3PLs saw an increase in sales during 2022 despite ongoing disruptions. BoxC has announced a data-sharing initiative to allow e-commerce merchants to ship and receive the same clearance rate as bulk shipping at the border. Prologis reported that demand for space remains strong and leasing fundamentals are healthy. Canadian Pacific Railway Limited (CP) announced its tentative agreement with Unifor and a start-up is seeking to provide shippers with the ability to track the location of their rail cars and how that train performs on a certain line segment.
3PL Sales Report Shows Surprising Increases in Sales
Third-party logistics providers (3PLs) saw increased sales in 2022 despite ongoing business disruptions. According to Extensiv’s seventh annual State of the Third-Party Logistics Industry, Report 94% of 3PLs reported an increase in sales within their last measurement period. The report suggests that 3PLs will need to focus on meeting evolving consumer demands and optimizing technology in order to sustain market momentum during the expected market turbulence of 2023.
Source: Inside Logistics
Is Faster E-Commerce Customs Clearance on the Way?
Global shipping platform BoxC has announced a data-sharing initiative with the U.S. Customs and Border Protection. It will allow e-commerce merchants shipping Food and Drug Administration-regulated products to send them individually to the U.S. and receive the same clearance rate as bulk shipping. The initiative addresses the issue of small, low-value shipments into the U.S. that has been a problem for the CBP since the increase in e-commerce growth.
Source: Freight Waves
Prologis Predicts Higher Rent Prices In 2023
Prologis, a logistics warehouse owner and operator, reported that despite the slowing economy, demand for space remains strong and leasing fundamentals are healthy. Occupancy across its portfolio was 98.2%, with more than 99% of available space either leased or in negotiation. Rent growth was 5% in the fourth quarter, pushing full-year 2022 growth to 28%. The CEO of Prologis stated that they see a normalization of demand and “with low vacancy, it continues to translate to a meaningful increase in rents.”
Source: Freight Waves
CP Railway Reaches A Deal With Unifor
Canadian Pacific Railway Limited (CP) announced that it has reached a tentative collective agreement with Unifor, the union representing mechanical employees in Canada. The CEO of CP, Keith Creel, thanked Unifor for working collaboratively throughout the process. Unifor also stated that the negotiations encountered several difficult periods, but the bargaining committee was able to achieve a tentative agreement with the support of its membership. Details of the agreement will not be released until it is ratified.
Source: Inside Logistics
Start-Up Seeks To Create Waze For Trains
John Schmitter, an industry consultant, is seeking to provide shippers with the ability to track the location of their rail cars and how that train performs on a certain line segment over time through his rail technology startup, RailState. The aim is to help shippers anticipate where there might be congestion or slower traffic. The company places sensors 100 feet or more away from a railroad track’s right-of-way, which takes images of the rail cars passing by and processes that data, sending it to the cloud for users to access within an hour.
Source: Freight Waves
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