Stay updated on the latest in the freight market with Beeontrade's comprehensive market update on September 13, 2023. Subscribe for exclusive tips and insights in this 8-minute read.

September 13, 2023.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.

From the Editor’s Desk

<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">Recent months have seen a narrowing of volume declines in the airfreight industry.</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">Chinese ports are experiencing robust container activity despite a decline in exports to the U.S.</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">Rates to major U.S. East Coast ports have seen substantial increases.</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">Container port volumes in China reached 176.2 million TEU between January and July 2023, representing a 4.5% year-on-year growth.</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">U.S. President Joe Biden is planning a shift in shipping routes from India to Europe.</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">U.S. West Coast ports saw an increase in their market share in August compared to the previous month.</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Ocean Freight Market Updates

Freight market update - 13 September 2023

Stay informed about the latest trends and updates in the freight market with Beeontrade's comprehensive weekly report. Dive into detailed analyses, key takeaways, and terminal updates to make informed decisions for your import/export operations.

September 06, 2023.png

<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">Sea-Intelligence conducted an analysis of post-pandemic schedule reliability on Asia-Europe trade routes.</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">This included 2M, Ocean, and THEA alliances.</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">Ningbo Zhoushan Port, located in East China's Zhejiang province, has achieved a top-ranking position among China's ports.</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">After more than a year of negotiations and uncertainty surrounding West Coast ports, members of the International Longshore and Warehouse Union (ILWU) have voted in favor of a new six-year contract.</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">Air cargo capacity in the second quarter of 2023 exceeded pre-pandemic levels, as reported by IATA's Q2 market report.</li></ul>Read on for more in-depth updates.

<div class="raw-html-embed"><h2>Asia → North America</h2>

<h3>US/CA</h3>

<h3>&nbsp;Transpacific Trends and Market Updates</h3>

<ul>
	<li>The analysis focused on three major carrier alliances: The 2M, Ocean Alliance, and THE Alliance.</li>
	<li>Sea-Intelligence conducted a comprehensive analysis of post-pandemic schedule reliability on Asia-Europe trade routes.</li>
	<li>It aimed to assess their ability to return to pre-pandemic schedule adherence levels after the COVID-19 pandemic.</li>
	<li>The analysis revealed varying recovery capabilities among these carrier alliances following the pandemic's disruptive impact.</li>
	<li>The 2M alliance displayed rapid improvements in schedule reliability after hitting its lowest point during the pandemic.</li>
	<li>While they continued to make significant progress on the Asia – North Europe route, their recovery rate slowed down on the Asia-Mediterranean lane.</li>
	<li>The Ocean Alliance consistently maintained improvements in schedule reliability.</li>
	<li>THE Alliance had a relatively slower rate of recovery on the Asia-North Europe route, although there has been recent improvement in this regard.</li>
	<li>Ningbo Zhoushan Port, located in East China's Zhejiang province, has achieved a top-ranking position among China's ports.</li>
	<li>During the first seven months, the port recorded a cargo throughput of 789.52 million metric tons, marking a 5% annual increase.</li>
	<li>In terms of container throughput, the port handled 20.86 million TEUs, securing the second position in the country.</li>
	<li>This success can be attributed to the implementation of 20 measures by Ningbo Customs, which have improved the business environment and facilitated cross-border trade, significantly contributing to the port's growth.</li>
	<li>Currently, Ningbo Zhoushan Port boasts a network of 301 container shipping routes, comprising 249 international routes and 125 routes connected to countries and regions involved in the Belt and Road Initiative.</li>
	<li>After more than a year of negotiations and uncertainty surrounding West Coast ports, members of the International Longshore and Warehouse Union (ILWU) have voted in favor of a new six-year contract.</li>
	<li>The contract was approved with a significant majority, as 75% of ILWU members supported it.</li>
	<li>This agreement is between the ILWU and their employers, represented by the Pacific Maritime Association (PMA).</li>
	<li>The new contract is retroactive, commencing from July 1, 2022, and is set to remain in effect until July 1, 2028.</li>
	<li>Key elements of the contract include a substantial 32% pay increase over the course of the six-year agreement and a one-time bonus for the workers who continued to labor during the early days of the COVID-19 pandemic.</li>
	<li>Schedule reliability for ocean carriers remained steady at 64.2% in July 2023, showing no significant change compared to June but lower than the peak in May.</li>
	<li>However, when viewed on a year-on-year basis, there was a substantial improvement, with schedule reliability increasing by 23.8 percentage points.</li>
	<li>Six carriers, including Maersk and Hamburg Süd, achieved schedule reliability in the range of 60%-70%, while the remaining seven carriers had schedule reliability in the range of 50%-60%.</li>
	<li>Yang Ming was identified as the least reliable carrier, with a scheduled reliability rating of 51.3%.</li>
	<li>Notably, in July 2023, nine of the top 14 carriers recorded a month-over-month increase in schedule reliability, and when assessed on a year-on-year level, all 14 carriers demonstrated double-digit improvements.</li>
	<li>Reports suggesting China's decline as the world's leading manufacturer are considered by James Hookham, the director of the Global Shippers Forum, to be "greatly exaggerated" and receiving excessive media attention.</li>
	<li>Hookham acknowledges that there is some movement away from China in manufacturing, but it is marginal and driven primarily by contingency concerns rather than a wholesale replacement of China as a manufacturing hub.</li>
	<li>China continues to be a dominant manufacturing powerhouse due to its size, manufacturing capabilities, and a history of producing high-quality products, as stated by Hookham.</li>
	<li>The discussions about decoupling and reshoring are often associated with concerns regarding potential tensions with Taiwan. However, Hookham points out that China is unlikely to escalate tensions to the extent of harming its export economy, considering the potential consequences, such as disrupting merchant shipping access to the South China Sea, a critical global export corridor.</li>
	<li>Supply chain analysis from Trade Data Service (TDS) supports the perspective that there is no significant global shift in manufacturing away from China. However, there are indications that the United States and Europe are exploring alternative sourcing options as part of their supply chain strategies.</li>
</ul>

