It’s only March, but we already have a winner for “Word of the Year” for 2020: canceled.
Last Friday I wrote about industry conferences getting canceled due to the novel coronavirus, but in just the past few days, almost everything has been canceled or suspended this month: schools, concerts, sports, religious services, and the list goes on.
The stock market remains open, but in light of the panic selling and losses, maybe it should get suspended too. At this point, I will be working well into my 80s.
Here’s another term you might start hearing soon: Force Majeure.
Pete Mento, Managing Director of Global Customs and Duties at Crowe LLP, posted this on LinkedIn yesterday:
Everyone – and I mean EVERYONE engaged in cross border trade needs to do two things right now – learn everything they can about “Force Majeure” clauses AND start combing through all of their contracts to see where they are and how they will be impacted by them. Because that term is about to get swung around like a bottle of Jager at a bachelor party. Like Hunter Thompson always said – “When the going gets weird, the weird turn pro….”
I’m afraid things are going to get weirder by the hour in the days ahead.
And with that, here’s the supply chain and logistics news that caught my attention this week:
- America’s 1.8 million truck drivers can’t work from home and often lack health insurance — and that may stymie the fight against coronavirus (Business Insider)
- U.S. Travel Ban Is Expected to Snarl Trans-Atlantic Airfreight (WSJ – sub. req’d)
- Morgan Stanley: Freight transport feeling impact of COVID-19 (Air Cargo World)
- Cass Transportation Index Report: North American freight shipments remain negative; Coronavirus creates doubt that Q2 will see previously predicted turnaround
- DHL will deploy 1,000 robots from Locus Robotics for delivery fulfillment (TechCrunch)
- XPO to Acquire Majority of Kuehne + Nagel’s UK-Based Contract Logistics Operations (Transport Topics)
- Hy-Vee to Close Online Fulfillment Centers (Progressive Grocer)
- ClearMetal Launches Next-Generation CDX Platform 2.0
- L.A., Long Beach ports approve fee in push toward cleaner trucks (Daily Breeze)
Due to the coronavirus outbreak, the rest of today’s commentary has been canceled.
(Well, the truth is that school has been canceled today and all of next week, so I have some quarantining plans to make).
And with that, have a happy (and safe) weekend!
Song of the Week: “Panic” by The Smiths