United Postal Services (UPS) and the Teamstersunion have reached a preliminary labor agreement, averting a potential strike by the union's workers, CNBCreports. The agreement includes pay raises for both full and part-time workers and is valued at USD 30 bn. Part-time workers will see their wages increase to at least USD 21 per hour, while full-time workers will average USD 49 per hour. The agreement — which is pending ratification by the workers — also puts an end to mandatory overtime on drivers' days off. The agreement staves off risks of a potential supply chain disruption to over 19 mn packages if workers had followed through with a strike in August.

Panama Canal extends restrictions to conserve water amid drought: The Panama Canal Authority (ACP) has limited daily crossings to 32 ships, while extending the restrictions on the depth limit for neo-Panamax container ships, Reuters reports. The canal, through which 3.5% of global maritime trade passes, will keep the current depth limit as long as weather conditions persist.

El Niño could make it worse: “As part of a worldwide phenomenon, in the last six months, the Canal has experienced an extended dry season with high levels of evaporation, with a high probability of an El Niño condition before the end of this calendar year,” the ACP said. Water efficiency measures have been implemented since the start of the year in preparation for the long-term impacts of climate change, the authority said.

DHL Group is set to acquire 100% of Turkish cargo delivery provider MNG Kargoand its subsidiaries, according to a company statement. The company said its Turkish customers will benefit from exclusive logistics services both locally and internationally in collaboration with several already-established DHL divisions in Turkey. The acquisition gives DHL access to 27 mid-mile sorting centers and over 800 last-mile branches in all “relevant” cities of Turkey, according to the statement.

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  • South Africa's state-owned logistics firm Transnet National Ports Authority has selected three consortiums to propose design, funding, and construction plans for Boegoebaai port, which will facilitate hydrogen exports. (Bloomberg)
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