What’s going on in freight

Gulf shipping risk is still rising: an LNG carrier was hit, October’s attack count is the war’s worst, and Washington has not yet decided on new strikes. Elsewhere, record bunched capacity is undercutting November ocean increases, air spot rates keep climbing on falling volume, investors are rewarding US LTL pricing power, and Russia’s diesel ban leaves no quick relief for truck fuel costs.

War, chokepoints and disruption

• All 25 crew of the LNG carrier Al Mayeda are safe after it was hit by a projectile in the Gulf on 30 October, India’s shipping minister said on 31 October. UKMTO counts just over 30 attacks in October, and 59 of 81 projectile strikes since 6 July hit the southern route the US recommends. Rubio said Trump “hasn’t made a decision” on new strikes. (The Tribune, CBS News, Arab News) Our story →

Rates and markets

• Sea-Intelligence says weekly deployed capacity in October and November is the highest on record, with Asia–US West Coast near 393,000 TEU a week in October, because delayed ships are arriving on top of on-time ones. Drewry’s Shanghai–Los Angeles rate had already fallen 6% to $7,514 per 40ft on 29 October. (Sea-Intelligence, Container News, Drewry) Our story →
• Worldwide air cargo spot rates rose about 5% in week 43 (19–25 October) to $3.80/kg, 38% above a year earlier, WorldACD data show, even as tonnage fell 2% and capacity 1%. (IndexBox) Our story →
• Russia has extended its ban on most diesel exports by producers to the end of January, Bloomberg reported on 31 October, with about 2.15 million tonnes of exports planned for November. US diesel averaged $6.352 a gallon in the week of 26 October (EIA). (gCaptain/Bloomberg, EIA) Our story →

Forwarders, carriers and deals

• FedEx Freight shares rose about 14% in early trading on 30 October after it raised its June–December operating profit outlook to $695m to $715m, even though its ex-fuel revenue per hundredweight rose just 0.3%. Schneider’s brokerage unit made zero operating profit in Q3, which it tied to higher purchased transportation costs and insurance on one prior-year claim. (Reuters via 93.3 The Drive, Yahoo Finance) Our story →

Coming up

• 1–5 November: Kuwait live-fire exercises in the south of the country Our story →
• Tuesday 3 November: US midterm elections; possible US strikes on Iran afterwards Our story → Our story →
• Wednesday 4 November, 5pm Pacific: LA/Long Beach watchmen strike deadline Our story →
• Saturday 7 November: Russian diesel tanker Agioi Fanendes due in New York Our story →
• Late November: Drewry’s last November World Container Index readings Our story →
• 8 January 2027: FedEx Freight general rate increase takes effect Our story →
• End of January 2027: Russia’s diesel export ban runs to this date Our story →