Technology News

Risk is the “new normal” for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts. “There are going to be global tensions … and I think global dangers, at a level we haven’t seen since the end of World War II,” former U.S. Defense Secretary Robert Gates said at the opening of S&P Global’s TPM24 container shipping conference in Long Beach, California, on Monday.

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With the rate of turnover of workers in warehouses hitting 49% as of 2022, one strategy for retention is increasing skill levels. A recent survey, Workplace Culture Report, from Kahoot!, found that 71% of frontline workers show high motivation to gain skills, with 86% of managers reporting the same.

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Top supply chain organizations are investing in artificial intelligence and machine learning (AI/ML) at a rate more than twice that of their lower-performing peers, a recent survey found. According to a report published by Gartner January 30, entitled “Supply Chain Executive Report: Future of Supply Chain 2024,” 40% of the high performers surveyed said that they are using AI/ML for demand forecasting, while that figure came in at just 19% for the lower performers.

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With geopolitical tensions rising around the Suez Canal and water levels dropping at the Panama Canal, one could be forgiven for expecting U.S. imports to fall in January. But, according to new data from Descartes, they were shockingly robust.

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As freight rates and delays rise due to the conflict in the Red Sea and a drought in the Panama Canal, many industries continue to shift their supply chain strategy in response to evolving risks. Overcoming these ongoing disruptions will require investments in technology and new strategies, including a growing initiative to increase nearshoring or onshoring efforts.

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Transportation prices flipped to expansion for the first time in 19 months as retailers increase inventories, a Tuesday supply chain report said. The Logistics Managers’ Index (LMI) was up 5 percentage points to 55.6 in January with all eight components of the index signaling growth.

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Worker shortages in supply chain and logistic organizations continues to be an issue. A new survey, “How Bad Is The Supply Chain and Logistics Workforce Challenge?” from Descartes Systems Group found that 76% of the supply chain and logistics leaders surveyed are experiencing notable workforce shortages in their operations.

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This is the year that a new round of environmental, social and governance (ESG) reporting requirements go into effect, impacting many U.S. companies that are doing business domestically and abroad. These organizations’ subsidiaries and supply chain partners may also be impacted by the new compliance dates, which are staggered throughout the year.

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The Panama Canal still faces challenges as the country enters into its dry season, which runs until May, impacting global supply chains. However, cargo ship transits declined at a marked slowdown (4.7% from November) in December in comparison to the 21.9% decrease in October due to increased rain in November. This has allowed the Panama Canal Authority to expand reservation slots.

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The Red Sea crisis and continued Houthi rebel attacks on cargo ships and tankers is now a bigger impact event for shipping than the early pandemic, according to the latest data from the maritime advisory firm Sea-Intelligence which measures changes in vessel capacity.

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