<h3>Conclusions</h3>

<h4>Rates -&nbsp;The rates will remain soft on most origin-destination combinations.</h4>

<h4>Space -&nbsp;Space open, no issues with equipment.</h4>

Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

<h2>Turkey → North America</h2>

<ul>
	<li>Air cargo capacity in the second quarter of 2023 exceeded pre-pandemic levels, as reported by IATA's Q2 market report.</li>
	<li>This increase in capacity, measured in available cargo tonne kilometers (ACTKs), was driven by a rise in bellyhold capacity and an uptick in passenger travel as COVID-19 restrictions were eased.</li>
	<li>Q2 2023 saw available cargo capacity reach 264.7 billion ACTKs, marking a year-over-year increase of 9.9%.</li>
	<li>The report highlighted a trend toward a balanced 50-50 split between dedicated freighters and belly capacity in total international capacity during Q2 2023.</li>
	<li>Notably, for the first time in two and a half years, there were no passenger freighters (preighters) scheduled globally in Q2, a role they played significantly during the pandemic.</li>
	<li>However, air cargo demand, measured in cargo tonne kilometers (CTK), has decreased, with IATA forecasting a slowdown in world trade growth from 2.7% in 2022 to 1.7% in 2023.</li>
	<li>This slowdown was reflected in year-on-year contractions observed during Q2 2023.</li>
	<li>Despite the overall decline, e-commerce continued to drive demand for air cargo in sectors such as automotive, technology, and healthcare, according to a global freight forwarder's air freight industry report.</li>
	<li>Air cargo load factors (CLFs) decreased in Q2, mainly due to the significant growth in cargo capacity and declining demand, according to the IATA report.</li>
	<li>Major trade lanes, including Asia Pacific-Europe and North America-Asia Pacific, had CLFs well above the industry average of 48.6%, standing at 66.9% and 64.2% in June, respectively.</li>
</ul>

<h3>Conclusions</h3>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.

Space for capacity -&nbsp;No capacity issues or issues with space.

Space for equipment -&nbsp;No issues with equipment.

<h2>North America → Turkey</h2>

<ul>
	<li>The contract was ratified by 75% of ILWU members and is retroactive to July 1, 2022, with a validity period until July 1, 2028.</li>
	<li>A new collective labor agreement was recently approved between US West Coast dock workers, represented by the ILWU, and terminal employers, represented by the Pacific Maritime Association (PMA).</li>
	<li>This new agreement is expected to enhance the efficiency of handling capacity growth and maintain the competitiveness of West Coast ports in the United States.</li>
	<li>In contrast, the International Longshoremen's Association (ILA), which represents over 80,000 dock workers in East and Gulf Coast ports, is preparing for negotiations with the US Maritime Alliance (USMX) for their collective bargaining agreement, set to expire on September 30, 2024.</li>
</ul>

Conclusions

Rates -&nbsp;Stable rates over the last week.

Space for capacity -&nbsp;No major capacity or space issue.

Space for equipment -&nbsp;Equipment issues have started owing to low levels of import.

<h2>Terminal Updates</h2>

<ul>
	<li>Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions.</li>
</ul>

<h3>New York:</h3>

<ul>
	<li>No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li>
	<li>No more waiting time at Maher Terminals LLC.</li>
	<li>Average gate turn times: 55 minutes for single transactions, and 78 minutes for double transactions.</li>
</ul>

<h3>Norfolk:</h3>

<ul>
	<li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li>
	<li>Vessels are waiting for 2 days for a berth.</li>
	<li>Average gate turn times are 31 / 43 minutes for single and double transactions respectively.</li>
	<li>All cranes are up and running again.</li>
</ul>

<h3>Charleston Terminal:</h3>

<ul>
	<li>2.5 days waiting time for vessel berthing at Wando Welch Terminal.</li>
	<li>1.5 days waiting time expected at North Charleston Terminal.</li>
	<li>Average truck turn times: 21 minutes at Wando Welch Terminal, and 19 minutes at North Charleston Terminal.</li>
</ul>

<h3>Savannah:</h3>

<ul>
	<li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li>
	<li>Average gate turn times are 33 / 50 minutes for single and double transactions respectively.</li>
</ul>

<h3>Houston:</h3>

<ul>
	<li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li>
	<li>Due to vessel bunching the yard is facing congestion impacting the discharge productivity and extending port stays.</li>
	<li>The average gate turn time is 44 minutes.</li>
</ul>

<h3>Oakland:</h3>

<ul>
	<li>Average wait time of up to 2 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li>
	<li>Average import deliveries can take up to 3.5 days at TraPac and 4 days at OICT.</li>
	<li>Average gate turn times are 52 / 61 minutes for OICT and TraPac respectively.</li>
</ul>

