April 24, 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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Greetings!Our objective is to make your shipping experience easier by offering you the latest and most informative details and insights regarding the freight market. We aim to provide accurate and relevant content that brings benefits to your business.We highly value your feedback as we continuously strive to improve the quality of our weekly market updates. We value your thoughts on our current content and encourage you to suggest specific topics that you would like us to cover in more depth.Moreover, we are open to adjusting the style of our updates to better align with your preferences. If there are any ports or regions that we haven't addressed yet but you're interested in, please let us know.We wish to create the most informative newsletter possible. We appreciate your continued readership and subscription, and we thank you for taking the time to provide us with your valuable feedback, which will help us enhance our future performance.Beeontrade would like to inform its readers that it has relocated to a new warehouse in Carteret, positioned just 5 miles from the Port of Newark, enhancing its logistical capabilities. The strategic location allows for efficient cross-docking operations and fast fulfillment picking, ensuring same-day order fulfillment.The proximity to Newark International Airport and Ports Newark/Elizabeth provides logistical advantages, including cross-docking, transportation, repacking, and overseas container plug-in services. The facility is equipped to handle USDA, FDA, and FSIS inspections, offering services within the 5-mile radius of Port Newark/Elizabeth.Beeontrade's new warehouse boasts fast case picking capabilities, further facilitating the swift and efficient fulfillment of orders. Should you have any queries or need our services, don’t hesitate to reach out to our team.

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">Tensions in the Middle East are on the rise.</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 MSC Aries was seized in the Hormuz Strait last week, contributing to the escalation. Resolution of the conflict doesn't seem likely in the near future.</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">Starting May 8th, HMM will introduce an additional Vietnam – China – Taiwan – US West Coast service, replacing WHL’s standalone Asia – US West Coast AA3 service.</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">Hong Kong has dropped out of the top 10 container ports globally according to a new report by Alphaliner.</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">Europe's largest ports, including Rotterdam, Antwerp-Bruges, and Hamburg, fell in rankings due to the loss of Russian container volumes.</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">Shanghai maintained its position as the top port globally, widening its lead by 10 million TEUs over Singapore.</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 Los Angeles saw a 19% year-over-year increase in container units handled in March, marking eight consecutive months of growth.</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 National Retail Federation forecasts a significant increase in U.S. container imports for the first half of 2024, expected to reach 11.7 million TEUs, an 11% rise from last 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">U.S.-based companies are increasingly focused on mastering cross-border trade within North America, driven by supply chain disruptions, rising production costs globally, and a push to manufacture closer to primary markets.</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Ocean Freight Market Updates

Freight market update - 24 April 2024

April 17, 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">Containers currently on the water will be discharged and terminated at POD Norfolk.</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">Any ad hoc inland delivery needed for Baltimore should be coordinated with the Import Customer Service team.</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">Heavy berth congestion has been observed this week in Busan with waiting times averaging around 1.5-2 days, primarily due to the bunching arrival of late incoming vessels delayed from upstream 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">Several Philippine ports, including PHBTG, PHCEB, PHCGY, PHDVO, PHGES, PHMNL, and PHSFS, experienced closures ranging from 7 to 24 hours for the celebration of Good Friday.</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 Army Corps of Engineers has announced plans to reopen the Port of Baltimore by the end of April.</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">Air cargo block service agreements from Asia to the US and Europe have been sold out for 2024, driven by Chinese ecommerce giants fulfilling surging demand in the ecommerce market.</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">Etihad Cargo successfully completed its inaugural flight from Abu Dhabi to Boston on March 31, adding Boston as the fourth US destination serviced by Etihad's cargo service.</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 North America logistics market reached a size of US$ 1.44 trillion in 2023.</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">Looking ahead, the market is projected to reach US$ 1.75 trillion by 2032, with a growth rate (CAGR) of 2.2% during 2023-2032.</li></ul>Read on for more in-depth updates.

