SUMMER 2023

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136 THE DISTRIBUTOR’S LINK CHRIS DONNELL WE’RE BACK? from page 106 One thing we all need to keep an eye on is the excess capacity the ocean carriers intend to bring on. While they made record profits in the past three years, they did reinvest those profits into new vessels and equipment, and those new vessels are going to start coming online in the autumn and winter months of 2023. Furthermore, the carriers are reluctant, at this time, to scrap older, more costly smaller vessels, due in large part to the vessel charting industry, as it remains strong and profitable. it’s interesting to see what the carriers will do to ensure they maximize capacity, but more importantly remain in the black. Spot rates are driving the market and will continue until we see a substantial upswing in the import market. Until then the ocean carriers will continue their practice of “blank sailings”, of which there has been more than 300 since the start of the 2023. They will also continue to react rate wise to the market imbalance. With regard to the ILWU and PMA contract negotiations and the potential port strike - it’s been contentious over the past several months but things have seemingly returned to a more favorable condition between the two parties. They have agreed to numerous contractual issues and things have settled down. One impact resulting from the negotiations is the decline in West Coast import volumes which is negatively affecting both sides of the negotiations. Both sides have recently said they anticipate a contract to be completed in the next month or so, some 16 months after negotiations started and 12 months after their contract expired. Until it’s signed anything is possible, but we should start to see some of the volumes which were switched to the East Coast beginning to return to the West. The air market continues to struggle as air imports have sharply declined over the year and excess capacity is becoming a major issue. Airlines are in discussions to start grounding freighters and/or cancelling a number of flights from major cargo hubs throughout the Far East. Many have speculated that we will not see any huge uptick in cargo volume for the remainder of 2023 and this has airline executives scrambling. One positive for the air market is passenger and passenger cargo volumes are up considerably compared to the same time last year. However, the question remains: will this increase balance the market and keep the global airlines solvent? For those that use air freight as a means of transportation, rates have fallen sharply year over year and have stabilized, but if the airlines start to ground freighters or cancel flight schedules then this can have a negative effect in terms of costs and transit times. The trucking industry, whether for drayage, local or OTR (over the road) will be one to watch over the next six months. As mentioned, the trucking market is in a free-fall, spot rates are falling quicker and have out-paced yearly contracted rates, so play the spot market when you can. You can also expect diesel fuel costs to remain about double what they were before the pandemic took hold. As we venture into the summer months, we typically see fuel costs increase and that will negatively impact the market. Overall, the market will continue to struggle for the remainder of 2023. Another potential situation that is on the horizon is another strain of Covid which could potentially affect millions in China. With China having abolished their zero covid mandate, it’s anyone guess as to the effect this new strain will have on China and whether it will spread to other regions of the world. As of now, it’s only being reported in smaller, more industry related news groups, but it’s something that is gaining traction in the local China markets. My prayers go out to all in China and I hope this never comes to fruition. In short, while we’ve come a long way in a short amount of time there are still areas of concern for the global transportation market. My advice is to remain close to your service providers, utilize data that they can provide and continue to monitor the market as closely as possible. CHRIS DONNELL
THE DISTRIBUTOR’S LINK 137 NEW ENGLAND FASTENER DISTRIBUTORS ASSOCIATION PO Box 701, Tewksbury, MA 01876 TEL 816-686-8987 EMAIL nefda@nefda.com WEB www.nefda.com NEFDA SCHOLARSHIP AWARDS by Laura Murphy Over the past five years, the New England Fastener Distributors Association has awarded an incredible $75,000 in scholarship funds to member students! The NEFDA Scholarship Program is the most significant effort the organization makes yearly. This significant financial impact for member-students is only possible through the generous contributions and participation of our membership. This year, the NEFDA awarded $15,000 in scholarships to member students, including one special scholarship in honor of Brian Sidney-Smith, donated entirely by G.L. Huyett. The NEFDA Scholarship Committee received a record number of applications this year and selected 11 recipients in total. Congratulations to the 2023 recipients! We wish you the very best in the coming school year and your future educational endeavors ASSOCIATION ARTICLE 2023 Scholarship Recipients $4,000 - Hannah Lentini, SPIROL $2,500 - Jack Davies, DB Roberts $2,000 - Riley Burns, Richard Manno & Co $2,000 - Jillian Lesieur, Crescent Manufacturing $1,000 - Alexis Dewey, Ken Forging $1,000 - Megan Stover, Ken Forging $500 - Evan Calton / Buckeye Fasteners $500 - Raegan Davenport, DB Roberts $500 - Kyleigh Finglas, Fall River Manufacturing $500 - Edward Stroude, Nylok $500 - James Wicklund, DB Roberts For more information on the NEFDA Hall of Fame and upcoming events, please visit www.nefda.com, contact Laura Murphy, administrator at nefda@nefda.com or PO Box 701, Tewksbury, MA 01876. NEW ENGLAND FASTENER DISTRIBUTORS ASSOCIATION
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SUMMER 2023

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