<h3>Seattle-Tacoma:</h3>

<ul>
	<li>Wait time of up to 1 day at Tacoma and 3 days at Seattle.</li>
	<li>Import deliveries are 3.3 days at HUSKY – due to EB/WB railcar imbalance, 1-5 days at Washington United Terminal, and 1-3 days at T18.</li>
	<li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li>
	<li>Average gate turn times are 25 / 29 / 36 minutes for T18, Washington United Terminal, and HUSKY respectively.</li>
	<li>T18 will be closed on September 1 and 4, 2023.</li>
	<li>Washington United Terminal and HUSKY will be closed on September 4, 2023.</li>
	<li>WUT has received 2 new Post Panamax Cranes.</li>
	<li>WUT will commence commissioning both at same time in the next 2 weeks, operational by end of August.</li>
</ul>

<h3>Los Angeles/Long Beach:</h3>

<ul>
	<li>All terminal gates are running as published and in line with the Pier Pass program.</li>
	<li>Port of Los Angeles dwell time for local import cargo is 3.2 days, on-dock rail dwell is 3.5 days, and import units on the street are averaging at 4.5 /5.9 days for 20 ft and 40+ ft containers respectively.</li>
	<li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 21-67 minutes, depending on the terminal.</li>
	<li>Chassis Pools: All pools are operating as normal.</li>
	<li>Intermodal Operations: Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.</li>
</ul>

<h2>Final Thoughts</h2>

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources. 
Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.

Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.

Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

&nbsp;
</div>

Freight market update - 06 September 2023

Stay informed about the latest trends and updates in the global freight market with Beeontrade's comprehensive report for August and September 2023. From key takeaways to regional market insights, this 8-minute read is your guide to navigating the dynamic world of freight forwarding.

Beeontrade's Global Freight Market Update

August 30, 2023.png

<div class="raw-html-embed">&nbsp;

<h2>From the Editor’s Desk</h2>

Greetings!&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. 
&nbsp;

<h2>Key takeaways for the US</h2>

<ul>
	<li>China's trade within BRICS nations saw a 19% year-on-year growth, reaching about $331 billion, accounting for around 10% of its overall foreign trade.</li>
	<li>Golden Week is approaching in 5 weeks.</li>
	<li>Sea-Intelligence reports that 2-4% of capacity is blanked on the Transpacific route and 6-8% on the Asia-Europe route.</li>
	<li>Trial operations have started on the Yangtze-Huaihe Grand Canal, which connects two major rivers in China.</li>
	<li>The Panama Canal Authority has established a maximum allowable depth, known as draft, of 44 feet for ships passing through the Neopanamax Locks.</li>
</ul>

Read on for more in-depth updates. 
&nbsp;

<h2>Ocean Freight Market Updates</h2>

<h2>Asia → North America</h2>

<h4>US/CA</h4>

<h2>Transpacific Trends and Market Updates</h2>

<ul>
	<li>This holiday leads to the closure of factories and a slowdown in production in China.</li>
	<li>Golden Week, a national holiday celebrated in China, is approaching in 5 weeks.</li>
	<li>The demand for container shipping to and from Asia significantly decreases during this time.</li>
	<li>To balance supply, shipping carriers usually increase blank sailings, where ships skip certain voyages.</li>
	<li>However, due to the absence of a traditional peak season in 2023 and low freight rates, carriers must make more significant capacity adjustments.</li>
	<li>Sea-Intelligence reports that 2-4% of capacity is blanked on the Transpacific route and 6-8% on the Asia-Europe route.</li>
	<li>These percentages are lower than the levels before the pandemic.</li>
	<li>To reach levels similar to those in 2019, 10-13 extra blank sailings are required on the Transpacific route and 6-10 on the Asia-Europe trade.</li>
	<li>With Golden Week just 5 weeks away, carriers have limited time to announce additional blank sailings.</li>
	<li>Last-minute blank sailings would give shippers less time to plan for potential disruptions to their cargo.</li>
	<li>Trial operations have started on the Yangtze-Huaihe Grand Canal, which connects two major rivers in China.</li>
	<li>This canal spans a length of 723 km and serves as a link between the Yangtze and Huaihe Rivers.</li>
	<li>The Yangtze River covers 400 km through southern Anhui province, while the Huaihe River passes through the northern part of the province.</li>
	<li>The construction of this canal, which began in December 2016, incurred a total cost of $12.5 billion.</li>
	<li>China is also working on another significant canal project called the Pinglu Canal.</li>
	<li>The Pinglu Canal is being constructed to connect Nanning, the capital of Guangxi Zhuang autonomous region, to the Beibu Gulf.</li>
	<li>Once completed, the Pinglu Canal will have a length of 134.2 km.</li>
	<li>Expected to be operational by the end of 2026, the Pinglu Canal will enable ships to travel from inland areas to the Beibu Gulf, located near the border with Vietnam, through the Qin Jiang River.</li>
	<li>Amid decreasing demand, the BRICS trade bloc, composed of Brazil, Russia, India, China, and South Africa, is broadening its market presence.</li>
	<li>During a recent summit in Johannesburg, the BRICS group, consisting of these five emerging economies, made a decision to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new members.</li>
	<li>China and India, due to their substantial trade volumes, have played significant roles in BRICS trade activities.</li>
	<li>China's trade within BRICS nations saw a 19% year-on-year growth, reaching about $331 billion, accounting for around 10% of its overall foreign trade.</li>
	<li>India's trade with BRICS member countries exceeded $100 billion in the previous year.</li>
	<li>The addition of new members to BRICS is expected to increase demand for logistics services across various regions as trade volumes rise.</li>
	<li>Observers in the transportation industry predict that the expansion of BRICS could lead to greater growth and substantial influence in global trade routes and logistics policies, potentially transforming it into a dominant economic bloc by 2050.</li>
	<li>In recent months, shipping companies have extended connections between the Middle East and India and focused on developing intra-Asia networks, reflecting the ongoing diversification of trade within the continent.</li>
	<li>Air cargo capacity between the United Arab Emirates (UAE) and China is undergoing significant expansion to strengthen trade and investment ties.</li>
	<li>An agreement between Beijing Daxing International Airport and the Dubai Multi Commodities Centre (DMCC) aims to create a global model for free-trade zones.</li>
	<li>This move is anticipated to increase commercial opportunities and potentially drive bilateral trade to $200 billion by 2030.</li>
	<li>According to the UN COMTRADE international trade database, Chinese exports to the UAE reached $53.86 billion in the previous year.</li>
	<li>Etihad Cargo recently introduced a service to Ezhou Huahu Airport, a cargo-focused gateway that started operating in July the year before.</li>
	<li>Ezhou Huahu Airport's plan involves establishing 40 domestic freight routes and four international cargo routes by the end of the current year.</li>
	<li>The airport has long-term goals of up to ten international cargo routes and 50 domestic routes by 2025, with an annual cargo and mail throughput of 2.45 million tonnes.</li>
	<li>The UAE holds a crucial role in China's Belt and Road Initiative (BRI), an effort to connect Asia, Africa, and Europe through both land and maritime networks.</li>
</ul>

