Trans-Pacific shipping rates rise as carriers make capacity cuts

Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades. Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index providers. U.S. import bookings remain above pre-COVID levels, and multiple analysts are…

Fire-damaged Nikola electric truck reignites; will a recall follow?

A Nikola battery-electric truck severely damaged in a fire at the company’s Phoenix headquarters last month reignited, raising questions about the safety of battery packs in Nikola trucks delivered to customers. The fire on Sunday afternoon resulted in no injuries. Nikola said it is still investigating the original fire with a third-party contractor. The outcome…