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US CBP tightens import rules - get the details right or else

In case you missed it: US Customs and Border Protection (CBP) can now void an importer of record (IOR) number the moment it finds inaccurate or borrowed details on Form 5106, and it tells the importer afterwards. The brokers and forwarders whose addresses and inboxes sit on those forms are the ones who will get the phone call. On 18 September, a line of customs paperwork became a kill switch. From that date, CBP said in a Federal ...

Analysis: SF Holding's has a fuel problem, but valuation discount unexplained

Look here: A fuel bill explains much of SF Holding's weak second quarter at its latest update, but it does not by itself explain the stock's valuation. SF trades between FedEx and UPS on 2026 earnings, but at less than half their EV/Ebitda multiple. KLN trades more cheaply still, but SF's 51.52% holding is worth only about 3% of SF's market capitalisation - too little on its own to explain SF's valuation discount. A deeper structural premium for Western ...

Slower demand growth emerging in Asia Pacific

Asia Pacific demand last month was dampened by a reduction of e-commerce parcels to Europe, although sustained volumes of AI-related goods helped airlines achieve a healthy year on year growth margin. Preliminary August traffic figures released by the Association of Asia Pacific Airlines (AAPA) found that international air cargo demand, as measured in freight tonne kilometres (FTK), grew by 1.1% year on year. This reflected a slower emerging pattern of growth since the EU ended the de minimis exemption on 1 July. Demand growth was up 1.1% year on year for July. In comparison, there was a 4.1% increase in April, a 2.5% increase in May, and a 3.2% increase in June. The AAPA said that "air cargo markets continued to benefit from rising export activity and brisk demand for AI-related goods, although e-commerce shipments to Europe showed some weakness following the introduction of charges on small parcels". Meanwhile, offered freight capacity expanded by 1.6%. As a result of the demand and capacity changes, the average international freight load factor fell by 0.3 percentage points to 59.3% for the month. Wong Hong, director general of AAPA, said that international "air cargo demand rose by a strong 5.5%"over the first eight months of the year, However, he added that elevated jet fuel prices, airspace restrictions and weaker Asian currencies are raising costs, meaning airlines have faced profitability challenges. Airlines also have to contend with geopolitical developments and changes in trade policies. Despite this, Hong said regional economic growth and trade activity should continue to support air cargo demand "although growth is likely to remain uneven across markets".