March 27, 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">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.

Key takeaways for the US

Ocean Freight Market 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.

Freight market update - 20 March 2024

March 13, 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">By early May, ONE is set to launch a new Vietnam-China-Taiwan-USA AP1 loop, jointly operated with Wan Hai lines.</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 Panama Canal Authority has announced plans to allocate over $8.5 billion in capital investments toward sustainability projects over the next 5 years, aiming to combat climate change.</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">Chinese Premier Li Qiang announced a $173 billion investment in China’s transportation infrastructure as part of its economic growth target, marking a $3.5 billion increase from 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">Shanghai aims to increase Yangtze River Delta flows through projects such as constructing a new $73 billion container terminal. Additionally, Shanghai plans to advance the construction of the second phase of the Shanghai-China Railway and the Shanghai-Chongqing-Chengdu high-speed railway.</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 Sea-Intelligence, diversions around the Cape of Good Hope could lead to a 16% increase in TEU*Miles in 2024.</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 Federal Maritime Commission (FMC) recently made a decision that will significantly change container charges at ports and inland rail facilities, which has been welcomed by U.S. truckers.</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">Effective from May 28, the ruling aims to simplify international container billing practices, particularly impacting truckers facing ocean carrier detention and demurrage fees (D&amp;D).</li></ul>Read on for more in-depth updates.

Freight market update - 13 March 2024

March 06, 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">Alan Murphy, CEO at Sea-Intelligence, notes that the need to move empty containers has grown 2½ times faster than the need to move full containers, affecting back-haul trades significantly.</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 John McCown from Blue Alpha Capital, key American ports show a 54% increase in cargo imbalances from 2018 to 2023 compared to the preceding decade.</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">Volume development in various markets is noted to be fluctuating, with certain commodities being deemed "mandatory" to be transported via air.</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">Major container lines dominate the intra-European shortsea market, holding a commanding 71% share, while regional carriers and feeder operators have a modest 29% share, as per Alphaliner's recent analysis.</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 Ocean Alliance, consisting of major container carriers like CMA CGM, Cosco Shipping, Evergreen, and OOCL, has extended its partnership for an additional five years.</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">Hapag-Lloyd will enter a new collaboration named Gemini Cooperation with Maersk, scheduled to commence in February 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">Berth congestion in key Chinese ports like CNNGB, CNSHA, and CNTAO has stabilized, with minor waiting/delay of approximately 0.5 days.</li></ul>Read on for more in-depth updates.

Freight market update - 06 March 2024

February 28, 2024, freight market updates, featuring key insights and trends from the US, Turkey, China, and other global regions in cargo and shipping.

February 28, 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:#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 situation in the Bab Al-Mandab Strait remains unresolved with ongoing attacks by Houthi forces.</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">On February 20th, the EU initiated the Aspides Mission to safeguard ships in the Suez Canal, deploying 4 frigates for protection.</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">Rates are decreasing for the initial half of March, with a noticeable contrast between certain carriers in the UK market and those in North Continent Ports, primarily attributed to low demand extending from post-Q4 into Q1 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">ONE is set to introduce a new shipping route, AP1 loop, connecting Vietnam, China, Taiwan, and the USA by early May. The loop will be a collaborative effort with Wan Hai lines, spanning an 8-week cycle.</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 Panama Canal Authority has unveiled plans to allocate over $8.5 billion in capital investments for sustainability projects in the next 5 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">Notably, this investment surpasses the $5.4 billion cost of the Panama Canal expansion, marking it as the most substantial improvement project in the Canal's history.</li></ul>Read on for more in-depth updates.

Freight market update - 28 February 2024

February 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:#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">Vessel delays are a result of reroutes around Africa, severe North Sea weather, and disruptions near Benelux ports and Hamburg.</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">Hapag-Lloyd's update reveals yard utilization levels at Rotterdam, Hamburg, and Southampton increased from 55% to 85%-90% due to delayed vessel arrivals.</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">North American container ports, especially on the U.S. East and Gulf coasts, are experiencing congestion from diversions through Panama and Suez canals.</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. container import volumes in January 2024 showed the most significant month-over-month increase in the last seven years, as reported by Descartes Systems Group based on U.S. customs filings.</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">Westports Holdings, Malaysia's largest port operator, is contemplating external investors to finance an $8.3 billion expansion, with the goal of nearly doubling its capacity by 2082.</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 freight and logistics market in Turkey is projected to grow by USD 10.30 billion between 2022 and 2027, with a forecasted Compound Annual Growth Rate (CAGR) of 7.2% during the period.</li></ul>Read on for more in-depth updates.

Freight market update - 21 February 2024

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