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    HomeBreakingMAJOR CRISIS: FedEx Parks Planes, Maersk Cancels Sails: World Trade Rapidly Deteriorating

    MAJOR CRISIS: FedEx Parks Planes, Maersk Cancels Sails: World Trade Rapidly Deteriorating

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    The protection of domestic and international trade for the benefit of citizens is one of the sole genuine and original tasks of the American government, according to our founding papers, which are replete with language to that effect. News reports today are replete with evidence that the government has fallen short of its obligations to the people, particularly on the global trading arena.

    The Declaration of Independence begins with political poetry: “We hold these truths” and so on. However, “a long train of abuses and usurpations” is described in the document’s main body. Thus, it is a list of complaints.

    The Declaration criticizes King George “for cutting off our Trade with all parts of the world,” which addresses a modern-day issue.

    According to a piece by Mark Wagoneer from a few years back for the Seattle Times, our Founding Fathers had several reasons for wishing to separate from England and its king when they signed the Declaration of Independence in 1776.

    Here’s why: We need to return to our roots.

    “Business activities by FedEx create an estimated $20 billion in additional net economic output around the world, according to the FedEx Effect study conducted in consultation with Dun & Bradstreet, a global provider of business decisioning data and analytics,” according to bizjournals, adding:

    According to Raj Subramaniam, President & CEO of FedEx, “FedEx also recognises that economic growth and sustainability must go hand in hand for the future of our people and planet.”

    The world trade appears to be rapidly deteriorating, as seen by headlines like this one on Zero Hedge: “FedEx Parks Planes, Maersk Cancels Sails: World Trade Appears To Be Rapidly Deteriorating”

    “Economic storm clouds are gathering worldwide as some of the largest shipping companies warn about sliding global trade. US shipper FedEx and Danish shipping giant A.P. Moller-Maersk A/S have been vocal about emerging signs of a global slowdown. Both of these companies are widely seen as a barometer for international trade,” according to Tyler Durden’s research for Zero Hedge, who also stated:

    “The latest to warn about weakening economic growth is FedEx CFO Michael Lenz telling an audience Tuesday at the Robert W Baird Global Industrial Conference that the company has reduced flights and parked planes to cut costs in response to soft demand for package delivery..”

    Durden added the Lenz letter:

    Look, there is no doubt that the second part of the year will see increased structural cost cuts. At Express, the flight discounts are where the majority of the advantages first start to accrue.

    More on this story via The Republic Brief:

    When you park the aircraft, particularly the older airplanes that we’re packing, you’re deferring a maintenance event, which is a significant expense. While at the same time, you have relatively low ownership costs on those.”

    So it’s an operationally and financially flexible way to manage capacity there. So as I said, we’re projecting a lower demand outlook for the foreseeable future here.

    I don’t have a perfect crystal ball to say what the overall macro environment will be. Don’t have a full year earnings outlook for FY ’23. So I don’t have any specific projection to give you there, but rest assured, as some of these specifics that I was highlighting illustrate, we are fully committed to continuing to take the actions we need for changed expectations of what the operating environment is.” CONTINUE READING…

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