Freight market update - 17 April 2024

April 10, 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">Container carriers are reducing the number of blank sailings on Trans-Pacific routes compared to the past two years.</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 March, carriers blanked 11.7% of total vessel capacity from Asia to the U.S. East and West Coasts, a decline from 21.5% in 2022 and 29% in 2021.</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">February saw carriers blanking 19.4% of capacity, down from 41.5% in 2023 and 29.6% in 2022.</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">China remains at the top of the ranking for the best port connectivity, according to a report from Sea-Intelligence.</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">Alliances such as Gemini Cooperation, THE Alliance, and Ocean Alliance have excluded Hong Kong from many routes for 2024 and 2025.</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, a global leader in integrated container logistics, reached a significant milestone with the maiden green methanol bunkering of the large vessel Astrid Maersk at Yangshan port in Shanghai.</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 North America logistics market is poised for significant growth, driven by the rising demand for e-commerce.</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 2023, the market size reached US$ 1.44 trillion, and it is projected to grow to US$ 1.75 trillion by 2032.</li></ul>Read on for more in-depth updates.

Freight market update - 10 April 2024

April 3, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

<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">Maritime consultancy Drewry suggests that Baltimore’s container volume diversions and anticipated market growth in 2024 might pose challenges for U.S. East 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">If Baltimore's capacity is redirected, average utilization rates could reach 79%, potentially causing congestion issues.</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 Baltimore managed 11.7 million tonnes of cargo and 1.1 million TEUs of containers last 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">Container exports from 18 Asian countries and regions to the U.S. soared in February, driven by strong demand.</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 data from PIERS, the Japan International Freight Forwarders Association (JIFFA) and the Japan Maritime Center (JMC) reported a 29.4% year-on-year increase in exports to 1.6 million TEUs.</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">China's logistics industry experienced significant growth in the first quarter (Q1), buoyed by a surge in industrial production and increased transport demands.</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 logistics market index rose to 51.5% in March, marking a 4.4 percentage point increase from the previous month, while the warehousing index climbed to 52.6%, up by 8.1 percentage points from February.</li></ul>Read on for more in-depth updates.

Freight market update - 3 April 2024

March 27, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

<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">Hapag-Lloyd, the ocean carrier, holds a cautiously optimistic outlook for the remainder of 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">Rolf Habben Jansen, CEO of Hapag-Lloyd, observes low inventory levels globally and notes a strong recovery post-Lunar New 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">Data from WorldACD reveals a 4% year-on-year increase in global demand for the two weeks ending March 10.</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">Data from WorldACD shows a substantial year-over-year increase in tonnages for routes such as Dubai-Europe (205%), Bangkok-Europe (over 30%), and Colombo-Europe (20%).</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 activity at the Port of Los Angeles surged by 60% in February compared to the previous year, reaching a total of 781,434 TEUs.</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">Beeontrade expresses deep sadness regarding the tragic incident in Baltimore involving a collision of a cargo ship and the subsequent collapse of the Francis Scott Key Bridge, causing distress to several individuals.</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 incident has significant implications for one of the busiest ports in the U.S. East Coast. While Baltimore handles about 13% of quarterly container volumes compared to the Port of New York/New Jersey, diversions may lead to congestion at alternative ports, causing delays for importers.</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 massive cargo ship collided with Baltimore’s Francis Scott Key Bridge early Tuesday, causing the 1.6-mile structure to collapse, sending cars and people into the water. Six construction workers are presumed dead as their bodies have not been found.</li></ul>Read on for more in-depth updates.

Freight market update - 27 March 2024

March 20, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

<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">E-commerce air cargo is anticipated to constitute approximately one-third of total air cargo volumes, as stated by Ludwig Hausmann, a senior partner at McKinsey, during the IATA World Cargo Symposium (WCS).</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 share of e-commerce in total air cargo volume escalated from 10% in 2017 to 20% in 2022, with projections estimating it to reach between 20-25% by 2027.</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">China Southern Airlines is launching its longest direct flight route, from Shenzhen to Mexico City, operating twice weekly.</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">China leads in e-commerce exports, accounting for 37% of cross-border e-commerce shipping as of 2023.</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">Cross-border e-commerce shipping in 2022 amounted to 8.2 billion orders and 6 million air cargo tons, according to McKinsey's estimates.</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 ships are opting for longer routes via the Cape of Good Hope to reach Europe, driven by persistent Houthi attacks, which significantly increases both fuel consumption and emissions.</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">US carriers American Airlines, Delta, and United Airlines have announced delays in resuming additional China routes that were suspended early in the Covid-19 pandemic, citing lower demand.</li></ul>Read on for more in-depth updates.

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