Energy Information Administration
In reviewing the Short Term Energy Outlook which was released on August 9th, the below product prices for regular gasoline and diesel pricing were forecast for 2016 and 2017:
News / Industry News
August should be the busiest month of the year for import cargo volume at the nation’s major retail container ports now that retailers have stocked up for back-to-school and are getting a head start on holiday season merchandise. That’s according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates, which said cargo volume for 2016 should end the year with a 1.6 percent increase over last year.
“The U.S. LEI picked up in June, reversing its May decline,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “Improvements in initial claims for unemployment insurance, building permits, and financial indicators were the primary drivers. While the LEI continues to point to moderating economic growth in the U.S. through the end of 2016, the expansion still appears resilient enough to weather volatility in financial markets and a moderating outlook in labor markets.”
Total nonfarm payroll employment rose by 255,000 in July, and the unemployment rate was unchanged at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, and financial activities. Employment in mining continued to trend down.
Institute for Supply Management
Economic activity in the manufacturing sector expanded in July for the fifth consecutive month, while the overall economy grew for the 86th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
American Trucking Associations
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.5% in June, following a revised 2.9% gain during May. In June, the index equaled 137.2 (2000=100), down from 139.3 in May. The all-time high was 144 in February.
Cass Information Systems, Inc.
Freight shipments and expenditures edged up in June after three months of lackluster performance. For the first five months of 2016, U.S. exports were down 6.9 percent compared to 2015, while imports were down 5.2 percent for the same period. These obviously had put a damper on freight performance. GDP growth was 1.1 percent for the first quarter of 2016, slower than the 1.4 percent growth rate in the fourth quarter of 2015. The Federal Reserve Bank of Atlanta’s GDPNow model predicts second quarter GDP of 2.3 percent. The huge jump in employment in June is mostly for service sector jobs. There was virtually no change in transportation, construction, manufacturing or warehousing employment in June. Manufacturing was beginning to stir back to life with positive growth in production and new orders, according to the Institute for Supply Management’s PMI Indexes.
Import cargo volume at the nation’s major retail container ports should see a small-but-significant increase this month as merchants stock up for the back-to-school season, then see a larger wave in late summer and fall for the holiday shopping season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
The Ocean Carrier Equipment Management Association (“OCEMA”) amended its Recommended Best Practice for the Acceptance and Transmission of Verified Gross Mass (VGM) to include a Terminal Weighing Approach (TWA). The TWA contemplates that marine terminals will provide gross container weights directly to ocean carrier stowage planners as VGM on behalf of shippers.
What this Means: Vessel Operators have finally agreed that the existing practice, whereby the marine terminals weigh containers prior to loading, is sufficient compliance for purposes of the VGM rule. Many Carriers have indicated they will now accept the weight provided by the terminals in lieu of receiving anything from shippers or NVOCCs with respect to traffic moving to the terminals by truck. With respect to containers moving by rail to the port of lading, most carriers have agreed to provide tare weights of the containers to be added to the weights reported by the shippers and NVOCC’s, and that would again constitute sufficient compliance with the VGM amendment.
MIQ Amended Procedures: MIQ will no longer require the Verified Gross Mass (VGM) Certification distributed in June. Instead, MIQ requests that our client shippers either (a) use the revised MIQ Shipper’s Letter of Instruction (SLI) or, should the client shipper prefer to use its own form(s), (b) sign and return the MIQ Amended Terms and Conditions acknowledging that (i) MIQ is entitled to rely on the accuracy of weights provided by the shipper and (ii) agreeing to indemnify and hold MIQ harmless from any and all claims, all claims, losses, penalties or other costs resulting from any incorrect or questionable statements of the weight provided on which MIQ or its agent relies.
MIQ will continue to monitor the situation very carefully on a carrier by carrier basis. Please contact your MIQ Account Representative with your questions and concerns.
CBP issued CSMS #16-000499 on June 17, 2016 announcing that (a) Local Customs Ports will now issue Liquidated Damage claims without Headquarters’ review; (b) no longer will Ports issue three warnings before initiating Liquidated Damage claims (i.e. the “three strikes” policy); and, (c) Ports may hold cargo instead of (or in addition to) initiating Liquidated Damage claims.
The maximum liability for ISF filings is $10,000 in liquidated damages. However, CBP will normally assess a liquidated damages penalty of $5,000 per violation for most ISF violations (except for missing ISF’s). The guidelines also state that CBP will consider the presence of mitigating and aggravating factors when determining the final liquidated damages or penalties. Mitigating factors include: evidence of progress in implementing ISF requirements, a small number of violations compared to the number of shipments, Tier 2 or Tier 3 C-TPAT status, and demonstrated remedial action to prevent future violations. Aggravating factors include: lack of cooperation with CBP, evidence of smuggling, multiple errors on the ISF, and a rising error rate. Source: THE INTERNATIONAL LAWYER, Vol 44, No 1 (Spring 2010)