&nbsp;

<h3>Conclusions</h3>

Rates - The rates will remain soft on most origin-destination combinations.

Space - Space open, no issues with equipment.

Recommendations - We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

&nbsp;

<h2>Turkey → North America</h2>

<ul>
	<li>The Panama Canal Authority has established a maximum allowable depth, known as draft, of 44 feet for ships passing through the Neopanamax Locks.</li>
	<li>Due to an extended period of dry weather causing low water levels, operational changes were made.</li>
	<li>These adjustments have had an effect on the movement of larger ships destined for the United States.</li>
	<li>The situation has resulted in more than 200 ships being stuck on both ends of the Panama Canal.</li>
	<li>This congestion at the canal has exceeded all historical records in terms of the number of ships affected. 
	&nbsp;</li>
</ul>

<h3>Conclusions</h3>

Rates - The rates will remain soft on most origin-destination combinations.

Space for capacity - No capacity issues or issues with space.

Space for equipment - No issues with equipment. 
&nbsp;

<h2>North America → Turkey</h2>

<ul>
	<li>The Port of Savannah has received four new Super Post-Panamax ship-to-shore (STS) container cranes, as announced by the Georgia Ports Authority.</li>
	<li>These additions bring the total crane fleet at the port to 34.</li>
	<li>The introduction of these cranes aligns with the completion of the Berth 1 improvement project and is expected to contribute to quicker turnaround times for ocean carrier customers.</li>
	<li>This is particularly for the largest vessels visiting the U.S. East Coast.</li>
	<li>Among the four cranes, two have a height of 295 feet, while the other two stand at 306 feet at their highest points.</li>
	<li>They are designed to handle 22 and 24 containers across, respectively.</li>
	<li>The taller cranes will be positioned at Berth 1, while the remaining two will be stationed at Berth 9, located in the upriver section of the terminal.</li>
	<li>These crane installations, in combination with enhancements to the dock infrastructure, are anticipated to augment the annual capacity of the Garden City Terminal by 1.5 million twenty-foot equivalent units (TEUs) of containerized cargo.</li>
	<li>This equipment expansion is part of the port authority's broader infrastructure improvement plan, which has a budget of $1.9 billion and aims to ensure readiness for future supply chain requirements.</li>
</ul>

<h3>Conclusions</h3>

Rates - Stable rates over the last week.

Space for capacity - No major capacity or space issue.

Space for equipment - Equipment issues have started owing to low levels of import.

&nbsp;

<h2>Terminal Updates</h2>

<ul>
	<li>Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions. 
	&nbsp;</li>
</ul>

<h3>New York:</h3>

<ul>
	<li>No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li>
	<li>No more waiting time at Maher Terminals LLC.</li>
	<li>Delivery of 2 new cranes at APMT have limited the use of berths. These cranes are capable of reaching 8 high on deck. 2 vessels at anchorage are waiting for berth and the expected waiting time is 3-4 days.</li>
	<li>Average gate turn times: 42 minutes for single transactions, and 78 minutes for double transactions.</li>
</ul>

&nbsp;

<h3>Norfolk:</h3>

<ul>
	<li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li>
	<li>Vessels are waiting for 2 days for a berth.</li>
	<li>Average gate turn times are 30 / 44 minutes for single and double transactions respectively.</li>
	<li>All cranes are up and running again.</li>
</ul>

&nbsp;

<h3>Charleston Terminal:</h3>

<ul>
	<li>1 day waiting time for vessel berthing at Wando Welch Terminal.</li>
	<li>No waiting time expected at North Charleston Terminal.</li>
	<li>Average truck turn times: 23 minutes at Wando Welch Terminal, and 19 minutes at North Charleston Terminal.</li>
</ul>

&nbsp;

<h3>Savannah:</h3>

<ul>
	<li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li>
	<li>Average gate turn times are 39 / 56 minutes for single and double transactions respectively.</li>
	<li>Starting Sunday, July 9, 2023 GPA no longer offers a Sunday gate.</li>
	<li>Monday-Saturday gate hours remain the same.</li>
</ul>

<h3>&nbsp;</h3>

<h3>Houston:</h3>

<ul>
	<li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li>
	<li>The average gate turn time is 53 minutes.</li>
</ul>

&nbsp;

<h3>Oakland:</h3>

<ul>
	<li>Average wait time of up to 2 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li>
	<li>Average import deliveries can take up to 5 days at TraPac and 4 days at OICT.</li>
	<li>Average gate turn times are 61 / 60 minutes for OICT and TraPac respectively.</li>
</ul>

