Despite the continued increase in mortgage rates, the median home prices in the U.S. have also climbed almost 3% since a year ago September. While a correction was anticipated as the housing market began to slow down late last year, home values have remained fairly steady with no concerns of a market crash and even expectations of continued rising prices in 2024. Experts explain five reasons for this housing market environment. (See more at yahoo!finance, “Is the housing market going to crash? What experts are saying” Jeff Ostrowski, 10/21/2023)

We are already familiar with how pandemics and war can impact global shipping as we look at past experiences and transport issues resulting from Covid and the Ukraine-Russian war in very recent years. Greg Miller of FreightWaves explains that “The war in Israel, if it expands beyond the country’s borders, poses risks to two key shipping choke points: the Suez Canal, a key waterway for all types of commercial vessels, including container ships, and the Strait of Hormuz, which is pivotal to oil and gas shipping.” (See FreightWaves, “War in Israel: The new geopolitical flashpoint for ocean shipping” by Greg Miller, 10/11/2023)

Weeks ahead of deadline and describing legislation as “unnecessary,” Gov. Gavin Newsom vetoed the California Assembly Bill 316. While the state legislature provided sweeping support for the bill, the veto will now allow the continued operation of heavy-duty driverless trucks as regulated under current law. (See more at FreightWaves, “Governor vetoes autonomous trucking ban in California,” Alan Adler, 9/23/2023)

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In October, the Danish Transport Ministry is presenting a bill to allow, on a trial basis, the use of extra-long trucks and double trailers up to 34 metres on certain designated roadways. Danish Transport Minister Thomas Danielsen states that “We have to make the best use of roads, and therefore we are opening up to be able to drive extra-long trucks where the roads allow it. When a single truck can carry more, it results in less CO2 and fewer vehicles on the roads, and is therefore both a win for the climate and for congestion.” (Read More at Trans.INFO, “Long trucks will cut congestion and help environment, says Danish Transport Ministry” Gregor Gowans, Journalist, 19.09.2023)

Gov. Gavin Newsom has a bill on his desk (passed in the state senate last week) that with his final decision will set the fate of future self-driving trucks, including semi-trucks, for operation in the state of California. The bill would ban autonomous vehicles (over 10,000 lbs.) and as expected, is supported by drivers of the Teamsters union who present an argument of road safety and job protection. A counter argument relates that California has always been a leader and supporter in development of new technologies. Oct. 14^th is the deadline for approval or veto by the governor. (More at: ABC10, “Are self-driving semis coming to California? …” by Elisha Machado, 9/19/2023)

The Panama Canal Authority released a notice last week on September 8^th announcing that it will be suspending bookings for super category vessels from yesterday Sept. 12 through the 30th. This action is a response to counter the backlog caused by the ongoing drought conditions. FreightWaves explains that unless major rainfall changes conditions “the daily transit limits and vessel draft restrictions the ACP imposed earlier this year will need to remain in place until this time next year.” (More at: FreightWaves, “Panama Canal Authority: Vessel transits may be reduced if drought persists” Lori Ann LaRocco, 9/12/2023)

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