivering exemplary service to our customers.' The company said conflicts in the Middle East led to disruptions in the Red Sea and Gulf of Aden, which forced vessels to divert on longer voyages around Africa's Cape of Good Hope. While the earnings release did not explicitly state it, CMA CGM and other major carriers saw 2024 results buoyed by lower capacity and corresponding higher rates. At the same time, CMA CGM was the only major liner in 2024 that continued to operate some scheduled services in the Red Sea under military escort. CMA CGM said expected increases in tariffs 'impeded the fluidity of world trade in 2024.' The company in 2024 acquired 48% of Santos Brasil, the leading port infrastructure operator in Brazil and operator of the largest container terminal in South America. It also signed a joint partnership agreement with Marsa Maroc to operate part of Morocco's Nador West Med container terminal and inaugurated the Khalifa terminal in Abu Dhabi, a key hub for international trade. The post After bouyant year, CMA CGM sees 'unprecedented uncertainty' in 2025 appeared first on FreightWaves.
Yahoo
21-02-2025
- Business
- Yahoo
£60 million investment in Southampton container terminal
Four of Europe's largest quay cranes will be installed at Southampton's container terminal. DP World has announced a £60 million investment in the port, with an order of four new quay cranes for the terminal. The new cranes will be the largest quay cranes in Europe and can perform quad lifts, moving two 40ft containers together from ship to yard in a single move, reducing the time taken to load and unload large container vessels. Aart Hille Ris Lambers, vice president – commercial, ports and terminals at DP World in the UK, said: "Our order for these new large quay cranes comes at a crucial time for DP World Southampton. "We are continually innovating and investing to enhance our operations to give our customers, who operate the world's largest container vessels, a smooth and efficient service." The order of the new quay cranes follows the announcement that DP World Southampton was presented with a 'Productivity Improvement Award' from Ocean Network Express.
