On this episode of Midday Market Update, Kaylee Nix and Michael Vincent dive into the deep possibilities of disruption in the maritime shipping world.
Starting with headlines, they outline a massive acquisition by TriumphPay, which CEO Jordan Graft says will fill out the company by adding a settlement process. Another trucking company has released details of planned driver pay raises, and two tanker companies have merged, pushing shipping stock prices down.
Market Expert Zach Strickland delivers news of falling outbound tender rejections and indications of loosening freight capacity moving into produce season. FreightWaves’ lead economist, Anthony Smith, talks initial jobless claims surging and the indications of looming inflation.
FreightWaves’ Washington correspondent, John Gallagher, joins the show to give a more detailed update on President Joe Biden’s infrastructure plan. He says the plan is heavily job-focused and calls it “the biggest infrastructure package since the New Deal.”
CNBC Senior Editor of Guests Lori Ann LaRocco talks to Vincent and Nix about her interview with the head of the Panama Canal and what the differences between the Suez and Panama are. LaRocco also discusses the thoughts of the new Federal Maritime Commissioner on ocean shipping regulations and the port crisis.
Chris Richards, director of international sales at Steam Logistics, wraps up the show, talking about how Steam is helping clients navigate rough seas. His advice: Book space on container ships earlier than you think you need to and be prepared to pay premium prices.
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