Importers warn of $1b fee hit from stevedores, ports

News Snapshot:

The FTA’s warning comes as volumes of container goods, which include clothing, food, beverages and electronics, coming into Australia decline, reflecting consumers cutting back on spending. While global shipping companies are still making billions of dollars, Danish shipping group Maersk’s underlying profits for the three months to March dropped to $US2.56 billion ($3.85 billion) from $US7.5 billion a year earlier due to falling volumes and freight rates. The company said a “more normal” business environment was expected for the second half of this year compared with the “exceptional” market during the COVID-19 pandemic, when ships did not have enough space...