Sirva Closes Transaction with New Ownership GroupSirva Worldwide, Inc. distributed a press release on Tuesday announcing “that it has completed a transaction with the support of the Company's lenders and equity sponsors, Madison Dearborn Partners and Relo Group.” It was further explained that “Through the transaction, the Company's new ownership group is led by certain credit funds and accounts managed by KKR Credit Advisors (US) LLC, Evolution Credit Partners, BlackRock Financial Management, Inc. and affiliates thereof, and Indaba Capital Management, L.P.” (See full Press Release)

Massive explosion on the YM Mobility at Ningbo Port, China

‍Container xChange warns of major global supply chain disruptions following an explosion aboard the Yang Ming vessel YM Mobility at Ningbo Port, China. The incident, which occurred on August 9, involved a container with hazardous materials, leading to the closure of Ningbo’s Phase III Terminal, a key global trade hub. The terminal remains shut as investigations continue into the cause of the explosion. This closure, combined with previous disruptions from Typhoon Gaemi in July, exacerbates existing congestion at Asian ports. Container xChange CEO, Christian Roeloffs predicts further delays in ocean schedules, increased dwell times, potential rerouting of shipments, and a tighter supply of containers, especially for hazardous goods. (More at: gCaptain, “Explosion at Ningbo Port seen impacting supply chains” by Mike Schuler, 8/12/2024) SEE VIDEO of explosion and fire

1,100 containers onboard at the time of the fire

As recently reported by The Loadstar, shippers with cargo on the Maersk Frankfurt, which experienced onboard fires in July, will receive General Average (GA) notices from vessel owner Tokei Kaiun. (GA is a maritime law that requires all those shipping cargo to contribute to the costs of salvage, repairs, or other expenses incurred during a voyage when a vessel is damaged or stranded, and the cargo is partially or totally lost.)  Richards Hogg Lindley were the GA adjusters assigned to handle the necessary security arrangements. Affected cargo will not be released for delivery until these arrangements are completed. Maersk which chartered the vessel, will soon provide guidelines on the GA process. The ship, with about 1,100 containers onboard at the time of the fire, has not had its official container count confirmed by Maersk. (See Loadstar, “Maersk Frankfurt owner declares GA …”, Angelo Mathais, India correspondent, 07/25/2024) -SEE VIDEO

Japan's Transport and Tourism Ministry proposes a 310-mile automated underground system to transport goods between Tokyo and Osaka, aiming to tackle logistics inefficiencies, reduce road congestion, and address severe labor shortages. This system could replace 25,000 trucks daily, alleviating traffic, cutting pollution and CO2, while potentially solving the shortage problem of truck drivers. With Japan facing a historic population decline of 837,000 people in the year leading up to October 2023—equivalent to about 96 people per hour—the government sees this project as crucial to maintaining social functions. Prime Minister Fumio Kishida warns that Japan is nearing a point where social stability could be compromised. (More at: FASTCOMPANY, “Japan is building a giant underground conveyor belt …” 07/03/2024)

Silk Way Airlines transported two beluga whales from a Ukrainian aquarium to Spain via Moldova due to the conflict in Ukraine. The operation involved careful planning and collaboration with animal experts. Specialized equipment ensured the whales' safety and comfort during the flight, overseen by a dedicated team including veterinarians. Mustafa Azimov of Silk Way Airlines praised the effort, highlighting the crew's role in ensuring a smooth and stress-free journey. The operation, spanning three months, aimed to deliver the whales safely to their new home, facilitated by cooperation with Oceanografic and international animal transport specialists. (See more at: The STAT Trade Times, “Silk Way West Airlines flies 2 beluga whales …” 7/17/2024)

‍FreightWaves reported last week on a recent report from AlixPartners revealing that congestion at the Port of Singapore has severely delayed the docking of trade vessels, causing a surge in spot market prices. This disruption in the demand/supply balance for ocean trade contrasts sharply with the stable rates in trucking markets. The report highlights significant international service and pricing volatility for maritime shippers. The congestion in Singapore, compounded by similar issues in other Southeast Asia ports, has led to equipment imbalances, elevating both local and global spot market prices. Since January, the number of vessels waiting at Singapore's port has peaked close to 100. As the world's second-busiest port after Shanghai, the congestion is significantly impacting shipping costs globally. (More at: FreightWaves, “Port of Singapore congestion …” Caleb Revill, 7/09/2024)