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.

Both carriers have thus reduced their tariff rate increases by 1 full percentage point from 2023’s record increase of 6.9%. Tariff, or noncontract, rates are infrequently utilized in the parcel-delivery world, where virtually all goods move under contract. However, they generally serve as a jumping-off point for contract negotiations.

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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.

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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.

The 40-seat ship, which will be outfitted with a 350-kilowatt fuel cell, qualifies as a research, development and demonstration (RD&D) project under South Korea’s national hydrogen strategy, according to Offshore Energy.

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