Logistics Recap
September 3rd – September 9th
UPS matches FedEx tariff rates
UPS Inc. (NYSE: UPS) said late Thursday that it will raise 2024 tariff rates 5.9% on all air, ground and international services, effective Dec. 26.
The move matches rival FedEx Corp. (NYSE: FDX), which announced a 5.9% increase late last month.
Purchasing Managers’ Index reports slow manufucturing activity in the industry
U.S. manufacturing activity improved marginally in August, as economists continue to hold out for better industry performance in the months ahead.
The Institute for Supply Management’s Purchasing Managers’ Index registered 47.6% in August, up 1.2 percentage points from 46.4% in July. A reading of 50.0% or lower indicates the industry is in economic contraction.
Read More Here Supply Chain Dive
Hydrogen-powered tourism ship to be built
The American Bureau of Shipping (ABS) recently signed a memorandum of understanding (MoU) with the University of Ulsan’s Foundation for Industry Cooperation (UOUFIC) and the Korea Hydrogen Industry Association (KHIA) to build a small tourism vessel equipped with a hydrogen fuel cell.