August 29, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

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From the Editor’s Desk

<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Concerns over possible new tariffs on Chinese products, looming strike threats from ILWU workers, and the upcoming holiday season are driving US import volumes to surge.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The looming threat of a strike at US East and Gulf Coast ports could strain the already pressured US air freight network.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The US air freight network is currently grappling with heavy eCommerce traffic from APAC hubs, significantly consuming available capacity.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Mediterranean Shipping Company will relaunch its North Asia-ANZ Wallaby service on August 19, using the MSC Tania, a 2,732 TEU vessel, beginning its route from Hong Kong.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The Ningbo Beilun Phase III Terminal has reopened and is operating normally.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Ningbo-Zhoushan is China’s second busiest container shipping port, handling more than 100,000 TEUs daily.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Maersk and Hapag-Lloyd's Gemini aims for 90% schedule reliability, but there are questions about whether this is achievable.</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Ocean Freight Market Updates

Freight market update - 29 August 2024

Explore the essential guide on effective inventory management for e-commerce businesses. Learn how to optimize operations, reduce costs, and enhance customer satisfaction.

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&nbsp;<figure class="image image_resized" style="width:100%;"><img src="https://strapi-us-images.s3.eu-central-1.amazonaws.com/3pl_fullfilment_35359d23bf.jpg" alt="3pl-fullfilment.jpg" srcset="https://strapi-us-images.s3.eu-central-1.amazonaws.com/thumbnail_3pl_fullfilment_35359d23bf.jpg 245w,https://strapi-us-images.s3.eu-central-1.amazonaws.com/small_3pl_fullfilment_35359d23bf.jpg 500w,https://strapi-us-images.s3.eu-central-1.amazonaws.com/medium_3pl_fullfilment_35359d23bf.jpg 750w,https://strapi-us-images.s3.eu-central-1.amazonaws.com/large_3pl_fullfilment_35359d23bf.jpg 1000w," sizes="100vw" width="1000px"></figure>&nbsp;

How Effective Inventory Management Can Transform Your Business

August 21, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

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<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The recent explosion on the Yang Ming vessel YM Mobility at Ningbo Port, China, has raised serious concerns about disruptions to global supply chains, especially on major trade routes from Asia.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Hapag-Lloyd CEO Rolf Habben Jansen has raised concerns about the increasing likelihood of a longshore strike that could shut down ports along the U.S. East and Gulf coasts, noting that the risk has grown since earlier in the year.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The potential strike is centered around the expiration of the current contract between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) on September 30.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">U.S. retailers are not expecting a slowdown in imports for the second half of 2024, driven by a near-record surge in August as they fast-track shipments ahead of potential longshore labor strikes at East and Gulf Coast ports.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">According to Sea Intelligence, June saw a significant increase in global container demand, with volumes growing by 6.3% year-on-year.</li></ul>Read on for more in-depth updates.

Freight market update - 21 August 2024

August 14, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

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<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">In June 2024, ocean container shipping demand from China to North America and North Europe reached record levels.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Oslo-based Xeneta reported that 1.36 million TEU were shipped to North America and 800,000 TEU to North Europe.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Peter Sand, Xeneta's Chief Analyst, noted that shippers have been willing to pay premium prices to ensure the safety of their supply chains.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Ocean carriers on the trans-Atlantic route have announced peak season surcharges (PSSs) set to take effect on September 1, 2024.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Mediterranean Shipping Co. is imposing a $1,000 per FEU surcharge, while Hapag-Lloyd is setting theirs at $800 per FEU.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) have stalled.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Indian freight forwarders handling shipments to North America are increasingly frustrated as carriers deny gate openings for containers, even with confirmed bookings.</li></ul>Read on for more in-depth updates.

Freight market update - 14 August 2024

August 7, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

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<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Lufthansa Cargo's operating profit decreased by 3% in the second quarter due to increased expenses and lower yields, even though core transportation revenue rose.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">In April, United Cargo launched a new, larger facility near Newark International Airport, doubling its cargo space at the hub to 319,000 square feet.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Maersk has implemented recovery measures on its AMEX service connecting South Africa to the US, which has encountered delays from adverse weather in South Africa and extended waiting times in Freeport on the US Gulf Coast.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The US FMC has introduced new regulations requiring ocean carriers to document their policies for handling exports, notify shippers of schedule and service changes, and ensure adequate loading times for ships.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">A significant change is the requirement for carriers to annually file a "documented export policy" with the FMC, detailing their pricing strategies, services, routes, and available equipment for US exports.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Container shipping capacity has increased by 1.6 million TEU since the beginning of 2024, marking an 11% year-over-year increase to 29.5 million TEU.</li></ul>Read on for more in-depth updates.

Freight market update - 7 August 2024

July 31, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

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<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The Global Freight Forwarding 2024 Report by Ti insight indicated a -1.3% contraction in market performance, in real terms.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Air freight forwarding dropped by -2.1%, while sea freight forwarding fell by -0.6%.</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The Port of Long Beach is set to expand its rail yard through a $1.5 billion project called "America's Green Gateway."</li><li style="background-color:transparent;color:#000000;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Rail capacity will increase from 12 to 48 tracks, and daily train operations will rise from seven to 17.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Container shipping capacity has risen by 1.6 million TEU since the start of 2024, an 11% year-over-year increase to 29.5 million TEU.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The 12,000-17,000 TEU ship segment has seen the most significant expansion, now accounting for 22% of the container fleet.</li></ul>Read on for more in-depth updates.

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