June 19, 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.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.

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">While past strikes at U.S. ports have seen shippers use airfreight to avoid shipping disruptions, strike action at East and Gulf Coast ports does offer shippers the option to use services via the U.S. West 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">Strong demand and rates have brought intra-Asia carriers like SeaLead Shipping, BAL Container Line, and TS Lines back to the Trans-Pacific trade after 18 months.</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 Drewry, China-U.S. rates are already nearing a 20-month high.</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">According to the global forecast, U.S. ports handled 2.02 million TEUs in April, a 13.2% increase from last year.</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">May's volume is projected to reach 2.09 million TEUs, an 8.3% year-over-year (y/y) increase and will be the highest level reached since August 2022.</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Ocean Freight Market Updates

Freight market update - 19 June 2024

June 12, 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">Disruptions in global container shipping triggered by the Red Sea crisis and an early peak season have caused ocean spot rates to rise sharply in May and June in many key trades.</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">Opinions are divided on the duration of high demand for Asia-Europe ocean trade, with forecasts ranging from the end of peak season to the Lunar New Year in 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">A global forwarder warned that volatility would be a mainstay, extending beyond the Lunar New Year, with reshuffling in alliances causing capacity limitations.</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">Performance in the fourth quarter is contingent on the resumption of Red Sea transits.</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">Port congestion in Asia and the Mediterranean is causing delays and equipment shortages while freight rates continue to climb.</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">Xenta's recent analysis predicts a significant increase in air cargo growth this year, but there are concerns over China's e-commerce restrictions.</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 Middle East &amp; Central Asia to Europe corridor has experienced a 110% rate increase in the air cargo spot rate due to ongoing disruptions in the Red Sea.</li></ul>Read on for more in-depth updates.

Freight market update - 12 June 2024

June 5, 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">Port of Baltimore has returned to 50ft draft and MV DALI has been removed from the channel.</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">Port congestion is high across the US, with some improvements noted on the US West 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">Carriers are increasing spot rates by selecting higher-paying cargo, amending contracts, charging guaranteed space premiums, or adjusting space allocations.</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 container shipping industry has surpassed 4 million TEUs in terms of ultra-large container ships (ULCS).</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">Shippers and carriers were caught unprepared for the sudden demand surge in the Asia-North Europe trade, resulting in space shortages and surging spot rates.</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">Singapore, the world's second-busiest container port, is facing severe congestion, causing significant shipping delays.</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">Asian ports are heavily congested, with Southeast Asia and Northeast Asia accounting for 26% and 23% of global bottlenecks, respectively.</li></ul>Read on for more in-depth updates.

Freight market update - 5 June 2024

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

May 29, 2024.png

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.

<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">Equipment shortages are becoming more severe in China amid high export demand and disruption to long-haul and intra-Asia services as vessels avoid the Red Sea.</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">Asian exports rose 13.2% in the first quarter, and U.S. imports from Asia climbed 24% year-over-year in the first four months, according to statistics compiled by the Japan Maritime Center based on official trade data.</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">Shippers on Asia to North Europe and Mediterranean routes are struggling to secure weekly allocations from carriers due to an early peak season that has tightened capacity while driving up spot rates.</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">Delays at ports in Singapore and China further exacerbate the shortage of empty containers, affecting schedules and equipment availability.</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 continued a ninth consecutive month of year-over-year (y/y) growth, handling 770,337 container units, up 12% from last year.</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">With GRIs already successfully implemented for the second half of May, further rate hikes are expected in June.</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">Schedule reliability on the Transatlantic Eastbound route has decreased, with a drop of 6.9 percentage points, resulting in a reliability rate of 53.7%.</li></ul>Read on for more in-depth updates.

Freight market update - 29 May 2024

May 22, 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 BL terminated at POD Norfolk. For any ad hoc inland delivery required to Baltimore, please contact the Import Customer Service team. Inlands will be invoiced at cost. No barge solution can be provided until further notice.</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 European Union's customs pre-arrival safety and security program, known as the Import Control System 2 (ICS2), goes live on June 3.</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">Eight trade bodies representing shippers, forwarders, and carriers have urged businesses moving goods into or through Europe to prepare for the new import security rules.</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">In April, U.S. truckload and less-than-truckload (LTL) transportation costs for shippers both increased by 0.6% from March.</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">Supply and demand issues are causing these changes, affecting shipping costs and choices through 2024 and into 2025.</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 International Longshoremen's Association (ILA) and its maritime employers, the United States Maritime Alliance (USMX), issued a joint statement announcing progress in local contract talks.</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 freight spot rates are experiencing significant increases, as indicated by Drewry’s latest composite global index for spot box rates, which rose by 16% week-over-week and 81% year-over-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">Tight shipping capacity in North Europe is associated with restocking efforts by European importers, while the Trans-Pacific trade faces rail congestion for imports at the Los Angeles and Long Beach 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">CMA CGM is set to launch a new intra-America service linking Brazil to Argentina. The port rotation includes Santos – Buenos Aires – Mar del Plata – Imbituba – Santo.</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 Maersk Q1 2024 Interim Report, released on May 2nd, highlights the global economy's resilience despite increasing confrontational geopolitics and high interest rates.</li></ul>Read on for more in-depth updates.

Freight market update - 22 May 2024

May 15, 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">Air cargo demand maintains strength with double-digit growth reported by IATA for March and an additional 11% increase in April according to Xenata.</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">Panama Canal transits are increasing as drought conditions in the region improve, although a full recovery isn't expected until 2025. Rainfall in the area is boosting water levels on Gatun Lake, according to the Panama Canal Authority.</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">IATA reports continued strong demand for air cargo, with total demand increasing by 10.3% compared to March 2023 levels, while capacity has increased by 7.3%.</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">Singapore Airlines Group finalizes an agreement to purchase 1,000 tons of Sustainable Aviation Fuel (SAF) from Neste, marking the first receipt of fuel from Neste's Singapore refinery for the group's two airlines.</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">Xeneta, a freight analytics company, reports a new record high Carbon Emissions Index (CEI) of 104.7 in the first quarter of the year, measuring emissions per ton of cargo shipped across 13 key trades.</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 Central Command (Centcom) confirms the successful interception of a ballistic missile launched from Houthi-controlled Yemen into the Gulf of Aden on April 24, targeting a Maersk vessel.</li></ul>Read on for more in-depth updates.

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