WEEKLY MARKET UPDATE 05/23/2024

This newsletter's summary

Figure of the week

"39 000 000 000?is the amount that the U.S. Commerce Secretary plans to allocate to boost semiconductor manufacturing".

Quote of the week

“Self-driving vehicles will automatically choose the most efficient route. Artificial intelligence will dramatically improve logistics.”

?-Dave Waters

?UK launches ￡8m fund to accelerate smart shipping

The UK government has initiated an ￡8m Smart Shipping Acceleration?Fund to advance automation and AI in shipping, aiming to boost?the economy, support?coastal communities, and decarbonise?shipping. The fund will be used for feasibility studies to develop new technologies and refine existing systems, such as autonomous boats and automated ports.

This funding is part of the wider ￡206m UK Shipping Office for Reducing Emissions?(UK SHORE) programme. During a visit to Southampton, Maritime Minister Lord Davies visited Ocean Infinity, a company that received funding from the UK SHORE programme to develop future propulsion systems for maritime decarbonisation.

Swiss WorldCargo Launches Toronto Flights

Swiss WorldCargo?has expanded its North American network with a new route from Zurich to Toronto, operated by Swiss Airlines using an Airbus A330-300. This addition strengthens the carrier’s long-haul network and serves diverse industries in the Ontario region, including manufacturing, technology, automotive, and notably, pharmaceutical and healthcare.

This is the second long-haul destination added by the carrier this week, with a previous addition of an Airbus A340 flight to Seoul targeting high-tech cargo volumes. The types of products transported include consumer electronics, sophisticated IT equipment, and other components, with an anticipation of a range of goods including general cargo and high value.

Weekly logistics trivia

Kyle Soukup, the President and Co-Founder of Trucker Recruiters Inc., is a disruptor in the transportation and logistics industry. With his team, he has developed a platform?that is revolutionizing?recruitment and supply chain staffing. His journey began with a disruption, leading him to create a game-changing solution for the industry.

• Quick and Efficient Recruitment:?The platform allows carriers to find a Class A driver who meets their requirements and start the hiring process in 24 hours or less.
• Quality Assurance:?All candidates are pre-screened, and only qualified Class A drivers are allowed onto the platform.
• Nationwide Expansion:?Trucker Recruiters has already been rolled out in the Midwest, with plans to expand nationwide.
• Continuous Improvement:?Kyle and his team are constantly evolving and improving the product to meet industry needs.
• Employee Empowerment:?Kyle fosters a healthy work environment where initiative and innovation are celebrated, and employees are given the freedom to think outside the box.
• Leadership by Example:?As President, Kyle sets the standard for innovation and is dedicated to making the Trucker Recruiters web-based application more user-friendly.

In conclusion, Kyle Soukup’s innovative approach and relentless drive have positioned Trucker Recruiters as a transformative force in the logistics industry. His vision of remaking the industry and solving supply chain challenges is well on its way to becoming a reality.

French Rail Freight Announces €4 Billion Investment Plan

A major investment programme, Ulysse Fret, totalling 4 billion?euros is set to be finalised this year to develop rail freight?in France. The funding package, which runs until 2032, aims to double?the sector’s modal share to around 18% over that period. The programme will focus on enhancing?various aspects of the rail network, with over half of the funding earmarked for network capacity enhancement.

The 4 billion euro programme comprises 2 billion euros from the French state and 2 billion euros in co-financing from French regions, the EU, and private sector sources. This collaborative venture involves France’s rail network manager, SNCF Réseau, the state directorate for Infrastructures, Transport and Mobility (DGITM), and the members of the 4F rail freight alliance, building on a national strategy unveiled in 2020.?

Customs & Regulations

The Corporate Sustainability Due Diligence Directive (CSDDD) and the EU Supply Chain Act, aimed at holding companies accountable for rights violations, were approved by a majority of EU member states on March 15. The revised CSDDD now applies to EU and non-EU companies, as well as parent companies with over 1,000 employees and a turnover of at least 450 million euros, with a gradual application based on company size and turnover.

Upon formal adoption by the European Parliament and Member States, the Directive will take effect 20 days after its publication in the Official Journal of the EU. Following EU-level adoption, the EU Supply Chain Act must be incorporated into national law, with Germany expected to amend its existing Supply Chain Due Diligence Act accordingly.

???Until Next Week

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Sources

UK launches ￡8m fund to accelerate smart shipping

Swiss WorldCargo to offer Toronto flights

French rail freight players run rule over 4 billion euro investment plan?

Due diligence: MEPs adopt rules for firms on human rights and environment