&nbsp;

<h3>Seattle-Tacoma:</h3>

<ul>
	<li>Wait time of up to 2 days at Tacoma and 3 days at Seattle.</li>
	<li>Import deliveries are 3 days at HUSKY – due to EB/WB railcar imbalance, 1-5 days at Washington United Terminal, and 1-3 days at T18.</li>
	<li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li>
	<li>Average gate turn times are 43 / 33 / 40 minutes for T18, Washington United Terminal, and HUSKY respectively.</li>
	<li>T18 will be closed on August 25 and September 1, 2023.</li>
	<li>Washington United Terminals will be closed on August 25, 2023.</li>
	<li>Starting June, SSA Terminals T18 (Seattle), will offer a fee-based weekend gate.</li>
	<li>WUT has received 2 new Post Panamax Cranes.</li>
	<li>WUT will commence commissioning both at same time in the next 2 weeks, operational by end of August.</li>
</ul>

&nbsp;

<h3>Los Angeles/Long Beach:</h3>

<ul>
	<li>All terminal gates are running as published and in line with the Pier Pass program.</li>
	<li>Port of Los Angeles dwell time for local import cargo is 3.3 days, on-dock rail dwell is 3.0 days, and import units on the street are averaging at 4.5 /6.1 days for 20 ft and 40+ ft containers respectively.</li>
	<li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 23-56 minutes, depending on the terminal.</li>
	<li>Chassis Pools: All pools are operating as normal.</li>
	<li>Intermodal Operations: Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.</li>
</ul>

&nbsp;

<h2>Port Status</h2>

<table cellspacing="0">
	<tbody>
		<tr>
			<td style="width:66px">
			Range
			</td>
			<td style="width:80px">
			Port
			</td>
			<td style="width:91px">
			Vessels at Anchor
			</td>
			<td>
			Vs Last Week
			</td>
			<td>
			Waiting Time
			</td>
			<td>
			Vs Last Week
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PNW
			</td>
			<td style="width:80px">
			<h4>Vancouver</h4>
			</td>
			<td style="width:91px">
			3
			</td>
			<td>
			+1
			</td>
			<td>
			7
			</td>
			<td>
			-1
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PNW
			</td>
			<td style="width:80px">
			<h4>Seattle</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PSW
			</td>
			<td style="width:80px">
			<h4>Oakland</h4>
			</td>
			<td style="width:91px">
			2
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PSW
			</td>
			<td style="width:80px">
			<h4>LA/LB</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>New York</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Norfolk</h4>
			</td>
			<td style="width:91px">
			2
			</td>
			<td>
			+1
			</td>
			<td>
			1
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Charleston</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Savannah</h4>
			</td>
			<td style="width:91px">
			11
			</td>
			<td>
			+4
			</td>
			<td>
			4
			</td>
			<td>
			+1
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USGC
			</td>
			<td style="width:80px">
			<h4>Miami</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USGC
			</td>
			<td style="width:80px">
			<h4>Houston</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
	</tbody>
</table>

&nbsp;

<h2>Final Thoughts</h2>

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.

Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.

Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.

Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

&nbsp;</div>

Freight market update - 30 August 2023

Stay ahead in the freight market with Beeontrade's comprehensive update. Explore key insights, market trends, and port status for informed import/export decisions.

Beeontrade's Freight Market Update - Key trends, strategies, and port status for import/export decisions.

August 23, 2023.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.

Asia → North AmericaUS/CATranspacific Trends and Market Updates<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 expansion of TSA's Certified Cargo Screening Program allows more cargo shippers to join the secure supply chain, enhancing shipment speed and security.</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">John Beckius, TSA's executive director for air cargo, emphasized that the Certified Cargo Screening Program speeds up and secures air cargo movement in the supply chain.</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 TSA will collaborate with interested participants in the cargo supply chain for an expanded program, requiring a TSA-approved security plan and adherence to strict chain-of-custody 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">This expansion empowers certified participants to prepare and ship secure air cargo, reducing the need for additional screening later in the supply chain.</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">For air cargo originating in the US and traveling beyond US borders, TSA mandates screening and securing before loading onto aircraft to meet international standards and address potential threats.</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">Entities like manufacturing facilities, assembly facilities, shippers, warehouses, and distribution centers can become Certified Cargo Screening Facilities, eliminating the need for extra screening when certified by TSA.</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">Certified Cargo Screening Facilities are authorized by TSA to securely assemble, pack, and tender air cargo, ensuring safe transport.</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 US Federal Maritime Commission (FMC) is modifying its approach to rulemaking concerning the refusal of service by container lines to shippers.</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 FMC's draft, which is still under consideration, proposes to prohibit container lines from refusing shipments based on economic reasons.</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">This potential shift in policy is causing concern among carriers due to its potential impact on their network operations and their ability to reject less profitable bookings.</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 proposed change is a response to input from agricultural exporters and other shippers.</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 revised draft from the FMC emphasizes that profit and business considerations can be part of negotiations but should be weighed alongside other factors when deciding on service refusals.</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 aim is to align with the objectives of the Ocean Shipping Reform Act of 2022.</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 Agriculture Transportation Coalition (AgTC) supports the FMC's updated approach as it addresses concerns about potential loopholes in carrier profitability.</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 World Shipping Council (WSC), which represents major carriers, has expressed worries about the lack of clarity in the proposed measures, fearing they might lead to legal disputes and industry uncertainty.</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 FMC's approach to rulemaking will impact the balance between ensuring carriers fulfill their shipping law obligations and avoiding excessive regulatory constraints.</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 final version of these rules will demonstrate the FMC's stance in the context of the post-Ocean Shipping Reform Act of 2022 environment.</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">Recent increases in trans-Pacific freight rates are attributed to ocean carriers effectively adjusting vessel supply through schedule changes and canceled sailings.</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 introduction of new vessels could disrupt this balance and pose a risk to ocean freight rates, warn industry experts.</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">Blank sailings, where scheduled sailings are canceled, have contributed to the rise in freight rates recently.</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 July, 21.7% of capacity was blanked in the trans-Pacific trade, up from 14.7% in June, marking a significant increase compared to the previous 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">Despite capacity management success, concerns arise due to the impending delivery of new vessels to ocean carriers.</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 coming months will bring a wave of new supply, potentially leading to a weakening of ocean freight rates for the remainder of 2023 and into 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">Carriers face the challenge of handling this surge in capacity while maintaining favorable 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">Experts suggest that carriers might need to adopt a more aggressive blanking program to avert a rate crash in light of the surplus capacity.</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 next months are expected to witness substantial growth in vessel supply, requiring carriers to take strategic measures to ensure rate stability.</li></ul>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.Space -&nbsp;Space open, no issues with equipment.Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

