Latest Industry Happenings and Market Updates:

IMPORT: Asia to North America (TPEB)

Recent Developments:

Rates: After gradually declining for several weeks, rates have leveled off.    
Space: Space is mostly open but has tightened in pockets.
Capacity: According to the Journal of Commerce, ocean carriers are reducing their instances of blank sailings and increasing capacity in this market. The change in strategy suggests that continued longer voyages around Africa are requiring more vessel allocation than when the diversions began in December.
Equipment: Investments from independent equipment providers (IEPs) mirror expectations of an upswing in freight activity.

TIPS:

  • Hold your logistics partners accountable for frequent updates regarding current market conditions and routing impacts.
  • As the market shows indicators of heating up, familiar yourself with the potential hurdles that can occur amid tightened capacity and delays in handling.

IMPORT: Europe to North America (TAWB)

Rates: Rates have lifted to more sustainable levels.
Space: Space is open.
Capacity: Reassuring growth in demand from U.S. importers has prompted better utilization of available capacity.

TIPS:

  • Book at least three weeks prior to the ready date.
  • Familiarize yourself with the European Union’s ETS program and how its carbon taxing is impacting operating costs for ocean carriers.

EXPORT: North America to Asia

Rates: After recovering in mid-March, rates have leveled off through the first half of April.
Capacity: Space remains open, particularly from West Coast ports.
Equipment: Export containers are being diverted to other East Coast ports of loading following the Port of Baltimore’s indefinite suspension to ship traffic.  

TIPS:

  • Insufficient communication with sailing schedules can lead to higher detention and demurrage fees as well as higher trucking and storage costs. Ensure your logistics partners are not keeping you and your cargo in the dark.

Freight News

U.S. Import Volumes in March 2024

Last month, U.S. container import volume statistics for March 2024 show a slight increase (0.4%) from February but a substantial increase from March 2023 (15.7%). 

When it comes to the top 10 U.S. ports, container import volumes in March saw some decreases in TEUs.

Per data from Descartes, the Port of New York/New Jersey saw an increase of 15,295 TEUs, Port of Norfolk an increase of 6,819 TEUs, and Port of Tacoma an increase of 8,592 TEUs.

While the Port of Los Angeles saw a decrease of 31,997 TEUs and the Port of Baltimore saw a decrease of 6,829 TEUs – which could partly be due to the collapse of the Francis Scott Key Bridge that occurred on March 26th.

Volumes via Rail from China to Europe Expected to Have Increased in Q1

When official numbers have yet to be released, some industry stakeholders have said they expect rail volumes from China to Europe in the first quarter to have increased. 

The increase was due in part to the extra miles and days it takes to go around the Cape of Good Hope; due to the disruption in the Red Sea, some cargo has had to divert from the Suez Canal.

Some shippers who have cargo they need urgently, have been seeking out different options. Whether that’s air freight, sea-to-air- services via Dubai or Colombo, or to the rails. Which is why an expected increase in volumes via rail from China to Europe, is a likely thought. 

Did You Know? With Johnny Cargo!

Johnny Cargo sure knows a lot! Other than fun and random facts however, Johnny also can provide insight into InterlogUSA’s many service and pricing options. He is always available for a quick conversation. Click here to chat with Johnny Cargo.

Interlog Insights

Last week we introduced our week two April insights. We discussed the latest Panama Canal updates (including a weather forecast for rain in April!!). Plus U.S. import forecast for the first half of 2024 has strengthened. 

Our subscribers (it’s free to sign-up) are able to see our weekly insights every month in real time when they get sent out every Friday at 10am CST.

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