Competitive Edge

August 18th, 2021

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Ocean Freight Market Update

Asia –> North America: 

Rates: Record High Rates
Space: Limited
Capacity: Limited/Under Capacity
TIPS: Depending on port congestion, consider trucking cargo to other nearby ports for quicker transit times. Transloading is also a good option to avoid longs delays with rail.

Shutdown Updates: 
Vietnam: Full Lockdown in Ho Chi Minh City until September 15th
Thailand: Reviews will be happening end of August but space is tight and recommended to book on premium services. 
Cambodia: 10% factories closed and some areas in Phnom Penh are in lock down. Recommended to book on premium services.
Philippines: A variety of provinces are currently in lockdown until end of August. Space is tight and is recommended to book on premium services.

TIPS: If your shipments are impacted by these shutdowns, please reach out to our team. We would be happy to offer our insights and assist as best we can to keep your shipments moving. 


Freight News

Covid-19 Causing Shutdowns for Hundreds of Cargo Airlines in China, Causing Rates to Skyrocket.

China is taking extensive precautions in controlling the spread of the Covid Delta Variant. As numbers of cases have gone up in air operations, the response is to shutdown. Chinese eastern airlines have cancelled most cargo only flights, and passenger freighters. China Southern has also postponed suspended auxiliary freighters to the U.S. According to Freightwaves, they will be cutting 1/4th of all EU & US cargo flights. Both will stay in effect through August until further notice. 

This is troubling as air freight transportation is already in high demand. The side effect for these shutdowns will be higher rates as the competition for space will sharply increase. Freightwaves also mentions that it won’t be of surprise if the rates reach above $13.00 per Kilogram. Some believe that the prices will reach up to $20.00 per Kilogram if the demand continues.

Covid Causing Shutdowns and Congestions at Ningbo Port

On August 11th, Chinese officials decided to shutdown a container terminal at the Ningbo port due to just a single case of Covid amongst workers. This still leaves four other terminals in use at Ningbo, but capacity is still cut by a noticeable amount. 

The port that was shutdown is the Meishan Terminal. According to Freightwaves, 40 vessels and 30 container ships were experiencing delays outside Ningbo port. This will clearly impact the wait time for multiple days and a lot of the demand at the port is being shifted elsewhere. Some believe that this is just the beginning, and the situation could turn into a similar tale of the Yantian shutdowns this year. Resulting in many weeks of delays and enhanced congestions. Our team is monitoring the shutdowns and will be sending out weekly updates. Please let us know if there is a certain lane you would like to discuss/hear our insights.

Blog Of The Week

Vietnam Suspending Port Activity at Ho Chi Minh Due to COVID-19 Surge

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