Conclusions

<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">Trade at the Port of Long Beach experienced a moderate increase during the peak season.</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 July, the port's trade volume declined by more than 25% due to adjusted shipping routes, congested warehouses, and changing consumer travel habits.</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 port managed 578,249 twenty-foot equivalent units (TEUs) in July, marking a 26.4% drop compared to the busy July of the previous 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">Specifically, imports saw a decrease of 27.9% with 271,086 TEUs, exports were down by 17.6% with 90,134 TEUs, and the transit of empty containers decreased by 27.7% to 217,030 TEUs.</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 overall performance for the first seven months of 2023 displayed a 25.6% decrease when compared to the same period in the previous 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">This decline brought the port's activity closer to the levels seen in 2019, before the pandemic.</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 peak season is expected to be somewhat restrained due to decreased consumer spending on items like school supplies and holiday gifts.</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 latest data from the National Retail Federation forecasts that U.S. container imports will hit a yearly high of over 2 million TEUs in the current month, as part of winter holiday preparations.</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 Federation's projection model estimates that total U.S. container imports for 2023 will amount to 22.3 million TEUs, indicating a 12.8% decrease from the imports recorded in 2022.</li></ul>

Turkey → North America

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.Space for capacity -&nbsp;No capacity issues or issues with space.Space for equipment -&nbsp;No issues with equipment.

<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">Container imports into the US experienced a rise in July.</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">Import numbers for July increased by over 5% compared to June, totaling just under 2.2 million TEU.</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">This growth is more in line with a subdued pre-pandemic peak season increase; however, it represents a 13.6% decrease when compared to July 2022.</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">Congestion issues across the US have been showing improvement, leading to smoother overall operations.</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 the West Coast, there are currently no ships in line waiting to dock.</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">Conversely, on the East Coast, specifically in Norfolk, the backlog of vessels waiting to berth, which had reached as many as 19 in recent weeks due to vessel bunching, has now been reduced to zero.</li></ul>

North America → Turkey

Rates -&nbsp;Stable rates over the last week.Space for capacity -&nbsp;No major capacity or space issue.Space for equipment -&nbsp;Equipment issues have started owing to low levels of import.

Terminal Updates

Port Status

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

Final Thoughts

Freight market update - 23 August 2023

Stay updated on the latest developments in the freight market with Beeontrade's comprehensive weekly update for August 16, 2023. Gain valuable insights into market trends, rates, and operational efficiency.

Beeontrade's Freight Market Update - August 16, 2023. Stay informed with insights on shipping rates, trends, and operational efficiency.

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Asia → North AmericaUS/CATranspacific Trends and Market Updates<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">Rising imports and rates are suggesting positive developments for US supply chains.</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">Import levels in the US have been climbing, along with rates from the Far East to the US.</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">This upward trend is also evident in global spot rate averages for shipments from China/East Asia to the US East and West Coast.</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 Freightos FBX index data reveals a consistent weekly rise in average spot rates since July.</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">China's July import and export data have yielded worse-than-expected outcomes, underscoring a slow post-COVID recovery for the country.</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">Exports experienced a decline of 14.5%, and imports saw a reduction of 12.4%.</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">This follows a June scenario where exports fell by 12.4%, aligned with a fourth consecutive month of contracting factory activity.</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">A Reuters poll of 28 economists predicted a 12.5% decrease in outbound shipments for July.</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">Rates for shipments from central China to the USA and Europe are expected to increase this week due to higher e-commerce bookings from SHA to these destinations.</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">Rates from NGB to Europe have remained steady, while rates to the US have risen. Final rates are determined on a case-by-case basis.</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">Initially, the August 15 General Rate Increase (GRI) was announced at $400 per FEU (forty-foot equivalent unit).</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">Carriers, however, eventually adjusted the GRI to approximately $100/40’HC for US West Coast (USWC) and $200/40’HC for US East Coast (USEC).</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">Carriers might view this GRI campaign as a foundation for launching another GRI in September.</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">A series of rate hikes have surprised shippers due to a lack of clear indicators for a significant import surge during the peak shipping season.</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">Some shippers are holding off on bookings, seeking more clarity on potential rate improvements.</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">Current shipping space remains tight, leaving little room to negotiate lower rates with carriers until the situation improves.</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">Despite this, specialized rates for specific regions like Pacific Northwest (PNW) or USEC (from Seattle origins) can be attempted based on volume commitment, case by case.</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">Maersk is facing a challenge with overbooking, holding 5000 FEUs over capacity for US West Coast shipments.</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 USWC space situation is difficult, as Maersk accepted too many bookings at low prices without upgrading capacity from MSC.</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">Maersk had to cancel bookings with empty containers not yet picked up, leading to an overflow of over 2000 FEUs into the 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">The remaining 2000+ FEUs of bookings might face rolling or even double rolling due to capacity constraints.</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">All Pacific Southwest (PSW) services are experiencing high demand, and the space situation may not improve significantly in August.</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 Panama Canal Authority has decreased the daily transits through the canal to 32, with 10 through the neo-panamax locks and 22 through the panamax locks.</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">Shipowners must reserve slots for crossings, and the vessel 'Ever Max' on the OA-USEC service (AWE3/AUE/TWS with Cosco/EMC/CMA) had to offload 1,400 containers before entering the canal's lock.</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">Tracking data indicates that the worst of the congestion at the Panama Canal has temporarily eased, yet weeks will be needed to clear the backlog of waiting vessels on both ends.</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 draft restriction has led to increased waiting times and delays, although most eastbound container shipments remain unaffected.</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">Due to the lack of significant rainfall during the rainy season, the weight restriction and capacity reduction through the canal are expected to persist for several more months.</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 US East Coast (USEC) space from China will continue to experience an impact, while shipments from Southeast Asia (SEA) have more route options via the Suez Canal, reducing their exposure.</li></ul>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.Space -&nbsp;Space open, no issues with equipment.Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

<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">Container imports to the US saw an increase in July.</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">July's import numbers grew by more than 5% compared to June, totaling just under 2.2 million TEU.</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">This rise is reminiscent of a modest pre-pandemic peak season uptick, but it falls short by 13.6% when compared to July 2022 import figures.</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">Rates to the US East Coast have risen by 22.5%, while West Coast rates have seen a 44.7% increase.</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">Operations on the ground are experiencing improved efficiency, with reduced congestion and the resolution of West Coast labor disputes.</li></ul>

<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">US operations have been experiencing improved efficiency, leading to reduced congestion.</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">Currently, there are no ships waiting to berth on the West Coast.</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 the East Coast, Norfolk, which previously had up to 19 vessels waiting due to bunching, has successfully eliminated this backlog.</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 Canada, congestion on the West Coast is progressively improving thanks to a labor agreement between ILWU Canada and BCMEA.</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">Vancouver has 6 vessels waiting to berth, while Prince Rupert has 1, and railhead delays stand at 8 and 10 days respectively.</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 backlog resulting from strike action is anticipated to be resolved in the upcoming weeks.</li></ul>

Freight Market Update - August 16 2023

Stay informed with Beeontrade's Freight Market Update for August 9, 2023. Explore key trends, terminal updates, and port statuses, ensuring a comprehensive understanding of the current market dynamics.

Beeontrade's Freight Market Update (August 9, 2023) keeps you abreast of logistics trends, ensuring you stay informed. Explore the latest in shipping news and global trade dynamics.

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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.

<ul style="list-style-type:disc;"><li>ILWU Canada and BCMEA have reached a labor agreement, ending uncertainty.</li><li>Vancouver's yard utilization rate is currently at 95%, with expectations of further growth, and dwell time is at 7 days.</li><li>Typhoon Kanu has caused port delays in eastern China.</li><li>A Reuters poll of 28 economists forecasts a 12.5% year-on-year drop in outbound shipments, following a 12.4% contraction in June.</li><li>Ongoing aircraft compliance checks (C-Checks) have led to flight rescheduling and cancellations, but rates have only slightly risen due to low cargo volume.</li><li>US imports from China were down by 24% in the first 5 months of 2023.</li></ul>Read on for more in-depth updates.

Asia → North America US/CA &nbsp;<h3>Transpacific Trends and Market Updates &nbsp;</h3><ul><li>ILWU Canada and BCMEA have reached a labor agreement, ending uncertainty.</li><li>After causing havoc on the US west coast, labor negotiations disrupted operations on the Canadian west coast.</li><li>The International Longshore and Warehouse Union Canada (ILWU) and the British Columbia Maritime Employers Association (BCMEA) reached an agreement.</li><li>The agreement was ratified last Friday, putting an end to the disagreement between the union and employers.</li><li>The conflict lasted over a month, disrupting billions of dollars worth of trade due to strikes.</li><li>More than 30 ports, including Vancouver and Prince Rupert, were affected, handling 20% of the country's cargo flows.</li><li>The new labor agreement has stopped the potential for more strike-related disruption, but congestion on the Canadian west coast will take time to ease.</li><li>Vancouver's yard utilization rate is currently at 95%, with expectations of further growth, and dwell time is at 7 days.</li><li>Given the current economic climate, it's wise to monitor ongoing and future labor negotiations and have mitigation strategies ready for any potential disruptions.</li><li>Typhoon Kanu has caused port delays in eastern China.</li><li>Currently, the average berth time at Ningbo is 1.5 to 3 days.</li><li>Starting from August 3rd, empty container pick-up and drop-off have been halted, while operations for laden containers continue normally.</li><li>Delays are expected for shipments from Ningbo as operations are scaled down.</li><li>China's export figures for July are expected to show another month of contraction.</li><li>A Reuters poll of 28 economists forecasts a 12.5% year-on-year drop in outbound shipments, following a 12.4% contraction in June.</li><li>This aligns with the fourth consecutive month of declining activity levels for Chinese factories.</li><li>Air shipments from Central China to the USA and Europe have seen a slight rate increase for SHA to Europe and the US.</li><li>Ongoing aircraft compliance checks (C-Checks) have led to flight rescheduling and cancellations, but rates have only slightly risen due to low cargo volume.</li><li>Rates from NGB to Europe and the US have remained stable.</li><li>The final shipping rate is determined on a case-by-case basis.</li><li>Senior forwarding executives had initially predicted a minimal or non-existent peak season for 2023.</li><li>Recent developments in water-based transportation are challenging this prediction.</li><li>The traditional peak holiday season involves high merchandise movement from Asia to North America and Europe between July and October.</li><li>However, market conditions have changed since spring, with capacity withdrawals and the potential for volume recovery due to inventory restocking leading to increased volumes.</li><li>This contrast highlights a discrepancy between the predicted lack of a peak season and the current state of the freight market.</li><li>Vessel utilizations on the trans-Pacific route have notably increased in recent weeks.</li><li>This increase is attributed to diverted booking volumes and more blank sailings, as reported in an August 1 market update by M+R Spedag Group.</li><li>U.S. FMC faces carrier opposition over proposed rule addressing vessel space denial.</li><li>Proposed revisions raise concerns of price regulation, with carriers fearing disclosure of trade secrets.</li><li>Customer groups support stricter rules, while FMC strives to balance carrier and customer interests.</li></ul>

Rates - The rates will remain soft on most origin-destination combinations.Space - Space open, no issues with equipment.Recommendations - We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

<ul><li>ICAO and WCO have collaborated to update guidelines on air cargo security.</li><li>New TSA regulations requiring 100% cargo screening will be effective from November 1st.</li><li>Challenges include integrating modern technologies for secure cargo movement and screening, with temporary exemptions granted till October end for compliance.</li><li>ICAO Secretary General Juan Carlos Salazar emphasizes increased security threats and the importance of digitizing cargo processes.</li><li>A harmonized data model has been established to enhance customs requirements and provide visibility to shipments via an electronic platform.</li></ul>

Rates - The rates will remain soft on most origin-destination combinations.Space for capacity - No capacity issues or issues with space.Space for equipment - No issues with equipment.

<ul><li>US imports from China dropped by 24% in the first five months of 2023 compared to the same period in 2022.</li><li>This decline is linked to a worldwide trade slowdown amid economic challenges and political tensions between the US and China.</li><li>Reshoring has gained momentum among US importers, and Mexico has replaced China as the US's top trading partner.</li><li>While discussions about Western nations diversifying sourcing away from China have grown, countries like Germany and France have maintained relatively stable import levels.</li></ul>

Rates - Stable rates over the last week.Space for capacity - No major capacity or space issue.Space for equipment - Equipment issues have started owing to low levels of import.

Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions. &nbsp;<ul><li>New York: No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li><li>No more waiting time at Maher Terminals LLC.</li><li>No empty shut-out situations at any of the terminals this week.</li><li>Average gate turn times: 51 minutes for single transactions, and 83 minutes for double transactions.</li></ul>Norfolk:<ul><li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li><li>Vessels are waiting for 2 days for a berth.</li><li>Average gate turn times are 22 / 17 minutes for single and double transactions respectively.</li><li>All cranes are up and running again.</li></ul>Charleston Terminal:<ul><li>1 day waiting time for vessel berthing at Wando Welch Terminal.</li><li>No waiting time expected at North Charleston Terminal.</li><li>Average truck turn times: 22 minutes at Wando Welch Terminal, and 17 minutes at North Charleston Terminal.</li></ul>Savannah:<ul><li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li><li>Average gate turn times are 38 / 54 minutes for single and double transactions respectively.</li><li>Starting Sunday, July 9, 2023 GPA no longer offers a Sunday gate.</li><li>Monday-Saturday gate hours remain the same.</li></ul>Houston:<ul><li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li><li>The average gate turn time is 43 minutes.</li></ul>Oakland:<ul><li>Average wait time of up to 4 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li><li>Average import deliveries can take up to 5.2 days at TraPac and OICT.</li><li>Average gate turn times are 62 / 54 minutes for OICT and TraPac respectively.</li><li>Berth 25 at TRAPAC: All 3 cranes are not working.</li><li>It is currently not known when they will be operational.</li></ul>Seattle-Tacoma:<ul><li>Wait time of up to 5 days at Tacoma.</li><li>Import deliveries are 2.3 days at HUSKY – due to EB/WB railcar imbalance, 0-3 days at Washington United Terminal, and 0-3 days at T18.</li><li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li><li>Average gate turn times are 48 / 31 / 51 minutes for T18, Washington United Terminal, and HUSKY respectively.</li><li>T18 will be closed on August 4 and 11, 2023.</li><li>Washington United Terminals will be closed on August 18, 2023.</li><li>Starting June, SSA Terminals T18 (Seattle), will offer a fee-based weekend gate.</li><li>WUT has received 2 new Post Panamax Cranes.</li><li>WUT will commence commissioning both at same time in the next 2 weeks, operational by end of August.</li></ul>Los Angeles/Long Beach:<ul><li>All terminal gates are running as published and in line with the Pier Pass program.</li><li>Port of Los Angeles dwell time for local import cargo is 3.5 days, on-dock rail dwell is 3.0 days, and import units on the street are averaging at 4.8 /6.6 days for 20 ft and 40+ ft containers respectively.</li><li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 21-66 minutes, depending on the terminal.</li></ul>Chassis Pools:All pools are operating as normal except: Columbus - Deficit on 40’ chassisIntermodal Operations:Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

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